Zomedica Corp.
$0.15 +0.0012 +0.79% 3.1M
Company Overview
Based in Ann Arbor, Michigan, Zomedica is a veterinary health company creating diagnostic and therapeutic products for horses, dogs, and cats by focusing on the unmet needs of clinical veterinarians. With modest cash burn and a strong balance sheet, including $91 million cash, cash equivalents, and available-for-sale securities as of March 31, 2024, Zomedica is well-positioned to fund both organic growth and acquisitions. The Company’s portfolio includes innovative products that emphasize both patient and practice health, including:
Diagnostics:
- TRUFORMA® - In-clinic diagnostics with canine and feline assays
- TRUVIEW® - Innovative digital imaging technologies
- VetGuardian® - Wireless remote monitoring of vital signs
Therapeutic Devices:
- PulseVet® - Shock wave therapy in equine and small animal market
- Assisi® tPEMF® - Targeted pulsed electromagnetic field therapy
Zomedica’s mission is to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care.
Value Proposition
Zomedica’s rapidly increasing revenues and attractive gross margins offer a clear pathway to profitability. Successful acquisitions and collaborations provide a blueprint for continued organic growth and product expansion. With a product line-up designed to address the needs of both companion animals and the veterinarians they rely upon and an animal health market that continues to exponentially grow, Zomedica finds itself primed to capitalize on a substantial amount of market opportunities. Having accelerated its commercial launch cadence, Zomedica continues to address the unmet needs of the customers and the market it serves. With double-digit revenue growth and strong margins, combined with a decreasing operating cash burn, a strong balance sheet (incl. $91 million in liquidity with no debt), and profitability on the horizon, Zomedica is well positioned as a very compelling opportunity for fast-acting investors.
Investor Presentation
Investment Highlights
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Substantial growth
- 2022 revenue of $18.9 million, up 361% from 2021
- 2023 revenue of $25.2 million, up 33% YoY
- 2024 revenue guidance: $31 million to $35 million, up 40% over 2023 revenue
- Historic margins of ~70%
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Solid financial position
- Cash, cash equivalents, and available-for-sale securities at $90.9 million at Mar. 31, 2024
- Quarterly operating burn of ~$3 million
- No debt
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Growing portfolio
- Therapeutic devices segment revenues up 28% YoY in 2023
- Diagnostic segment revenues up 252% YoY in 2023
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Growing markets
- Animal health market estimated to reach $88.6 billion by 2028
- Companion animal diagnostic market forecasted to reach $12.6 billion by 2036
- Product portfolio represents a $2.5 billion annual market opportunity in US alone
- 23 million pets added during pandemic