Zomedica Reports Record Revenue of $7.9 Million for the Fourth Quarter and $27.3 Million for the Full Year 2024; 70% Gross Margin, and $71 Million in Liquidity to Support Growth
Rhea-AI Summary
Zomedica (OTCQB:ZOMDF) reported strong financial results for Q4 and full-year 2024. The company achieved record Q4 revenue of $7.9 million (8% growth) and full-year revenue of $27.3 million (8% increase from 2023). Notable highlights include:
The Diagnostics segment showed exceptional growth of 109% year-over-year, driven by TRUFORMA® and VETGuardian® product lines. The company maintained a robust gross margin of 70% and ended the year with $71.4 million in liquidity.
Despite the revenue growth, Zomedica reported a net loss of $7.2 million for Q4 and $47.0 million for the full year. The company's operating expenses increased to $70.1 million in 2024, up 16% from 2023. Looking ahead to 2025, Zomedica plans to focus on the equine market through new product launches and distribution agreements, including Vetigel® hemostatic gel.
Positive
- Record Q4 revenue of $7.9M with 8% organic growth
- Strong gross margin of 70.3% in Q4 and 70.0% for full year
- Diagnostics segment grew 109% year-over-year in Q4
- Substantial liquidity position of $71.4M to support growth
- Reduced adjusted EBITDA loss from $6.7M to $5.4M in Q4
Negative
- Net loss increased to $47.0M in 2024 from $34.5M in 2023
- Operating expenses increased 16% to $70.1M
- Cash burn of $29.1M during 2024
- Research and development expenses increased by $1.5M
- Selling and marketing expenses rose by $3.1M
News Market Reaction – ZOMDF
On the day this news was published, ZOMDF gained 41.13%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ANN ARBOR, MI / ACCESS Newswire / March 13, 2025 / Zomedica Corp. (OTCQB:ZOMDF) ("Zomedica" or the "Company"), a veterinary health company offering point-of-care diagnostic and therapeutic products for equine and companion animals, today reported consolidated financial results for the fourth quarter and year-ended December 31, 2024.
"We wrapped up a strong 2024 with solid performance in the fourth quarter as we posted record revenue, year over year, for the 15th straight quarter," said Larry Heaton, President and Chief Executive Officer of Zomedica. "We delivered continued strength within our Therapeutics portfolio, and saw exceptional growth within our Diagnostics segment, which increased
"2024 was a transformative year for Zomedica, one which put the company in a fantastic position to drive accelerated revenue growth in 2025 and beyond. We significantly broadened our portfolio of innovative solutions through the full integration of acquisitions made in late 2023, new product introductions, and expansion into key international markets through a combination of regulatory approvals and new distribution agreements. Operationally, we expanded and optimized our manufacturing capabilities, enabling us to support the growing demand for our portfolio while at the same time capturing efficiencies which will help drive us to profitability," continued Mr. Heaton.
"Looking ahead to 2025, we have a number of exciting catalysts that will support our growth trajectory. We expect that our increased focus on the equine market throughout our portfolio through new product launches, the addition of new sales roles, and our recently announced distribution agreement for Vetigel® hemostatic gel will drive new sources of revenue. Beyond that, we continue to be well capitalized and will opportunistically leverage the strength of our balance sheet to add compelling products to our portfolio," concluded Mr. Heaton.
Fourth Quarter 2024 Financial Highlights
Revenue for the fourth quarter of 2024 grew organically by approximately
Gross margin was
Net Loss for the three months ended December 31, 2024, was
**Adjusted non-GAAP EBITDA loss (which includes adjustments for non-cash stock compensation and non-cash impairment charges) for the three months ended December 31, 2024, was
Total cash used during the quarter was approximately
Full Year 2024 Financial Highlights
Revenue for 2024 grew over
Gross margin was
Total cash used during the year was approximately
Cash, cash equivalents, and available-for-sale securities were
Reported financial metrics, including year-over-year and sequential percentage changes are calculated using actual results, which may not match calculations done using the figures shown in this press release due to rounding. Please refer to the Company's Form 10-K for additional detail.
Full Year 2024 Results Review
Revenue for the year ended December 31, 2024, was
Cost of revenue for the year ended December 31, 2024, was
Operating expenses for the year ended December 31, 2024, were
Research and development expenses for the year ended December 31, 2024, were
Selling and marketing expense for the year ended December 31, 2024, was
General and administrative expense for the year ended December 31, 2024 was
Net loss for the year ended December 31, 2024, was
*Non-GAAP EBITDA loss (which includes adjustments for non-cash stock compensation) for the year ended December 31, 2024, was
When adjusting for the non-recurring items noted above and other non-cash items, **Adjusted Non-GAAP EBITDA loss was
Liquidity and Outstanding Share Capital
Zomedica had cash, cash equivalents, and available-for-sale securities of
As of December 31, 2024, 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.
