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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) announces a distribution agreement with Miller Veterinary Supply for its first product, TRUFORMA™, set to launch on March 30, 2021. Miller, a leading veterinary distributor with a century-long history, will cover states from Texas to Maine, enhancing customer service through Zomedica's sales support. TRUFORMA™ utilizes advanced Bulk Acoustic Wave technology for precise diagnostics at the point-of-care, backed by approximately 70 patents. Both companies emphasize commitment to quality and service in the veterinary market.
Zomedica Corp. (NYSE American: ZOM) provided a shareholder update on key developments. CEO Robert Cohen expressed optimism for 2021, highlighting progress in product development and strategic initiatives. Zomedica focuses on innovative point-of-care diagnostic tools for veterinary use, aimed at enhancing pet healthcare. The company outlines its commitment to improving diagnostics for dogs and cats, creating potential for growth in the veterinary sector. Zomedica aims to bolster its market presence while addressing the challenges posed by the ongoing global pandemic.
Zomedica Corp. has appointed Robert Cohen as Chief Executive Officer, effective January 1, 2021. Cohen, who has over 30 years of experience in the medical device and biotechnology sectors, previously served as Interim CEO and on the Board of Directors. His appointment aims to enhance shareholder value and successfully launch the TRUFORMA™ point-of-care diagnostic platform. The Board expressed confidence in Cohen's leadership during this crucial phase. The company focuses on veterinary health, providing innovative diagnostics and medical devices for dogs and cats.
Zomedica Corp. reports on the results from its Special Virtual-Only Meeting of Shareholders held on December 15, 2020.
While a majority supported the domestication proposal to Delaware, it failed to achieve the necessary 2/3 vote. Consequently, a new stock option plan will be shelved, though the current plan remains in effect. Despite this setback, Zomedica remains focused on the commercial launch of TRUFORMA™ on March 30, 2021, which utilizes advanced Bulk Acoustic Wave technology for veterinary diagnostics, protected by 70 patents.
Zomedica Corp. (NYSE American: ZOM) announced the completion of its commercial leadership team with the appointment of Debra Rock as Senior Director of Downstream Marketing & Communications. Rock's extensive background in human and animal health marketing will support the upcoming launch of the TRUFORMA diagnostics platform, set for March 30, 2021. Zomedica has approximately 70 patents related to TRUFORMA, which utilizes Bulk Acoustic Wave technology. The leadership team also includes veterans Mike Schilk and Bonnie Bragdon, who have significant experience in medical sales and veterinary affairs, respectively.
Zomedica Corp. (NYSE American: ZOM) announced its TRUFORMA™ point-of-care diagnostic platform will be commercially available on March 30, 2021. This platform, protected by 70 patents, uses Bulk Acoustic Wave (BAW) technology to enable precise diagnostics for dogs and cats. The company has developed five initial assays, including tests for thyroid and adrenal diseases, which have shown encouraging verification results against industry standards. The global companion animal diagnostics market is projected to grow from $1.7 billion in 2019 to $2.8 billion by 2024, suggesting a promising future for Zomedica.
Zomedica Corp. (NYSE American: ZOM) reported its financial results for Q3 2020, showing a net loss of $5.0 million ($0.01/share) compared to a $2.8 million loss in Q3 2019. R&D expenses surged to $2.7 million, mainly due to a milestone payment to Qorvo Biotechnologies, while total cash increased to $52.0 million from $510,586 at year-end 2019, driven by significant financing activities. Notably, net cash from financing was $28.6 million in Q3 2020, a sharp increase from previous years, partially offset by cash used in operating activities. General administrative expenses decreased by 3% and 34% for Q3 and YTD respectively.
Zomedica Corp. (NYSE American: ZOM) announced a request from Interim CEO Robert Cohen for shareholders to approve a domestication proposal at the Special Meeting on December 15, 2020. This proposal aims to reincorporate the company in Delaware, projected to save about $500,000 annually in compliance costs. Management believes this change will enhance shareholder attractiveness, particularly for institutional investors, and reflect Zomedica’s operational presence in the U.S.
Zomedica Corp. (NYSE American: ZOM), a veterinary health company, has officially changed its legal name from Zomedica Pharmaceuticals Corp., effective October 5, 2020. This decision, approved by shareholders on September 25, 2020, aims to reflect the company's focus on point-of-care diagnostic products for companion animals. Existing shareholders will not need to take any action regarding this change, although the CUSIP and ISIN numbers for shares have been updated. Interim CEO Robert Cohen expressed optimism about the company's strategic initiatives and future commercialization plans.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) held its 2020 Annual and Special Virtual-Only Meeting, where shareholders elected a new board of directors and approved several proposals, including the appointment of MNP LLP as auditors and amendments to company articles. Notably, a proposed reverse stock split was approved by majority but fell short of the two-thirds majority needed under Canadian law. The company reports approximately $50 million in cash, highlighting readiness for advancing its lead product, TRUFORMA™, while exploring listing options on major exchanges.
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