Zomedica Expands TRUFORMA Addressable Market with Launch of Equine Cortisol Assay for the Platform
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.
- Launch of a second equine-focused assay for TRUFORMA platform.
- Enables rapid, stall-side cortisol measurement in equine serum.
- Addresses a $1.5 billion annual recurring revenue opportunity in the US.
- Plans to expand into the European market, forecasted to surpass $3.6 billion by 2028.
- Follows successful launch of endogenous ACTH assay.
- None.
Insights
The launch of Zomedica's equine cortisol assay on the TRUFORMA platform is a significant development in veterinary diagnostics. For equine veterinarians dealing with newborn foals, the ability to measure cortisol levels in real-time is crucial. The cortisol levels in foals can fluctuate rapidly, making timely diagnosis vital for effective treatment. The traditional method of sending samples to reference labs is slow and can delay treatment, posing risks to the health and survival of the foals.
Introducing this assay at the point of care drastically reduces turnaround time, enabling veterinarians to make immediate, informed decisions. This can be particularly beneficial in diagnosing and managing conditions like CIRCI (Critical Illness-Related Cortisol Insufficiency), where prompt treatment can be life-saving. This is a game-changer for equine practices and ensures better health outcomes for foals.
Overall, this diagnostic tool enhances the quality of care available to equine veterinarians, particularly those specialized in reproductive medicine. The real-time data provided by the new assay can not only improve treatment efficiency but also potentially increase the survival rates of newborn foals.
From a market perspective, the launch of the equine cortisol assay significantly broadens the addressable market for Zomedica's TRUFORMA platform. With several hundred thousand foals born annually in the United States alone, the new assay opens up substantial revenue opportunities. The existing $1.5 billion market for veterinary diagnostics in the US, combined with the anticipated expansion into the European market, which is projected to surpass
The immediate availability of this assay in July aligns well with the breeding season, potentially maximizing its initial uptake. Moreover, securing the CE marking further strengthens Zomedica's position in the European market, providing a robust growth trajectory.
However, it's important to consider the competitive landscape and how other diagnostic companies may respond. While the TRUFORMA platform's unique BAW technology offers a competitive edge, continuous innovation and maintaining cost-effectiveness will be important to sustain and grow its market share.
This development reflects positively on Zomedica's financial outlook. The introduction of the equine cortisol assay signifies an important milestone that could drive revenue growth. Given the large market potential, particularly with the expansion into the European market, Zomedica is positioned to capitalize on a significant revenue stream. The mention of a
The anticipated revenue from the TRUFORMA platform can improve Zomedica's profitability and market position. If the adoption rate among veterinarians is high, it could lead to a significant increase in sales, bolstering the company's financial health. However, it remains essential for the company to manage operational costs and ensure efficient supply chain management to realize these financial benefits fully.
Investors should monitor the initial sales performance and any subsequent feedback from the veterinary community to gauge the long-term financial impact of this product launch.
First-of-its-kind stall-side testing to enable rapid, life-saving decisions for equine veterinarians
ANN ARBOR, MI / ACCESSWIRE / June 27, 2024 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or the "Company"), a veterinary health company offering diagnostic and therapeutic products for equine and companion animals, today announced the commercial launch of its second equine focused assay - Cortisol for equine serum - for the point-of-care TRUFORMA® diagnostic platform.
"Cortisol measurement is crucial for assessing the health of sick foals and has never been available at the point of care until now," stated Dr. T.J. Barclay, a Professional Services Veterinarian for Zomedica. "Traditionally, equine veterinarians have had to send samples to reference labs and potentially wait several days for results - often receiving them too late to make critical treatment decisions. Our new assay will bring a valuable diagnostic tool for equine veterinarians to use in-clinic and stall-side, empowering them to make real-time, potentially life-saving treatment decisions."
The first days of a foal's life can be the most challenging, as illness during this time can cause a foal's health and survival chances to change rapidly. Equine veterinarians, especially those involved with reproduction, require the best diagnostic tools available at the point of care to assess and properly manage foal health. Being able to measure cortisol in foals in minutes, as opposed to days, could allow these veterinarians to make life saving decisions in situations where time and accuracy matter greatly. The TRUFORMA device, known for its compact, easy-to-use, and durable design, is perfectly suited for the unique challenges faced by equine practitioners.
"The ability to obtain stall-side cortisol measurements in horses, particularly in sick newborn foals, will be a game-changer for equine vets," stated Kelsey Hart, DVM, PhD, DACVIM (LAIM). "This information will allow us to make a diagnosis of CIRCI (critical illness-related cortisol insufficiency) in real-time and start hydrocortisone replacement therapy as quickly as possible in sick horses and foals."
"Following the successful launch of our first equine assay, endogenous ACTH, late last year, we are excited to introduce the equine Cortisol assay for our TRUFORMA platform," stated Larry Heaton, Zomedica's Chief Executive Officer. "The positive feedback from veterinarians on the first equine assay has been encouraging, and we are excited to provide another powerful tool that enhances point-of-care diagnostics. With several hundred thousand foals born each year in the United States alone, this assay will not only be a benefit to veterinarians and the foals they care for but will also expand the market for the TRUFORMA system amongst equine veterinarians."
The TRUFORMA platform addresses a
The TRUFORMA Cortisol assay for equine serum will be available for veterinarians to order directly from Zomedica in July. To learn more about the TRUFORMA diagnostic platform and its innovative use of BAW technologies, please visit Zomedica's website at zomedica.com/truforma.
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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FAQ
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