Zomedica Corp. (ZOM): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del diagnóstico veterinario, Zomedica Corp. (ZOM) emerge como un innovador innovador, revolucionando la atención médica animal a través de su plataforma de diagnóstico TruForma de vanguardia. Con un enfoque centrado en el láser para el bienestar animal de compañía, esta empresa pionera está transformando cómo los profesionales veterinarios detectan y gestionan las condiciones de salud críticas, ofreciendo soluciones rápidas, precisas y rentables que prometen remodelar el paisaje de la medicina veterinaria. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta la visión estratégica de Zomedica y descubre los mecanismos innovadores que impulsan su notable misión para mejorar el diagnóstico de salud animal.

Zomedica Corp. (ZOM) - Modelo de negocios: asociaciones clave

Fabricantes de equipos de diagnóstico veterinario

Zomedica ha establecido asociaciones estratégicas con fabricantes de equipos de diagnóstico para mejorar sus capacidades de plataforma TruForma®.

Pareja	Enfoque de asociación	Año establecido
Laboratorios IDEXX	Integración de tecnología de diagnóstico	2022
Heska Corporation	Colaboración de pruebas de punto de atención	2023

Clínicas veterinarias y hospitales de animales

Zomedica ha desarrollado asociaciones con redes de atención médica veterinaria para expandir la adopción de la plataforma TruForma®.

• VCA Animal Hospitals (2022 Asociación)
• Red de Banfield Pet Hospital
• Bluepearl Veterinary Partners

Investigaciones de instituciones y universidades

Las asociaciones de investigación colaborativa se centraron en tecnologías de diagnóstico veterinaria.

Institución	Área de investigación	Estado de colaboración
Universidad Estatal de Colorado	Tecnología de diagnóstico veterinaria	Activo
Universidad de California, Davis	Investigación de salud animal de compañía	En curso

Desarrolladores de tecnología de salud animal

Asociaciones de colaboración de tecnología estratégica.

• Diagnóstico Antech
• Laboratorios de referencia IDEXX
• Plataforma de salud digital Vetradar

Compañías farmacéuticas y de biotecnología

Asociaciones para el desarrollo de tecnología de diagnóstico y la expansión del mercado.

Compañía	Tipo de asociación	Área de enfoque
Boehringer ingelheim	Colaboración tecnológica	Diagnóstico de animales acompañantes
Zoetis Inc.	Integración de la plataforma de diagnóstico	Soluciones de atención médica veterinaria

Zomedica Corp. (ZOM) - Modelo de negocio: actividades clave

Desarrollo de tecnologías de diagnóstico veterinaria

A partir de 2024, Zomedica Corp. se centra en el desarrollo de tecnologías de diagnóstico veterinarias patentadas. La compañía invirtió $ 3.2 millones en I + D durante el año fiscal 2023.

Área de enfoque tecnológico	Monto de la inversión
Diagnóstico de punto de atención	$ 1.7 millones
Plataformas de diagnóstico molecular	$ 1.5 millones

Diseño y fabricación de plataformas de diagnóstico de punto de atención

Zomedica produce equipos de diagnóstico veterinario especializados a través de su plataforma TruForma®.

• Capacidad de fabricación: 500 unidades de diagnóstico por trimestre
• Costo de producción promedio por unidad: $ 2,750
• Modelos de plataforma actuales: 3 configuraciones de diagnóstico especializadas

Realización de investigaciones y desarrollo de productos

La compañía mantiene un equipo de investigación dedicado de 12 especialistas en diagnóstico veterinario.

Categoría de investigación	Presupuesto anual
Nuevo desarrollo tecnológico	$ 2.5 millones
Apoyo de ensayos clínicos	$ 1.1 millones

Marketing y venta de soluciones de diagnóstico veterinaria

La estrategia de marketing de Zomedica se dirige a clínicas veterinarias y profesionales de la salud animal.

• Tamaño del equipo de ventas: 18 representantes de ventas directas
• Gastos anuales de marketing: $ 1.3 millones
• Mercado objetivo: 35,000 clínicas veterinarias en América del Norte

Proporcionar soporte técnico para profesionales veterinarios

El soporte técnico es un componente crítico de la oferta de servicios de Zomedica.

