Zomedica Corp. (ZOMDF) Earnings Call Transcript & Summary

Welcome to Zomedica's Technology Innovation Investor Webinar. 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, January 23, 2026, 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. Now let's hear from Larry Heaton, Zomedica's Chief Executive Officer.

Hello, everyone, and welcome. I'm Larry Heaton, Chief Executive Officer of Zomedica. Thanks for joining us for our Fourth Friday at Four webinar series. Whether you're a pet parent, a shareholder, a veterinary professional or simply someone who cares deeply about animal health as we do. We appreciate you being here with us. As we begin 2026, we're excited about the work ahead, advancing animal health through practical innovation, expanding the digital capabilities behind our products and continuing to build long-term value for our customers and shareholders. These webinars are where we go deeper on strategy, share how the business is evolving and explain how we're thinking about the opportunities ahead. Today's session is focused on technology and digital innovation and the role they play in driving growth, improving clinical outcomes and strengthening practice economics. The animal health industry is in the middle of a real shift. Diagnostics are advancing, connectivity is increasing, and artificial intelligence is changing how veterinary medicine is practiced. This is happening now, and it's already influencing clinical workflows and expectations. At Zomedica, we believe technology has to earn its place. It should make veterinary care more effective and more efficient while fitting naturally into how clinicians work every day. That's why we've been investing in connected devices, cloud platforms, interpretation tools and increasingly, artificial intelligence. We also believe clinical data used responsibly will be one of the most valuable assets in animal health. It enables better insights, new services and continued improvement over the life of a product. To guide us through this, I'm pleased to introduce Evan St. Peter, our Vice President of Technology Innovation. Evan will share the progress we've made, how our digital capabilities support our 5 pillars, and how we're thinking about the future. When we're done, I'll return with Evan and others for a question-and-answer period. With that, let's get started.

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. Zomedica offers a focused portfolio that helps veterinarians deliver better care through diagnostics and therapeutics. On the diagnostics side, our platforms are designed to help clinics get answers faster and make decisions with more confidence. The goal is simple: turn clinical data into clear, actionable insight for the veterinary team and a better experience for the pet parent. On the therapeutic side, our products support treatment and recovery with solutions that fit real clinic workflows from pain management and rehabilitation support to critical bleeding control. Across the portfolio, what differentiates Zomedica is that we're not just selling standalone devices. We're building product experiences where hardware, software and services work together to improve usability, drive adoption, and strengthen long-term customer value. And that brings us to today's webinar, where we'll explore how technology innovation at Zomedica is accelerating what our products can do next through connected platforms, smarter workflows, and the expanding role of data and artificial intelligence across veterinary medicine. We'll now dive into Zomedica's technology innovation story with Evan St. Peter, Vice President of Technology Innovation.

