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Sep 30, 2023
Zomedica Q3 2023 Earnings Report
Reported record third quarter with revenue up 31% to $6.3 million, a gross margin of 69%, and $118 million in liquidity, while making strategic acquisitions of Structured Monitoring Products and Qorvo Biotechnologies.
Key Takeaways
Zomedica reported a record third quarter with a 31% increase in revenue, reaching $6.3 million. The company's gross margin improved to 69%, and it maintained a strong liquidity position with $118 million in cash and cash equivalents. Strategic acquisitions of Structured Monitoring Products and Qorvo Biotechnologies were also completed.
Revenue for the third quarter of 2023 grew 31% to $6.3 million, compared to $4.8 million in Q3 2022.
Therapeutic Devices segment revenues, including PulseVet® and Assisi® product sales, reached $6.0 million, a 28% increase over Q3 2022.
Diagnostic segment revenues, including TRUFORMA®, TRUVIEWTM and VetGuardian® product sales, grew to $0.3 million, more than triple the revenues of $0.1 million reported in the same quarter in 2022.
Gross margin was 69%, up sequentially from second quarter 2023 gross margin of 67%.
Revenue by Segment
Forward Guidance
Zomedica expects revenues to increase, driven by synergies derived from expanded product lines from recent acquisitions, increased sales/ marketing/commercialization efforts, and the move to full sales territory deployment and execution. In addition, sales generally rise to their historical high points in the fourth quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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