Zomedica Reports 10% Revenue Growth in Q3 2024

Zomedica Corp., based in Ann Arbor, MI, announced a 10% revenue increase in Q3 2024, reaching $7 million. The company reported a gross margin of 72.3% and liquidity of $78 million. Diagnostics revenue, driven by TRUFORMA® product adoption, grew by 38%, while the Therapeutic Device segment saw a 9% increase.

International expansion progresses with a CE Mark for the TRUVIEW® system, authorizing sales in Europe and other regions, supported by new distribution agreements. This aligns with Zomedica’s strategy to globally expand its product portfolio, potentially boosting revenue from 2025 onward.

Operating expenses increased by 21% to $12.5 million, largely due to higher research and development costs. Despite a Q3 net loss of $6.7 million, the company maintains confidence in its strategic path for 2025, backed by robust financial standing.