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Dec 31, 2023
Zomedica Q4 2023 Earnings Report
Reported record revenue and annual growth, driven by diagnostics and therapeutic devices segments.
Key Takeaways
Zomedica reported a record fourth quarter with revenue of $7.3 million, contributing to a full-year revenue of $25.2 million, a 33% increase from the previous year. The growth was primarily driven by the Therapeutic Devices segment and the Diagnostics segment. The company's liquidity stood at $100.5 million.
Fourth quarter revenue grew by 19% to $7.3 million.
Full year revenue grew by 33% to $25.2 million.
Gross margin was 69% for both the fourth quarter and the full year 2023.
Cash, cash equivalents, and available-for-sale securities were $100.5 million as of December 31, 2023.
Zomedica
Zomedica
Zomedica Revenue by Segment
Revenue by Segment
TRUFORMA Revenue
CapyFin.com Forward Guidance
Zomedica expects full year revenue in the range of $31 to $35 million for 2024.
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.
- Driven by contributions from a number of new products that the Company expects to launch during 2024.
- Revenues to increase, driven by synergies derived from expanded product lines
- Revenues to increase, driven by increased sales/ marketing/commercialization efforts, and the move to full sales territory deployment, execution and maturation.
Challenges Ahead
- Guidance for 2024 does not incorporate any positive benefits from acquisitions the Company may make during the year.
- The outcome of clinical studies
- The application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments
- Uncertainty as to whether our strategies and business plans will yield the expected benefits
- Uncertainty as to the timing and results of development work and verification and validation studies