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Zomedica (ZOM) - 2024 Q4 - Annual Results
ZOMZomedica (ZOM)2025-03-13 22:59

Revenue Growth - Zomedica reported record revenue of 7.9millionforQ42024,an87.9 million for Q4 2024, an 8% organic growth compared to Q4 2023, with a 109% increase in the Diagnostics segment driven by the TRUFORMA® product line[4][10] - For the full year 2024, revenue grew over 8% to 27.3 million, up from 25.2millionin2023,supportedby425.2 million in 2023, supported by 4% growth in Therapeutics and 77% growth in Diagnostics[7][10] Financial Performance - Gross margin for Q4 2024 was 70.3%, and for the full year 2024, it was 70.0%, aligning with the company's expectations[5][11] - The net loss for Q4 2024 was 7.2 million, significantly reduced from a net loss of 22.4millioninQ42023[5]−NetlossfortheyearendedDecember31,2024,was22.4 million in Q4 2023[5] - Net loss for the year ended December 31, 2024, was 46,942,000, compared to a net loss of 33,638,000in2023,representinga39.533,638,000 in 2023, representing a 39.5% increase in losses year-over-year[35] - Adjusted non-GAAP EBITDA loss for 2024 was 20.2 million, compared to a loss of 27.7millionin2023,indicatingimprovedoperationalefficiency[16][17]−Non−GAAPEBITDAlossfor2024was27.7 million in 2023, indicating improved operational efficiency[16][17] - Non-GAAP EBITDA loss for 2024 was 40,701,000, up from 27,691,000in2023,indicatinga46.927,691,000 in 2023, indicating a 46.9% increase in EBITDA losses[35] - Adjusted Non-GAAP EBITA loss for 2024 was 20,216,000, compared to 12,767,000in2023,reflectinga58.512,767,000 in 2023, reflecting a 58.5% increase in adjusted losses[35] Expenses - Operating expenses for 2024 were 70.1 million, an increase of 16% from 60.6millionin2023,primarilyduetothefull−yearimpactofQorvoBiotechnologies[12]−Researchanddevelopmentexpensesfor2024were60.6 million in 2023, primarily due to the full-year impact of Qorvo Biotechnologies[12] - Research and development expenses for 2024 were 7.3 million, up from 5.8millionin2023,reflectingongoingadvancementsinproductdevelopment[13]−Amortizationexpenseincreasedto5.8 million in 2023, reflecting ongoing advancements in product development[13] - Amortization expense increased to 6,441,000 in 2024 from 5,468,000in2023,ariseof17.75,468,000 in 2023, a rise of 17.7%[35] - Impairment expense for 2024 was 16,024,000, significantly higher than 11,683,000in2023,markinga37.511,683,000 in 2023, marking a 37.5% increase[35] - Stock-compensation expense decreased to 2,778,000 in 2024 from 6,263,000in2023,areductionof55.76,263,000 in 2023, a reduction of 55.7%[35] - Interest income for 2024 was 3,966,000, down from 5,458,000in2023,adeclineof27.35,458,000 in 2023, a decline of 27.3%[35] - Proforma adjustments for 2024 totaled 4,461,000, compared to 3,241,000in2023,anincreaseof38.03,241,000 in 2023, an increase of 38.0%[35] - Depreciation expense rose to 1,545,000 in 2024 from 830,000in2023,anincreaseof86.5830,000 in 2023, an increase of 86.5%[35] - Income tax benefit improved to 557,000 in 2024 from 1,331,000in2023,adecreaseof58.21,331,000 in 2023, a decrease of 58.2%[35] Cash Position - Total cash used during Q4 2024 was approximately 6.5 million, with an adjusted non-GAAP operating cash burn of about 4.2million[6]−AsofDecember31,2024,Zomedicahadcash,cashequivalents,andavailable−for−salesecuritiestotaling4.2 million[6] - As of December 31, 2024, Zomedica had cash, cash equivalents, and available-for-sale securities totaling 71.4 million[9][18] Future Plans - The company plans to focus on the equine market with new product launches and a distribution agreement for Vetigel® hemostatic gel to drive revenue growth in 2025[3]