Zomedica (US:ZOM)2024-08-14 21:01Revenue Growth - Zomedica reported record revenue of $7.3 million for Q4 2023, a 19% increase compared to Q4 2022, and full-year revenue of $25.2 million, reflecting a 33% annual growth[1][3][4]. - The Diagnostics segment experienced a remarkable 144% growth year-over-year in Q4 2023, while the Therapeutic Devices segment grew by 16%[3][4]. - Consumable revenue for Q4 2023 reached $4.0 million, up 26% from Q4 2022, and capital revenue was $3.3 million, a 12% increase over the same period[3]. - Zomedica expects full-year 2024 revenue to be in the range of $31 to $35 million, representing approximately 40% growth at the high end compared to 2023[8]. Financial Performance - The net loss for 2023 was $34.5 million, or $0.035 per share, compared to a net loss of $17.0 million, or $0.017 per share, in 2022[12]. - Non-GAAP Adjusted EBITDA for the period was $(22.326) million, compared to $(3.200) million in the previous year, indicating a significant increase in losses[24]. - The net loss for the company was $(23.931) million, compared to $(5.249) million in the same period last year, reflecting a worsening financial performance[24]. - The company reported a loss from operations of $(25.067) million, compared to $(5.742) million in the prior year, indicating challenges in operational efficiency[24]. - The company experienced a foreign exchange loss of $(46) thousand, which may affect overall financial performance[24]. Expenses - Research and development expenses increased by 123% to $5.7 million in 2023, driven by the expansion of internal capabilities for new diagnostic products[10]. - Selling and marketing expenses rose by 43% to $14.1 million in 2023, reflecting increased hiring and marketing efforts[11]. - General and administrative expenses were reported at $6.893 million, slightly up from $6.850 million, indicating stable operational costs[24]. - Research and development expenses increased to $1.506 million from $0.859 million year-over-year, showing a focus on innovation and product development[24]. - Selling and marketing expenses rose to $3.923 million from $3.081 million, reflecting increased investment in market expansion[24]. Gross Margin and Profitability - Gross margin for both Q4 2023 and the full year 2023 was 69%[3][5]. - The gross profit for the period was $4.367 million, compared to $1.078 million in the previous year, demonstrating improved revenue generation[24]. Acquisitions and Cash Position - The company made multiple acquisitions in 2023, including Structured Monitoring Products, Inc. and Qorvo Biotechnologies, LLC, enhancing its product portfolio and manufacturing capabilities[2][6][7]. - Zomedica's cash, cash equivalents, and available-for-sale securities totaled $100.5 million as of December 31, 2023[5]. Non-GAAP Measures - Management emphasizes the importance of non-GAAP measures for evaluating ongoing operations and financial trends[22]. - Non-GAAP EBITDA, which excludes certain expenses, was $(22.326) million, highlighting the impact of non-recurring costs on financial results[23].