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Zomedica Corp. (NYSE American: ZOM) is a veterinary health company based in Ann Arbor, Michigan, focused on creating innovative products for companion animals, including dogs, cats, and horses. The company addresses the unmet needs of clinical veterinarians through its diverse product portfolio that includes diagnostic and therapeutic devices aimed at enhancing both patient and practice health.
Core Business:
Zomedica specializes in the development and commercialization of veterinary diagnostic tools and pharmaceutical products. Their flagship product, the TRUFORMA® platform, uses Bulk Acoustic Wave (BAW) technology to offer highly sensitive and accurate point-of-care diagnostics for thyroid and adrenal disorders in dogs and cats. The TRUFORMA system empowers veterinarians to make timely and precise diagnostic decisions directly within their clinics, eliminating the delays associated with sending samples to external laboratories.
Recent Achievements:
Recently, Zomedica has expanded its intellectual property portfolio to include 188 patents and 131 trademarks, offering robust protection for its innovative products. This portfolio includes newly issued patents that enhance the TRUFORMA system's capability to detect a wider array of health conditions.
Current Projects:
The company is working on expanding its product range and market reach. The recent CE certification for the VetGuardian® remote contactless monitoring system paves the way for Zomedica's expansion into the European veterinary market. Additionally, the company has launched an improved canine cortisol assay and Over-the-Air (OTA) software update capabilities for the TRUFORMA platform, making it easier for veterinarians to access the latest diagnostic tools and features.
Financial Condition:
For the first quarter of 2024, Zomedica reported a 14% increase in revenue to $6.3 million, driven by growth in both its diagnostic and therapeutic segments. The company's gross margin stood at 66%, and it holds $90.9 million in cash and available-for-sale securities as of March 31, 2024.
Market Position:
With an estimated total addressable market of $2.5 billion annually for its diagnostic and therapeutic products, Zomedica is well-positioned to capture significant market share. The company's potential customer base includes approximately 4,450 equine or mixed veterinary practices and 30,000 small animal veterinary practices in the United States alone.
Partnerships and Collaborations:
Zomedica collaborates with veterinary researchers to advance animal healthcare through continuous innovation. The company's recent expansion of its global manufacturing and distribution facilities in Roswell, Georgia, aims to support the growing demand for its products.
For more information, visit www.zomedica.com
Zomedica Corp. (NYSE American: ZOM) appointed Karen DeHaan-Fullerton as General Counsel and Corporate Secretary effective May 31, 2022. With over 20 years of corporate legal experience, she will focus on building strategy across regulatory, risk, and compliance functions. CEO Larry Heaton welcomed her expertise as a boost to the executive team. DeHaan-Fullerton expressed enthusiasm for contributing to Zomedica's mission in veterinary health, which emphasizes innovative diagnostics and medical devices for companion animals.
Zomedica Corp. (NYSE American: ZOM) announced a strategic investment of $1 million in Structured Monitoring Products, Inc. This investment includes acquiring a convertible note and an option to act as a sales agent for the VetGuardian monitoring platform, which offers real-time remote monitoring of pets without wires. The collaboration aims to enhance veterinary care, particularly during recovery periods. The deal is subject to further negotiations and agreements, underscoring Zomedica's commitment to innovative veterinary solutions.
Zomedica Corp. (NYSE American: ZOM) reported a strong first quarter, with a 38% year-over-year revenue growth and maintaining 74% gross margins. Cash burn decreased to $2.6 million, with $192 million in cash remaining. The sales force launch of the PulseVet product saw a 500% increase in revenue. The company focuses on enhancing veterinary workflow and profitability through innovative diagnostic and therapeutic products, with strategic plans for market penetration and acquisitions.
Zomedica (NYSE American: ZOM) reported consolidated financial results for Q1 2022, showing significant growth in revenue to $3.8 million, compared to $14,000 in Q1 2021. The gross margin improved to 74% from 60%, driven largely by the PulseVet platform, which recorded $3.7 million in revenue. Unit sales to small animal veterinarians surged 500% year-over-year. However, the company posted a net loss of $3.9 million for the quarter. As of March 31, 2022, Zomedica had $192.3 million in cash and equivalents.
Zomedica Corp. (NYSE American:ZOM) announced its one-year sponsorship of the American Association of Feline Practitioners (AAFP) to enhance feline veterinary care. This partnership aims to support cat practitioners by providing tools, resources, and quality service to improve feline health. Zomedica’s innovative product portfolio includes the TRUFORMA biosensor testing platform and PulseVet system for treating osteoarthritis in cats. The AAFP's upcoming conference will focus on enriching feline care, showcasing Zomedica's commitment to advancing veterinary practices.
Zomedica Corp. (NYSE American:ZOM), a veterinary health company, will present a strategic update and discuss its first quarter 2022 earnings at the H.C. Wainwright Global Investment Conference on May 24, 2022, at 11:30 AM ET. CEO Larry Heaton will lead the presentation, which will be available via webcast and later on Zomedica's website. Focused on creating innovative diagnostics and medical devices for companion animals, Zomedica aims to support veterinarians in enhancing productivity and revenue while improving animal care.
Zomedica Corp. (NYSE American: ZOM) announced that its PulseVet system has been designated as the Official Shock Wave Therapy of the American Quarter Horse Association (AQHA). This system leverages electro-hydraulic shock wave technology to treat various conditions in veterinary patients, enhancing cell activity for better recovery. The partnership aims to provide support for both horses and dogs facing injuries and pain. Zomedica also became an event sponsor of the AQHA world championship shows, emphasizing its commitment to animal care and performance.
Zomedica Corp. (NYSE American: ZOM) has launched its new eACTH assay for the TRUFORMA In-Clinic Biosensor Testing Platform. This assay enables veterinarians to quickly differentiate between pituitary and adrenal dependent Cushing's syndrome in dogs, addressing a major gap in diagnostic accessibility. The assay is available for shipment as of April 4, 2022, directly from Zomedica, promising to enhance diagnostics and improve practice health for veterinarians.
Zomedica Corp. (NYSE American: ZOM) reported its financial results for the year ended December 31, 2021. The company achieved a total revenue of approximately $4.1 million, a significant increase from $0 in 2020, primarily due to the inclusion of PulseVet results. However, Zomedica reported a net loss of approximately $18.4 million or $0.05 per share. Notable increases included TRUFORMA product revenue, which grew by 224%. As of year-end, the company held $195 million in cash and equivalents.
Zomedica Corp. (NYSE American: ZOM) reported total revenue of $4.1 million for the Fourth Quarter and Full Year 2021, a significant increase from $0 in 2020. The gross margin was an impressive 73.9%. Revenue from PulseVet reached $4.0 million, marking a 66% growth over the previous year. Meanwhile, TRUFORMA product revenue rose by 224% to $73,000 compared to Q3 2021. The company ended the year with $195 million in cash and equivalents. A detailed Form 10-K report will be released on March 1, 2022, followed by a presentation on March 8, 2022.
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