Zomedica Corporation Reports 2022 Results: $18.9 Million Revenue; 72% Gross Margin & $156 Million in Liquidity - Revenue up 361% from 2021 through combination of acquisitions and organic growth
Zomedica Corp. (NYSE American:ZOM) reported significant growth in its 2022 financial results, with revenue surging to $18.9 million, a 361% increase from 2021. This growth is attributed to the full-year impact of the PulseVet platform and the recently acquired Assisi products, contributing combined revenues of $18.5 million.
Gross margin stood at 72%, with a net loss of $17.0 million, slightly improved from the previous year. Zomedica ended 2022 with $156 million in liquidity and plans to expand its product offerings with new launches in 2023.
- Revenue increased by 361% to $18.9 million in 2022.
- Gross margin was strong at 72% for the year.
- Cash, cash equivalents, and securities totaled approximately $156 million.
- Net loss for the year was $17.0 million, despite a decrease from $18.4 million in 2021.
- Cash used in investing activities rose to $155.9 million, up 117% from the previous year.
ANN ARBOR, MI / ACCESSWIRE / March 15, 2023 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or the "Company"), a veterinary health company offering point-of-care diagnostics and therapeutic products for companion animals, today reported consolidated financial results for the year ended December 31, 2022. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America ("U.S. GAAP").
Larry Heaton, Zomedica's Chief Executive Officer, commented: " At Zomedica we're bringing products to Veterinarians to help them do the things they really LOVE to do - improve the quality of care for the pets and the satisfaction of the pet parents; and to help them do the things they really NEED to do - improve workflow, cashflow and profitability.
"2022 was another transformational year for Zomedica through acquisitions of products that meet this standard, along with significant improvements in infrastructure, manufacturing capacity, and commercial capabilities. Through these acquisitions and our internal efforts, we have:
- expanded our product portfolio to include five product platforms;
- acquired and expanded robust marketing and social media programs;
- developed the commercial team to include professionally led field sales, inside sales, and professional services veterinarians;
- acquired and expanded relationships with domestic animal health distributors and online retailers;
- acquired and expanded a robust set of international subsidiary and distribution channels;
- built manufacturing and distribution capability and capacity at our new Global Manufacturing & Distribution Center in Roswell, Georgia;
- grown revenue from
$0 in 2020 to$4.1 million in 2021 to$18.9 million in 2022; and - established a pipeline of new product launches for 2023.
"During the year, we launched two new TRUFORMA® Assays (ACTH and fT4), both providing the only assay of their type available at the point of care. In 2023, we entered into new license and transition services agreements with our TRUFORMA development partner giving us the opportunity to develop and manufacture assays and instruments ourselves. We are planning to continue our investment in the development of additional assays which we believe will increase the utility of the TRUFORMA platform for our customers over time. For 2023 these include planned assays for non-infectious gastrointestinal disease and our first assays for horses, both of which we expect to launch in 2023.
"Our PulseVet® platform continues to perform strongly. While historically used in the treatment of horses, the 2022 introduction of the X-trode handpiece, which enables use with small animals without sedation, is now being marketed to small animal veterinarians. In fact, small animal device sales grew
"Our Assisi Loop® line of products, which joined Zomedica's portfolio of offerings in Q3, proved to be a solid contributor to our 2022 results with roughly
"Overall, we are pleased with our progress in 2022 and are excited to continue building on this traction and growth trajectory as we introduce two new product platforms into the market in 2023. In early January we launched the VetGuardian® zero-touch vital signs remote monitoring system. During the second quarter we expect to launch our new TRUVIEWTM digital microscope which features automatic slide preparation to improve both workflow and image quality.
"Additionally, we continue to evaluate strategic business development and M&A opportunities to further bolster our overall growth opportunity in the large and growing animal health sector. We believe we are well positioned to continue the momentum in 2023 and beyond."
Fourth Quarter Financial Highlights
- Revenue for the fourth quarter of 2022 was
$6.2 million , an increase of51% compared to the fourth quarter of 2021, primarily driven by:- an increase in PulseVet® sales, which grew
23% over the prior year quarter to 4.9 million; and - the inclusion of sales of the recently acquired Assisi® products of
$1.1 million
- an increase in PulseVet® sales, which grew
- Gross margin was
70% for the fourth quarter of 2022 - Cash burn during the fourth quarter was
$2.5 million .
Full Year 2022 Financial Highlights
- Revenue for 2022 was
$18.9 million , an increase of361% compared to 2021, primarily driven by a full year of PulseVet sales and the inclusion of the recently acquired Assisi products. When including pre-acquisition sales of PulseVet and Assisi products, Zomedica 2022 revenue was up25% over 2021 combined revenues. - Gross Margin was
72% for the full year 2022. - Cash, Cash Equivalents, and Available-for-Sale Securities were approximately
$156 million as of December 31, 2022. - Zomedica has had no cash on deposit with either Silicon Valley Bank or Signature Bank.
Summary Year End 2022 Results
Revenue for the year ended December 31, 2022 was
Cost of revenue for the year ended December 31, 2022 was
Gross profit margin for the year ended December 31, 2022 was
Research and development expense for the year ended December 31, 2022 was
Selling, general, and administrative expense for the year ended December 31, 2022 was
Our net loss for the year ended December 31, 2022 was
Liquidity and Outstanding Share Capital
Zomedica had cash, cash equivalents, and available-for-sale securities of approximately
Net cash used in operating activities for the year ended December 31, 2022 was
Net cash used in investing activities for the year ended December 31, 2022 was
Net cash provided by financing activities for the year ended December 31, 2022 was
At December 31, 2022, Zomedica had 979,949,668 common shares issued and outstanding.
For complete financial results, please see Zomedica's filings on EDGAR and SEDAR or visit the Zomedica website at www.ZOMEDICA.com.
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American:ZOM) is a veterinary health company creating products for horses, dogs, and cats by focusing on the unmet needs of clinical veterinarians. Zomedica's product portfolio includes innovative diagnostics and medical devices that emphasize patient health and practice health. Zomedica's mission is to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.zomedica.com.
Follow Zomedica
- Email Alerts: http://investors.zomedica.com
- LinkedIn: https://www.linkedin.com/company/zomedica
- Facebook: https://m.facebook.com/zomedica
- Twitter: https://twitter.com/zomedica
- Instagram: https://www.instagram.com/zomedica_inc
Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to economic growth, demand for the Company's products, the Company's ability to produce and sell its products, sufficiency of our budgeted capital and operating expenditures, the satisfaction by our strategic partners of their obligations under our commercial agreements, our ability to realize upon our business plans and cost control efforts and the impact of COVID-19 on our business, results and financial condition.
Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: the finalization of the accounting procedures necessary to report our financial results for 2022, the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to successfully integrate acquisitions; uncertainty as to our ability to supply products in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contacts:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
ZOM@redchip.com
SOURCE: Zomedica Corp.
View source version on accesswire.com:
https://www.accesswire.com/743975/Zomedica-Corporation-Reports-2022-Results-189-Million-Revenue-72-Gross-Margin-156-Million-in-Liquidity--Revenue-up-361-from-2021-through-combination-of-acquisitions-and-organic-growth
FAQ
What were Zomedica's revenue results for 2022?
How did Zomedica's gross margin perform in 2022?
What was Zomedica's net loss for 2022?
How much liquidity did Zomedica have at the end of 2022?
What contributed to Zomedica's revenue growth in 2022?
