Zomedica Launches Two New Quantitative Assays on the TRUFORMA(R) Platform: Canine NT-proBNP and Progesterone

Rhea-AI Summary

Zomedica (NYSE American:ZOM) has launched two new canine assays for its TRUFORMA In-Clinic Biosensor Testing Platform. The first is a canine NT-proBNP test for detecting cardiac conditions, which helps distinguish cardiac from respiratory disease and identifies dogs at risk of congestive heart failure. The second is a progesterone test for determining optimal breeding dates and detecting reproductive disorders.

These additions bring the total to 8 new assays launched in the past 18 months. Both tests deliver quantitative results in under 20 minutes with reference lab accuracy. The NT-proBNP test is particularly significant as 1 in 10 dogs experience heart disease, while the progesterone assay addresses a high demand market with 4 million puppies born annually in the US. Zomedica offers these diagnostics without requiring capital outlay or monthly minimums from veterinary practices.

Positive

• Added 8 new assays to TRUFORMA platform in past 18 months
• Tests provide results in under 20 minutes with reference lab accuracy
• No capital outlay or monthly minimums required from veterinary practices
• Addresses large market opportunity (1 in 10 dogs affected by heart disease)
• Expands into cardiac and reproductive diagnostic segments

Negative

• None.

Insights

Medical Research Analyst

The launch of NT-proBNP and progesterone assays for TRUFORMA represents a significant expansion of Zomedica's diagnostic capabilities. The NT-proBNP test fills a important gap in cardiac diagnostics, enabling early detection of heart disease in the estimated 10% of dogs affected. The 20-minute turnaround time, compared to traditional reference lab delays, can expedite critical treatment decisions. The progesterone assay addresses a high-demand market with 4 million annual puppy births in the US, offering precise breeding management. These additions demonstrate strong R&D execution with 8 new assays in 18 months. The platform's no-capital-outlay model reduces adoption barriers for veterinary practices, potentially accelerating market penetration.

Market Research Analyst

This product expansion strategically positions Zomedica in two lucrative veterinary diagnostics segments. The cardiac diagnostics market and reproductive health testing represent substantial revenue opportunities. The company's razor-blade business model, offering equipment with no upfront costs while generating recurring revenue through assay sales, could drive sustainable growth. For a company with a $118M market cap, successfully penetrating these markets could materially impact financial performance. The expansion of TRUFORMA's testing menu enhances the platform's value proposition and could accelerate adoption rates among veterinary practices seeking comprehensive in-house diagnostic capabilities.

With the addition of these two new assay launches, Zomedica has added 8 new assays in the past 18 months to the rapidly growing TRUFORMA Platform

ANN ARBOR, MI / ACCESSWIRE / December 23, 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 the launch of two new canine assays for the TRUFORMA In-Clinic Biosensor Testing Platform.

Zomedica's canine NT-poBNP test is used for the quantitative detection of NT-proBNP in canine EDTA plasma or serum. Elevated NT-proBNP can be indicative of conditions such as congestive heart failure, assisting in the diagnosis and management of cardiac conditions in dogs. This test distinguishes cardiac from respiratory disease, identifies dogs at high risk of congestive heart failure, aids with chronic monitoring of dogs with myxomatous mitral valve degeneration all with reference lab accuracy.

"It is estimated that 1 in 10 dogs will experience heart disease in their life and unfortunately, most go undetected," said Dr. Kelli Puccio, a Professional Services Veterinarian for Zomedica. "Diagnosing and evaluating cardiac disease in our canine patients can be challenging. The TRUFORMA canine NT-proBNP assay facilitates the early detection of canine heart disease with the convenience of results in just a few minutes. This provides veterinarians with the ability to start treatments and schedule advanced diagnostic tests more quickly. Increasing our patients' quality of life earlier in the disease process." Additionally, this assay runs on either plasma or serum allowing more flexibility within a clinic's natural workflow.

Zomedica's progesterone testing is used for quantitative detection of the levels of progesterone in canine serum. This will aide in determining optimal breeding dates, predicting parturition dates or timing a cesarean section, and detecting reproductive disorders with the same accuracy as the reference lab but with in-clinic convenience.

Zomedica's new progesterone assay has been one of the most frequently requested assays from practitioners, which is unsurprising when there are 4 million puppies born in the US every year.

"When measuring progesterone, we need to take serial blood draws every couple of days, states Dr. Puccio. "The TRUFORMA canine progesterone assay provides accurate serial quantitative progesterone measurements in clinic. This will permit veterinarians to recognize the optimal breeding window more efficiently, allowing for more successful breeding cycles."

"We are very excited to add two additional canine assays for the TRUFORMA platform," stated Ashley Wood, PhD, Zomedica's Vice President of Research & Development. "Canine NT-proBNP and progesterone expand the range of indications to now include cardiac and reproductive conditions, offering even more comprehensive insights and support for clinical decision-making. We remain committed to continuously improving our diagnostic platform, and we are confident that these new assays will bring added value to both veterinarians and pet patients alike."

Each of these new offerings deliver quantitative results available in less than 20 minutes with the same high level of precision that our TRUFORMA customers have grown accustomed to. Importantly, Zomedica offers this advanced diagnostic capability with no capital outlay or monthly minimums from veterinary practices. For more information, visit www.zomedica.com.

About Zomedica

Zomedica is a leading equine and companion animal healthcare company dedicated to improving animal health by providing veterinarians innovative therapeutic and diagnostic solutions. Our gold standard PulseVet^® shock wave system, which accelerates healing in musculoskeletal conditions, has transformed veterinary therapeutics. Our suite of products also includes the Assisi^® Loop line of therapeutic devices and the TRUFORMA^® diagnostic platform, the TRUVIEW™ digital cytology system, and the VetGuardian® no-touch monitoring system, all designed to empower veterinarians to provide top-tier care. In the aggregate, their total addressable market in the U.S. exceeds $2 billion. Headquartered in Michigan, Zomedica employs approximately 150 people and manufactures and distributes its products from its world-class facilities in Georgia and Minnesota. An NYSE American company, Zomedica grew revenue 33% in 2023 to $25 million and maintains a strong balance sheet with approximately $78 million in liquidity as of September 30, 2024. Zomedica is advancing its product offerings, leveraging strategic acquisitions, and expanding internationally as we work to enhance the quality of care for pets, increase pet parent satisfaction, and improve the workflow, cash flow and profitability of veterinary practices. 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 of the TRUFORMA platform, canine NT-proBNP or progesterone assay; 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 meeting distribution 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.

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FAQ

What are the two new assays Zomedica (ZOM) launched for the TRUFORMA platform?

Zomedica launched the canine NT-proBNP test for cardiac condition detection and the progesterone test for reproductive health monitoring.

How long does it take to get results from ZOM's new TRUFORMA assays?

Both new TRUFORMA assays deliver quantitative results in less than 20 minutes.

How many new assays has ZOM added to TRUFORMA in the past 18 months?

Zomedica has added 8 new assays to the TRUFORMA platform in the past 18 months.

What is the market potential for ZOM's new NT-proBNP cardiac test for dogs?

The market potential is significant as approximately 1 in 10 dogs will experience heart disease in their lifetime.

What are the financial requirements for veterinary practices to use ZOM's TRUFORMA platform?

Zomedica offers the TRUFORMA platform with no capital outlay or monthly minimums required from veterinary practices.

What conditions can ZOM's new NT-proBNP test detect in dogs?

The NT-proBNP test can detect congestive heart failure, distinguish cardiac from respiratory disease, and identify dogs at high risk of heart failure.