ZOMDF · Zomedica Corp.

Zomedica Corp., a veterinary health company, focuses on the unmet needs of clinical veterinarians by developing products for companion animals. It offers diagnostic products comprising TRUFORMA Bulk Acoustic Wave point of care diagnostic platform; TRUVIEW, a digital cystoscopy platform that offers automated slide preparation within the instrument; and VetGuardian, a zero-touch vital signs remote monitoring system. The company provides therapeutic products, including PulseVet electrohydraulic shockwave therapy platform; and Assisi Loop line of products, including the Assisi Loop, Assisi Loop Lounge, Assisi EquiLoop, and DentaLoop devices that treat pain and inflammation through delivery of targeted pulsed electromagnetic field focused energy. The company was formerly known as Zomedica Pharmaceuticals Corp. and changed its name to Zomedica Corp. in October 2020. Zomedica Corp. is headquartered in Ann Arbor, Michigan.

Cap structure and valuation

Cap structure
SP	$0.11
SO	979.9M
Options	94.4M
Warrants	32.0M
FD SO	1,106.3M
MC	$119.5M

Cash	$9.4M
Total debt	$0.5M
EV	$110.6M

TTM Multiples
EV / Revenue	3.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-06. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	8.80	10.47	8.10	6.96
Revenue YoY %	35.4%	32.6%	15.7%	13.6%
Cost of Revenue	3.31	3.30	2.66	2.30
Gross Profit	5.48	7.17	5.44	4.67
Gross Profit YoY %	24.4%	29.2%	7.4%	7.0%
Gross Margin %	62.3%	68.5%	67.2%	67.0%

SG&A	9.23	10.69	10.26	10.81
R&D	1.15	1.64	1.78	1.89
Operating Expense	10.38	12.33	12.04	12.70

Operating Income	(4.90)	(5.16)	(6.61)	(8.04)
Operating Income YoY %	92.4%	36.7%	11.2%	67.9%
Operating Margin %	(55.7%)	(49.3%)	(81.6%)	(115.4%)
EBITDA	(4.38)	(4.64)	(6.10)	(7.53)
EBITDA Margin %	(49.8%)	(44.4%)	(75.4%)	(108.1%)

Pretax Income	(4.50)	(4.74)	(6.14)	(7.39)
Tax Provision	0.04	(0.21)	(0.02)	0.01
Net Income	(4.53)	(4.53)	(6.12)	(7.40)
Net Margin %	(51.5%)	(43.3%)	(75.6%)	(106.2%)

Diluted EPS	$0.00	$0.00	-$0.01	-$0.01
Basic EPS	$0.00	$0.00	-$0.01	-$0.01
Diluted Avg Shares	—	0.0	979.9	979.9
Basic Avg Shares	979.9	0.0	979.9	979.9

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	34.33	32.03	27.29	25.19	18.93
Revenue YoY %	7.2%	17.4%	8.3%	33.0%	—
Cost of Revenue	11.57	10.35	8.20	7.87	5.46
Gross Profit	22.76	21.68	19.09	17.32	13.47
Gross Profit YoY %	5.0%	13.6%	10.2%	28.6%	—
Gross Margin %	66.3%	67.7%	70.0%	68.8%	71.1%

SG&A	40.99	43.03	46.85	43.17	33.00
R&D	6.47	7.17	7.27	5.74	2.58
Operating Expense	47.46	106.03	70.14	60.59	35.39

Operating Income	(24.70)	(84.35)	(51.05)	(43.27)	(21.92)
Operating Income YoY %	70.7%	(65.2%)	(18.0%)	(97.4%)	—
Operating Margin %	(72.0%)	(263.4%)	(187.1%)	(171.8%)	(115.8%)
EBITDA	(22.65)	(82.30)	(49.51)	(42.45)	(21.50)
EBITDA Margin %	(66.0%)	(256.9%)	(181.4%)	(168.5%)	(113.6%)

Interest Expense	—	—	—	0.05	0.00
Pretax Income	(22.77)	(82.14)	(47.54)	(35.86)	(19.38)
Tax Provision	(0.18)	(0.28)	(0.56)	(1.33)	(2.37)
Net Income	(22.58)	(81.86)	(46.98)	(34.53)	(17.02)
Net Margin %	(65.8%)	(255.6%)	(172.2%)	(137.1%)	(89.9%)

