Zomedica Reports Q2 2024 Financial Results: $6.1M Revenue and 71% Gross Margin

Zomedica Corp. (NYSE American:ZOM), a veterinary health company, has announced its consolidated financial results for the second quarter ended June 30, 2024. Revenue for the period was $6.1 million, reflecting a 2% increase from the same period in 2023. Significant growth was reported in the Diagnostics segment, with revenues reaching $0.4 million, a 68% year-over-year increase.

The Therapeutic Device segment recorded revenues of $5.7 million, a slight decline from $5.8 million in the second quarter of 2023. Consumables rose 8%, totaling $4.4 million, representing 72% of total sales. Capital revenues decreased by 12% to $1.7 million. Gross margin improved to 71%, up from 67% in the prior year.

Operating expenses were $29.4 million, up from $10.8 million in the same quarter of 2023, largely due to non-cash impairment charges. Net loss for the quarter was $23.9 million, or $0.024 per share, compared to a net loss of $5.2 million, or $0.005 per share, a year earlier.

As of June 30, 2024, Zomedica reported $83.0 million in cash, cash equivalents, and available-for-sale securities, down from $90.9 million at the end of March 2024.