For percentage calculations please refer to the financial statements filed with the SEC today along with other public filings.
Conference Call Details
Zomedica will host a conference call on Thursday, March 13, 2025, at 4:30 p.m. ET to discuss the Company's operational and financial highlights for its fourth quarter ended December 31, 2024. A question-and-answer session will follow management's prepared remarks.
Event: Zomedica Corp. Q4 2024 Financial Results Conference Call
Date: Thursday, March 13, 2025
Time: 4:30 p.m. Eastern Time
Live Call: +1-800-717-1738 (U.S. Toll-Free) or +1-646-307-1865 (International)
Webcast:LINK
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, March 27, 2025, at 11:59 PM ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll-Free) or +1-412-317-6671 (International) and entering replay pin number: 1174148.
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
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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 and our ability to realize upon our business plans and cost control efforts.
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, including international 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 realize the anticipated growth opportunities from our acquisitions; uncertainty as to our ability to supply products in response to customer demand; supply chain risks associated with tariff changes;; 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 and purchase of consumables following adoption of our capital equipment; 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
Non-GAAP Measures Non-GAAP EBITDA, Adjusted Non-GAAP EBITDA, and other measures presented on an adjusted basis are not recognized terms under U.S. GAAP and do not purport to be alternatives to the most comparable U.S. GAAP amounts. Since all companies do not use identical calculations, our definition and presentation of these measures may not be comparable to similarly titled measures reported by other companies. Management uses the identified nonGAAP measures to evaluate the operating performance of the Company and its business segments and to forecast future periods. Management believes these non-GAAP measures assist investors and other interested parties in evaluating Zomedica's on-going operations and provide important supplemental information to management and investors regarding financial and business trends relating to Zomedica's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Reconciliations of non-GAAP measures to their closest U.S. GAAP equivalent are presented below.
* Non-GAAP EBITDA is defined as net loss and comprehensive loss excluding amortization, depreciation, non-cash stock compensation, and taxes while reversing out the benefits derived from net interest income.
** Non-GAAP Adjusted EBITDA is defined as Non-GAAP EBITDA, as defined above, excluding impairment charges and non-recurring items; including but not limited to specialized accounting, tax, and audit services, costs associated with programs related to regaining and maintaining compliance with the NYSE, as well as the QBT integration and associated direct labor costs, and other one-time items.
ZOMEDICA CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
|
| Three Months Ended December 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
Net loss and comprehensive loss |
| $ | (7,406 | ) |
| $ | (21,970 | ) |
Amortization expense |
|
| 1,606 |
|
|
| 1,578 |
|
Depreciation expense |
|
| 444 |
|
|
| 292 |
|
Stock-compensation expense |
|
| 345 |
|
|
| 1,105 |
|
Interest income |
|
| (859 | ) |
|
| (1,149 | ) |
Interest expense |
|
| - |
|
|
| - |
|
Income tax (benefit) expense |
|
| (221 | ) |
|
| 459 |
|
Non-GAAP EBITDA loss |
| $ | (6,091 | ) |
| $ | (19,685 | ) |
Impairment expense |
|
| - |
|
|
| 11,683 |
|
Proforma adjustments (1) |
|
| 662 |
|
|
| 1,290 |
|
Adjusted Non-GAAP EBITA loss |
| $ | (5,429 | ) |
| $ | (6,712 | ) |
|
|
|
|
|
|
|
| |
(1) Proforma adjustments for the three-months ended December 31, 2024 included |
|
|
| |||||
ZOMEDICA CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(amounts in thousands)
(unaudited)
|
| Year Ended December 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
|
| ||
Net loss and comprehensive loss |
| $ | (46,942 | ) |
| $ | (33,638 | ) |
Amortization expense |
|
| 6,441 |
|
|
| 5,468 |
|
Depreciation expense |
|
| 1,545 |
|
|
| 830 |
|
Stock-compensation expense |
|
| 2,778 |
|
|
| 6,263 |
|
Interest income |
|
| (3,966 | ) |
|
| (5,458 | ) |
Interest expense |
|
| - |
|
|
| 175 |
|
Income tax benefit |
|
| (557 | ) |
|
| (1,331 | ) |
Non-GAAP EBITDA loss |
| $ | (40,701 | ) |
| $ | (27,691 | ) |
Impairment expense |
|
| 16,024 |
|
|
| 11,683 |
|
Proforma adjustments (1) |
|
| 4,461 |
|
|
| 3,241 |
|
Adjusted Non-GAAP EBITA loss |
| $ | (20,216 | ) |
| $ | (12,767 | ) |
|
|
|
|
|
|
|
| |
(1) Proforma adjustments for the year ended December 31, 2024 included |
| |||||||
SOURCE: Zomedica Corp.
View the original press release on ACCESS Newswire
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