Welcome to our Investor Webinar Series. I'm Evan St. Peter, Vice President of Technology Innovation here at Zomedica. Today, I have the pleasure of presenting to you our digital technology and sharing how it is driving growth for our company. I'm looking forward to walking you through our digital transformation over the last several years and communicating how we are poised to capitalize on artificial intelligence trends to drive growth for Zomedica. Let's dive in. Before we talk about Zomedica's technology, we want to highlight several major market forces that are accelerating digital transformation across the animal health industry. These trends aren't just directional signals. They represent large expanding markets, whereas Zomedica is already building meaningful capabilities. First, let's talk about AI adoption in veterinary medicine. Research shows that investment in AI animal health is projected to rise from $1.57 billion in 2024 to nearly $7 billion in 2033, reflecting on a strong 18% compounded annual growth rate. This growth reinforces a broad industry shift towards AI-driven clinical decision support, enhanced diagnostics and more personal insights for clinicians and pet owners. In addition to AI, we're seeing an acceleration of pet tech spending. We're seeing rapid expansion in the global pet technology market. Pet parents are spending on connected devices such as wearables, remote monitoring tools and home-based health technologies. And this market is expected to increase from $7.6 billion in 2024 to over $17 billion in 2033. For Zomedica, this underscores surging demand for integrated data ecosystems that bring together in-clinic diagnostics and at home monitoring. In addition to the expansion of pet tech spending, we're seeing continued momentum in telehealth. The veterinary telehealth market is forecasted to grow from roughly $620 million in 2024 to $3.2 billion in 2034. Also, an 18% compounded annual growth rate market. This demonstrates strong long-term demand for remote care, continuous monitoring and AI-enhanced interpretation of clinical and behavioral data. All areas that are aligned with Zomedica's digital strategy. Where is the industry headed? Across diagnostics, telehealth and pet tech spending or pet tech markets, a clear pattern is merging. AI is becoming embedded in day-to-day clinical workflows, helping veterinarians interpret complex data faster and with greater confidence. Pet parents are increasingly comfortable adopting wearables and home-based monitoring, creating richer longitudinal data streams. The market is moving towards fully integrated health platforms. combining in-clinic results with at-home insights to provide a more complete picture of pet health. As these markets continue to grow, companies that can unify diagnostics, AI and continuous data collection will be the ones that define the next generation of veterinary care. This is exactly where Zomedica is investing, creating a connected ecosystem that improves clinical outcomes, strengthens the veterinarian and pet parent relationship and drives long-term customer value. Next, I'd like to talk about our accelerating digital product velocity. From the time I started here at Zomedica, digital technology has been core to the company's strategy, and I'd like to walk you through the multiyear digital transformation journey that Zomedica has been on. It's a journey that demonstrates both our accelerating product velocity and our expanding digital capabilities across the business. The time line shows consistent progress in platform development, which positions us for scalable long-term growth. In 2021, we launched the My Zomedica platform in tandem with TRUFORMA. This introduced our customer experience platform and began the formation of our cloud ecosystem. This launch included a scalable Azure IoT back end that provided real-time device connectivity. Device connectivity gave us immediate insights into our customers' utilization of our products in the field. This in-field performance data is still used today and is integral to our product and quality management system. In 2022, we expanded TRUFORMA support with [ cortisol ] interpretation guidance, and we launched our MVP e-commerce experience. As you already know, 2022 and 2023 marked periods of intense M&A growth for us. Following this growth, we needed to develop a cohesive online presence that showcase the product offerings without diluting the brand identities that we had just acquired. We launched a new online digital strategy and presence to lay a foundation for a unified multi-brand online experience. This also began to lay a foundation for our mobile app experience to complement our products. We launched the Zomedica mobile app, a digital asset for our PulseVet product and customers. App provides in-depth training videos for shock wave therapy at the touch of a button. It helps reduce the training burden for our customers and allows them to maximize revenue derived from the PulseVet device. Lastly, we rolled out our TRUVIEW digital experience, extending and enhancing interpretation-driven workflows across our product families. By 2024, we began increasing our velocity of delivery. We launched our Shopify e-commerce experience and EDI platforms, enabling direct and scalable commercial operations for our CC product line. We also delivered new clinical experiences for TRUFORMA assays and expanded or launched, I should say, over-the-air software update capabilities. Over-the-air software updates allow us to deliver continuous diagnostic improvements, without hardware changes, without having to return a device or without having to physically go into the clinic. Last year, we continued to build upon our ecosystem