Zomedica Q1 revenue up 14% to $6.3M, net loss widens to $9.2M; FY guidance reaffirmed

For the full year 2024, the Company continues to expect full year revenue in the range of $31 to $35 million, an increase of approximately 39% at the high end of the range, over full year 2023 revenue of $25.2 million.

Revenue for the three months ended March 31, 2024, was $6.3 million, compared to $5.5 million for the three months ended March 31, 2023, an increase of $0.8 million or approximately 14%. The increase was driven by growth in both operating segments: Therapeutic Devices and Diagnostics. Cost of revenue was $2.1 million, compared to $1.6 million for the three months ended March 31, 2023, an increase of $0.5 million. Margins remained strong at 66%, in line with expectations. Adjusting for our Qorvo Biotechnologies LLC (“QBT”) acquisition and other one-time items brings our gross margin for the quarter to over 69%, in line with recent levels. Operating expenses were $14.5 million, compared to $11.3 million for the three months ended March 31, 2023, an increase of $3.2 million or 28%. When adjusted for one-time, non-recurring charges, and expenses associated with ongoing QBT operations, total operating expenses grew just over 20% on a comparative basis. We continue to expect total operating