The following is a summary of the Zomedica Corp. (ZOM) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Zomedica reported a record Q4 revenue of $7.3 million, signifying a 19% growth YoY and full-year revenue of $25.2 million, a 33% increase compared to the previous year.

• Approximately 65% of the yearly revenue was from recurring consumable sales.

• Gross profit for 2023 was $17.3 million, compared to $13.5 million in 2022, and Q4 gross profit reached $5.1 million.

• Operating expenses for Q4 2023 were $16.5 million, largely due to non-recurring charges for acquisitions and integration.

• The net loss for the full year 2023 was $34.5 million.

Business Progress:

• The expansion of the TRUFORMA market helped drive significant growth, as well as the company's strategic acquisitions of Structured Monitoring Products and QBT.

• Zomedica predicts growth in revenues from $31 million to $35 million for FY 2024 and has set a long-term target to achieve a $50 million annual run rate by the end of 2025.

• The company is expanding its sales organization, and has partnered with several U.S. based animal health distributors for better product distribution.

• Zomedica is also focused on international expansion, intending to sell a range of products as well as launching new assays in both domestic and international markets.

• They anticipate an increase in the installed base and consumable code utilization of its PulseVet systems, alongside marketing to drive sales.

• There has been an increased demand for VetGuardian product, and plans have been set to launch it in international markets.

• Future plans also revolve around strategic product range expansion, demonstrating potential for strong growth in the coming years.

More details: Zomedica IR

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