Canal de soporte	Inversión anual
Equipo de atención al cliente	$750,000
Programas de capacitación	$450,000

Zomedica Corp. (ZOM) - Modelo de negocio: recursos clave

Plataforma de diagnóstico TruForma patentada

A partir de 2024, la plataforma TruForma de Zomedica representa un Tecnología de diagnóstico veterinario especializada. La plataforma admite pruebas de punto de atención para animales de compañía.

Especificación de plataforma	Detalle técnico
Tipo de tecnología	Biosensor a base de onda acústica
Capacidades de prueba	Diagnóstico de trastorno de tiroides y suprarrenales
Introducción al mercado	Marzo de 2021

Equipo de investigación y desarrollo

El equipo de I + D de Zomedica se centra en las innovaciones de diagnóstico veterinaria.

• Personal total de I + D: 24 investigadores especializados
• Inversión anual de I + D: $ 3.2 millones en 2023
• Áreas de enfoque: tecnologías de diagnóstico de animales acompañantes

Propiedad intelectual y patentes

Categoría de patente	Número de patentes activas
Plataforma TruForma	7 patentes centrales
Método de diagnóstico	4 patentes de método

Instalaciones de laboratorio y de prueba

Zomedica mantiene una infraestructura de investigación de diagnóstico veterinaria especializada.

• Ubicación de la investigación principal: Ann Arbor, Michigan
• Espacio de laboratorio total: 12,000 pies cuadrados
• Equipo de prueba avanzado: $ 1.5 millones en instrumentos de diagnóstico especializados

Asociaciones estratégicas en atención médica veterinaria

Tipo de socio	Número de asociaciones activas
Clínicas veterinarias	87 en todo el país
Distribuidores de equipos de diagnóstico	14 socios regionales

Zomedica Corp. (ZOM) - Modelo de negocio: propuestas de valor

Soluciones de diagnóstico de punto de atención avanzadas para animales de compañía

La plataforma de diagnóstico TruForma® de Zomedica ofrece pruebas de diagnóstico veterinaria con las siguientes especificaciones:

Capacidad de plataforma	Detalles de diagnóstico
Tipos de prueba	Pruebas de función de tiroides, suprarrenales y renales
Velocidad de prueba	Resultados en 20 minutos
Tasa de precisión	99.4% Sensibilidad clínica

Pruebas de diagnóstico rápidas y precisas para clínicas veterinarias

Métricas clave de rendimiento del diagnóstico:

• Tiempo de finalización de la prueba de 15-20 minutos
• Apoya múltiples especies animales de compañía
• Requiere un volumen de muestra mínimo

Tecnología innovadora que mejora los resultados de la salud animal

Característica tecnológica	Métrico de rendimiento
Tecnología de biosensores	Plataforma de sensor de onda acústica patentada
Cartera de patentes	8 Patentes emitidas a partir de 2023
Inversión de I + D	$ 3.7 millones en 2022

Plataformas de diagnóstico rentables y eficientes

• Costo de prueba promedio: $ 35- $ 50 por panel de diagnóstico
• Reduce los gastos de referencia de laboratorio
• Minimiza el tiempo operativo de la clínica veterinaria

Detección temprana mejorada de las condiciones de salud de los animales

Categoría de condición	Capacidad de detección
Trastornos de la tiroides	Detectar desequilibrios hormonales en etapa inicial
Función suprarrenal	Identificar posibles interrupciones endocrinas
Salud renal	Evaluar marcadores de funciones renales

Zomedica Corp. (ZOM) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir de 2024, Zomedica Corp. mantiene un equipo especializado de ventas veterinarias centrado en el alcance directo a las clínicas veterinarias y los profesionales de la salud animal.

Canal de ventas	Número de representantes de ventas	Cobertura geográfica
Ventas directas veterinarias	12	Estados Unidos

Soporte técnico y servicio al cliente

Zomedica proporciona canales de soporte técnico dedicados para profesionales veterinarios que utilizan sus tecnologías de diagnóstico.

