Zomedica Corp. (ZOMDF) Earnings Call Transcript & Summary

Before we begin, I want to remind current and potential investors that 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 at the end of this presentation or to the forward-looking and Risk Factors sections of our public filings, which can be found on our website under investor filings, EDGAR and SEDAR+. The statements are made as of today, June 27, 2025, 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. We're focused on 2 of the fastest-growing segments in animal health, therapeutic devices and diagnostics and have built a total addressable market of $2.7 billion in annual recurring revenue. We've launched 6 product platforms, each purpose built to drive better outcomes, improve workflows and enhance practice profitability. Our performance backs it up. Since the acquisition of PulseVet and Assisi, therapeutic device revenue was up 25%, diagnostics revenue was up 77% in fiscal year 2024 and we've maintained strong gross margins around 70%. This isn't just growth. It's momentum. Now let's hear from Larry Heaton, Zomedica's Chief Executive Officer.

Hello, and welcome back, everyone. I'm Larry Heaton, Chief Executive Officer of Zomedica. Thanks for joining our Fourth Friday at Four webinar series. Whether you're a pet parent, shareholder, veterinary professional or simply someone who loves animals like we do, we appreciate you spending this time with us. Last month, we explored how our PulseVet Shock Wave device is helping pets heal faster and feel better. Today, we're shifting from therapy to diagnostics because great treatment starts with great answers. Allow me to introduce our TRUFORMA point-of-care diagnostic platform. Designed for the clinic setting, the TRUFORMA system lets veterinary teams do more in less time, streamlining workflow while strengthening the bond between veterinarian, patient and pet parent. What makes it truly stand apart is its unique bulk acoustic wave sensing technology. Instead of watching for a color change or relying on light transmission for detection, it measures the mass of the analyte, delivering reference lab accuracy on biomarkers that simply aren't available on any other countertop analyzer. With each new assay from core endocrine tests to industry-leading biomarkers, TRUFORMA is diagnostic power grows, delivering same visit answers instead of days long waits. We're here to educate, engage and empower you with the tools that move veterinary medicine forward. Thank you for believing in our vision and for your continued support of Zomedica. Let's dive in.

At Zomedica, our mission is guided by what we call our 5 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 veterinarians' 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. Speaking of growth, let's now review how assay sales have climbed year-over-year, how that momentum has powered device placements. In this segment, we'll explore how listening to veterinarian feedback and steadily expanding our assay menu from 2021 through our 2025 projections has powered sustained sales momentum and added more value to the same device. Initially, in 2021, sales were modest following our initial launch. In 2022, we listened closely to practitioner feedback and added ACTH and thyroid panels, empowering clinics with new capabilities and sparking a clear lift in revenue. Then in 2023, we rolled out metabolic panels and specialized biomarkers, unleashing deeper diagnostic power and driving even stronger momentum. By 2024, field-driven updates, cardiac markers, progesterone assays and equine-specific tests propelled us to our best performance yet. Most recently, in 2025, we're on track to meet our projections with the addition of insulin testing, extending the platform's reach and sustaining that upward trajectory. At every step, our partnership with clinicians has shaped our road map, delivering continuous value and powering consistent sales growth. In this next segment, we'll take a look at how our business has grown over time, both in the number of devices placed and the expanding use of the platform. We started with modest initial placements as early adopters brought the platform into their clinics and began integrating it into daily workflows. As more veterinarians recognize the value and reliability of the system, adoption steadily accelerated year after year, but device placements were only part of the story. With each new placement, utilization continued to rise as more assays were introduced and customers began running a broader range of tests directly from the same platform. Each additional assay offered new diagnostic capabilities allowing clinics to expand how they use the system, increasing test volumes, improving workflows and generating even greater value from each device. This combination of consistent device placements and expanding menu utilization has fueled sustained growth year after year. Looking ahead, we are currently on track to meet our 2025 projections, as adoption and utilization continue to expand across the growing installed base.

Hi. My name is Mike Mockler, Senior Product Manager for the TRUFORMA Diagnostic platform. I have been in the veterinary industry for over 20 years. I've seen it go through a lot of changes in that time. What drew me to Zomedica as a company as they have and continue to pursue unique practical technologies that empower veterinarians at the point of care, allowing them to better leverage their expertise in caring for our beloved pets. The TRUFORMA platform is a great example of this. It allows veterinarians and their staff to do more with less time, improving diagnostic workflow, patient care and client relationships.

