Zomedica Announces Second Quarter 2022 Financial Results of $4.2 Million of Revenue; 71% Gross Margin & $186.8 Million in Cash; Revenue up 51% from 2021 Combined Revenues

ANN ARBOR, MI / ACCESSWIRE / August 15, 2022 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or "Company, a veterinary health company offering point-of-care diagnostics and therapeutic products for companion animals, reported consolidated financial results for the three and six month periods ended June 30, 2022. Amounts are presented under accounting principles generally accepted in the United States of America ("U.S. GAAP").

Larry Heaton, Zomedica's Chief Executive Officer, commented: "The second quarter of 2022 was an exciting one for Zomedica as we both grew revenue organically and also executed on our acquisition strategy. We were pleased with our revenue growth to $4.2 million which reflects a 51% increase on a pro-forma basis, over the combined revenue of Zomedica and PulseVet as a standalone company of $2.8 million in the second quarter of last year.

"Sales of PulseVet products continued to grow during the most recent quarter, reflecting a 48% increase over the previous year's second quarter sales by PulseVet as a standalone company. Twenty-two systems were sold for use with small animals during the quarter, a twentyfold increase over PulseVet's second quarter 2021 small animal sales as a standalone company. As we further expand our field sales organization, we look forward to the continued growth of this segment.

"During the second quarter we also continued to build the installed base of our TRUFORMA^® diagnostic platform through our ‘Customer Appreciation Program', under which we provide veterinarians with an instrument at no cost to them in exchange for a commitment to utilize our assays. We are preparing to launch the Free T4 assay in the second half of 2022, completing our thyroid disease panel, and we continue to work with our development partner to produce assays for non-infectious GI disease for launch in 2023. To drive customer education and interest, our marketing team continues to sponsor presentations by luminaries in the field introducing new assays at veterinarian conferences throughout 2022.

"We're very pleased that we were able to bring to fruition several of our M&A initiatives. During the second quarter we closed on our $1 million investment in Structured Monitoring Products (SMP), the maker of the VetGuardian^TM wireless pet monitoring system. We have begun collaborating with SMP on completion of product development and integration with the myZomedica portal with an eye towards Zomedica beginning commercialization in early 2023.