Revenue Performance - Revenue for Q1 2024 increased by 14% to $6.3 million compared to Q1 2023, driven by 9% growth in Therapeutic Devices and 86% growth in Diagnostics[3] - Net revenue for the three months ended March 31, 2024, was $6,262 million, an increase of 14.2% compared to $5,482 million for the same period in 2023[34] - The company expects full-year 2024 revenue to be between $31 million and $35 million, reflecting a potential increase of approximately 39% at the high end compared to 2023[18] - Zomedica anticipates sequential revenue growth throughout 2024, with the majority expected in the latter half of the year[20] Gross Margin and Profitability - Gross margin for Q1 2024 was 66%, with an adjusted gross margin exceeding 69% when accounting for the QBT acquisition[8] - Gross profit for the same period was $4,117 million, adjusted to $4,383 million after one-time items, compared to $3,835 million in the prior year, reflecting a 14.3% increase[34] - The adjusted non-GAAP EBITDA was reported at a loss of $7,450 million, compared to a loss of $4,125 million in the previous year, indicating increased operational challenges[36] Operating Expenses - Operating expenses rose by 28% to $14.5 million in Q1 2024, with a comparative growth of just over 20% when adjusted for one-time charges[9] - Research and development expenses doubled to $1.8 million, primarily due to the integration of QBT and investments in product compliance and AI enhancements[10] - Research and development expenses were $1,771 million, adjusted to $1,449 million, up from $918 million year-over-year, indicating a significant investment in innovation[34] - Selling and marketing expenses remained stable at $4,107 million, compared to $3,416 million in the previous year, reflecting ongoing marketing efforts[34] Net Loss - Net loss for Q1 2024 was $9.2 million, or $0.01 per share, compared to a net loss of $6.4 million, or $0.007 per share, in Q1 2023[14] - The company reported a net loss of $9,160 million for the quarter, adjusted to a loss of $6,967 million in the same quarter last year[34] - Loss from operations was $10,386 million, adjusted to $8,193 million, compared to a loss of $7,512 million in the prior year[34] Cash Position - As of March 31, 2024, Zomedica had $90.9 million in cash and equivalents, down from $100.5 million at the end of 2023[16] Strategic Focus - The company is focused on expanding its product portfolio and increasing adoption of its technologies, with new product launches planned for 2024[19] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[34] Foreign Exchange and Interest Income - Interest income decreased to $1,093 million from $1,412 million year-over-year, indicating a decline in interest earnings[34] - The company experienced a foreign exchange loss of $129 million, compared to a loss of $26 million in the same quarter last year, highlighting currency volatility impacts[34]