Before we recover our technology, let's review what options existed before the TRUFORMA platform. These are some of the examples of the most common detection methods. The first one, fluorescent as well as colorimetric not depicted here are both examples that will appear in-clinic devices. Fluorescence and colorimetric are the most common for in-clinic devices because they are smaller, cheaper and safer than the alternatives, both rely on optical detection and deliver significantly lower performance than the other two depicted here, chemiluminescence and radioimmunoassay. Both of these are only found in reference labs and -- because they are large and in the case of radioimmunoassays include hazardous materials. At the heart of the TRUFORMA platform is Qorvo's patented functionalized bulk acoustic wave, or BAW sensor technology. BAW technology is extremely reliable and precise and has been well tested in applications across industries such as telecommunications and aerospace. Functionalized bulk acoustic wave sensors consists of multiple resonators, each composed of piezoelectric material subjected to an electrical field. The resonators can be coated with biological detection reagents such as antibodies for immunoassay testing. Whereas most current enzyme-based immunoassays use optical sensors to detect generation of luminescence or color change, bulk acoustic wave biosensors used as part of the TRUFORMA assays can determine the mass of the analyte that accumulates on the sensor surface by measuring the resulting frequency shift in resonance proportional to the mass accumulated on the sensor. This allows us to provide accurate, reliable results at the point-of-care for various biomarkers, including some that are unique in the industry. While the use of bulk acoustic wave as a method of detection is new and unique, we are still using traditional immunoassay techniques to isolate the analyte of interest from the blood sample. These same techniques are used in much larger devices in reference laboratories, but we do it in a microfluidic scale. All of the chemistry takes place in a single-use cartridge that houses the bulk acoustic wave chip specific for the test it is labeled for. Since the cartridges are self-contained, all the calibration and quality control takes place during the manufacturing of the cartridges, eliminating any calibration work on the device by the end user that other in-clinic platforms do require. [Presentation]

What this means on a practical level is Zomedica has adapted proven bulk acoustic wave technology to measure the mass of blood-derived analytes at the molecular level in order to provide precise, accurate and repeatable reference lab quality results in a compact, easy-to-use format at the point-of-care that is not susceptible to the shortcomings of current in-house detection methods such as fluorescence or colorimetric. Over the past few years, our R&D team has been working hard to further develop the TRUFORMA platform. From device optimizations to improvements to user experience and our cloud service, My Zomedica, where all test data and veterinary resources are stored to our ever-growing menu of tests. Our test menu has more than doubled in the past 2 years with more assays still in development. Our canine assays cover the most common endocrine functions like adrenal and thyroid as well as gastrointestinal and 2 new categories of cardiology and reproduction. Our canine line also features 4 tests that can't be found on any other in-clinic diagnostic system. Our canine cortisol assay is our most popular assay. It helps with the diagnosis of Cushing's and Addison's disease, 2 of the most common canine endocrine disorders. The diagnostic process for Cushing's often involves a dog being left at the clinic all day for multiple blood draws. Having the TRUFORMA cortisol in clinic allows the veterinarian to test that blood as soon as it is drawn and have a diagnosis when the pet owner comes to pick up their pet, so treatment can begin the same day rather than delaying while they wait for results to come back from a reference lab, which could take up to 3 days. We currently have 2 feline assays, one of which is another that is unique to the TRUFORMA platform. Thanks to our bulk acoustic wave technology, TRUFORMA's feline optimized TSH is the most sensitive feline TSH in the world. No other system, whether in clinic or out of reference lab can detect TSH levels as low as we can on a TRUFORMA. Dr. Mark Peterson, a board-certified internal medicine specialists performed an independent peer-reviewed evaluation of this assay and concluded that it can be considered as a first-line screening test to assess thyroid function in cats. This is over the existing TSH assay that can be found at reference labs, and we're looking forward to adding more feline assays in the near future.

The TRUFORMA platform is no longer just for small animal. We are now building a suite of equine assays. We currently have 3 equine assays with more on the way. Of these 3 assays, 2 are unique to point-of-care diagnostics. These are endogenous ACTH and equine cortisol. Endogenous ACTH is the primary marker used in the diagnosis and management of PPID, a debilitating adrenal disease impacting 20% of horses over 15 years of age, meaning PPID could affect over 1.7 million horses worldwide. Until now, equine veterinarians had to send blood samples out via mail to one of a few labs in the country that will run it. It also requires special handling procedures, which risk sample degradation and could take 3 to 5 days to receive results. We now also offer an insulin test, which is typically run at the same time as ACTH since the symptoms of PPID can be made much worse if the horse has insulin dysregulation as well, a condition which has been on the rise, particularly in the U.S. Now both of these highly valued tests can be run at the point-of-care in minutes. In addition to diagnosis, endogenous ACTH and insulin are used to monitor PPID and insulin dysregulation independently and will need to be run multiple times per year on the same horse to ensure optimal treatment of these diseases.

Equine cortisol is another assay that has never been available at the point of care for equine veterinarians. This test is used when caring for sick foal horse and hours count when they're that young. Before now, equine vets did not have the option that could provide them results quick enough to matter.

