Zomedica Reports $27.3 Million Revenue for Fiscal Year 2024, Net Loss Increases to $46.9 Million

Zomedica Corp. reported a revenue of $27.3 million for the fiscal year ending December 31, 2024, marking an 8% increase from $25.2 million in 2023. The company continues to operate at a loss, with a net loss of $46.9 million for 2024, compared to a loss of $34.5 million in the previous year. This increase in net loss is attributed to higher operating expenses, including a significant rise in research and development costs, which grew by 27% to $7.3 million, as well as increased selling and marketing expenses, which rose by 22% to $17.2 million. The gross profit margin improved slightly to 70% from 69% in 2023, primarily due to cost reductions from restructuring efforts and increased sales volume.

In terms of strategic developments, Zomedica has made significant acquisitions, including Structured Monitoring Products, Inc. and Qorvo Biotechnologies, LLC, which were completed in September and October 2023, respectively. These acquisitions are expected to enhance Zomedica's product offerings and operational capabilities. The company has also launched several new products, including the VETGuardian zero-touch vital signs monitoring system and the TRUVIEW digital microscopy platform, which are aimed at improving veterinary diagnostics and patient care.

Operationally, Zomedica has expanded its product portfolio to include six distinct platforms, focusing on diagnostics and therapeutic devices for companion animals. The company reported a total of 152 employees as of December 31, 2024, with a sales force of 54 representatives. The company has also seen growth in its customer base, particularly in the PulseVet product line, which has gained traction in both equine and small animal markets. The TRUFORMA diagnostic platform has also seen increased adoption, with new assays launched to enhance its utility for veterinarians.

Looking ahead, Zomedica anticipates continued revenue growth as it expands its sales and marketing efforts and integrates its recent acquisitions. The company aims to leverage its existing infrastructure to drive product adoption and develop new offerings that align with the needs of veterinarians and pet owners. However, Zomedica acknowledges the ongoing challenges of operating at a loss and the need for sustained revenue growth to achieve profitability in the future. The company remains focused on enhancing its product lines and exploring new market opportunities to support its long-term financial health.