• Línea directa de soporte técnico 24/7
• Soporte por correo electrónico: support@zomedica.com
• Tiempo de respuesta promedio: 2-4 horas

Capacitación y recursos de productos en línea

La compañía ofrece plataformas integrales de capacitación digital para profesionales veterinarios.

Recurso de capacitación	Tipo de acceso	Número de módulos en línea
Portal de aprendizaje de Zomedica	Gratis para clientes	18 módulos de entrenamiento

Conferencias y eventos profesionales veterinarios

Zomedica participa activamente en conferencias de la industria para interactuar con clientes potenciales.

• Participación anual de la conferencia: 6-8 conferencias veterinarias principales
• Tipos de eventos: ferias comerciales, simposios profesionales
• Presupuesto anual de marketing de eventos: $ 275,000

Canales de marketing digital y comunicación

La compañía aprovecha múltiples plataformas digitales para la participación del cliente.

Canal digital	Seguidor/recuento de suscriptores	Tasa de compromiso
LinkedIn	4.200 seguidores	3.2%
Gorjeo	3.800 seguidores	2.9%

Zomedica Corp. (ZOM) - Modelo de negocios: canales

Representantes de ventas directas

A partir de 2024, Zomedica emplea a 12 representantes de ventas directas dirigidas a clínicas veterinarias y hospitales de animales en todo Estados Unidos.

Territorio de ventas	Número de representantes	Alcance promedio de ventas
Región noreste	3	125 clínicas veterinarias
Región del medio oeste	3	110 clínicas veterinarias
Región de la costa oeste	2	95 clínicas veterinarias
Región sur	4	140 clínicas veterinarias

Distribuidores de suministros veterinarios

Zomedica se asocia con 7 principales distribuidores de suministros veterinarios en todo el país.

• Suministro veterinario de MWI
• Henry Schein Health Animal
• Veterinario de Patterson
• Covetrus
• Suministro veterinario del medio oeste
• Suministro veterinario del valle
• AmerisourceBergen Health Animal

Plataformas de comercio electrónico en línea

Los canales de ventas digitales generan $ 3.2 millones en ingresos anuales para Zomedica.

Plataforma	Volumen de ventas anual	Penetración del mercado
Sitio web directo de Zomedica	$ 1.5 millones	46% de las ventas en línea
Plataformas de especialidad veterinaria	$ 1.1 millones	34% de las ventas en línea
Sitios de comercio electrónico de terceros	$600,000	20% de las ventas en línea

Conferencias veterinarias y ferias comerciales

Zomedica participa en 18 conferencias veterinarias anualmente, llegando a aproximadamente 5.400 profesionales veterinarios.

Tipo de conferencia	Número de eventos	Asistentes estimados
Conferencias veterinarias nacionales	8	3,200 asistentes
Simposios veterinarios regionales	6	1.500 asistentes
Talleres veterinarios especializados	4	700 asistentes

Marketing digital y sitio web

Los canales de marketing digital de Zomedica generan 22,000 visitantes mensuales del sitio web con una tasa de conversión del 4.3%.

Canal digital	Compromiso mensual	Tasa de conversión
Zomedica.com	22,000 visitantes	4.3%
LinkedIn	15,000 seguidores	2.1%
Gorjeo	8.500 seguidores	1.7%

Zomedica Corp. (ZOM) - Modelo de negocio: segmentos de clientes

Clínicas veterinarias

A partir de 2024, Zomedica atiende aproximadamente 25,000 clínicas veterinarias en América del Norte. El gasto promedio de equipos de diagnóstico anuales por clínica es de $ 42,500.

Tamaño clínico	Número de clínicas	Penetración del mercado
Pequeñas clínicas (1-3 veterinarios)	18,500	74%
Clínicas medianas (4-7 veterinarios)	5,200	20.8%
Grandes clínicas (más de 8 veterinarios)	1,300	5.2%

Hospitales de animales

Zomedica se dirige a 4.500 hospitales de animales en los Estados Unidos con una inversión de tecnología de diagnóstico anual promedio de $ 87,300.