PART I — FINANCIAL INFORMATION This section presents Zomedica Corp.'s unaudited condensed consolidated financial statements and management's analysis for Q1 2024 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents Zomedica Corp.'s unaudited condensed consolidated financial statements for Q1 2024, covering financial position, performance, equity, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202024%20and%20December%2031%2C%202023) Zomedica Corp.'s consolidated balance sheet shows a decrease in total assets and shareholders' equity as of March 31, 2024, compared to December 31, 2023, primarily driven by reductions in cash, available-for-sale securities, and an increased accumulated deficit | Metric | March 31, 2024 (in Thousands) | December 31, 2023 (in Thousands) | Change (in Thousands) | % Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $10,939 | $12,952 | $(2,013) | -15.5% | | Available-for-sale securities | $72,023 | $77,545 | $(5,522) | -7.1% | | Total current assets | $92,069 | $99,882 | $(7,813) | -7.8% | | Total assets | $243,701 | $253,197 | $(9,496) | -3.7% | | Total current liabilities | $8,008 | $9,032 | $(1,024) | -11.3% | | Total liabilities | $11,806 | $13,180 | $(1,374) | -10.4% | | Accumulated deficit | $(180,093) | $(170,933) | $(9,160) | 5.4% | | Total shareholders' equity | $231,895 | $240,017 | $(8,122) | -3.4% | [Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) For the three months ended March 31, 2024, Zomedica Corp. reported increased net revenue but also a significantly higher net loss and comprehensive loss compared to the same period in 2023, driven by increased operating expenses, particularly in R&D and G&A | Metric | Q1 2024 (in Thousands) | Q1 2023 (in Thousands) | Change (in Thousands) | % Change | | :---------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net revenue | $6,262 | $5,482 | $780 | 14.2% | | Cost of revenue | $2,145 | $1,647 | $498 | 30.2% | | Gross profit | $4,117 | $3,835 | $282 | 7.4% | | Gross profit margin | 65.7% | 70.0% | -4.3% pts | -6.1% | | General and administrative | $8,625 | $7,013 | $1,612 | 23.0% | | Research and development | $1,771 | $918 | $853 | 92.9% | | Selling and marketing | $4,107 | $3,416 | $691 | 20.2% | | Loss from operations | $(10,386) | $(7,512) | $(2,874) | 38.3% | | Net loss | $(9,160) | $(6,385) | $(2,775) | 43.5% | | Net loss and comprehensive loss | $(9,223) | $(6,099) | $(3,124) | 51.2% | | Loss per share - basic and diluted | $(0.009) | $(0.007) | $(0.002) | 28.6% | [Consolidated Statements of Shareholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) Shareholders' equity decreased from $240,017 thousand at December 31, 2023, to $231,895 thousand at March 31, 2024, primarily due to the net loss incurred during the period, partially offset by stock-based compensation Consolidated Statements of Shareholders' Equity (in Thousands) | Metric (in Thousands) | December 31, 2023 | March 31, 2024 | Change | | :-------------------- | :---------------- | :------------- | :----- | | Common Stock Amount | $380,973 | $380,973 | $0 | | Additional Paid-In Capital | $29,929 | $31,030 | $1,101 | | Accumulated Deficit | $(170,933) | $(180,093) | $(9,160)| | Accumulated Comprehensive (Loss) | $48 | $(15) | $(63) | | Total Shareholders' Equity | $240,017 | $231,895 | $(8,122)| [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202024%20and%202023) Zomedica Corp. experienced an increased net cash outflow from operating activities in Q1 2024 compared to Q1 2023, but a significant shift to net cash inflow from investing activities, leading to a smaller overall decrease in cash and cash equivalents Consolidated Statements of Cash Flows (in Thousands) | Metric | Q1 2024 (in Thousands) | Q1 2023 (in Thousands) | Change (in Thousands) | % Change | | :-------------------------------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net cash used in operating activities | $(7,590) | $(4,257) | $(3,333) | 78.3% | | Net cash provided by (used in) investing activities | $5,625 | $(14,792) | $20,417 | -138.0% | | Decrease in cash and cash equivalents | $(1,965) | $(19,049) | $17,084 | -89.7% | | Cash and cash equivalents, end of period | $10,939 | $8,353 | $2,586 | 31.0% | [Notes to the Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of Zomedica's accounting policies, including revenue recognition, business combinations, and fair value measurements, along with breakdowns of investment securities, inventory, property and equipment, goodwill, and intangible assets - Zomedica is a veterinary health company focused on companion animals, operating through Diagnostics and Therapeutic Devices segments[13](index=13&type=chunk)[114](index=114&type=chunk) - The company adopted new accounting pronouncements for Segment Reporting (ASU No. 2023-07) and Improvements to Income Tax Disclosures (ASU No. 2023-09), with ongoing evaluation of their impact[24](index=24&type=chunk)[25](index=25&type=chunk) Disaggregated Revenue (Q1 2024 vs. Q1 2023) | Segment / Category | Q1 2024 (in Thousands) | Q1 2023 (in Thousands) | Change (in Thousands) | % Change | | :----------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | **Diagnostics** | | | | | | Capital | $450 | $217 | $233 | 107.4% | | Consumables | $294 | $182 | $112 | 61.5% | | Total Diagnostics | $744 | $399 | $345 | 86.5% | | **Therapeutic Devices** | | | | | | Capital | $1,774 | $1,493 | $281 | 18.8% | | Consumables | $3,716 | $3,567 | $149 | 4.2% | | Other | $28 | $23 | $5 | 21.7% | | Total Therapeutic Devices | $5,518

Zomedica Corp. (NYSE:ZOM) Q4 2023 Earnings Conference Call April 1, 2024 4:30 PM ET Company Participants Elif McDonald - Investor Relations Larry Heaton - Chief Executive Officer Peter Donato - Chief Financial Officer Conference Call Participants Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Zomedica's Fourth Quarter and Full-Year 2023 Earnings Release and Business Update Call. I would like to remind everyone that this call is being recorded today, Monday, April 1 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-38298 ZOMEDICA CORP. (Exact name of registrant as specified in its charter) Alberta, Canada ...