approach. We streamlined VetGuardian onboarding through the mobile app to make it easier for our sales team and customers to start or onboard their VetGuardian through their local network. Importantly, we delivered TRUVIEW AI integration, enabling object detection and classification of white blood cells and more and enhanced our clinical insights by making a significant step in our journey to make AI core differentiator across our portfolio. We provided our examples of steady acceleration delivery of technology solutions. Now let's take a look at how this technology supports our 5 pillars. At the center of this strategy is the pursuit of better clinical outcomes. TRUVIEW and My Zomedica are excellent examples of how we are leveraging technology to improve quality of care for our customers. By digitizing hematology and cytology slides, clinicians gain access to remote pathology support and specialist level insights regardless of their geographic location. This expands the reach of high-quality care and creates more consistency in diagnosis and treatment. As [ been on aside ], when we implement these services, we do so with the eye to the future. We strive to create reasonable components that can be expanded to other product lines. And when we created the consult service, we did so with these intentions. To have it be expanded across existing and future products. In technology speak, we strive to implement a micro service architecture and domain-driven designs. Now let's talk a little bit about pet parent satisfaction. Today's pet parents expect transparency, clarity and confidence throughout the diagnostic experience. And we believe that better diagnostic tools directly translate into stronger pet parent satisfaction and trust. To meet these expectations, we set out to redesign the traditional pill chart for complex diagnostic processes such as endocrine disorders. The pill chart is the horizontal reference graph most people recognize from their own blood work. Instead of simply indicating whether a value falls inside or outside of normal range, we developed a more intuitive, interpretation-driven approach that helps veterinarians quickly understand and communicate complex diagnostic information. Additionally, by designing every report with a pet parent in mind, we create a tangible expression of the value delivered during the clinic visit. This combination strengthens the veterinarian and pet parent relationship and reinforces the differentiated experience enabled by our diagnostic ecosystem. Our ecosystem design allows us to align with the financial realities of veterinary medicine. Utilization-based models like those in TRUVIEW enable clinics to adopt advanced diagnostic capabilities without large upfront investment over their updates and cloud-driven enhancements further increase the lifetime value of each device driving ongoing revenue at the point of care. And finally, when it comes to workflow, we're pleased to outline plans for PIMS integration. PIMS, our patient information management system is the veterinary equivalent of electronic medical records. It is a critical component of the clinic workflow and the capability our customers have been asking for. This year, we will deliver PIMS integration, for our products, enabling veterinary staff to order and run diagnostic tests within their clinic workflow and seamlessly connect those orders to our devices. This enhancement removes friction in the diagnostic process and positions our ecosystem more competitively within the hospital information landscape. While this capability has been a known gap and often the first objection raised with our sales team, we've been disciplined in our capital deployment, the successful launch VETGuardian PLUS the launching of TRUVIEW AI and our expanded TRUFORMA of test menu. The timing is right to invest in PIMS integration and build on the infrastructure we've already established and represents a scalable, high value enhancement that strengthens customer adoption and reinforces our long-term technology strategy. Now I'd like to take a moment to share how we view the role of digital technology today and the opportunity it represents for the future. We are not alone in this vision. Other companies have had similar thoughts on the positive impact technology can make in animal health. In this example, we're pulling on the thread where the humanization of pets is resulting in the extension of their life spans and thus increasing the prevalence of chronic disease and the need for chronic disease management. There's a natural synergistic fit with our TRUFORMA assays that assist with chronic disease diagnosis such as canine Cushing's, Equine PPID, canine pancreatitis and feline hyperthyroidism. The future we see is where clinical information collection starts at home, not just at the clinic, pet parent observations are captured through a mobile app. And AI, machine learning algorithm assesses the clinical information and generates a list of potential clinical suspicions for the veterinarian to consider prior to Hank even arriving at the clinic. The veterinarian agrees with one of the AI suggested clinical suspicions and orders a canine pancreatic lipase test, or CPL for short. The diagnostic test results are combined with the pet parent observations and the clinician's own exam findings. AI then generates evidence-based treatment plan recommendations based upon Hank's age, breed and clinical findings. The pet parent receives a personalized treatment for Hank on their pet health mobile application. The mobile application assist the pet parent with the reminders and progress steps for managing Hank's conditions, data related to Hank's progress and success is collected along