TRUFORMA works through a bulk acoustic wave technology or BAW technology. And so when we first set out to develop this new point-of-care immunodiagnostic device, what we realized is that most of these point-of-care immunoassay devices that exist use the same chemistry. And the chemistry that's used, it's an immunoassay chemistry has been used for decades and it works very well, where some of the limitations that we saw in the technologies that were already out there were really in the sensors that were used to detect the changes happening during that chemistry. And so that's when Zomedica decided to use a different kind of sensor. So instead of using an optical sensor like most of the other technologies, we set out to use this bulk acoustic wave technology. Now the way bulk acoustic wave technology works is the sensor that we use is actually a resonator. And so that resonator, it resonates at a specific frequency and when mass accumulates on the surface of the sensor, we get a shift in resident frequency. And that's what we're meaning in the TRUFORMA device. So we're not using any sort of optical detection and optical detection usually requires a lot of maintenance. It has to be recalibrated if the device is moved. It's very sensitive to environmental changes. The bulk acoustic wave technology that we use, a kind of sensor that we use in the TRUFORMA device is very robust. So this is the kind of sensor that's used in mobile phones, it's used in aerospace, and that's why we were drawn to it. It's used, it's meant to be a very robust sensor and therefore, it's ideal for a point-of-care technology like TRUFORMA. So in addition to some of the advantages I already mentioned about the BAW sensors, so the robustness of the sensor, there's other advantages where these are very, very sensitive sensors, so they allow us to measure to very, very low levels, and that's important for some of our assays, especially like our feline TSH assay, as well as our ACTH assay, where we need to be able to measure very small amounts of an analyte in a sample. But even beyond the bulk acoustic wave sensor, just the assay development process that we use at Zomedica really ensures the reliability of our test results. So many assays, immunoassays that are out there in the veterinary space, were actually developed for use with human samples. And then after the development process, they were validated for use with veterinary samples as well. So Zomedica is an animal health company. So from the very beginning, when we start our assay development process, we're optimizing our assays for performance with veterinary samples. So from the feasibility stage of development, we're using the samples where the test is actually going to be run by our customers. And that really ensures that when we optimize and we develop the assay that we get the highest level of performance for our customers, which is the veterinary clinic. So at the end of 2023, Zomedica acquired Qorvo Biotechnologies. So before that, Qorvo Biotechnologies was part of Qorvo, and we relied on Qorvo to devote resources to our development efforts. And so if we want to develop a new assay, we had to make sure we could get the resources from Qorvo to kind of complete those development efforts. After the acquisition of Qorvo Biotechnologies, we were in control of development. So at this point, it's up to us to decide when and how quickly we want to develop assays. And that's really changed a lot for us. It's given us the ability to develop assays much more quickly and at the speed like I said, that we want to do. And so in -- at the end of 2023, we were able to release 3 new assays, cPL, so canine pancreatic lipase, cobalamin and folate. And cobalamin-folate is actually one single cartridge. That was the first multiplex assay that we released. And then in 2024, we released 4 assays, the equine cortisol assay, the equine insulin assay, canine NT-proBNP and canine progesterone. And so it's really through that Qorvo Biotechnologies acquisition that allowed us to kind of speed up the rate of assay development.

So at Zomedica, our mission is to advance the effectiveness of veterinary practices. And so for TRUFORMA, what that means is that we want to continue to add more assays to the product line, making the device more efficient and more useful to the practice, but also we want to make improvements to the current assays. And so we listen to our customers, and we respond to their feedback. And so this year, we have 2 different things that we've done. The first one is we've launched a next-generation equine ACTH assay. What this assay does, in addition to measuring the full-length ACTH molecule for the first time, practitioners can now measure the full-length ACTH molecule, and a proteolytic cleavage product of that molecule called CLIP. And it gets both of those -- it gets a value for both ACTH and CLIP as well as a combined value. Now that combined value is what is measured by the reference lab. So they can use that to diagnose the animal. But now for the very first time, the practitioner has these individual levels for ACTH and CLIP, and we can start to understand how these individual molecules might be playing a role in PPID. PPID is a very complex disease, and it's really not that well understood at this point. So giving practitioners this additional tool for the first time is really going to help to advance not only the diagnosis of the disease, but monitoring of this disease and may, in the future, help us have different treatment options for PPID. So another place that we have made an enhancement this year is with the equine insulin assay. So when we first launched this assay, which was in 2024, want some feedback that we started to receive from some of our customers was that they wanted to be able to measure even higher levels of insulin. And so recently, we put out a new assay, we extended the dynamic range of the original equine insulin assay that we launched. And we also added the ability to do an automated dilution protocol on the device. So the user can now just push a button and the device will dilute the sample for them and measure the insulin levels. Now this allows them to measure much higher levels of insulin than they've ever been able to do before. And so with this automated dilution, this is the highest dynamic range that any assay can do for insulin at the point-of-care or at the reference lab without a manual dilution. So this is really expanding their ability to measure insulin levels in equine samples.

