Zomedica (US:ZOM)2024-05-09 20:17Revenue 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]