Zomedica (ZOM) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $10.5 million in Q4 2025, surpassing $10 million for the first time, and full-year revenue of $32.0 million, reflecting 17% annual growth year-over-year.

• Marked the 20th consecutive quarter of year-over-year revenue growth, driven by strong demand for therapeutic devices, expanding diagnostics, and new Development Services segment.

• International sales grew 18% year-over-year, supported by new distributor partnerships and organic expansion.

• Gross margin for the year was 68%, with Q4 gross margin at 69%, the highest quarterly margin of the year.

• Cost-reduction initiatives led to a 7% decrease in operating expenses (OPEX) and the lowest annual and quarterly cash burn since commercialization.

Financial highlights

• Q4 2025 revenue grew 33% year-over-year to $10.5 million, with 20% growth in consumables and strong performance from Development Services.

• Full-year 2025 revenue was $32.0 million, up from $27.3 million in 2024, a $4.7 million or 17% increase.

• Net loss for 2025 was $81.9 million, including a $55.8 million non-cash impairment charge, compared to a net loss of $47.0 million in 2024.

• Adjusted Non-GAAP EBITDA loss improved to $17.1 million in 2025 from $20.2 million in 2024, excluding non-recurring and non-cash items.

• Cash, cash equivalents, and available-for-sale securities totaled $53.3 million as of December 31, 2025.

Outlook and guidance

• Priorities for 2026 include accelerating global adoption of the product portfolio and driving toward cash flow breakeven and profitability.

• Management remains optimistic about continued revenue growth from the Development Services segment and recurring consumable sales.