Zomedica reports record second-quarter revenue driven by diagnostics growth and strategic product expansion

Zomedica has announced a record $9.5 million in second-quarter revenue, marking a 37% increase year-on-year, boosted by diagnostics and therapeutic device sales, and continuing its impressive growth streak.

Zomedica said on 5 August that second-quarter revenue rose to a record $9.5 million, up 37% from a year earlier, as growth in diagnostics and therapeutic devices helped cut its net loss by 49% to $3.8 million.

In an 8-K filing, the veterinary health group said Diagnostics revenue climbed 77% to $1.4 million, supported by wider adoption of its TRUFORMA platform, while Therapeutic Devices sales increased 9% to $6.8 million. Development Services added $1.4 million. Gross margin was 64% and operating expenses fell 20% year on year to $10.1 million.

Chief executive Larry Heaton said the company had delivered “37% growth and achieving record year-over-year revenue for the 22nd consecutive quarter”, underscoring continued execution across the business.

The latest figures extend a run of improvement seen in the first quarter, when Zomedica reported revenue of $8.8 million and a 73% rise in Diagnostics sales. It also reflects a business still heavily reliant on therapeutic products such as Assisi, PulseVet and VETIGEL, which generate the bulk of revenue.

As of 30 June, Zomedica said it held about $44.1 million in cash, cash equivalents and available-for-sale securities, giving it room to keep investing in growth while trying to narrow losses further.