Diluted EPS	-$0.02	-$0.08	-$0.05	-$0.04	-$0.02
Basic EPS	-$0.02	-$0.08	-$0.05	-$0.04	-$0.02
Diluted Avg Shares	—	979.9	979.9	979.9	979.9
Basic Avg Shares	979.9	979.9	979.9	979.9	979.9

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	9.37	9.02	7.50	8.13
Receivables	4.43	3.01	3.14	2.30
Inventory	5.88	5.54	5.52	5.67
Total Current Assets	60.03	64.04	64.69	68.60

Net PPE	20.46	20.91	21.38	21.86
Goodwill	—	0.00	0.00	0.00
Total Assets	121.53	127.04	130.91	136.47

Accounts Payable	2.20	1.72	1.65	2.07
Total Current Liabilities	8.56	9.45	8.43	8.13
Total Liabilities	10.59	11.64	11.22	11.12

Retained Earnings	(304.31)	(299.77)	(295.24)	(289.12)
Total Equity	110.94	115.40	119.69	125.36

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	9.37	9.02	7.02	12.95	27.40
Receivables	4.43	3.01	2.42	1.20	0.60
Inventory	5.88	5.54	5.06	5.12	2.75
Total Current Assets	60.03	64.04	81.77	99.88	123.50

Net PPE	20.46	20.91	24.59	22.83	6.81
Goodwill	—	0.00	45.56	61.58	63.98
Total Assets	121.53	127.04	207.36	253.20	279.61

Accounts Payable	2.20	1.72	1.93	2.07	—
Total Current Liabilities	8.56	9.45	9.33	9.03	7.81
Total Liabilities	10.59	11.64	11.70	13.18	12.22

Retained Earnings	(304.31)	(299.77)	(217.91)	(170.93)	(136.40)
Total Equity	110.94	115.40	195.66	240.02	267.39

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(4.53)	(4.53)	(6.12)	(7.40)
D&A	0.52	0.52	0.51	0.51
Stock-Based Comp	0.64	0.73	0.87	0.26
Operating Cash Flow	(5.26)	(0.90)	(4.66)	(5.44)

CapEx	(0.06)	(0.11)	(0.04)	(0.14)
Investing Cash Flow	5.62	2.45	4.04	4.68

Free Cash Flow	(5.32)	(1.01)	(4.70)	(5.58)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(22.58)	(81.86)	(46.98)	(34.53)	(17.02)
D&A	2.05	2.06	1.54	0.83	0.43
Stock-Based Comp	2.50	2.47	2.78	6.26	7.89
Operating Cash Flow	(16.26)	(17.65)	(23.63)	(15.97)	(11.67)

CapEx	(0.35)	(0.57)	(5.21)	(11.34)	(0.79)
Investing Cash Flow	16.79	19.57	17.85	1.58	(155.88)

