Zomedica Expands International Reach with CE Certification for VetGuardian(R) System

Rhea-AI Summary

Zomedica Corp. received CE certification for its VetGuardian(R) remote contactless monitoring system, opening doors for European expansion in the $4 billion vet services market. The system utilizes radar technology for stress-free and efficient patient monitoring, enhancing operational workflow and outcomes. This milestone allows Zomedica to tap into the growing demand from veterinarians worldwide, driving innovation in the veterinary health sector.

Positive

• CE certification for VetGuardian(R) system allows Zomedica to enter the European market, expanding its reach and potential in the $4 billion veterinary services market.

• VetGuardian(R) system utilizes state-of-the-art radar technology for contactless monitoring, promoting stress-free care and saving time during patient monitoring, leading to optimized workflow and improved outcomes.

• CE marking confirms that the VetGuardian system meets all EU health, safety, and environmental protection standards, enhancing its credibility and market acceptance.

Negative

• None.

Insights

Market Research Analyst

Zomedica's acquisition of the CE certification for their VetGuardian® system is a strategic move to penetrate the European veterinary market, which is notably on an upward trajectory with a forecasted growth from $4.0 billion in 2022 to an estimated $5.4 billion by 2027. This certification serves as an endorsement of the product's compliance with EU standards, potentially reducing barriers to entry and fostering trust among potential users. From a market perspective, the technology's emphasis on contactless monitoring aligns with a growing trend towards minimally invasive and stress-free veterinary practices. The ability to improve operational efficiency and patient outcomes could drive adoption among veterinary professionals, provided the product's cost, ease of integration into existing systems and actual performance align with market expectations. Given that Zomedica is poised to cater to a market with growing demand, this development could indicate a positive trajectory for the company's international sales and market share. However, investors should monitor the company's ability to scale operations, manage distribution partnerships and navigate competitive pressures in a diverse European market.

Financial Analyst

The CE certification represents a key point for Zomedica's growth strategy, potentially translating into increased revenue streams from the European market. As a financial indicator, such strategic certifications often precede market penetration and revenue growth, provided that the company effectively capitalizes on the opportunity by establishing strong distribution channels and brand recognition. It's essential to watch how Zomedica manages the increased operational costs associated with European market entry against the potential revenue growth. Moreover, the company's future earnings reports should be assessed for international sales figures to gauge the actual market impact of CE certification. While the immediate stock market reaction might be muted, long-term investors should look for sustained growth in international sales as an indicator of the company's performance. On the flip side, challenges such as regulatory hurdles, stiff competition and the complexities of international expansion could offset the positive outlook. Close scrutiny of the company's quarterly financials and operational updates will provide a clearer picture of the financial implications of this strategic move.

Veterinary Industry Analyst

The technological innovation embodied in Zomedica's VetGuardian® system, featuring contactless monitoring, taps into the veterinary industry's increasing focus on improving the quality of animal care through advanced diagnostics. The system's state-of-the-art radar technology for stress-free monitoring of vital signs is a reflection of the industry's pivot towards technologies that enhance patient care without causing additional stress to the animals. As veterinarians increasingly seek out advanced tools to boost practice efficiency and patient outcomes, Zomedica's VetGuardian® could potentially meet a significant industry need. The key to the success of such a product lies in its clinical efficacy, ease of use and integration into veterinary practices. Additionally, the environmental and safety standards compliance signified by the CE mark further positions the product favorably in the eyes of environmentally conscious consumers and practices. Veterinary professionals' adoption rates and testimonials post-launch will be critical in assessing the system's market impact and its contribution to the evolution of animal healthcare practices.

Key approval paves way for European expansion, tapping into a $4 billion vet services market

ANN ARBOR, MI / ACCESSWIRE / May 6, 2024 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or the "Company"), a veterinary health company offering point-of-care diagnostics and therapeutic products for equine and companion animals, today announced that it has received CE certification for its VetGuardian® remote contactless monitoring system. The CE marking confirms that the VetGuardian system meets all EU health, safety, and environmental protection standards. Importantly, this significant milestone expands the market size for VetGuardian and enhances access for internationally based veterinarians seeking advanced solutions for their patients.

"Receiving CE certification is a testament to the safety and performance of our VetGuardian monitor, allowing us to bring this advanced technology to veterinary professionals across the European Union and beyond," stated Tony Blair, Chief Operating Officer of Zomedica. "This milestone not only expands our market potential but also provides veterinarians with a tool that enhances patient care and operational efficiency."

The VetGuardian system utilizes state-of-the-art radar technology for contactless monitoring of vital signs in animals, promoting stress-free care and saving time during patient monitoring, enabling optimized workflow and improved outcomes.

"The CE mark is a green light for us to accelerate our global expansion with one of our fastest-growing products," said Kevin Klass, SVP sales at Zomedica. "We're already receiving inquiries from customers around the world, and we can now meet this growing demand head-on."

The European veterinary market was valued at $4.0 billion in 2022 and is projected to reach $5.4 billion by 2027, according to data from EuroDev.

"The completion of CE certification for the VetGuardian monitor marks a significant milestone for Zomedica, opening new avenues of growth as we continue to drive innovation in the veterinary health sector," stated Larry Heaton, CEO of Zomedica. "With expanded market access and enhanced credibility, Zomedica remains at the forefront of delivering positive change in animal healthcare."

Interested distributors and veterinarians are encouraged to reach out and inquire about partnership and sales opportunities at sales@zomedica.com. For more information about Zomedica and its innovative products, visit 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.

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Cautionary Note Regarding Forward-Looking Statements

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 outcome of clinical studies, 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, including acceptance in international markets; 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.sedarplus.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 Contact:

Zomedica Investor Relations
investors@zomedica.com
1-734-369-2555

SOURCE: Zomedica Corp.

View the original press release on accesswire.com

FAQ

What is the significance of the CE certification for Zomedica's VetGuardian(R) system?

The CE certification allows Zomedica to expand into the European market, tapping into the $4 billion vet services market and offering advanced solutions to internationally based veterinarians.

How does the VetGuardian(R) system enhance patient care and operational efficiency?

The system utilizes radar technology for contactless monitoring of vital signs in animals, promoting stress-free care, saving time during patient monitoring, and enabling optimized workflow and improved outcomes.

What is the projected value of the European veterinary market by 2027?

The European veterinary market was valued at $4.0 billion in 2022 and is projected to reach $5.4 billion by 2027, according to data from EuroDev.