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.
Overview of Zomedica Corp.
Zomedica Corp. (NYSE American: ZOM) is a prominent veterinary health company specializing in the development and commercialization of innovative diagnostic and therapeutic products tailored for companion animals (canine, feline) and equine patients. Headquartered in Michigan, Zomedica is committed to addressing the unmet needs of clinical veterinarians by delivering advanced solutions that enhance patient care, optimize practice workflows, and bolster clinic profitability.
Core Business and Product Portfolio
Zomedica's product portfolio is strategically designed to improve veterinary practice efficiency and patient outcomes. Key offerings include:
- TRUFORMA® Diagnostic Platform: A cutting-edge point-of-care diagnostic system leveraging Bulk Acoustic Wave (BAW) sensor technology for precise and rapid detection of thyroid, adrenal, gastrointestinal, and equine endocrine conditions. TRUFORMA eliminates the need for reference lab delays, providing veterinarians with lab-quality results on-site.
- PulseVet® Therapeutic Device: A shock wave therapy system that accelerates healing in musculoskeletal conditions, widely regarded as the gold standard in veterinary therapeutics.
- TRUVIEW™ Digital Cytology System: An automated platform integrating advanced imaging and telepathology capabilities to streamline diagnostic workflows and enhance accuracy.
- VetGuardian® Monitoring System: A zero-touch remote monitoring solution that enables real-time health tracking for hospitalized animals without physical contact.
- Assisi® Loop Therapeutic Devices: Non-pharmaceutical solutions utilizing targeted pulsed electromagnetic field (tPEMF) technology to reduce pain, inflammation, and anxiety in pets.
- Vetigel® Hemostatic Gel: A revolutionary plant-based formula designed to rapidly stop bleeding during surgical and emergency procedures, enhancing surgical efficiency and patient outcomes.
Market Position and Industry Significance
Zomedica operates in the expanding veterinary healthcare market, which is driven by rising pet ownership, increasing awareness of animal health, and demand for advanced diagnostic and therapeutic solutions. The company's focus on point-of-care technologies positions it as a key player in transforming veterinary workflows, enabling faster decision-making, and improving patient care quality. By addressing critical gaps in veterinary diagnostics and therapeutics, Zomedica serves a total addressable market exceeding $2 billion in the U.S. alone.
Strategic Initiatives and Differentiation
Zomedica's growth strategy is built on innovation, strategic acquisitions, and international expansion. The company has successfully integrated acquisitions like Qorvo Biotechnologies to enhance its diagnostic capabilities and partnered with distributors such as Grovet to expand its global footprint. Its commitment to R&D has led to the launch of eight new assays for the TRUFORMA platform in just 18 months, underscoring its dedication to meeting evolving veterinary needs. Additionally, Zomedica's no-capital-outlay model for its diagnostic platforms reduces financial barriers for clinics, fostering widespread adoption.
Operational Excellence
Zomedica maintains state-of-the-art manufacturing and distribution facilities in Georgia and Minnesota, ensuring high-quality production and efficient supply chain management. Recent investments in cleanroom expansions and automated production lines have bolstered its capacity to meet growing demand for consumables, a key driver of recurring revenue. The company's strong balance sheet, with approximately $78 million in liquidity as of September 2024, supports its ongoing growth initiatives.
Challenges and Competitive Landscape
While Zomedica has made significant strides in the veterinary market, it faces challenges such as competition from established players, the need for continued innovation to stay ahead, and the high costs associated with R&D and global expansion. However, its focus on delivering unique, scientifically validated solutions and its ability to address specific veterinary pain points provide a competitive edge.
Conclusion
Zomedica Corp. is at the forefront of veterinary healthcare innovation, offering a comprehensive suite of diagnostic and therapeutic products that empower veterinarians to deliver superior care. By combining advanced technology with a deep understanding of veterinary needs, Zomedica continues to enhance the quality of life for animals while improving the efficiency and profitability of veterinary practices worldwide.
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.
Zomedica has obtained the CE mark for its TRUFORMA diagnostic platform, enabling its entry into the European Economic Area (EEA). This certification confirms compliance with stringent EU safety, health, and environmental standards.
TRUFORMA, a point-of-care diagnostic tool, has been in the US market since 2021, offering veterinarians quick and accurate test results, empowering faster treatment decisions. The platform is now set to address the European veterinary diagnostics market, which is projected to exceed $3.6 billion by 2028.
Key features include quantitative results with reference lab accuracy and proprietary assays like the Cobalamin & Folate multiplex assay. This expansion positions Zomedica to tap into a significant market opportunity.
Zomedica announced that its EVP and CFO, Peter Donato, will present at the Sidoti Small Cap Conference on June 12, 2024. The presentation will start at 11:30 ET and can be accessed live via a provided webinar link. Zomedica will also conduct virtual one-on-one meetings with investors on June 12-13, 2024. The event registration is free and does not require being a Sidoti client. Additionally, the presentation webcast will be archived for later replay on Zomedica's investor relations website.
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