Well, TRUFORMA targets a multibillion-dollar industry of diagnostics where in-clinic solutions are becoming more and more necessary for modern veterinary practices. As more options come to market, veterinarians have grown to accept some performance compromises when compared to reference labs for the convenience of in-clinic diagnostics. At Zomedica, we are subverting that assumption by offering the convenience of in-clinic testing without compromise, providing reference lab accuracy and quality, while at the same time introducing assays that no other platform can offer. This uncompromised approach to in-clinic diagnostics makes TRUFORMA platform well positioned to capture a substantial share of a growing market. At Zomedica, we are focused on seeing how new technologies can be adopted to both improve outcomes for patients and veterinary workflows with its unique patented bulk acoustic wave technology or BAW, the TRUFORMA platform represents a key component of our long-term strategy to redefine veterinary diagnostics. By expanding the platform's test menu and leveraging partnerships with veterinary clinics and distributors, we aim to establish the TRUFORMA platform as the gold standard for point-of-care veterinary diagnostics. Since its launch, we've focused on 2 major areas: assay offering; and device optimizations. We made great strides, particularly in the last 18 months, doubling our assay offering and expanding into the equine market. For the device, we prioritized elements that simplify workflows and enhance software to ensure ease of use and hardware upgrades to improve performance. Our latest developments include better WiFi coverage, improve cartridge designs and a UX experience to give veterinarians more control and obtain results with minimal training. Well, we're still in rapid growth mode. So our R&D teams will continue to focus on expanding our test offering, and bringing new diagnostic options to the market while enhancing TRUFORMA's clinical impact. We will continue to look for unique assays and underserved areas, such as our assay for diagnosing PPID in horses, which is now one of our fastest-growing assays. PPID can be debilitating, if it's not discovered in time. And with early diagnosis and treatment, it's very manageable. Nearly 1/3 of horses over the age of 15 are affected by PPID. By exploring the unmet needs of our veterinary customers, we seek to make TRUFORMA a must-have tool for all veterinary practices. Meanwhile, our technology teams are busy looking at leveraging innovations in AI and data analytics to provide smarter tools and more precise diagnostics. We want to support the platform of smart tools that help increase the speed and confidence of veterinarians with their diagnostic interpretations and decisions to ultimately improve outcomes for our pets and owner satisfaction. And of course, our sales and marketing team will be looking at ways to scale distribution, putting more TRUFORMA devices and more veterinary clinics, both domestically and internationally. We believe that our unique technology and test offerings, the TRUFORMA platform will be an invaluable tool for practitioners around the world now and into the future.

Now let's visit our operations in Plymouth, Minnesota, where the TRUFORMA assays are made.

There are many steps to produce a cartridge. At the beginning of our process, we're functionalizing the BAW die so that we can attach the biology to the biosensor. This is done through a series of batch processing steps, which include O2 plasma clean, silanization, reagents spotting and contact angle testing. The platform is universal across all of our tests, but the specific biology that's used changes depending on what's being tested. Once the BAW die coating is complete, we move on to the assembly of the cartridge. We have a fully automated system that consists of 4 work cells. After running through all 4 cells, quality control, calibration and release testing takes place. This accomplishes 2 tasks. First, it generates the lot-specific calibration parameters. And secondly, it guarantees the performance of the lot. This lot QC data is written to an RFID tag on the cartridge that is valid for the shelf life of that cartridge. The TRUFORMA cartridge brings clinical lab performance to the vets office. The tests are easy to run for all but one of our tests, the user simply adds sample to the cartridge, insert it into the instrument and head start. Many other technologies out there require sample dilution and mixing steps which if done improperly, can lead to a erroneous result. After inserting the cartridge, the instrument automatically recognizes the test type, exploration data and calibration information, delivering high-quality, dependable results. When comparing our test to other similar tests such as lateral flow tests, we find that TRUFORMA gives a true quantitative result and more closely matches a reference lab. Another advantage is the quick result and treatment turnaround time. Depending on the assay, our test range from 14 to 20 minutes and are run in-clinic, giving the veterinarian the ability to diagnose and treat in the same visit. Our device is calibrated at time of manufacture and doesn't need additional calibration because our BAW sensor technology is a mass detector and is not susceptible to any significant long-term drift. Every lot of cartridges that is built goes through its own calibration and that calibration is embedded into the RFID tag to report the response. As you can imagine, moving from a manual line to an automated line hugely improves manufacturing consistency, which in turn leads to higher quality output. This line gives us more capacity so that we can continue to grow with additional shifts as well as the cost reduction as we scale. This also gives us the flexibility to provide a wider product menu for our customers.

Next, let's hear from our professional services veterinarians as they share their firsthand experience with a TRUFORMA platform.

