Zomedica (ZOM) - 2024 Q4 - Annual Results

Revenue Growth - Zomedica reported record revenue of $7.9 million for Q4 2024, an 8% organic growth compared to Q4 2023, with a 109% increase in the Diagnostics segment driven by the TRUFORMA® product line[4][10] - For the full year 2024, revenue grew over 8% to $27.3 million, up from $25.2 million in 2023, supported by 4% growth in Therapeutics and 77% growth in Diagnostics[7][10] Financial Performance - Gross margin for Q4 2024 was 70.3%, and for the full year 2024, it was 70.0%, aligning with the company's expectations[5][11] - The net loss for Q4 2024 was $7.2 million, significantly reduced from a net loss of $22.4 million in Q4 2023[5] - Net loss for the year ended December 31, 2024, was $46,942,000, compared to a net loss of $33,638,000 in 2023, representing a 39.5% increase in losses year-over-year[35] - Adjusted non-GAAP EBITDA loss for 2024 was $20.2 million, compared to a loss of $27.7 million in 2023, indicating improved operational efficiency[16][17] - Non-GAAP EBITDA loss for 2024 was $40,701,000, up from $27,691,000 in 2023, indicating a 46.9% increase in EBITDA losses[35] - Adjusted Non-GAAP EBITA loss for 2024 was $20,216,000, compared to $12,767,000 in 2023, reflecting a 58.5% increase in adjusted losses[35] Expenses - Operating expenses for 2024 were $70.1 million, an increase of 16% from $60.6 million in 2023, primarily due to the full-year impact of Qorvo Biotechnologies[12] - Research and development expenses for 2024 were $7.3 million, up from $5.8 million in 2023, reflecting ongoing advancements in product development[13] - Amortization expense increased to $6,441,000 in 2024 from $5,468,000 in 2023, a rise of 17.7%[35] - Impairment expense for 2024 was $16,024,000, significantly higher than $11,683,000 in 2023, marking a 37.5% increase[35] - Stock-compensation expense decreased to $2,778,000 in 2024 from $6,263,000 in 2023, a reduction of 55.7%[35] - Interest income for 2024 was $3,966,000, down from $5,458,000 in 2023, a decline of 27.3%[35] - Proforma adjustments for 2024 totaled $4,461,000, compared to $3,241,000 in 2023, an increase of 38.0%[35] - Depreciation expense rose to $1,545,000 in 2024 from $830,000 in 2023, an increase of 86.5%[35] - Income tax benefit improved to $557,000 in 2024 from $1,331,000 in 2023, a decrease of 58.2%[35] Cash Position - Total cash used during Q4 2024 was approximately $6.5 million, with an adjusted non-GAAP operating cash burn of about $4.2 million[6] - As of December 31, 2024, Zomedica had cash, cash equivalents, and available-for-sale securities totaling $71.4 million[9][18] Future Plans - The company plans to focus on the equine market with new product launches and a distribution agreement for Vetigel® hemostatic gel to drive revenue growth in 2025[3]