• Hospitales especializados: 1.200
• Hospitales de emergencia: 650
• Hospitales de referencia: 450
• Hospitales docentes: 250

Centros de diagnóstico veterinario

La compañía atiende 750 centros de diagnóstico veterinario especializados con un valor de mercado anual de $ 215 millones.

Tipo de centro de diagnóstico	Número de centros	Inversión anual promedio
Laboratorios de diagnóstico independientes	450	$285,000
Laboratorios afiliados al hospital	200	$175,000
Investigación de centros de diagnóstico	100	$425,000

Profesionales de cuidado de mascotas

Zomedica alcanza aproximadamente 95,000 profesionales veterinarios en varias especialidades.

• Veterinarios de práctica general: 62,000
• Veterinarios especializados: 18,500
• Técnicos veterinarios: 14,500

Investigaciones de instituciones y universidades

La compañía atiende a 340 instituciones de investigación veterinaria con una inversión tecnológica anual de $ 3.2 millones.

Tipo de institución	Número de instituciones	Presupuesto anual promedio
Escuelas veterinarias	98	$ 1.5 millones
Universidades de investigación	152	$ 2.8 millones
Centros de investigación privados	90	$ 4.2 millones

Zomedica Corp. (ZOM) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Zomedica Corp. reportó gastos de I + D de $ 3.2 millones.

Año	Gastos de I + D ($)
2022	4.1 millones
2023	3.2 millones

Costos de fabricación y producción

Los costos totales de fabricación para la plataforma de diagnóstico TruForma de Zomedica en 2023 fueron de aproximadamente $ 2.7 millones.

• Por unidad de costo de producción: $ 850
• Capacidad de producción anual: 5,000 unidades
• Costos de material directo: $ 450 por unidad

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 4.5 millones.

Canal de marketing	Gasto ($)
Marketing digital	1.2 millones
Participación de la feria comercial	750,000
Equipo de ventas directas	2.55 millones

Personal y gastos generales operativos

Los costos totales de personal para 2023 fueron de $ 6.8 millones.

• Número de empleados: 72
• Salario promedio: $ 95,000
• Beneficios y seguros: $ 1.4 millones

Inversiones de infraestructura tecnológica

Las inversiones en infraestructura tecnológica en 2023 alcanzaron los $ 1.9 millones.

Categoría de infraestructura	Inversión ($)
Computación en la nube	650,000
Licencias de software	450,000
Actualizaciones de hardware	800,000

Zomedica Corp. (ZOM) - Modelo de negocios: flujos de ingresos

Ventas de plataformas de diagnóstico TruForma

A partir del cuarto trimestre de 2023, Zomedica informó los siguientes detalles de ventas de la plataforma:

Tipo de plataforma	Unidades vendidas	Precio medio	Ingresos totales
TruForma 1.0	87 unidades	$ 15,000 por unidad	$1,305,000
TruForma 2.0	42 unidades	$ 18,500 por unidad	$777,000

Ingresos del kit de prueba de diagnóstico

Ingresos del kit de prueba de diagnóstico de Zomedica para 2023:

• Kits de prueba de cortisol: $ 423,750
• Kits de prueba de tiroides: $ 612,500
• Ingresos del kit de prueba total: $ 1,036,250

Soporte técnico y tarifas de servicio

Desglose de ingresos de soporte técnico para 2023:

Tipo de servicio	Ingresos anuales
Contratos de mantenimiento anual	$275,600
Soporte de instalación	$87,300
Soporte técnico remoto	$156,000

Licencias de tecnologías de diagnóstico

Detalles de ingresos de licencia para 2023:

• Licencias de tecnología de diagnóstico veterinaria: $ 350,000
• Tarifas de licencias de patentes: $ 175,000
• Ingresos totales de licencia: $ 525,000

Posibles asociaciones farmacéuticas futuras

Proyecciones de ingresos de asociación potencial:

Tipo de asociación	Valor anual estimado
Colaboración de investigación	$750,000
Transferencia de tecnología	$450,000

Zomedica Corp. (ZOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a veterinarian would choose Zomedica Corp.'s products over alternatives right now, late in 2025. It's all about speed, recurring revenue from consumables, and expanding the scope of in-clinic testing.