No, it's not. When we are first doing an install of the device, it takes approximately 30 to 45 minutes to install it and to properly train everyone of how to use the device in the My Zomedica website that goes along with it. But once that's done, it takes less than 10 minutes, 5 to 10 minutes to train someone else how to actually run a cartridge or an assay on the device. I would say the most -- 2 of the most common would be hyper and hypoadrenocorticism, which is also known as Cushing's disease and Addison's disease, and we're going to be testing for those in dogs. Other diseases would be hyperthyroid and hypothyroid. And hyperthyroid we'd be testing for in cats and hypothyroid we'd be testing for in dogs. Thirdly, I would say, would be pancreatitis, and that's where we would be using the cPL test. I would say for canine, it's going to be cortisol by far. And the reason why is because you can do your ACTH stimulation test and your low-dose dex suppression test in-house versus having to keep the pet there all day and then send the blood work to a lab and wait at least 24 hours to get an answer. You can actually diagnose Cushing's or Addison's disease at point of care that day in the hospital and get them started on their medications right away. In cats, it's going to be hyperthyroid. We -- the TRUFORMA device has the only feline optimized TSH test and that is vital for being able to accurately diagnose hyperthyroidism, at point of care. Our newest assays are both canine and the first one is NT-proBNP and the second is progesterone. And what we wanted to is expand our menu of tests to include new indications and new diseases. And by getting into cardiac and reproductive, we can expand our customer bases.

In my experience as a practicing equine veterinarian, I often found that equine vets didn't get as much attention from the major diagnostic companies as what the small animal cohorts did. I think it's great that at Zomedica we're able to directly address the equine market for diagnostics and provide some very useful tests that aren't available through any other avenue at the point of care. The TRUFORMA equine tests that are available are unique in that they're -- oftentimes, they're the first of their kind to be offered at the point of care. So the equine veterinarian is now able to offer those tests in a very timely manner and get to truly reference lab quality accuracy from those tests. The overall experience with using TRUFORMA in a clinical setting is great for both the veterinarian and the horse owner. For one, allows diagnostic results to be available all in one visit and therefore, diagnostic decisions to be made or treatment decisions to be made immediately and acted upon, whereas prior to point-of-care availability, we would have to wait several days for results and then either have the owner come back or make another visit to the farm to carry out the treatment plan. The endogenous ACTH test is a very common test for equine veterinarians to run. It is the diagnostic test of choice for pituitary pars intermedia dysfunction, or PPID, which is the most common endocrine disease of horses. And having this available at point of care is truly a first and just speeds the diagnostic and treatment protocols for veterinarians and lets -- owners are always happy when they can get answers on the same day. So it's a huge win for veterinary medicine, the equine veterinary medicine. One aspect of the TRUFORMA equine test that I'm really proud of is the fact that we're actually advancing the knowledge of the profession about some of the diseases of PPID, in particular, with the advent of our multiplexed is that measures full-length ACTH and corticotropin-like intermediate peptide. So that's a revolutionary thing for equine medicine and is really going to change the way that we approach PPID diagnosis in my opinion.

Thank you for watching today's webinar, learning more about TRUFORMA's innovative technology and how it's transforming veterinary diagnostics. We're now moving into the live Q&A with the team. If you have a question, feel free to drop it in the chat box now. We're here to help. And if anything comes to mind later or if you want to speak with someone directly, you can always reach us at the phone number or e-mail address you see on your screen. Let's jump in.

Thank you very much for joining us this afternoon. This is Larry Heaton. We certainly appreciate your interest and your support of Zomedica and are happy to take questions that you submit via the Q&A tab at the bottom of your screen. So we have a number of questions, and let's dig into. So the first one is which new assays as opposed to assay enhancements, do you expect to release the rest of this year. Ashley, do you want to take that one?

Sure. So we have 4 additional assays that we're targeting to release this year. So we have working on a feline cobalamin folate assay. We also have a multiplex equine ACTH insulin assay that's under development. We have an equine progesterone assay. So you can see we're targeting kind of this equine space. And we're also working on an equine SAA assay. So all of those are targeted for release this year.