the way. The outcome data is ingested into the AI engine, creating a closed loop system where AI is continually learning and refining pattern recognition models to improve clinical predictions. This is intended to be an example of how we view the potential for digital technology to aid veterinary medicine and the potential for it to drive long-term shareholder value. Now that you've seen our vision of the future, let's talk about how Zomedica's expanding technology center is becoming a central engine of value creation across our entire product portfolio. What you see here is not just a collection of digital experiences. It's a unified capability stack that supports customer engagement, product innovation, data intelligence and future AI expansion. Our strategy begins with a focus on the customer experience. We built a single entry point that brings veterinarians into our integrated ecosystem. This strengthens our brand affinity. The next layer is product integration. Because our devices are IoT connected and designed for interoperability, we can deliver updates, improvements and new capabilities without requiring hardware refresh cycles and are physically heavy to apply an update. Our cloud infrastructure and unified device integrations will act as an enabler for deploying PIMS integration. This allows us to scale value at the software layer, enabling practices to grow with us over time. As I alluded to in the prior slide, we see AI having significant impact on animal health, with billions of dollars forecasted to be poured in AI within the animal health industry. We have been amassing data that lays a foundation from which to build AI solutions from between our VetGuardian and monitoring streams, large sets of ultrasound and x-ray images, hundreds of thousands of hematology, cytology images and 100,000-plus TRUFORMA diagnostic results. We are creating a data foundation. This puts us in a strong position to build AI solutions that are clinically relevant, scalable and defensible. As we have learned in developing AI solutions, AI is only as good as the data it is trained on. Having a large and varied data set is critical to effectively leveraging this technology. In 2018, when I started with the company, the value of the data we plan to collect felt distant. Now the value is truly tangible. With this data architecture in place, our AI capabilities are evolving. TRUVIEW will now leverage AI object detection and classification to provide comparative white blood cell differentials and more, I personally marvel at the TRUVIEW technology. Hundreds of 4K images are acquired, uploaded and stitched back together cloud side to create a whole slide image. Whole slide images is then passed through an AI model to generate the 5-part white blood cell differential alongside future new object detection models. In addition to TRUVIEW, as mentioned, we recently improved by VetGuardian's AI, which serves a critical function for patient detection to help inform contactless vital signs monitoring. This experience in developing these capabilities is translating into skill sets that will enable us to further leverage this disruptive technology. But what's more important is where this leads, expanded diagnostic guidance, behavior insights, cross-modality intelligence and ultimately, a more predictive model of pet health. The technology center brings all this together, customer experience, integrated products, unified data foundation, AI enablement into a single, scalable platform. Rather than building one-off features we're building compound advantages that strengthen customer retention, deepen product adoption and open the door to new revenue models across the Zomedica ecosystem. Next, I want to take a page from Jim Collins book, Good to Great. Rather than thinking of our products as individual solutions, this illustrates how each component of the platform feeds into a self-reinforcing technology flywheel, one that strengthens customer engagement, lowers cost to serve and expands our strategic moat over time. At the foundation of this flywheel is our data lake house architecture, which enables near real-time feedback loops across sales, marketing and financial operations. This means our teams can react faster to changing market conditions, better understand product adoption patterns and identify momentum or friction points with significantly more precision. The next component is our e-commerce infrastructure, which now supports subscription readiness, faster product launches and direct insight into customer buying behavior. This is essential for scaling new services and digital offerings with lower overhead and higher margin potential. My Zomedica and PIMS integration serve as an operational layer that embeds our technology into daily routines of veterinary clinics. This embedded workflow is one of the strongest predictors of retention. The platform becomes a core part of how the practice operates. The final piece of the flywheel is the continual expansion of clinic data, which positions Zomedica to capitalize on the declining cost and rising performance of AI technologies. As AI capabilities follow Moore's Law, the value of our aggregated clinical data increases exponentially, supporting novel features, improved diagnostic insight and new service models that can scale globally. When you look at this flywheel as a whole, you can see how each element strengthens the next. Data drives insight, insight drives product adoption, adoption drives data and AI amplifies the entire cycle. This creates a long-term value engine that enhances customer lifetime value, accelerates reoccurring revenue opportunities and positions Zomedica for durable leadership in veterinary digital health.

