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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