And I think a couple of those are slated for the third quarter, which starts Tuesday. But not to be released on Tuesday, I know it's some time in the third quarter. And then a couple -- the other couple by the time that we get to the equine show at the end of the year. Great. When do you expect VetGuardian to be available in equine? Is that still a 2025 launch? Wait, this is a TRUFORMA webinar. No, just kidding. The VetGuardian, right now, we are in the midst of finalizing a pretty significant enhancement to the VetGuardian system for small animals, which we expect to launch at some point in the third quarter. Following that, then we'll take that enhanced version and apply it to the equine market. We've done a lot of thinking about that. We have some insight into how we will do it. And our goal, as I mentioned on our last call, would be to have that so that we could launch it at the big equine vet meeting, which is the American Academy of Equine Practitioners, which is held in December of this year. So revenue impact realistically from VetGuardian equine would be next year, maybe a little bit at the end of the year if we hit that deadline. But the key is we get the enhancements to the current system done first. Let's see. When do you expect to see results from the corporate accounts director position? It doesn't appear that we were in any corporate systems for any of our products. So the latter part of that statement isn't exactly correct. We have our products in many, many, many corporate accounts. Mars accounts and VA accounts, MVP accounts, SVP accounts. About 40% of vets are now part of corporate groups. And so when you look at it from that perspective, we do individual selling into accounts. And in some cases, we're on their approved list of things that can be bought. In other cases, it has to go up through the channels. Our goal is certainly in bringing on a head of corporate accounts is to get our products to be preferred by these corporate groups. Now we hired our Director in March of this year, so about 3 months ago. She's certainly come up to speed on our products. And we're actually -- she's been leveraging her contacts to establish new relationships on the behalf of Zomedica. We're seeing that. We expect to see some substantial results from that as we move forward. Corporate accounts range from Mars, which has thousands of accounts in 3 different groups, Banfield, for example, BluePearl or all Mars accounts. So that's the granddaddy of them all, if you will. And there's also groups of 20 or 30 accounts that have come together and represent a corporate account. As you might imagine, we'll have her set the stage, if you will, with the smaller groups. And ultimately, we expect to get into all the groups. But that's a forward-looking statement for sure. At this point, TRUVIEW has been in development for 2 years. When do you feel that this product will get off the ground? So we made the decision when we first launched TRUVIEW, we made the decision given the landscape, the competitive landscape out there that it was necessary for us to develop AI functionality for full launch. Otherwise, we didn't have something that customers that are looking for this kind of system would really want and something that the competitor has. They don't have everything that TRUVIEW has, but they do have AI. And that's important to the veterinarians. So we made the decision to wait until we have the AI. As I've mentioned, we've been working on that, I mentioned on the last call. We're just literally in the final weeks of finalizing that AI functionality and expect to launch and do a full launch of TRUVIEW in the third quarter, which starts next Tuesday. But we're literally weeks away from getting that out there and not just in the U.S., but also in the EU. What are the top 2 hurdles your sales teams are experiencing when trying to get more users of TRUFORMA and more assay utilization? Good question. So I would say that the hurdles are, number one, lack of awareness of the availability of these assays at the point of care. And number two, access to the veterinarians to make them aware that we have these assays available at the point of care. And that really accounts for many of the investments we've made in the commercial side of the business, which if you've been looking at our SG&A, you know have been substantial. It's why we invest in marketing to build a brand for Zomedica, build a brand for TRUFORMA. We do a lot of campaigns to generate leads. Those leads then give us access. It's why we invest heavily in trade shows because vets when they're out of their -- vets are super busy. All do you have pets, I'm sure. It's not -- it's a pretty busy market right now. And so when you get the vet at a trade show, then they're there to look at your products, to listen to the key opinion leaders making presentations. And in many cases, they're bringing their checkbooks. But even if they don't have their checkbook, this is when they're really giving you some consideration. So that's why we go to so many trade shows. It's also why it was important that we