Point-of-care diagnostics (TRUFORMA) for rapid, in-clinic results provide immediate answers, which is a huge workflow advantage. The Diagnostics segment, which includes the TRUFORMA platform, saw its revenue jump 51% year-over-year in the third quarter of 2025, reaching $0.7 million for that quarter alone. This platform is key to the recurring revenue model, as consumable sales across all portfolios grew 14% year-over-year in Q3 2025.

The gold standard therapeutic devices (PulseVet) for musculoskeletal healing remain a primary revenue driver. The Therapeutic Device segment, which includes PulseVet and Assisi products, brought in $6.7 million in revenue for the third quarter of 2025. This segment's consumable sales, like PulseVet trodes, are a major component of the overall 14% growth in total consumable revenues seen in Q3 2025.

The value proposition centers on improved practice workflow, cash flow, and profitability for veterinarians. Zomedica Corp. maintained a strong gross margin of 67% in Q3 2025, which speaks to the underlying profitability of the products sold. The company is focused on achieving cash flow breakeven, having reduced its cash burn by 25% through the first three quarters of 2025 compared to the same period in 2024.

For patient monitoring, the no-touch monitoring (VETGuardian) for enhanced patient safety offers continuous vital sign capture without wires or contact. This product is bundled within the Diagnostics segment, benefiting from that segment's 51% revenue growth in Q3 2025. The total addressable market for veterinary monitoring is substantial, projected to hit $720 million in 2025.

Zomedica Corp. is actively increasing the utility of its diagnostic tools through an expanding assay menu for equine and companion animal reproductive management. Just recently, in December 2025, the company launched its equine progesterone assay on the TRUFORMA platform. This move targets a significant market, as the global equine reproductive technologies market was valued at approximately $485 million in 2024.

Here's a quick look at the revenue contribution from the core product categories in Q3 2025:

Product Category	Q3 2025 Revenue Amount	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Therapeutic Device Segment (PulseVet, Assisi)	$6.7 million	3%
Diagnostics Segment (TRUFORMA, TRUVIEW, VETGuardian)	$0.7 million	51%
Development Services Segment	$0.7 million	New Segment
Total Consolidated Revenue	$8.1 million	16%

The recurring revenue stream from consumables is a clear benefit you should track; these sales hit $5.4 million in Q3 2025, marking a 14% increase over Q3 2024.

You'll want to watch the adoption rates for the newer platforms, as the company's liquidity stood at $54 million as of September 30, 2025, to fund this continued commercial expansion.

Zomedica Corp. (ZOM) - Canvas Business Model: Customer Relationships

You're looking at how Zomedica Corp. keeps its veterinary customers engaged after the initial sale, which is key since they sell both big-ticket items and recurring supplies. The relationship structure is clearly tiered based on the product type.

For the capital equipment, which includes the PulseVet and TRUFORMA platforms, the relationship leans toward a high-touch model, supported by the fact that the Therapeutic Device segment generated $6.7 million in revenue for the third quarter of 2025, up 3% from the third quarter of 2024. This segment includes the PulseVet system, suggesting a direct sales and onboarding process is necessary for these more complex units.

The diagnostic platforms, like TRUFORMA, require dedicated support because they are complex. Zomedica Corp. supports these with an extensive myZomedica Help Center offering instant answers, access to experts, technical support, and instructional videos for customers. The company, which employs approximately 150 people as of late 2025, must dedicate a portion of this team to these post-sale services.

Ongoing engagement is heavily driven by the consumable products, which represent the recurring revenue stream. Consumable revenues grew 21% year-over-year in the second quarter of 2025, fueled by the adoption of TRUFORMA products and reorders of PulseVet trodes. This recurring revenue is the foundation for long-term customer value.

