Zomedica (ZOM) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 increased by slightly more than 10% to $7.0 million compared to Q3 2023, with Diagnostics segment revenue growing by 38$2.2 million, up 21% from Q3 2023, indicating strong performance in the therapeutic device segment[5] - The company anticipates significant incremental revenue growth in 2025 and beyond due to its international expansion efforts[3] Financial Metrics - Gross margin for Q3 2024 was 72.3%, exceeding the company's expectations of 65% to 70%[8] - Total cash used during Q3 2024 was approximately $5.2 million, with non-GAAP operating cash burn adjusted to approximately$4.0 million[6] - As of September 30, 2024, Zomedica had cash and cash equivalents of $77.8 million, down from$83.0 million as of June 30, 2024[11] - Net loss for Q3 2024 was $6.7 million, compared to a net loss of$0.5 million in Q3 2023, which included a one-time gain of $2.2 million[10] Research and Development - Research and development expenses increased to$1.8 million in Q3 2024, driven by advancements in new assay development[9] Market Expansion - The company signed several international distribution agreements and received CE Mark approval for the TRUVIEW® system, enhancing its global market presence[3] - Zomedica's total addressable market in the U.S. exceeds $2 billion, indicating substantial growth potential[14]