deploy a field sales force, boots on the ground, so to speak, because even though it might be difficult to get in, it might take 2 or 3 attempts to be able to get the attention of the veterinarian. The juice is worth the squeeze at the end. And so I would say those would be the major hurdles. As far as the products go, vets like them. For international sales, when should we expect to see sales in the Middle East and also Europe because you got the CE marks and so on? So we've been seeing sales in the Middle East. We -- the Middle East is primarily equine market. They not -- well, first of all, it's hard to generalize about the Middle East. Saudi Arabia, the UAE are quite different from Egypt, which is different from Qatar and so on. So hard to make generalizations. But one of them that you can make pretty well is that it's -- they don't hesitate to invest in care for horses, for sure, camels, hunting falcons. And all these are markets for PulseVet, also for Assisi, and we do a fair amount of business there today and we expect that to continue. Not so much for dogs and cats. They don't spend -- they're not nearly as humanized as they are in the U.S., but we continue to offer the products. And I think in certain cases, we'll see some results in the Middle East. In the EU, we have a growing business. We're all over the EU for equine. We sell a lot of PulseVet for equine. We've started selling PulseVet for small animal, Assisi for small animal and the EquiLOOP for horses. We also have the VetGuardian in the Middle East. And very, very, very shortly, we'll have TRUFORMA -- I said Middle East. We have VetGuardian in Europe and very, very, very shortly, we'll also have TRUFORMA in the EU. TRUFORMA took a little bit longer because we had to make sure that the partner that we chose would have the ability to receive, maintain and ship the product in a refrigerated state. And so stay tuned for an announcement on that. Let me say it that way. Could you please provide an updated guidance at what annual revenue the company is expected to breakeven? We need growth to do that. And you want to make sure you do it before you don't have any money. I paraphrase that question. So regarding the part of that question, which is -- which is at current expenses. And the way it said is you need growth of a certain level to -- at current expenses to breakeven by end of '27. And while that's -- while that I wouldn't dispute that, realistically, our current expenses are not reflective of the future expenses that we'll have. As you know, we've been bringing expenses down. We have the last 2 or 3 or 4 quarters where expenses are down in an absolute sense. We expect to continue that. And the reason that we're able to do that is that we've completed a number of projects that consumed cash and consumed not just OpEx but also CapEx. The infrastructure investments in Atlanta, where we do most of our manufacturing and distribution have been completed. We spent a lot in terms of infrastructure in Minnesota outside of Minneapolis. We had a lot of OpEx associated with sort of picking up where Qorvo Biotech left off and we picked that up. We invested heavily in that. We spent that automated assembly line that you saw some snippets of. That was about a $6 million total project. That was CapEx, but now it shows up in OpEx in terms of depreciation of the equipment. And just a lot of things that we had to address once we bought Qorvo Biotech. In addition, R&D expenses, which have been quite heavy, are expected to come down. They're already coming down, and we expect them to come down further. And the reason for that is that our TRUVIEW AI development, which has been a consumer of expense, essentially done. The VetGuardian project, which we've invested heavily in, is nearing completion. I would say, weeks on the first one and maybe a couple of months on the second one. And also TRUFORMA assay development hits a normal cadence. So when you take all of that into account, along with some really prudent, rigorous financial discipline in terms of spending, we expect our expense structure to be substantially reduced as we move forward. Having said that, somewhere between $50 million and $60 million, maybe call it, $55 million in revenue will get us to cash flow breakeven. That's different than profitable according to GAAP. When you're looking at stated reported profitability according to GAAP, which is, of course, where we're headed, and that's our goal, that also takes into account noncash expenses like depreciation, like amortization, like stock option expense and things like that. We will get to cash flow breakeven, call it, around $55 million in revenue on a cash basis and then probably in, let me say, short order, but short is a relative term. Following that, we would get to GAAP profitability. Can you touch on the competition? IDEXX clearly has a very successful suite of in-clinic analyzers and is a behemoth. I don't know if I pronounced that correctly, but they're big in the space. What can TRUFORMA do that their suite of analyzers can't? Ashley, do you want to take that one?

