Evome Sells Simbex Unit, Focuses on Growth

Salona Global Medical Device Corporation (TSE:EVMT) has released an update.

Evome Medical Technologies Inc. announced the sale of its R&D unit Simbex to Riddell Sports Group for $4.83 million in cash, aiming to reduce debt and strengthen its balance sheet. The transaction is expected to decrease annual revenue slightly but will not significantly impact net income. Following the sale, Evome is focusing on growth through its Biodex product line and is preparing for the launch of its innovative SpaceTek Knee™ later in the year.

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