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 - Seite 2

"Following the quarter, we closed on the purchase of the assets of Revo²'s imaging products and Assisi Animal Health's Assisi LOOP^® and Calmer Canine product lines. These acquisitions add to the Zomedica portfolio of products that improve the quality of care of the animals being treated and the satisfaction of their owners in addition to significantly improving the workflow, cashflow and profitability of veterinarian practices.

"The Revo² MicroView^® is the first and only digital microscopy platform that provides fully automated slide preparation, designed to dramatically improve veterinarian practice workflow as well as to reduce the number of unreadable images due to faulty slide preparation. The combined Revo²/Zomedica team is further enhancing the product and integrating it with the myZomedica portal with a plan to launch in the first half of 2023.

"The Assisi LOOP^® and Calmer Canine products previously sold by Assisi Animal Health are now offered by Zomedica through various channels, including directly to veterinarians through animal health distributors, through Zomedica's websites (https://assisianimalhealth.com), and online retailers such as Amazon.com and Walmart.com.

"As we grow revenue from our existing products and integrate the recent acquisitions, we also continue to evaluate strategic business development and M&A options in the large and growing animal health sector to identify potential new opportunities."

Second Quarter 2022 Financial Highlights

• Total revenue for the second quarter 2022 was $4.2 million, compared to $16,000 in the second quarter of 2021. Gross margin was 71%.
• Total revenues of $4.2 million were up 51% over the combined revenues of Zomedica and PulseVet as a standalone company in the second quarter of 2021 of $2.8 million.
• TRUFORMA^® product revenue was $92,000 in the second quarter of 2022, an increase of 486% over second quarter 2021 revenue of $16,000.
• PulseVet^® revenue was $4.2 million in the second quarter 2022, an increase of 48% over its second quarter 2021 revenue of $2.8 million as a standalone company.
• PulseVet unit sales to Small Animal Veterinarians totaled 22, a twenty-fold increase over its second quarter 2021 Small Animal Veterinarian sales as a standalone company, of 1 unit.
• Zomedica ended the quarter with cash and cash equivalents of $186.8 million, reflecting use of $5.5 million of cash during the quarter, including its purchase of a $1 million convertible note from Structured Medical Products, makers of the VetGuardian product.

Summary Second Quarter 2022 Results