Zomedica Corp. (NYSE:ZOM) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants Elif McDonald - Investor Relations Larry Heaton - Chief Executive Officer Peter Donato - Chief Financial Officer Conference Call Participants Jason Kolbert - Dawson James Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Zomedica's Third Quarter 2023 Earnings Release and Business Update Call. I would like to remind everyone that this conference call is being rec ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q For the transition period from __________ to __________. Commission File Number: 001-38298 Zomedica Corp. (Exact name of registrant as specified in its charter) Alberta, Canada N/A (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September ...

Financial Data and Key Metrics Changes - Revenue for Q2 2023 was $6 million, a 43% increase year-over-year, driven by organic growth and new product lines [7][17] - Gross profit for Q2 2023 was $4 million, a 33% increase from Q2 2022, with margins at 67% [25] - Operating loss for Q2 was $6.7 million, up from $5.9 million a year ago, but down from $7.5 million in Q1 [28] - Net loss for Q2 2023 was $5.3 million, flat compared to the same period last year [29] - Cash, cash equivalents, and available securities were over $142 million at the end of Q2 2023, down from $187 million a year ago [31] Business Line Data and Key Metrics Changes - TRUFORMA revenue increased by 98% year-over-year, driven by organic growth and new assays [20] - PulseVet products saw a 14% increase year-over-year, reflecting strong demand in the small animal veterinary market [19] - Assisi generated $1 million in incremental revenue for Q2 2023, contributing to overall growth [21] - VetGuardian product line is expected to ramp up revenue as it is introduced through various distributors [22] Market Data and Key Metrics Changes - Approximately 25% of PulseVet revenue was international at the time of acquisition, with expectations for growth in international markets [42] - The company has a wholly-owned subsidiary in Japan and distributors in Europe and South America [42] Company Strategy and Development Direction - The company is focused on achieving cash flow positivity and GAAP profitability through revenue growth and efficient manufacturing [12][15] - Strategic priorities include improving the quality of care for pets and the profitability of veterinarian customers [12] - The company is actively seeking M&A opportunities that are accretive to earnings [13][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong sales momentum and new product launches [33] - The company expects revenue to increase in subsequent periods due to expanded product lines and acquisitions [24] - Management reiterated guidance for cash flow breakeven in the second half of next year [46][47] Other Important Information - R&D expenses increased significantly due to the buildup of internal capabilities for product development [26] - The company is transitioning manufacturing to its facility in Georgia to improve margins [10] Q&A Session Summary Question: What does the company's debt to income ratio look like? - The company has no debt, only lease obligations, and is in a loss position [36][38] Question: Is the company considering a stock buyback? - The company is focused on growth and does not plan to initiate a stock buyback until achieving cash flow breakeven [41] Question: What percentage of market capitalization has been achieved in Europe? - The company is currently generating about 20% to 25% of its revenue internationally, with significant growth opportunities [42] Question: When will the company sell throughout the U.S. with salespeople? - The company has a direct sales force and is expanding its sales territories opportunistically [44] Question: Are there financing options available to help vets acquire the product? - The company has third-party financing options available for its products [64][65] Question: Why are the assays taking so long to come out? - The company has recently gained the ability to develop its own assays at its own pace, which will improve future timelines [66][67]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number: 001-38298 Zomedica Corp. (Exact name of registrant as specified in its charter) Alberta, Canada N/A (St ...

Zomedica Corp. (NYSE:ZOM) Q1 2023 Results Conference Call May 11, 2023 4:30 PM ET Company Participants Larry Heaton - CEO Peter Donato - CFO Conference Call Participants Jason Kolbert - Dawson James Operator Good afternoon, ladies and gentlemen and welcome to Zomedica’s First Quarter of 2023 Earnings Release Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. The call will be open to questions and answers following the presentation. On today’s call are Zomedica’s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number: 001-38298 Zomedica Corp. (Exact name of registrant as specified in its charter) Alberta, Canada N/A (S ...