Sure. So yes, you're correct. IDEXX does have quite a big suite of analyzers. So in the immunoassay space, which is what TRUFORMA does, they have both the catalyst can perform some immunoassays and they also have some SNAP assays. So those are lateral flow assays, so semi-quantitative assays, but point of care. But even with those things, they can't do everything that TRUFORMA can do. So all of the equine assays that we have, they can't do any of those. They can't do our equine ACTH, and obviously, they can't measure CLIP, which we do as well. They can't do equine insulin. They can't do equine cortisol. And then in the small animal space, the IDEXX suite cannot do Free T4. They do not have a feline optimized TSH assay. They can't do canine ACTH, and they can't do canine cobalamin folate. So we have quite a few assays that you really can't do with the IDEXX suite at the point of care.

Thanks, Ashley. Does Zomedica still have the VCA hospitals? So that -- we still have the same penetration of VCA hospitals or the same ability to sell to VCA hospitals that we have had historically. Nothing has changed in that regard. We never had a contract with VCA. It just -- we got put on a list of products that it was okay for the VCA hospitals to purchase without going through a lot of rigmarole, and that has not changed. Any plans to license the bulk acoustic wave technology to human diagnostics? So the bulk acoustic wave technology is owned by Qorvo Inc. or corporation or however -- whatever their exact title is. And so broadly speaking, human diagnostics, the bulk acoustic wave sensor, it would be a decision for them to make, broadly speaking. But if we're talking about the TRUFORMA system, in particular, our system that we have today, the exact same system is also branded the Omnia system and was developed by Qorvo Biotech, ultimately got FDA emergency use authorization for use -- for COVID, but never launched. And it's one of the reasons why -- I assume one of the reasons why QBT was sold to us. When we acquired it, QBT, we acquired all of it. And so we have the ability to license it or to sell it, manufacture it for someone, do whatever. Of course, we would do that in close cooperation with Qorvo. And we do expect that in the future, we will monetize the capabilities of the system for human use, but with the disclaimer that I gave. When does the next insider buying window open? It would be nice to see at least 10% insider ownership of the shares out. Whoever is doing that with the questions, if you would stop, I'd appreciate it. It's [ generating ] all over the place. Thank you for the handful of insiders who purchased shares at the market last time to show confidence in the company. Yes, you've seen a lot of insider buying. I won't comment on that other than for my own self personally, I certainly believe in the company, and I'm investing my money, I guess, putting where my mouth is, if you will, but also, I expect to be -- to see significant returns in that. And I would assume that that's the reason why all the directors and other people in the company. And I would say that while those of us who are "named executive officers or who are directors" are required to fill out and submit certain forms to show that we've made purchases, that does not apply to all of our employees. And so there's a lot more people at Zomedica that have purchased shares than -- that you would see from the SEC filings because not everyone is required to follow that. But as far as the insider buying window, it closed essentially 2 weeks ago. It closes 2 weeks before the end of the quarter, and it opens 2 weeks after the release of earnings. Earnings release for this quarter should be mid-August. And so I said 2 weeks -- 2 days after the release of earnings. So if earnings were released, say, on August 15, don't hold me at that date. I'd have to check with the finance to see exactly when we're going to release. But 2 days after that, we give the market a chance to go out and do what they're going to do without us having the opportunity to purchase and then we're able to purchase. And I would say I'm not sure what our insider ownership is, but I'd agree with you. I'd love it if we own 10% of the shares. You've made some good acquisitions. However, does Zomedica leadership own the state of current share price? Well, I agree. We've made some good acquisitions. And yes, we own it. We're not happy about it. We're frustrated by it. There are some things that we could have done in the past, if we had support for certain initiatives, but we did not. And so we are where we are and we certainly own it. Our goal overall -- our overarching goal, the reason that we're building a company and increasing revenue and producing high margins and so on and so forth, the reason we're doing that is to build value in the company, to build shareholder value, and we're all shareholders. And so there is no one else to own it. It's us. We're limited in specific steps that we can take and certain steps that we could take that would be, I think, represent a significant move forward require shareholder approval. Our expectation is that we need to earn that approval. And the way that we're going about doing that is executing our plans, increasing revenue, producing high margins and continuing to drive growth of the company, get to cash flow breakeven, get to profitability, and then we'll revisit. Can you speak a little bit on how the partnership with VETIGEL is going? Do you see that relationship staying the same as a general revenue boost? Or is there a potential for more involvement with that product? I think it's -- the partnership is going very well. The -- in terms of more involvement with the product, the company, Cresilon is commercializing that on the human side. It's the same exact product it's just called TRAUMAGEL over there. Here, it's called VETIGEL, and they're marketing it for trauma, use of trauma. So I'm not quite sure what else we would do in terms of with that product. One thing that we do expect to do is to introduce that to our distributors internationally in the future. But for now, it's giving us revenue, but also, it's giving us access. And remember earlier, I talked about access to the vets. It's not necessarily access to the office of the vet. Anybody can walk into a vet office. But when you talk to the gatekeepers, they're going to try and protect the vet as much as possible. So if you say, I have a new this or that, and it's something that someone else makes the decision about, then you're likely going to talk to that person and not the vet. But when it comes to a hemostatic gel that can have a significant impact on their surgeries and on their treatment of traumas and emergencies and so on, at that point, it's going to -- you're going to get to talk to the vet. So we acquired that product, both for the revenue, but also because it gives our reps another ability to access the decision-making veterinarian in the practice. Is Zomedica working to get back on the NYSE? We're definitely working towards trying to get back in a major exchange, whether it's NYSE American or the NASDAQ or I think it would be between NYSE and the NASDAQ. They each have their own requirements. And we need to get the share price up to be able to meet those requirements to get back on there, but that's definitely our goal. And I think that's it. I mean there are a couple of questions that I just can't answer, which have to do with how the quarter go and so on. We'll be releasing those earnings, as I mentioned, in a couple of weeks or a month or so. Forecast, we're not providing guidance at this point. I can't answer those. But other than that, I think that's -- that covers it. So -- and we got 2 minutes left. So anybody gets a quick question in, we'll answer it. I appreciate the suggestion that's offered. Someone said FYI only. And yes. So Bill, I appreciate your thanks. It's hard to see. When we think back about that reverse split, artificial price manipulation through reverse split, when you think back about that, right, the reverse split had it been done, it's hard to see that we would have fallen to the level that we fell with 90 million shares held by index funds that could only hold those shares if we're listed on an exchange or dumped, right? So I appreciate we own it, and I appreciate your appreciation of that. But while I certainly acknowledge that we did not get the support for the reverse split and recognize you did see it on the annual report proxy this year because we heard what you said, and we're going to work around it. We're going to work through the issues. But the things that we believed at the time, we're not -- still believe them, right? It's just you can believe something and put it aside and move forward, which is what we're doing. Okay. Thank you very much for your time, your support of Zomedica. We'll see you back here again on the next Fourth Friday at Four. And in between, we'll be issuing a full set of earnings just as we have historically. We're just not going to -- we're going to forego the call on that day, which really just focuses on the numbers in favor of this. And the first of these that we have after the release of earnings, we'll have a session on going over the earnings just as we would have done in a normal earnings call. And with that, again, I thank you for your time and your participation and your support of Zomedica. Take care.