Welcome to our dedicated page for Zomedica news (Ticker: ZOM), a resource for investors and traders seeking the latest updates and insights on Zomedica stock.
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) announced that its Assisi Loop® product line continues to be designated as a Fear Free Preferred Product. Fear Free, a global initiative focused on reducing fear, anxiety, and stress in pets, has reaffirmed its validation of Assisi's targeted pulsed electromagnetic field (tPEMF) technology. This technology is designed to reduce inflammation and pain, accelerate healing, and alleviate canine separation anxiety.
The Assisi Loop® products, including the Assisi Loop Lounge®, are effective for various inflammatory conditions, such as post-surgical recovery, osteoarthritis, internal inflammation, wound care, spinal and nerve disorders, and bone, joint, and soft tissue injuries. The Calmer Canine Anxiety Treatment System® specifically targets the amygdala to reduce canine anxiety.
This continued designation aligns with the increasing demand for non-invasive veterinary care and supports Zomedica's mission to improve the overall quality of life for pets and their owners.
Zomedica Corp. (NYSE American:ZOM) has introduced advanced audio capabilities for its VETGuardian Zero-touch remote vital signs monitoring system. The new features include real-time audio streaming, recorded playback functionality, and customizable alerts. These enhancements aim to revolutionize remote patient monitoring in veterinary medicine by providing veterinarians with more comprehensive insights into animal health.
The VETGuardian system is now the only product on the market offering contactless vital sign monitoring combined with live video and audio feed. This unique combination allows for detailed remote assessments of animals, enabling early detection of distress signs, evaluation of treatment responses, and more precise care delivery. The audio recording feature also supports improved documentation and medical record-keeping, facilitating better-informed decision-making in veterinary care.
Zomedica Corp. (NYSE American:ZOM) has announced its sponsorship of educational programs at the upcoming Fetch dvm360 Veterinary Conference in Kansas City, MO, from August 23-25, 2024. The company will showcase its TRUFORMA® Bulk Acoustic Wave diagnostic platform, PulseVet® shock wave platform, and VETGuardian® zero-touch remote monitor at Booth #409. Zomedica is sponsoring presentations by leading veterinary experts, including topics on periodontal therapy, dermatology, orthopedic injuries, postoperative care, and gastrointestinal diagnostics. This partnership with Fetch dvm360 aims to further the advancement of veterinary practice and patient care through education and innovative solutions.
Zomedica Corp. (NYSE American:ZOM) reported Q2 2024 financial results with revenue of $6.1 million, up 2% year-over-year. The company achieved a 71% gross margin and maintained $83.0 million in liquidity. Diagnostic revenues increased by 68% year-over-year, while therapeutic device segment revenue slightly decreased by 1%. Consumable revenues grew 8% to $4.4 million, representing 72% of total sales. The company reported a net loss of $23.9 million, or $0.024 per share, which included $16.0 million in non-cash charges for goodwill impairments. Zomedica's CEO, Larry Heaton, expressed satisfaction with the progress, noting it as the highest second quarter for the company to date, despite disappointing sales of new PulseVet systems.
Zomedica Corp. (NYSE American:ZOM) has announced a strategic partnership with SIRE Veterinario, S.A. to expand its sales reach into Costa Rica. SIRE Veterinario will be the exclusive distributor of Zomedica products to veterinarians in the country. This move aligns with Zomedica's strategic vision to establish a global footprint for its product lines.
The partnership aims to bring Zomedica's products to approximately 3,000 veterinarians in Costa Rica, enhancing pet care in the region. This expansion into Central America is part of Zomedica's broader strategy to grow in Central and South American markets. The collaboration is expected to enable better medicine and care for pet patients while furthering Zomedica's international reach.
Zomedica Corp. (NYSE American:ZOM), a veterinary health company specializing in point-of-care diagnostic and therapeutic products for equine and companion animals, has announced its upcoming second quarter 2024 financial results conference call. The event is scheduled for Wednesday, August 14, 2024, at 4:30 p.m. ET. During the call, management will discuss the company's operational and financial highlights for the quarter ended June 30, 2024, followed by a question-and-answer session.
Interested parties can join the live call via phone or webcast. For those unable to attend, a dial-in replay will be available until August 28, 2024. This announcement demonstrates Zomedica's commitment to transparency and shareholder communication, providing investors with an opportunity to gain insights into the company's recent performance and future outlook.
Zomedica Corp. (NYSE American:ZOM) has announced that its PulseVet® system has been named the 'Official Shock Wave of the USEA' for 2024 by the United States Eventing Association, Inc. (USEA). As part of this partnership, PulseVet will sponsor several high-profile USEA events. The PulseVet system, a leader in veterinary electro-hydraulic shock wave technology, treats various conditions in equine, canine, and feline patients.
The technology stimulates cell healing, reduces inflammation, increases blood flow, and accelerates bone and soft tissue development. It's used for tendon and ligament healing, bone healing, osteoarthritis, chronic pain, and wound healing. The total addressable market for PulseVet devices in the US is estimated at $1 billion, with an additional $150 million in annual recurring revenue for related consumables.
Zomedica announced a strategic alliance with Leader Healthcare Group to expand its sales reach into key international markets, including the Gulf Cooperation Council countries (UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain), Egypt, and India. Leader Healthcare Group will be the exclusive distributor for Zomedica's entire product line in these regions. This expansion aims to build Zomedica's global presence in the veterinary health sector. The MENA veterinary market is valued at $4 billion, growing at 5%, and the Indian market is valued at $1 billion, growing at 7%.
Zomedica Corp. (NYSE American:ZOM) announced that its PulseVet Shock Wave device has been named the Official Shock Wave Therapy Supplier for the US Equestrian team veterinarians. This partnership with the United States Equestrian Federation (USEF) aims to improve the welfare of equine athletes and provide world-class technology for their care. The PulseVet device is renowned for its non-invasive treatment using high-energy sound waves to reduce inflammation, increase blood flow, and accelerate tissue development, thereby supporting equine athletes in competitions such as the Olympics and Paralympics. The device is clinically proven to treat various conditions, including tendon, ligament, and muscle injuries, osteoarthritis, and chronic pain.
Zomedica announced the commercial launch of its second equine-focused assay, the Cortisol assay for equine serum, for the TRUFORMA diagnostic platform. This innovation enables equine veterinarians to conduct stall-side testing, providing rapid results that can lead to life-saving decisions. Traditionally, cortisol measurements required laboratory tests, causing delays that could be critical for foals. The TRUFORMA device, known for its compact and durable design, will allow real-time diagnosis and management of critical illness-related cortisol insufficiency (CIRCI) in foals. This new assay follows the successful launch of Zomedica's endogenous ACTH assay and targets a $1.5 billion annual recurring revenue opportunity in the US, with plans to expand into the European market, forecasted to surpass $3.6 billion by 2028. The TRUFORMA Cortisol assay will be available for order in July.
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