Zomedica Announces Record Third Quarter Revenue of $9.9 Million, Up 22% Year-Over-Year, Net Loss Reduced 48%, with $41 Million in Liquidity

Larry Heaton, Chief Executive Officer of Zomedica

“Zomedica delivered record third quarter revenue, continued year-over-year growth across our business, and made further progress in managing and improving upon operating costs and cash consumption. Our results reflect sustained demand for our PulseVet® and Assisi® therapeutic device products, increasing adoption of our diagnostic offerings, and contributions from our Development Services segment. Together, these businesses continue to strengthen our commercial foundation and expand our opportunities for long-term growth. Our core commercial business, excluding Development Services, grew 18% during the quarter and 14% year to date. Diagnostic revenue increased 113% compared to the third quarter of 2025, supported by continued commercial initiatives, our collaboration with Boehringer Ingelheim Animal Health, and expansion into additional international markets. We also entered into an agreement this quarter with Veterinary Study Groups (VMG), creating an opportunity to bring our portfolio of products to more than 2,000 independent veterinary practices. Our international business remained a key growth driver, with revenue increasing 20% year over year in the third quarter and 11% for the first three quarters of the year. We believe our expanding global footprint, together with continued investment in commercial partnerships and product adoption, provides a foundation for further growth. Development Services also continues to create incremental revenue opportunities by leveraging our existing engineering, development, and manufacturing capabilities, generating $1.1 million in third quarter; $4.5 million through the third quarter of 2026 and $7.6 million since its introduction in the second half of 2025. Alongside revenue growth, we maintained our focus on consistent and disciplined cost and cash management. Operating expenses declined 21%, or $2.5 million, compared to the prior year third quarter, while cash burn improved by $1.5M or 32% to $3.2M. This represents our lowest third quarter cash burn on record and second straight quarter under our historical run-rate of $4 million (adjusted for one-time events and acquisitions). Year-to-date cash burn has improved by $4.6 million, reflecting continued fiscal discipline while supporting top-line revenue growth. Our Therapeutic Devices segment, which makes up approximately two-thirds of our revenue, continued to deliver gross margins of 64% for the quarter. Consolidated gross margin remained strong at 61%, while affected by product mix, the ramp-up of new products, and inflationary pressures. With record third quarter revenue, continued progress in expanding our commercial reach, and a disciplined approach to spending, we believe we are well positioned to close the year strong. Our priorities remain focused on executing our growth strategy, improving our operating efficiency, and creating long-term shareholder value.”