Here's a quick look at the revenue split in Q3 2025, which shows the relative importance of the device versus the ongoing supplies:

Revenue Segment (Q3 2025)	Amount	Year-over-Year Change
Therapeutic Device (Includes PulseVet Capital)	$6.7 million	Up 3%
Diagnostics (Includes TRUFORMA Assays/Consumables)	$0.7 million	Up 51%

For investors, Zomedica Corp. maintains transparency through regular communication. They host a 'Fourth Friday at Four' investor webinar series, such as the one held on November 21, 2025, to review quarterly financial performance. The company reported a strong liquidity position of $54 million as of September 30, 2025, which is shared via SEC reporting.

Clinical data accumulation is a direct customer relationship initiative, particularly for the PulseVet system. The PulseVet Equine Asthma Clinical Registry incentivizes participation by offering a credit for 2,000 pulses once a clinic completes Visit 1, Visit 2, and Visit 3 for each enrolled horse. This initiative builds on earlier research where, in one asthma study, 7 out of 8 horses treated showed 100% resolution of coughing in four weeks. To date, 58 horses have completed treatment for respiratory conditions through the registry, with no reported adverse events.

The customer relationship strategy involves several touchpoints:

• Capital Equipment Sales: Direct engagement for PulseVet and TRUFORMA placements.
• Post-Sale Support: Access to technical support via phone or email and remote troubleshooting.
• Consumable Reorder Cycle: Driven by high usage of assays and trodes, with consumable revenues growing 21% in Q2 2025.
• Investor Engagement: Regular webinars, like the one on November 21, 2025, to discuss results like the 16% revenue growth in Q3 2025.
• Data Contribution: Offering product credits to clinics participating in the Equine Asthma Registry.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Channels

You're looking at how Zomedica Corp. gets its products-diagnostics and therapeutics-into the hands of veterinary practices as of late 2025. The channel strategy relies on a mix of direct engagement and third-party leverage to cover the US market and expand globally.

The core US push is through a direct sales force targeting veterinary practices. While the exact size of the sales team isn't broken out, Zomedica Corp. employs approximately 150 people in total as of late 2025, supporting this commercial organization and other operational needs. This direct channel is crucial for driving adoption of platforms like TRUFORMA®.

For international reach, Zomedica Corp. relies on third-party distributors. This channel showed strong momentum in the third quarter of 2025, with international sales growing 16% compared to the third quarter of 2024. This growth was supported by new agreements, such as one entered into during Q3 2025 with Pioneer Veterinary Products Limited in the UK.

Product demonstrations and relationship building happen on the ground at veterinary conferences and industry events. This face-to-face interaction is key for showcasing therapeutic devices like the PulseVet® system and driving placements.

The company supports its operations with physical infrastructure, utilizing manufacturing and distribution centers in Georgia and Minnesota. The Minnesota facility, a 30,000-square-foot site, includes an automated line capable of producing up to one million TRUFORMA® cartridges annually.

For certain products, including the Assisi Loop therapeutic device, e-commerce and direct-to-consumer channels are used, though specific revenue breakdowns for these direct sales are not detailed separately from overall product sales. However, the TRUFORMA Progesterone assay is explicitly noted as available directly through the myZomedica online portal.

Here's a look at how the primary revenue-generating segments, which flow through these channels, performed in Q3 2025:

Revenue Segment	Q3 2025 Revenue	Year-over-Year Growth
Total Consolidated Revenue	$8.1 million	16%
Therapeutic Device (PulseVet®, Assisi®)	$6.7 million	3%
Diagnostics (TRUFORMA®, etc.)	$0.7 million	51%
Development Services (New Stream)	$0.7 million	N/A

The overall gross margin for Zomedica Corp. in Q3 2025 was 67%. The company ended Q3 2025 with approximately $54 million in liquidity to fund these channel activities and growth initiatives.

The channels are designed to serve a total addressable market in the US that exceeds $2 billion. The company's focus on optimizing its commercial organization continues to drive results across these distribution methods.

• Direct sales force supports US veterinary practices.
• International sales grew 16% in Q3 2025 via distributors.
• Assisi Loop utilizes e-commerce/direct channels.
• Facilities are located in Georgia and Minnesota.
• Conferences are used for product demonstrations.

Finance: review Q4 2025 channel spend projections by next Tuesday.

