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Zomedica announced the launch of an enhanced canine cortisol assay for its TRUFORMA in-clinic diagnostic platform. The upgraded assay improves precision and accuracy, important for critical veterinary tests like the Low Dose Dexamethasone suppression test. This enhancement strengthens TRUFORMA's market position by enabling rapid in-house diagnostics, eliminating the need for external lab testing and offering immediate results, enhancing patient care and operational efficiency. Zomedica targets a $1.5 billion annual recurring revenue opportunity in the US with this platform.
The dynamic range of the cortisol assay has been improved by over 45%, facilitating better monitoring of conditions like Cushing's disease. The company began shipping the new assay earlier this month, reflecting its commitment to optimizing field performance based on customer feedback.
Zomedica has released a white paper showcasing the expanded market opportunities for its PulseVet therapy, which has traditionally been used to treat orthopedic issues in animals. The paper highlights the therapy's effectiveness in treating Exercise Induced Pulmonary Hemorrhage (EIPH) and equine asthma, offering a non-invasive, drug-free treatment option for these conditions. Dr. Beau Whitaker's research indicates that 76% of horses with EIPH improved by at least one grade after a single treatment, compared to 64%-67.5% improvement with the controversial drug furosemide. The market potential for PulseVet is estimated at $1 billion in capital equipment sales and $150 million in annual recurring revenue. This development is pivotal for Zomedica's growth strategy, opening new markets for its technology.
Zomedica, a veterinary health company specializing in point-of-care diagnostics and therapeutic products for equine and companion animals, will present at the Lytham Partners Spring 2024 Investor Conference on May 30, 2024.
The event will include a webcasted presentation at 10:15 am ET, accessible via the conference website or directly at https://wsw.com/webcast/lytham11/zom/1950102. The presentation will also be available for replay.
Additionally, Zomedica's management will hold virtual one-on-one meetings with investors throughout the day. Interested parties can schedule meetings by contacting Lytham Partners or registering for the event.
Zomedica announced the launch of Over-the-Air (OTA) software and firmware update capabilities for its TRUFORMA diagnostic platform on May 15, 2024. This enhancement enables rapid deployment of new assays and features, improving the customer experience. The OTA updates will be managed via Zomedica's myZomedica cloud and IoT platform, allowing customers to apply updates with a single button push. This update follows Zomedica's acquisition of Qorvo Biotechnologies in 2023 and supports the expansion of the TRUFORMA product line. The company aims to streamline the update process and reduce barriers for customer adoption of new assays, while enhancing existing ones and freeing up sales staff from manual upgrade tasks.
Zomedica Corp. (NYSE American:ZOM) reported its first quarter 2024 financial results, showcasing a 14% revenue increase to $6.3 million, with a 66% gross margin and $91 million in liquidity. The company's revenue growth was driven by both the Therapeutic Devices and Diagnostics segments, with consumable revenues reaching $4.0 million and capital revenues hitting $2.2 million. Zomedica's CEO, Larry Heaton, expressed optimism for future growth opportunities as the company continues to expand its portfolio and commercial organization.
Zomedica Corp. (NYSE American:ZOM) will be presenting at the EF Hutton Annual Global Conference on May 15, 2024. The Chief Executive Officer, Larry Heaton, will be presenting and holding investor meetings. Zomedica is a veterinary health company providing diagnostics and products for animals.
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.
Zomedica Corp. strengthens its market position with the issuance of three new patents for its TRUFORMA diagnostic platform. The patents cover innovative design and functionality improvements, enhancing the system's ability to detect a wide array of health conditions in horses and companion animals. With a total of 65 U.S. patents, 123 international patents, and 33 U.S. and 98 foreign trademarks, Zomedica solidifies its intellectual property portfolio and market presence in the veterinary health industry.
Zomedica Corp will report its first quarter 2024 financial results on May 9th, 2024, providing insights into its operational and financial performance. The company, focused on veterinary health products, will host a conference call and webcast to discuss the highlights of the quarter.
