Zomedica Reports Record Fourth Quarter and Annual Revenue Growth in 2023

Zomedica Corp., a veterinary health company specialized in diagnostic and therapeutic device products for animals, announced its financial results for the fourth quarter and the full year ended December 31, 2023. The company achieved a record revenue of $7.3 million in the fourth quarter and $25.2 million for the entire year, marking a 33% annual growth. The increase in revenue was attributed to early adoption of new products in the Diagnostics segment and continued strength in the Therapeutic Devices segment. The gross margin stood at 69% for both the fourth quarter and the full year.

The company credited its growth to several factors, including new product launches, acquisitions of Structured Monitoring Products, Inc., and Qorvo Biotechnologies, LLC, as well as the expansion of manufacturing capabilities. Zomedica's CEO Larry Heaton expressed optimism for the company's continued growth trajectory into 2024, highlighting the company's path to profitability through revenue growth, maintaining high margins, and operational efficiencies.

Fourth quarter financial highlights showed a 19% revenue increase compared to the same quarter in 2022, mainly driven by the Therapeutic Devices segment and a significant growth in the Diagnostics segment. For the full year, revenue grew 33% to $25.2 million from nearly $19 million in 2022, with significant contributions from the Therapeutic Devices and Diagnostics segments. The company also reported an increase in consumable and capital revenue, and maintained a strong cash position with $100.5 million in liquidity.

Zomedica's investments in growth and sustainability were highlighted, including the expansion of its product portfolio, the recruitment of an experienced sales team, and enhanced distribution capabilities. The company reaffirmed its full-year revenue guidance for 2024, expecting revenues in the range of $31 to $35 million, representing an up to 40% increase over 2023.