Financing Cash Flow	—	—	(0.07)	—	0.01

Free Cash Flow	(16.61)	(18.22)	(28.84)	(27.31)	(12.46)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	7.01	6.78	7.67	8.44
Quick Ratio	6.33	6.19	7.02	7.74
Debt / Equity	0.10	0.10	0.09	0.09
EBITDA Margin %	(49.8%)	(44.4%)	(75.4%)	(108.1%)
Working Capital	51.47	54.59	56.26	60.48
Net Debt	—	—	—	—
ROE %	(4.1%)	(3.9%)	(5.1%)	(5.9%)
ROA %	(3.7%)	(3.6%)	(4.7%)	(5.4%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	7.01	6.78	8.76	11.06	15.81
Quick Ratio	6.33	6.19	8.22	10.49	15.46
Debt / Equity	0.10	0.10	0.06	0.05	0.05
EBITDA Margin %	(66.0%)	(256.9%)	(181.4%)	(168.5%)	(113.6%)
Working Capital	51.47	54.59	72.44	90.85	115.69
Net Debt	—	—	—	—	—
ROE %	(20.4%)	(70.9%)	(24.0%)	(14.4%)	(6.4%)
ROA %	(18.6%)	(64.4%)	(22.7%)	(13.6%)	(6.1%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-11	POWERS JOHNNY D	Director	2026-05-11-05:00	P	391,129	$0.11	$44,198
2026-05-11	POWERS JOHNNY D	Director	2026-05-08-05:00	P	108,871	$0.11	$12,194
2026-05-08	HEATON LARRY C II	Director, Officer (CEO)	2026-05-08-05:00	P	250,000	$0.11	$27,500
2025-11-18	Whelan Sean	Director	2025-11-17	A	1,975,033	—	$0
2025-11-18	POWERS JOHNNY D	Director	2025-11-17	A	1,823,107	—	$0
2025-11-18	Nichols Pamela	Director	2025-11-17	A	1,823,107	—	$0
2025-11-18	MACLEOD CHRISTOPHER ROSS	Director	2025-11-17	A	1,823,107	—	$0
2025-11-18	Cohen Robert	Director	2025-11-17	A	1,823,107	—	$0
2025-11-18	Williams Rodney James	Director	2025-11-17	A	1,975,033	—	$0
2025-11-18	Rowe Jeffrey M	Director	2025-11-17	A	2,126,959	—	$0
2025-11-14	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-11-13	P	150,000	$0.10	$14,550
2025-11-12	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-11-10	P	120,000	$0.10	$11,760
2025-11-10	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-11-07	P	5,000	$0.10	$475
2025-11-07	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-11-06	P	253,007	$0.08	$20,241
2025-08-13	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-08-12	P	250,000	$0.04	$10,000
2025-08-13	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-08-12	P	745,341	$0.04	$29,814
2025-08-13	Klass Russell Kevin	Officer (Sr Vice President, Sales)	2025-08-11	P	60,723	$0.04	$2,429
2025-08-12	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-08-11	P	250,000	$0.04	$9,500
2025-08-12	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-08-11	P	250,000	$0.04	$10,000
2025-08-12	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-08-08	P	500,000	$0.04	$20,000
2025-06-16	Blair Anthony K	Officer (COO)	2025-06-12	A	750,000	—	$0
2025-06-16	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-06-12	A	500,000	—	$0
2025-06-16	HEATON LARRY C II	Director, Officer (CEO)	2025-06-12	A	4,000,000	—	$0
2025-06-16	DeHaan-Fullerton Karen	Officer (General Counsel)	2025-06-12	A	500,000	—	$0
2025-05-21	Blair Anthony K	Officer (COO)	2025-05-21	P	36,250	$0.05	$1,776
2025-05-21	Blair Anthony K	Officer (COO)	2025-05-21	P	63,750	$0.05	$3,188
2025-05-20	DeHaan-Fullerton Karen	Officer (General Counsel/Corporate Secy)	2025-05-19	P	104,300	$0.05	$5,006
2025-05-20	POWERS JOHNNY D	Director	2025-05-19	P	500,000	$0.05	$23,000
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	500,000	$0.06	$32,000
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	100,647	$0.07	$7,045
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	68,000	$0.07	$4,556
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	731,368	$0.07	$49,733
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	4,265	$0.07	$299
2025-03-27	Rowe Jeffrey M	Director	2025-03-17	P	34,725	$0.07	$2,465
2025-03-20	Williams Rodney James	Director	2025-03-17	P	100,000	$0.07	$6,900
2025-03-19	Jordan Scott	Officer (Chief Financial Officer)	2025-03-17	P	300,000	$0.06	$18,600
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	500,000	$0.06	$32,000
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	100,647	$0.07	$7,045
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	68,000	$0.07	$4,556
