April 12, 2024 07:30 ET | Source: Evome Medical Technologies Inc. Evome Medical Technologies Inc.
NEW YORK, April 12, 2024 (GLOBE NEWSWIRE) -- Evome Medical Technologies Inc (the “Company” or “Evome”) highlighted the strengthening credit relationship with Pathward, N.A. (“Pathward”), the Company’s senior lender. As the Company works to sell non-core business units to reduce acquisition debt in an effort to improve operational profitability, Pathward provides working capital to fuel revenue growth of the Company’s new Biodex products. Pathward has featured the strong and growing relationship with Evome as an example of its willingness to fund growth companies:
This focus on revenue growth and market expansion has led the Company’s operating subsidiary, Biodex Rehab Systems, LLC (“Biodex”), to launch a new, high-tech product called the RST (Reactive Step Trainer), previously announced by the Company. The RST was launched by the Company at the American Physical Therapy Association Combined Sections Meeting in Boston on February 15, 2024. The RST is designed to improve balance and reduce tripping and falling, particularly among elderly patients. The Reactive Step Trainer can provide repetitive conditioning training along with random and on-demand perturbation challenges, designed to help patients improve their compensatory step strategies and reduce fall risk. It has been meticulously engineered to be cost-effective, ensuring accessibility to a wider range of patients, while also prioritizing functionality to effectively cater to the clinical requirements of Physical Therapists.
Looking ahead, Evome plans to continue its innovation with the upcoming launch of the SpaceTek Knee™. This isokinetic device, co-developed with NASA, represents another milestone in Evome's commitment to advancing medical technology and improving patient outcomes while improving margins and increasing sales by democratizing its technology to a broader market.
“As we focus on the higher margin Biodex product line, we will work towards shedding non-core assets for the purpose of reducing existing acquisition debt,” said CEO Mike Seckler. “Simbex was an excellent example of this strategy. By selling Simbex, we both paid down a significant portion of acquisition debt and we are able to focus our time, capital and energy on the Biodex product line.”
The Company also announced that the non-binding letter of intent (LOI) to extend acquisition debt related to the Company’s acquisition of Simbex LLC in 2021, previously announced by the Company on February 8, 2024, has been cancelled and the unsecured and subordinated debt will revert to its previous status as an unsecured subordinated debt of the Company.
Mike Seckler
Chief Executive Officer
Tel: 1 (800) 760-6826
Email: Info@Salonaglobal.com
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