Salona Global Closes Acquisition of Arrowhead Medical, Provides Update on Biodex Integration; Posts First Quarter Results with Positive Adjusted EBITDA, 23% Annual Revenue Growth and 27% Growth in Annual Gross Profits, Improved Quarter-over-Quarter Gross

SAN DIEGO, May 16, 2023 (GLOBE NEWSWIRE) -- Salona Global Medical Device Corporation (“Salona Global”, “SGMD” or the ‎‎“Company”) (TSXV:SGMD) today announced it closed its acquisition of Arrowhead Medical, LLC (“Arrowhead”), a recovery science medical device sales and distribution business expected to add $4.0 million in annual revenue to the Company, with an estimated 32% in gross profit. The Company also reported financial highlights for the first quarter of 2023, ending March 31, 2023, and provided details for its earnings call scheduled for 5pm EST today.

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