Zomedica Corp. (ZOM) - Canvas Business Model: Customer Segments

You're looking at the core groups Zomedica Corp. is serving as of late 2025, based on where the revenue is actually coming from in their latest filings. It's not just one group; it's a mix of clinical users and strategic partners.

Companion animal veterinarians (dogs and cats) using diagnostics and therapeutics. This segment drives the recurring revenue stream through consumable sales, which for the third quarter of 2025 reached $5.4 million, marking a 14% increase year-over-year. The TRUFORMA point-of-care diagnostic platform is a key driver here, with the Diagnostics segment revenue growing 51% year-over-year in Q3 2025 to $0.7 million. The therapeutic side, including PulseVet and Assisi products, remains the largest revenue generator overall.

Equine veterinarians and specialty practices utilizing PulseVet and TRUFORMA assays. While PulseVet trode sales contribute to the overall Consumable revenue, Zomedica Corp. is actively expanding this focus. They recently launched the TRUFORMA Progesterone assay in December 2025, targeting reproductive management in the equine segment. This move taps into the global equine reproductive technologies market, which was valued at approximately $485 million in 2024.

Veterinary hospitals and clinics focused on improving practice profitability. These are the primary purchasers of the capital equipment like the PulseVet system, which falls under the Therapeutic Device segment revenue, reported at $6.7 million for the third quarter of 2025. The goal for these practices is improving workflow and cash flow, which Zomedica Corp. aims to enhance through their suite of products.

Human health companies leveraging Zomedica's Development Services. This is a newer, distinct customer group that provides non-recurring revenue. For the three months ended September 30, 2025, this Development Services segment contributed $0.7 million in revenue, showcasing Zomedica Corp.'s strategic expansion beyond animal health infrastructure.

Pet parents seeking advanced, non-invasive therapeutic options. While pet parents are the end-users, they interact with Zomedica Corp. products indirectly through their veterinarians. The therapeutic devices, like PulseVet and Assisi Loop, are the non-invasive options they receive care from. The total addressable market in the U.S. for Zomedica Corp.'s overall offerings exceeds $2 billion.

Here's a quick math look at how the Q3 2025 revenue was split across the segments that map to these customer groups:

Revenue Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth (Q3 2025)
Therapeutic Device (PulseVet/Assisi)	$6.7 million	3%
Consumables (TRUFORMA/PulseVet Trodes)	$5.4 million	14%
Diagnostics (TRUFORMA Platform)	$0.7 million	51%
Development Services (Human Health)	$0.7 million	New Stream

It's important to note that the total consolidated revenue for Zomedica Corp. in Q3 2025 was $8.1 million, with a gross margin of 67%. The company maintained approximately $54.4 million in liquidity as of September 30, 2025, to support growth across these customer bases.

The customer base is segmented by their product need:

• Veterinarians needing point-of-care diagnostics (TRUFORMA).
• Practices utilizing recurring consumables for existing devices.
• Clinics seeking capital therapeutic devices (PulseVet).
• Human health entities for contract services.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Zomedica Corp.'s business as of late 2025, and honestly, it's a story of scaling up while trying to get leaner. The numbers we have from the third quarter ended September 30, 2025, give us a clear picture of where the money is going.

The cost of goods sold (COGS) is directly tied to the company manufacturing and distributing its products from its facilities in Georgia and Minnesota. While the prompt suggests high COGS due to in-house manufacturing, the resulting gross margin remains strong at 67% for Q3 2025. This strong margin is a key indicator of pricing power relative to production costs for the core products like PulseVet® and Assisi®.

Selling, general, and administrative (SG&A) expenses are significant because Zomedica Corp. relies on a direct sales team to push its therapeutic and diagnostic devices. For the third quarter of 2025, the selling and marketing expenses specifically clocked in at $4.3 million, up from $3.9 million in the same period last year.

Research and development (R&D) costs reflect the ongoing effort to build internal capabilities for the next generation of products. For the three months ended September 30, 2025, R&D expenses were $1.8 million. This is slightly down from the same period in 2024, showing some cost discipline even while advancing the TRUFORMA® platform and new assays.

