Zomedica Corp. Reports Record Revenues of $7.3 Million in Q4 2023

April 2, 2024 | by


Zomedica Corp., a leading animal health company, has recently released its Q4 2023 earnings report, showcasing impressive results. The company achieved record revenues of $7.3 million, marking a remarkable 19% growth compared to the same quarter of the previous year. The bulk of these revenues came from the sale of products obtained through strategic acquisitions. Looking ahead, Zomedica is optimistic about its future prospects, projecting revenues to reach an impressive $31-35 million in 2024, reflecting a potential growth of up to 40% year-over-year. In order to regain compliance with NYSE American price thresholds, the company will focus on organic growth, while also remaining open to opportunistic acquisitions in the future. With a strong liquidity position of over $100 million in funds, Zomedica is well-positioned for continued success. Key drivers of this exceptional performance include substantial growth in the therapeutic devices segment and a significant increase in diagnostics revenue. Consumable revenues accounted for 65% of the total revenue, while capital revenues experienced a remarkable 20% growth in 2023. Overall, Zomedica is pleased with its performance and eagerly anticipates even stronger results in 2024.

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Zomedica Corp. Reports Record Revenues in Q4 2023

Zomedica Corp. (ZOM) announced its Q4 2023 earnings and business update, revealing record-breaking revenues of $7.3 million for the quarter. This represents a remarkable 19% growth compared to the previous year’s Q4. The company’s outstanding performance is a testament to its successful strategic initiatives and continuous efforts to drive growth in the veterinary healthcare industry.

Revenue Sources

The majority of Zomedica’s revenue in Q4 2023 came from the sale of products obtained through previous acquisitions. These acquisitions have proven to be valuable additions to the company’s portfolio and have contributed significantly to its overall revenue stream. This highlights Zomedica’s ability to identify and successfully integrate businesses that align with its growth objectives.

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Revenue Expectations for 2024

Zomedica is anticipating substantial growth in revenues for the year 2024. With projected revenues ranging between $31-35 million, the company aims to achieve up to 40% year-over-year growth. This optimistic outlook is a result of Zomedica’s commitment to expanding its product offerings, capturing a larger market share, and capitalizing on key opportunities within the veterinary healthcare sector.

Focus on Organic Growth

In addition to acquisitions, Zomedica recognizes the importance of organic growth in driving sustainable success. The company is actively working towards regaining compliance with NYSE American price thresholds, ultimately enhancing investor confidence and market competitiveness. By focusing on organic growth, Zomedica aims to fortify its position as a leading player in the veterinary healthcare industry.

Acquisitions Strategy

Zomedica’s acquisitions strategy has proven to be integral to its growth and diversification. The company has made five strategic acquisitions, each targeting a different product platform. This approach ensures a well-rounded portfolio and positions Zomedica to meet the evolving needs of the veterinary healthcare market. Moving forward, the company remains opportunistic and open to further acquisitions that align with its long-term vision and enhance its product offerings.

Strong Liquidity Position

Zomedica boasts a strong liquidity position, with over $100 million in funds. This financial stability provides the company with the flexibility to invest in research and development, expand its sales and marketing efforts, and pursue additional strategic opportunities. By maintaining a robust liquidity position, Zomedica can execute its growth plans and continue delivering value to its shareholders.

Revenue Breakdown

The growth in Zomedica’s revenues can be attributed to the outstanding performance of its different segments. The therapeutic devices segment significantly drove the company’s growth, demonstrating the increasing demand for Zomedica’s innovative products in the veterinary industry. Additionally, there was a remarkable increase in diagnostics revenue, a reflection of Zomedica’s commitment to providing advanced diagnostic solutions to veterinarians.

Consumable and Capital Revenues

Consumables accounted for 65% of Zomedica’s total revenue in 2023, showcasing the importance of these products in driving the company’s financial success. By offering a wide range of high-quality consumables, Zomedica continues to establish itself as a trusted provider in the veterinary market. Furthermore, the company experienced a 20% growth in capital revenues in 2023, highlighting its ability to diversify revenue streams and capture opportunities in both consumables and capital equipment.


Positive Outlook for 2024

Zomedica is pleased with its performance in 2023 and is enthusiastic about the future. With a strong foundation in place, the company anticipates even stronger results in 2024. Its commitment to organic growth, strategic acquisitions, and expanding product lines position Zomedica for continued success in the veterinary healthcare industry. By staying focused on its core values of innovation and excellence, Zomedica aims to exceed expectations and deliver exceptional value to its stakeholders in the year ahead.

In conclusion, Zomedica Corp.’s record-breaking revenues in Q4 2023 reflect the company’s dedication to driving growth in the veterinary healthcare industry. With a strong revenue foundation, focus on organic growth, and strategic acquisitions, Zomedica is well-positioned for success in 2024. The company’s strong liquidity position, revenue breakdown, and positive outlook demonstrate its ability to capitalize on market opportunities and deliver value to its shareholders. As Zomedica continues to expand its product offerings and meet the evolving needs of the veterinary market, it remains a key player in the industry and a promising investment opportunity.

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