Zomedica Corp. "Fourth Friday at Four" Investor Webinar | March 27, 2026

Hello everyone. I hope everyone can hear me. As you can see, we've been having some technical difficulties. We've been trying to restart so that you can hear the sound. We are going to have to restart the webinar. So we'll do that hopefully then we can get sound for the pre-recorded version of the webinar. So we're going to go ahead and restart the webinar. You might get booted off and you'll have to come back in. See you then.

Recording in trouble.

Hold it up. Let's give people a chance to get back in. Wait like a minute. And okay, we're getting close. So go ahead and start it.

Yes, sir. Because this first part these people have seen a few times before. All right.

Yes. Thanks for joining. All right. Current and potential investors, we will be making various remarks about future expectations, plans, and prospects that are considered forward-looking statements. There are risks that actual results may differ from these statements. We refer you to the safe harbor statement on screen or to the risk factors sections of our public filings, which can be found on our website under Investor Filings, EDGAR, and SEDAR Plus. The statements are made as of today, March 27, 2026, and reflect our expectations as of today. Thank you for joining us for Zomedica's Investor Webinar Series. We're excited to have you with us as we take a closer look at our company, our innovative product platforms, and the passionate people driving our success. This series is designed to give you a deeper understanding of how we're delivering value to veterinarians and to our shareholders. At Zomedica, our mission is to deliver innovative diagnostic and therapeutic technologies that empower veterinarians to focus on what they love most, enhancing pet care and improving pet parent satisfaction. Equally important, we help vets with what they need most, streamlining workflow, increasing cash flow, and boosting practice profitability. At Zomedica, our mission is guided by what we call our five pillars. These are core objectives that shape every decision we make about products and innovation. First and foremost, we aim to improve the quality of care for the pets. Equally important is enhancing the satisfaction of the pet parent, ensuring they feel confident and comfortable with the care provided. Our solutions also focus heavily on improving the veterinarian's daily workflow, helping veterinary practices operate smoothly and efficiently. Additionally, we are committed to positively impacting veterinarian cash flow, making sure our offerings are financially accessible and beneficial. Finally, our ultimate goal is to increase veterinarian profitability, providing products and solutions that help veterinary clinics grow and thrive financially. Now, let's hear from Larry Heaton, Zomedica's Chief Executive Officer.

So hi everyone. My name is Paul Thai. I have recently joined Zomedica as the Vice President for the International Market. So my responsibilities are going to be pretty exciting, exploring new markets for Zomedica with the existing products, and as we develop more, of course, I continue to include those into the portfolio. My background briefly is about 35 years in the veterinary market, pretty broadly across small animal and equine, and 27 years of those were at IDEXX where I finished there as a Senior Vice President for Europe, running the European markets and well overall EMEA, and then I spent three and a half years at Antech and Mars helping develop their markets again internationally. So a lot of my background, whilst I know the US market pretty well, is fundamentally international markets from Latin America, Europe, across Asia, and I've had a great lot of experience during that time, you know, with the equine market. However, really exciting times ahead with Zomedica. I think that going into the international market from an equine perspective is quite unique, it's very diverse, culturally sensitive, but growing dramatically in multiple regions. Traditionally, some of the big markets, of course, as you well know, will be the UK and Ireland. Going into Europe, one of the biggest markets in Europe is actually Germany, which is a significant market for the equine side. Of course, the Middle East, but what I'm seeing now is actually China is growing dramatically and a lot of keen interest in the equine market from jockey clubs, racing and breeding, stud farms, also into Korea. So this is a very international marketplace. We know Latin America as well, in Brazil and other countries. It's exciting times and I believe that certainly leveraging my experience, knowledge, and my contacts in those fields within the sport community and also within the specialists, we can really develop and grow our business globally. What's great about Zomedica is that where others have failed in the past, and I'm including IDEXX in this particular case and some organizations like Antech and others, is that their products have been pretty much me-too and not specific to the needs of the equine specialists and the equine vets, whereas the products that Zomedica has are niche and very, very unique, supporting exactly what they need for support and treatment of the equine community. So this is a really exciting opportunity for everyone.

