Zomedica Corp

zomedica.com

What Do They Do?

Sells diagnostic and therapeutic products for companion animals to veterinarians, and provides development and engineering services beyond animal health.

How Do They Make Money?

Consumables are the largest revenue stream; veterinary practices pay for consumables and instruments when they receive them. Development-service customers are billed as work is completed, while TRUVIEW subscriptions and extended warranties are paid over time.

revenue

Segment	Share	How money arrives
Capital Sold outright	29% FY2022: 39%	Sold outright
Consumables Sold outright	65% FY2022: 61%	Sold outright
Engineering	6.2%
Other	0.4% FY2022: 0.7%

Who Are Their Customers?

Veterinary practices buy directly through the sales force or online, while pet owners can buy on the company website; products also move through veterinary distributors and retail channels in the U.S. and through distributors internationally.

Do Revenues Turn Into Profits?

No. It lost $81.9M in FY2025.

Operating income, FY2025

−263% of revenue

▲ +65% (Loss) vs FY2024 (−$51.1M, −187%)

Net income, FY2025

−256% of revenue

▲ +74% (Loss) vs FY2024 (−$47M, −172%)

Free cash flow, FY2025

−57% of revenue

▼ −37% (Loss) vs FY2024 (−$28.8M, −106%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +37%; vs $7M in Q2 FY2025
Net income: ▼ −49% (Loss); vs −$7.4M in Q2 FY2025

Consumables share of revenue vs 76.0% in Q2 FY2025

Growing. Revenue grew 7.7x in 4 years, from $4.1M in FY2021 to $32M in FY2025, about 67% a year.

Development services The earlier report describes a business focused on veterinary products; the latest report also says it provides development services beyond animal health, using its manufacturing and engineering capabilities.

Revenue over time

Capital Consumables Engineering Other

$50M$25M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Idexx Laboratories, Antech Diagnostics, Heska, Bionote USA, Zoetis, Abaxis, Parasight System, LiteCure, K-Laser, Summus Medical Laser, ELvation Medical, Curative Sound, Respond Systems, Universal Imaging, Oncura Partners, and WeeSeeYou

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