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Mar 31, 2024
Zomedica Q1 2024 Earnings Report
Revenue increased by 14% to $6.3 million, gross margin was 66%, and liquidity reached $91 million.
Key Takeaways
Zomedica reported a strong first quarter in 2024, with revenue up 14% to $6.3 million compared to the same period last year. The company's gross margin was 66%, and it maintained a solid liquidity position with $91 million in cash, cash equivalents, and available-for-sale securities.
Revenue for Q1 2024 grew 14% to $6.3 million, driven by growth in Therapeutic Devices and Diagnostics segments.
Gross margin was 66% for the first quarter of 2024.
Total cash used during the quarter was $9.6 million, with a non-GAAP operating burn of approximately $4.4 million when adjusted for non-recurring one-time items.
The company continues to expect full-year revenue in the range of $31 to $35 million.
Zomedica
Zomedica
Zomedica Revenue by Segment
Revenue by Segment
Therapeutic Devices Revenue
CapyFin.comDiagnostics Revenue
CapyFin.com Forward Guidance
The Company continues to expect full year revenue in the range of $31 to $35 million.
Positive Outlook
- Growth in 2024 will be driven by its existing portfolio, including recently launched products.
- Supported by investments the Company is making to continue to drive increased adoption and utilization of its products.
- Contributions from a number of new products that the Company expects to launch during 2024.
- Revenues should increase sequentially from the first quarter.
- Majority of revenue expected to be recorded during the back half of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income