Hi, I'm Trudy Gage, the Vice President of Zomedica's Equine Division and Client Education. I'm honored to serve in the role. My passion for all things equine crosses over into my personal life, which has actually helped in my professional life, understanding the needs of the horse owner. As a competitor myself on a national level, an owner of a small farm in Michigan, Gate Show Horses, I think it's easy for me to relate to the end user of all of our products. I became involved in the industry working with equine veterinarians over 25 years ago. I am grateful for the relationships I've made worldwide over all of that time. Starting with PulseVet in 2009 has been an amazing opportunity for me to continue to grow in my professional career. We've worked with all of the associations, the equine associations, giving us access to the end user. It also has elevated the PulseVet brand to the elite brand that is the leader, by far the gold standard when it comes to shockwave therapy. Most universities and any serious equine sports medicine veterinary practice is using and providing the PulseVet shockwave. Being able to talk to horse owners in a way that lends credibility because I'm one of them, and also sharing my experience with the veterinary side, has been helpful for both things. I'm super proud of being named the official shockwave of the AQHA, the USEF, the NCHA, the NRCHA, the World Equestrian Center, all organizations, the largest in the world with the most members. We now have access to them through editorials, our presence at their events, social media. Being the brand that they chose to share with their brand is a very big deal and continues to keep us at the top of the heap. That reputation, that sort of branding lends credibility when we want to bring something new to that same group or into the equine market. We're already considered the gold standard, the elite brand. When we got to come in and I was able to talk to them about the first ever stall-side metabolic panel, being the only company in the world able to now test with quantitative results that they can trust for ACTH, identifying horses with PPID, as well as test their insulin level for all of these insulin-resistant horses, it's a game changer. It's better medicine. We may actually save the life of some of these horses. It will help the veterinarian determine a treatment, when to treat, when not to treat. If we're talking about injecting a steroid, we may not want to do that based on the results of this test, and we can know that in about 20 minutes. Being the only company offering that has been such an amazing opportunity for me. The equine veterinarians that we already work with, that are already our loyal customers, they're open and they were and continue to be excited about what we bring to them. We've earned their trust. We've brought them innovative things that improve the medicine they're providing to their client. The horse owners are looking to us for education and asking their veterinarians for these products. Luckily, we've gained that trust over the decades of work we've done. A lot of that research and science, being able to bring that to the table, has been instrumental in our success moving forward. I believe the sky's the limit. We are only getting better and growing. Being able to move our new products into our very established equine market is a real benefit to us because we're not starting from scratch. We're already here with a great client base and we're just adding to it, improving the life of those horses, improving the return on investment, and saving time for those veterinarians. And at the end of the day, for me, it's all about how are we helping those horses and dogs, and we are absolutely doing that with the products we're bringing to the table.

Hello, my name is Rodrik Richards, DVM. I studied veterinary medicine and surgery late after a short career in engine development with companies such as Lotus Cars in the UK and the Orbital Engine Company in Perth, Western Australia. I was contacted by the manufacturer HMT in Switzerland who asked if I was interested in the position of Product Manager for the Equitron globally but based in Switzerland. They felt that my German language, experience with the technology, and experience with equine so far was an interesting mix. This was naturally a massive decision for me and my family. But after much discussion with my wife, we decided this could indeed be a great opportunity. Well, that really was the beginning of shockwave as we know it. Not long after arriving in Switzerland, HMT AG unveiled their new desktop shockwave device for the medical field called the Evotron. I immediately went to the sales director and told him that I wanted that device for the veterinary world. Eventually the company agreed and the Versatron was born. Then I was able to convince HMT to work with Professor Mraith and his team to use the arthroscopic chip model they had developed to evaluate the effect of shockwaves on this injury. The results were convincingly positive, which led to the increasing uptake of the technology in the USA and then in other parts of the world.

