The following is a summary of the Zomedica Corp. (ZOM) Q3 2024 Earnings Call Transcript:
Financial Performance:
Zomedica reported Q3 2024 revenue of $7 million, representing a 10.2% increase year-over-year.
Gross margin for the quarter stood at 72.3%, slightly above the company's target range of 65% to 70%.
Net loss for the quarter was $6.7 million, with a non-GAAP EBITDA loss of approximately $4.8 million.Operating expenses for Q3 totaled $12.5 million, a 21% increase over the previous year, but a reduction of $900,000 from Q2 2024.
Business Progress:
Zomedica's commercial strategy drove a 24.5% increase in PulseVet revenue, with new system sales rebounding strongly.
Diagnostics segment revenue improved by 38% year-over-year, significantly driven by an 80% growth in TRUFORMA platform utilization.
International expansion included new strategic partnerships and regulatory approvals, enhancing access in the EU, Middle East, Egypt, India, and Central America.
Development of AI capabilities and other innovations across diagnostic and therapeutic product lines continued, poised for further launches.
Opportunities:
Expansion into international markets is set to be a significant growth driver, with new partnerships increasing global footprint.
Existing and upcoming product innovations provide further opportunities for growth in both diagnostics and therapeutic segments.
Risks:
As product penetration deepens, maintaining market expansion pace may challenge operational capacities despite positive momentum.
Economic influences on capital expenditures in the veterinary sector pose potential risks, with interest rates affecting customer purchasing behavior.
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