Thank you for joining us today and for learning more about Zomedica's technology and digital innovation. Throughout this session, we've shared how our connected platforms, data foundation and AI-driven capabilities are shaping the future of veterinary care and supporting long-term growth across our portfolio. We'll now move into 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.

So good afternoon, and thank you all for attending. Your interest and support for Zomedica is much appreciated. We'll jump right into the Q&A. We'll just take them from the top.

First, some interest. I see in our recent announcement of our arrangement, our collaboration, our agreement with Rahm Sensor. So we have a few questions on that. For this Rahm Cell-Guardian contract, what are your expected unit volumes and revenue for 2026? What gross margin range do you expect on those units? And when do you expect the first material revenue to show up in reported financials? So unfortunately, those first 3 or 4 parts of that question are proprietary information for Rahm and not for us to disclose. So I'm going to have to wait to see their results as they are presented. I will say, however, that we expect our first revenue from this agreement to show up in our first quarter 2026 financials. Materiality, of course, is relative. So I'll leave it to you at that point to determine whether you believe that to be material, but we will see revenue in -- reported in the first quarter of 2026. Second question along the same lines is, does Rahm already have signed customers and purchase orders? Answer to that is yes. They actually have deployed units, which we manufactured earlier for them on a pilot basis to demonstrate the ability that -- and capacity that we had. So they actually have deployed these units, and Dave talked about that publicly. So no confidentiality issues there. Minimum order commitments are not included in the agreement. We'll scale with them. But we do have purchase orders from them for the current quarter. Is Zomedica the exclusive manufacturer for Cell-Guardian? Yes. And does the agreement give you a path to manufacture other Guardian products like Silver-Guardian and a couple of other ones that they have planned, if Rahm expands? Again, yes. What is your manufacturing capacity today for the product? And what would you need CapEx with hiring to scale 10x that if demand ramps. So first of all, x is a relative term. So 10x is a relative term. But I will say this, we have sufficient manufacturing capacity to build many, many units for them. Remember, these are being manufactured in our Roswell, Georgia facility. And we built that plant to be able to support manufacturing products at 5x our level of a year or so ago. So we can do about $135 million worth of products. So we have plenty of demand -- I mean, we have plenty of capacity. We would not need to hire anyone else nor would we need to invest in any additional capital expense. Yes, actually let me hold up on that. For the current product, we would not need any additional CapEx, no more capital expenditure for that, and so we not need to hire anyone. For future products, which we don't necessarily know what they look like now, we would not need to hire anyone to manufacture them. We may need to make some small purchases of capital equipment like fixtures for the assembly line, but it would not be significant. No significant expansion or expenditure would be needed. All right. So those are questions on Rahm. I think there was another one. Well, we may get to another one later. This is coming in order. So let's see. Larry, you previously stated that management was in a blackout period due to material nonpublic information. Does the Rahm announcement conclude this period? No, it's not. If you are still restricted from purchasing shares. So let me tell you that notwithstanding any other nonpublic material information that we may or may not have. Once we get within 2 weeks of the close of the quarter. So from essentially mid-December, we are locked out from then until 2 days or the second day following the release of earnings. And so we anticipate that to be early mid-March as it has been for the last several years. And so we'll be locked out, the officers and directors and so on, will be locked out until shortly after we release earnings. If we are not at that time in possession of material nonpublic information that would prevent us otherwise from doing it. I know it's a little convoluted, but it's for the protection of the shareholders. And therefore, obviously, we not only follow it, but we support it. Hello, thank you for your update. You are welcome. Thank you, Evan. And you can all tell, you have to listen pretty quick when Evan is talking, right? I mean that's -- it's good. Could you please let us know what the estimated annual revenue to break even is? I recall last high-level estimate was around $55 million. I hope quarter 4 can pull at least $9 million in revenue and breakeven can happen by 2028 at least. I think breakeven will be your biggest catalyst as of now. Okay. So I agree that breakeven should be a significant catalyst. It's certainly something that we are targeting all of our efforts on doing. We should be, as we've said before, we should be profitable by 2027. So 2028, I certainly would agree with that because we expect that at least in 2027. As far as the fourth quarter, let me just say that -- well, Mike, can you answer that because I like to say more than I'm supposed to. So can you comment on the quarter -- on quarter 4 revenue and the estimate for breakeven. I can do it, but you always want to but in anyway, so.