My name is TJ Barklay. I'm a veterinarian with Zomedica. I have about 20 years of experience in equine practice, and then I've spent the last little bit over two years with Zomedica in the role of Professional Services Veterinarian. So my clinical practice was spent mainly with western performance horses in Texas, and I saw pretty much all of the western disciplines. My practice consisted of a lot of sports medicine and lameness diagnosis and treatment, as well as reproduction, dentistry, internal medicine, and a lot of just general equine practice. I had a lot of experience with the PulseVet product, which is a big part of Zomedica's lineup. So a big part of my role as a Professional Services Veterinarian is assisting the sales team in talking to veterinarians and potential customers. In that role, I serve mainly as an educator, educating potential customers. In those discussions with other veterinarians, we generally wind up talking about cases, different cases that we've seen, how Zomedica's products fit into the diagnostics or treatment of those types of cases. That peer-to-peer discussion is very valuable in instilling confidence in that veterinarian customer that Zomedica's products fit their practice and they're going to be able to utilize them to improve the quality of medicine in their practice. Some of the most exciting discussions that I get to have with veterinarians are surrounding our True Forma platform and the new equine assays that we have developed for that platform that are really revolutionizing the way that equine veterinarians diagnose certain endocrine diseases, especially PPID and equine metabolic syndrome. Having those diagnostics available at the point of care changes the paradigm of the whole process of diagnosing and treating those cases. So that's been a really exciting thing as far as getting to introduce that to other veterinarians. PulseVet shockwave has been around in equine practice for a long time. That was something that I had for a large portion of my practice career. So a lot of our customers are already very familiar with that technology. But one thing that I get to do is introduce new indications with the ongoing research that we've done in using shockwave for pulmonary indications like asthma and exercise-induced pulmonary hemorrhage, as well as newer research evaluating hoof growth. Those are new and very applicable things to typical equine practice. So getting to share those things and helping customers do those types of treatments is another big part of what I do.

Hi, I'm Dr. Kimberly Keaton, Professional Services Vet with Zomedica. I have quite a few certifications in addition to my Doctor of Veterinary Medicine. I've been in clinical practice for 20 years. I also practice acupuncture and I'm a Certified Veterinary Medical Manipulator, which is essentially veterinary chiropractic. In addition, I hold a license in England because I practiced in England for a couple of years. So that essentially describes who I am. I do come from an integrative background, which is a multimodal approach to medicine in managing high-performance sport horses, and PulseVet is actually what brought me into industry and to join Zomedica over a year ago now, because the tech-forward approach of the wide portfolio that Zomedica offers to practitioners helps improve their day-to-day efficiency as well as improving client outcomes and keeping costs to a minimum and clients happiest and their patients performing at their best. Day-to-day interaction with the sales team, sales associates, we are utilized for education and support in the field. So from the initial introduction of the technology to the practitioner, we support the sales team in clinic. When I go in with an account manager, I allow the account manager to drive the business discussion and the accounting discussion, and then I step in and take over the clinical and scientific side of things to help veterinarians understand what our technologies can bring to the table. On the other side of that, the diagnostic platform, the True Forma platform, is a really novel diagnostic device that allows people to make diagnoses in the field. So it takes something that typically we would have to wait, send off a blood sample, wait a couple days, have it come back, that's something we can now do in less than 20 minutes in the field, so that animal can be medicated appropriately sooner, and clients can see appropriate results from that medication sooner and less contraindications from that disease state that we're diagnosing.