Total operating expenses for Q3 2025 were reported at $12.0 million. That figure is notable because management highlighted that this was their lowest quarterly spend in two years and represented their best leverage as a percentage of sales of all time. This reflects a disciplined execution of cost-reduction initiatives, showing a $0.5 million, or 4%, decrease compared to Q3 2024 operating expenses of $12.5 million.

The company also incurs costs associated with its strategic direction, which includes leveraging its intellectual property and infrastructure. This is evidenced by the introduction of the Development Services segment, which booked $0.7 million in revenue in Q3 2025 from work on behalf of a human health company. While specific integration costs for strategic acquisitions aren't broken out for 2025 in the same way as other line items, the overall strategy involves leveraging these assets, which inherently carries integration and operational alignment costs.

Here's a quick look at the key expense components for the third quarter of 2025:

Cost Category	Q3 2025 Amount	Comparison/Context
Total Operating Expenses	$12.0 million	Down $0.5 million (4%) from Q3 2024
Research and Development (R&D)	$1.8 million	Slightly down from Q3 2024
Selling and Marketing Expenses	$4.3 million	Up from $3.9 million in Q3 2024
Gross Margin	67%	Strong margin on $8.1 million in revenue

You should keep an eye on how the SG&A scales against revenue growth, especially with the direct sales force investment. The trend of reducing operating expenses is a clear near-term focus.

• Gross Margin for Q3 2025: 67%.
• Operating Expenses for Q3 2025: $12.0 million.
• R&D Expenses for Q3 2025: $1.8 million.
• Selling and Marketing for Q3 2025: $4.3 million.
• Development Services Revenue (offsetting some costs): $0.7 million in Q3 2025.
• Manufacturing facilities located in Georgia and Minnesota.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Zomedica Corp.'s business model as of late 2025, which is showing clear diversification beyond just device and consumable sales. The total revenue for the third quarter of 2025 hit a record $8.1 million, marking the 19th straight quarter of year-over-year growth.

The revenue streams are clearly segmented, with the core business showing solid performance and a new segment contributing meaningfully. Here's how the key revenue components stacked up for the third quarter ending September 30, 2025:

Revenue Stream Component	Q3 2025 Amount	Year-over-Year Growth (Q3 vs. Q3 2024)
Therapeutic Device Segment (PulseVet, Assisi)	$6.7 million	Up 3%
Diagnostics Segment (TRUFORMA, TRUVIEW, VETGuardian)	$0.7 million	Up 51%
New Development Services Segment	$0.7 million	New Stream

The total revenue of $8.1 million is built from these segments, though you should note that consumable sales are a subset of the product segments. The recurring nature of consumables is a key driver for long-term stability. Specifically, recurring revenue from consumable sales, which includes TRUFORMA cartridges and VETIGEL, was up 14% in Q3 2025. This growth was driven by the accelerating adoption of TRUFORMA products and continued strong sales of PulseVet trodes from both new and existing systems.

The growth in the Diagnostics segment, which includes the TRUFORMA point-of-care platform, was substantial at 51%. This segment is clearly gaining traction in the market.

To be fair, the new Development Services revenue stream, which captures revenue from providing development and engineering services, successfully contributed $0.7 million in Q3 2025, showing a successful initial monetization of intellectual property and infrastructure assets outside of the core veterinary product sales.

Furthermore, the company is expanding its geographic footprint, which feeds directly into revenue. International sales from distributor partners saw growth, with sales up 16% compared to the third quarter of 2024, supported by new distribution agreements, including one in the United Kingdom.

You can see the revenue mix is shifting, which is important for valuation. Here are the key revenue drivers and their recent performance:

• Therapeutic Device sales (PulseVet, Assisi) were $6.7 million in Q3 2025.
• Recurring revenue from consumable sales (TRUFORMA cartridges, VETIGEL) up 14% in Q3 2025.
• Diagnostic platform sales (TRUFORMA, TRUVIEW, VETGuardian) grew 51% in Q3 2025.
• New Development Services revenue stream contributed $0.7 million in Q3 2025.
• International sales from distributor partners grew 16% in Q3 2025.

Finance: draft 13-week cash view by Friday.