Yes. So as we've seen in prior years, I would say, historically, we've noted the fourth quarter has been our strongest quarter of the year for the company. Our fourth quarter performance of 2025 remains unaudited at this point. But the unaudited results would suggest that fourth quarter 2025 would continue this trend, which then by extension, would mean another record quarter and a 20th consecutive quarter of year-on-year growth on the revenue line. We're in the process of preparing the year-end 10-K and the associated external audit work that validates the reported results, is underway. And as Larry mentioned, we look forward to delving into that in more detail come mid-March. And again, as Larry stated, at an annualized revenue number of $55 million, we project ourselves to be breakeven. And again, a strong fourth quarter that will be detailed more so come March once the audit process is complete, I think, will present good progress and momentum towards that objective.

Thanks, Mike. That's a lot of words to say what I would have said, which is fourth quarter was our highest quarter ever, just as we expected. And whoever asked that question, I think you'll be pleased with our fourth quarter results. Let's see, 2 questions. Marketing progress on getting a CCS spot on any of the home shopping networks. So I'll answer that part first. I don't know. I will ask our Head of Marketing, and I'll make a note that next time around, we answer that question specifically. She has been active in the media. She's been interviewed on a couple of different news programs about a CC and Calmer Canine on both the East and the West Coast. And I know that she and I have talked about this before, I just don't recall the specifics. So if you hold up on that one, I will have her on the call next time around, and we'll answer that for you. Has the ICE Border Patrol mess in Minnesota impacted or disrupted any of the manufacturing production at the Plymouth facility? In short, no. I would imagine that it's a cause of angst for the people that live in Plymouth as it must be for all the people in Minnesota, regardless of your perspective on the situation, I'm sure no one's happy that it's occurring, but it's not affecting our production. My question is, are there any plans to continue or begin partnerships with larger companies like Amazon or -- and/or NVIDIA. So Evan, we do business with these guys, right? Do you want to talk about that?

Yes. So we do business with Amazon and Microsoft. To the benefit of our bottom line, our annual spend is well below the threshold in which we interface with them directly. So the typical pattern for these corporations is if you are a small business or medium business, you will work through one of their partners. So on a routine basis, we are engaged with one of their kind of gold or certified partners on both of those platforms.

Yes. And then, of course, besides the technology side of it, we sell a lot of the CC products on Amazon. We also sell through Walmart pet wishes and Tractor Supply and some other places. But for sure, we do a lot of revenue through Amazon for the CC products. And we expect to continue to do that and actually increase that as we move forward. Let's see. When do you anticipate the PIMS integration will be completed? Kevin?

Yes. We are actively working on the development of that integration. PIMS, the PIMS marketplace has a number of vendors out there. We will be releasing the integrations in kind of a sequential or waterfall fashion. The first integrations that we are targeting are those that hold the majority market share, and we plan to be able to complete that integration by end of our Q2 for our first PIMS.

Yes. And just from a customer standpoint, PIMS integration, it's technical, and it's -- it's interesting and so on. From a customer standpoint, what it means is that any time they're going to order a test to be run on the TRUFORMA platform, Anytime they're going to start a monitoring session with our VetGuardian wireless no-touch monitoring program. Anytime they're going to put a slide in the micro -- put some blood on a slide and stick it in the microscope the TRUVIEW microscope, which incidentally, if you have been on the call, you might not have been checking your news feeds at 401 this afternoon. We launched the TRUVIEW system. So I encourage you to take a look at that press release when we're done here. But anytime you're going to do that instead of going to the machine and entering that information into it, you would go to your own in-house system and then just say, hey, for this patient, which is all the information is already loaded in there, press a button and then up pops on the TRUFORMA, on the VetGuardian, on the TRUVIEW, on the other products that we have, both now and future, then it will be ready. They won't have to enter any information. And then once the results are there or the image is acquired or the monitoring session is completed. All of that will automatically port over to their record system, Evan described that all in great detail. But from a convenience standpoint, from a workflow standpoint, it really enhances all of the products that we have. The other thing is it allows us to pull information from the PIMS system. It allows us to pull data on the demographic of the patient and allows us to pull data on the treatment of the patient on the outcomes of the patient. And that greatly enhances our data set overall. So it's really, really significant move forward for the company and obviously for Evan. Let's see, can you speak more of the PR yesterday about the Cell-Guardian manufacturing partnership, scope and so on and so forth. So yes, so I'm happy to do that. So as you may know or you may not. The founder and CEO of Structured Monitoring Products, which we acquired to acquire the VetGuardian technology for the animal health market is the person who has subsequently -- he retained the human rights to the technology. And he is now, as you have seen, has a product for jails, prisons, whatnot, has also a product for nursing homes and people that are caring for the elderly and has other products, which I don't know how much he's disclosed. So I'm going to hold that to my best as well, but has other products that are all sort of leverage that core technology, the sensing technology. We have, of course, kept in close contact with him. We have an IP sharing agreement with Vik and his company so that as we develop IP, we have a means to make that available to him and vice versa. And so it's really a natural for us to work with his new company -- companies to manufacture the product, to warehouse it, to ship it, to handle customer service, to handle technical support, all of the above. And as long as we do a good job for his companies, which is essentially doing the same job we do for our own. Then I think we're going to have a partnership that's going to last for a long time to come. We obviously hope that he's super successful as we'll grow with him and his companies. When will we hear Q4 results for 2025? Early to mid-March. Do you see Zomedica on the NASDAQ soon? Let's interpret that to mean what's the deal with getting uplifted. Mike, do you want to take that one?