Thank you, Larry. And hello, everyone. We appreciate your continued support of and interest in Zomedica. The fourth quarter of 2025 was another record-breaking quarter for us and the finalization of a record year which delivered the highest revenue in company history, continued expansion across our portfolio, launches of enhanced products, and continued execution at significantly reduced operating expense levels. I'll walk through the results now. Total revenue for the fourth quarter was a record $10.5 million, an increase of 33% compared to the fourth quarter of 2024. It is the first time the company has eclipsed $10 million in revenue for a quarter. Total revenue for the year was $32 million, an increase of 17% compared to 2024. Full-year growth was driven by performance across our portfolio. Our diagnostic segment was up 17%, driven by continued adoption and utilization of our True Forma point-of-care diagnostic platform and our expanded menu of assays, notably our equine-specific assays. Our therapeutic devices segment was up 5%, driven by continued strong performance by our PulseVet and ACC products. Our Development Services segment, which was introduced in the third quarter, contributed $3.1 million in new revenue, leveraging existing capacity, capability, and intellectual property. We will continue to pursue strategic opportunities that leverage our existing asset base within both the human and animal health sectors. Consumables revenue, which can be thought of as recurring, was up 16%, highlighted by continued growth in the utilization of our True Forma products and sustained demand for our PulseVet products from both new device installations and reorders associated with existing systems. We expect consumables growth to continue as our installed base expands. Lastly, we spoke frequently last year about initiatives to grow internationally. I am pleased to report that international revenue was up 18% year-over-year. Moving on to operating expenses. Total operating expenses excluding non-cash impairment charges for 2025 were $50.2 million, a 7% reduction when compared to the prior year. Operating expenses as a percentage of sales improved 42% versus the prior year. And we anticipate continued operating leverage as we realize a full year of benefit from the cost reduction actions taken in 2025, along with continued sales growth which can be supported by our current structure. Research and development expenses were $7.2 million for the year, slightly down from 2024. We incurred costs in 2025, most notably to support the development of our VetGuardian Plus and True View AI enhanced products, and as you have seen, these were launched in the fourth quarter of 2025 and early in the first quarter of 2026, respectively. We will continue to develop, test, and manufacture our next generation of therapeutic and diagnostic products to meet market demands. Selling and marketing expenses were $18.5 million in 2025 compared to $17.2 million in 2024, an increase of 8% in support of the previously mentioned 17% growth in total revenue. Lastly, general and administrative expenses for the year were $24.5 million compared to $29.7 million in 2024, an 18% decrease, reflecting our commitment to disciplined cost management and our pursuit of sustainable performance that results in cash flow break-even and US GAAP profitability. Turning to the balance sheet, Zomedica ended the quarter with $53.3 million in cash, cash equivalents, and available-for-sale securities. Cash used during the fourth quarter was approximately $1.1 million, our lowest cash burn in four and a half years, and our first sub-2.5 million unadjusted quarterly burn since 2021. The Q4 2025 burn was approximately 83% less than the fourth quarter of 2024 and a 76% reduction from the cash burn in the third quarter of 2025. For the full year, cash burn was $18.1 million compared to $29.1 million in 2024, a 38% reduction year-over-year. The positive impact of topline growth, the maintenance of strong margins, and reduced operating expenses is clear when comparing cash burn to the prior year and provides evidence of meaningful progress toward our goals of cash flow break-even and GAAP profitability. The seasonality of our business is important to note. The fourth quarter is historically our strongest revenue quarter, while the first quarter historically incurs increased cash usage as the company pays for several annual expenses accrued at year-end. With this in mind, we do not anticipate the same quarterly cash performance improvement from Q4 2025 to Q1 2026 that we saw from Q3 to Q4 in 2025. We do, however, anticipate continued realization of increased operating leverage throughout the year and further cash performance improvement for the full year of 2026 versus 2025. As I always do, I would like to remind you that we remain essentially debt-free. As our results for the fourth quarter and full year illustrate, your company is in sound financial health. We continue to believe we are well positioned to fund and support our strategy, accelerate the global adoption of our expanding portfolio, and sustainably achieve cash flow break-even and profitability. With that, I'd like to hand the call back to Larry. Larry.

The live Q&A section. If you have a question, please drop it into the chat box now. We're here to help. And if you have questions later, you can contact us with the contact information shown on your screen.

