Loading...
•
Mar 31, 2023
Zomedica Q1 2023 Earnings Report
Reported record revenue with strong gross margins and liquidity.
Key Takeaways
Zomedica reported a 45% increase in revenue to $5.5 million for Q1 2023, driven by growth in both diagnostic and therapeutic segments. The company maintained a strong gross margin of 70% and ended the quarter with $147.5 million in liquidity.
Revenue increased by 45% to $5.5 million compared to Q1 2022.
Diagnostic segment revenue increased by approximately 300% compared to Q1 2022.
Therapeutic segment revenue increased by approximately 38% compared to Q1 2022.
Gross margins remained strong at 70%.
Zomedica
Zomedica
Forward Guidance
Zomedica is excited to continue building on the growth trajectory as it introduces new product platforms into the market in 2023 and will continue to evaluate strategic business development and M&A opportunities to further bolster its overall growth opportunity in the animal health sector.
Positive Outlook
- Introduction of new product platforms into the market in 2023.
- Evaluation of strategic business development and M&A opportunities.
- Well positioned to continue the momentum.
- Transition of TRUFORMA product line research and development and manufacturing is proceeding to plan.
- Launched the VetGuardian zero-touch vital signs remote monitoring system.
Challenges Ahead
- Finalization of the accounting procedures necessary to report financial results for 2023.
- Uncertainty as to whether strategies and business plans will yield the expected benefits.
- Uncertainty as to the timing and results of development work and verification and validation studies.
- Uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth.
- Uncertainty as to the ability to successfully integrate acquisitions.