Zomedica (ZOM) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 and full-year revenue of $27.3 million, marking 15 consecutive quarters of year-over-year growth.

• Diagnostics segment revenue surged 109% year-over-year in Q4, driven by TRUFORMA, TRUVIEW, and VETGuardian adoption.

• Expanded product portfolio and international reach, including new distribution agreements, regulatory approvals, and full integration of 2023 acquisitions.

• Ended 2024 with $71.4 million in cash, cash equivalents, and available-for-sale securities, maintaining no debt.

• Positioned for accelerated growth in 2025 with new equine market focus, product launches, and expanded sales force.

Financial highlights

• Q4 2024 revenue was $7.9 million, up 8% year-over-year; full-year revenue reached $27.3 million, an 8% increase over 2023.

• Q4 gross margin was 70.3%; full-year gross margin 70.0%, exceeding guidance.

• Q4 net loss was $7.2 million ($0.01/share), improved from $22.4 million in the prior year; full-year net loss was $47.0 million, up from $34.5 million in 2023.

• Adjusted non-GAAP EBITDA loss for Q4 was $5.4 million; full-year adjusted non-GAAP EBITDA loss was $20.2 million.

• Ended 2024 with $71.4 million in cash, cash equivalents, and available-for-sale securities.

Outlook and guidance

• Anticipates accelerated revenue growth in 2025, driven by new product launches, international expansion, and increased equine market focus.

• Plans to reduce operating expenses in 2025 versus 2024, aiming for cash flow break-even at a $50 million revenue run rate.

• No specific 2025 financial guidance provided yet; will be shared later in the year.

• Plans to leverage strong balance sheet for opportunistic portfolio expansion.