I'll ask if everyone can see. Um or Larry, I'll ask if you can see. On the heels of being asked the question last time and building questions around regaining compliance for a major exchange, I begin by prefacing and saying our ambitions are the same as our shareholders. We would love to see the stock traded on a major exchange. Have it be broadly available for trading, easily tradable, so on and so forth. That said, we've looked at the different exchanges that are available and I've laid out some of the criteria required for listing. The first one is the NASDAQ capital market. You can look at the red X's as criteria we don't meet. Green X is good news. NASDAQ says we have to meet one of these three criteria in totality to be listed. We have sufficient stockholders equity across the board. Market value of shares, we have operating history to go that route. Market value of listed securities, check. We're not profitable yet, but we would balance the net income standard. Number of shares, round lots, etc. And then the opening bid price on the low end of two bucks. There's some qualification there. We feel strongly we would probably qualify for the criteria two bucks, but keep in mind at current levels between 12 and 13 cents that's roughly a 16x multiple on current stock price. So NASDAQ isn't our only option. People have asked about the NYSE. They publish their initial listing criteria. You have to meet one of two financial standards: an earnings test where you have profitability, so we're out on that one, or their global market capitalization test of 200 million. We're out on that one. If we were to get to market cap of 200 million, then we have other criteria in terms of distribution standards, which again we'd cover on round lot holders, publicly held shares, market value of shares. Their opening bid price is $4, which would be a 32x multiple of current stock prices. What if we go back to where we were a little over a year ago? The NYSE American Exchange presents multiple standards. One standard requires pre-tax income. We're currently out on that one. The rest of the standards include total assets and total revenue, which we're close on. But then you get to minimum price. The cleanest path is a market cap, value of the float, equity, and opening bid price of $2. We check the boxes on additional criteria. Lastly, our shareholders have asked about the new Texas stock exchange, TXSE. Their listing standards are very similar to the NYSE and NASDAQ. You have to pass one of two tests: an earnings test, which we fail on as a result of not yet being profitable, or a market capitalization test with a market cap in excess of $2 million and a share price of $4 maintained for 90 consecutive trading days. We check the box on other criteria. The point of laying all this out is that management has an eye on it, and to lay out the magnitude at which the stock price needs to move for these to become viable options. A stock buyback of that magnitude is very significant. We don't talk about other options as they've been voted down resoundingly by our shareholders before. As Larry's laid out, we remain focused on the levers we can pull: increasing our revenues, reducing our operating expenses, generating cash. That's where the focus of the company remains.

Oh, I'm sorry. Can you hear me? Is that any better? I'll stop here. Any better, Larry?

Um, internet's being a little funky here. Um, I think the only other question really that's out here is there's a few questions on acquisitions. You know, one is are we more likely to scale through partnerships and the human side or could a small acquisition also make sense? So, we're definitely on the human side looking for partnerships, joint ventures, things like that. The reason for that is it's not just the acquisition, it's also the expense of the regulatory pathway navigating the FDA, which a number of us here have experience with. But you have to go down that road with the FDA, with payers, with coding, and then deploy a salesforce in the human market. So partnership is better for us. There are other questions about are there any acquisitions coming soon? Are we looking to make additional acquisitions or primarily focused on organic growth? Let me be very clear. We are focused primarily on organic growth within our current segments. Are there little things we can tuck in that won't cost us anything from a cash standpoint? Sure. We'd be crazy not to take advantage of those. But any substantial acquisition, you're not going to see that until after we are cash flow break even and profitable. Right now, we don't think potential shareholders are not buying our stock because we're not making acquisitions. But we believe there are potential investors not buying the stock because we're not yet cash flow break even or profitable. So we are conserving our capital. We have confidence that we have sufficient capital to get to our objectives, but we're not cavalier about it at all.

Okay. Um, No, I think the point that you were driving home at the end there, Larry, in the bow I was trying to put on the stock price is, ultimately the equation we're solving for here is creating demand. Creating more buyers of our stock so that you all can see appreciation in the stock price. Demand will lead to increased price. We view the best path forward on that front to be continuing to do what we're doing, which is driving topline growth at healthy margins, reducing cash. Taking away reasons why someone wouldn't buy our stock should lead to increase in demand. But we leave that to the market to determine.

No, sir.

I will next time. All right. Thanks everyone. Appreciate your support. We will continue keeping you up to date on what we do with press releases as material events occur and we look forward to seeing you next month on our fourth for Idea4 webinar where we'll be talking about our manufacturing capabilities and so on. Thanks very much.