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	731,368	$0.07	$49,733
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	4,265	$0.07	$299
2025-03-18	Rowe Jeffrey M	Director	2025-03-17	P	34,725	$0.07	$2,465
2025-03-18	MACLEOD CHRISTOPHER ROSS	Director	2025-03-17	P	143,000	$0.06	$8,437
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	100,000	$0.07	$6,900
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	50,000	$0.07	$3,500
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	100,000	$0.07	$6,700
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	100,000	$0.07	$6,700
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	50,000	$0.07	$3,350
2025-03-18	POWERS JOHNNY D	Director	2025-03-17	P	100,000	$0.07	$6,500
2025-03-18	HEATON LARRY C II	Director, Officer (CEO)	2025-03-17	P	10,000	$0.05	$540
2025-03-18	HEATON LARRY C II	Director, Officer (CEO)	2025-03-17	P	118,855	$0.06	$6,894
2025-03-18	HEATON LARRY C II	Director, Officer (CEO)	2025-03-17	P	191,817	$0.06	$11,509
2025-03-18	HEATON LARRY C II	Director, Officer (CEO)	2025-03-17	P	179,328	$0.06	$10,760
2025-03-18	Blair Anthony K	Officer (COO)	2025-03-17	P	500,000	$0.06	$30,000
2025-03-18	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-03-17	P	699,980	$0.07	$48,999
2025-03-18	Williams Rodney James	Director	2025-03-17	P	100,000	$0.07	$6,900
2025-02-24	Klass Russell Kevin	Officer (Sr Vice President of Sales)	2025-02-21	A	200,000	—	$0
2025-01-03	Jordan Scott	Officer (Chief Financial Officer)	2025-01-01	A	5,000,000	—	$0
2024-11-26	Williams Rodney James	Director	2024-11-10	A	1,975,033	—	$0
2024-11-13	POWERS JOHNNY D	Director	2024-11-11	A	1,975,033	—	$0
2024-11-13	Whelan Sean	Director	2024-11-11	A	1,975,033	—	$0
2024-11-13	Rowe Jeffrey M	Director	2024-11-11	A	2,126,959	—	$0
2024-11-13	POWERS JOHNNY D	Director	2024-11-11	A	1,823,107	—	$0
2024-11-13	Nichols Pamela	Director	2024-11-11	A	1,975,033	—	$0
2024-11-13	MACLEOD CHRISTOPHER ROSS	Director	2024-11-11	A	1,823,107	—	$0
2024-11-13	Cohen Robert	Director	2024-11-11	A	1,823,107	—	$0
2024-11-13	DeHaan-Fullerton Karen	Officer (General Counsel/Corporate Secy)	2024-11-11	A	500,000	—	$0
2024-11-13	Blair Anthony K	Officer (COO)	2024-11-11	A	400,000	—	$0
2024-11-13	Blair Anthony K	Officer (COO)	2024-11-08	P	150,000	$0.12	$18,450
2024-11-12	POWERS JOHNNY D	Director	2024-11-11	P	100,000	$0.12	$12,100
2024-11-12	HEATON LARRY C II	Director, Officer (CEO)	2024-11-11	P	100,000	$0.12	$12,200
2024-11-12	Klass Russell Kevin	Officer (Vice President of Sales)	2024-11-11	P	210,200	$0.12	$25,224
2024-11-12	Klass Russell Kevin	Officer (Vice President of Sales)	2024-11-11	P	289,800	$0.12	$35,066
2024-09-05	HEATON LARRY C II	Director, Officer (CEO)	2024-09-05	P	100,000	$0.12	$12,500
2024-08-28	POWERS JOHNNY D	Director	2024-08-28	P	100,000	$0.13	$12,900
2024-08-20	Blair Anthony K	Officer (COO)	2024-08-20	P	100,000	$0.14	$14,200
2024-06-13	Klass Russell Kevin	Officer (Vice President of Sales)	2024-06-12	P	299,993	$0.16	$46,529
2024-06-12	Klass Russell Kevin	Officer (Vice President of Sales)	2024-06-11	P	500,000	$0.15	$75,100
2024-06-12	Klass Russell Kevin	Officer (Vice President of Sales)	2024-06-10	P	200,007	$0.15	$29,941
2024-06-11	Donato Peter	Officer (Chief Financial Officer)	2024-06-10	P	25,000	$0.15	$3,798
2024-05-17	POWERS JOHNNY D	Director	2024-05-17	P	50,000	$0.18	$8,950
2024-05-17	POWERS JOHNNY D	Director	2024-05-17	P	50,000	$0.17	$8,500
2024-05-17	POWERS JOHNNY D	Director	2024-05-16	P	25,000	$0.18	$4,600
2024-05-15	POWERS JOHNNY D	Director	2024-05-14	P	19,406	$0.14	$2,697
2024-05-15	POWERS JOHNNY D	Director	2024-05-14	P	30,594	$0.14	$4,283
2024-05-15	Donato Peter	Officer (Chief Financial Officer)	2024-05-13	A	2,500,000	—	$0
2024-05-14	POWERS JOHNNY D	Director	2024-05-13	P	100,000	$0.14	$14,000
2024-05-14	Blair Anthony K	Officer (COO)	2024-05-13	P	150,000	$0.14	$21,000
2024-05-13	HEATON LARRY C II	Officer (CEO)	2024-05-13	P	100,000	$0.14	$14,200