Zomedica Corp. (AMEX:ZOM) Q1 2024 Earnings Call Transcript

Zomedica Corp. (AMEX:ZOM) Q1 2024 Earnings Call Transcript May 9, 2024

Zomedica Corp. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon, ladies and gentlemen, and welcome to Zomedica First Quarter 2024 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Mike Valle (ph) at ICR Westwicke. Please go ahead.

Unidentified Company Representative: Thank you, operator, and good afternoon, ladies and gentlemen. Welcome to the Zomedica's first quarter 2024 earnings results and business update call. Joining me on today's call are Zomedica's Chief Executive Officer, Larry Heaton; and Chief Financial Officer, Peter Donato. Before we begin, we would like to remind everyone that on this call, we will be making various remarks about future expectations, plans and prospects that constitute forward-looking statements. These forward-looking statements are based on assumptions and there are risks that results may differ materially from those statements. As such Zomedica cannot guarantee that any forward-looking statements will materialize and you are cautioned not to place undue reliance on them.

We refer to current and – we would refer current and potential investors to the forward-looking information and Risk Factor sections of our public filings, available on SEDAR at www.sedarplus.ca and on EDGAR at sec.gov. Forward-looking statements made on this conference call represent Zomedica's expectations as of today, Thursday, May 09, 2024. I will now pass the call over to Zomedica's Chief Executive Officer, Larry Heaton. Larry?

Larry Heaton: Thanks, Mike. I'd like to start by thanking our shareholders for your support. Wish our prospective investors and analysts and others a good afternoon, and welcome all to the Zomedica first quarter earnings results and business update call. I'll start today by providing an update on the overall business, then our Chief Financial Officer, Peter Donato, will walk you through our financial results. After our prepared remarks, we'll open the phone line and the web to your questions. So just a bit earlier today, Zomedica released its financial results for the first quarter of 2024. Overall, we continued to build on the momentum we generated during our record setting 2023, which resulted in the strongest first quarter in company history.

Revenue for the quarter was $6.3 million, reflecting just over 14% growth over the first quarter of 2023, with increases in both our therapeutic device and diagnostic segments, and was a higher rate of year-over-year growth than we saw in the first quarter of 2023 from the same products, further validating our strategy to fuel growth through the expansion of our innovative product portfolio. We expect this rate of year-over-year growth to accelerate during the year. During our last earnings call, we laid out our strategic roadmap to drive growth during 2024 and beyond. And today, I'll provide an update on the progress we've made on a number of those initiatives. I'll start with our commercial organization. Late last year, we recruited a new industry veteran head of sales.

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