Yes, sure. Yes, absolutely. We share the desire of all of our shareholders to see the stack uplifted and available for trading on a major exchange, whether that's the NYSE, the NYSE American, which was the exchange we were previously listed on, or NASDAQ. We're diligently committed to delivering increased revenues through growth in our existing product lines, new and successful product launches. And other strategic opportunities as they present. Doing all this while reducing operating expenses, again, driving towards our goals of cash flow and breakeven and profitability. I think all that said, intended to drive stock price appreciation. I'd like to remind everyone that the only criterion for listing on any of those 3 exchanges that are listed that we currently do not meet is the initial listing price. And while listing criteria varies amongst those 3 that initial listing price ranges from $2 to $4 per share.

Okay. Do you plan on buying more shares after Q4 is released? I think that question is probably for me. So I will just give you a really short answer and that is yes, I do. As long as I'm not in the blackout period. Do you anticipate any other product lines to be manufactured, applied in the human market during 2026? So let me decline to answer that question. That's a little more forward-looking than I want to be at this point in time. We have other products that have application in the human market. We have other companies that we're talking to, but I'd rather get a little more definitive before I would make a public commitment to that. Can the auto slide prep and other unique features of TRUVIEW be licensed out to a partner on the human side? We own the TRUVIEW technology outright completely for any and all markets. So we could actually commercialize the product ourselves in the human market. Not likely that Zomedica would do that. We could license it certainly to one or more human microscopy platform companies, for sure. Will you be providing preliminary results for Q4 or waiting until official ER in March? It really comes down to, as Mike said earlier, is for this particular time period, the end of the year, there's much more extensive reporting that's done in our 10-K. And the auditors have obviously a year's worth of reports that they have to generate. So typically, there's not a lot of time between the time that they get done with their report and when we're releasing the 10-K, we do it as quickly as we can, following the audit being done. So that's why we're saying at this point early to mid-March. As soon as they're ready, we'll release it. Frankly, we -- as Mike said earlier, we're looking forward to releasing the results from the third quarter -- from the fourth quarter and from the year. I think our shareholders -- well, I'm a shareholder, I know I'm pleased, and I think others will be as well. Nathan, I'm not going to answer your question because when I say those words, let's start with an R and an S, then nothing good happens. So I'll have to -- you can reach out to me individually, but not going to go down that road today. Is Zomedica coming to Louisiana? We're in Louisiana. Well, if that means are we going to bring a -- start-up manufacturing facility there or something like that? No. Well, maybe not -- never say never, but we have no plans to do that. Are we coming to Louisiana? We're there. We have a young rep there named Justin Davis, who's doing a good job for us. We just -- in the first week of -- first full week of January, we conducted our annual meeting, our national sales meeting. We trained the folks on, gave them some additional training on the VETGuardian PLUS and the TRUVIEW AI, which we now just have launched today. And I know that Justin has had some good success with PulseVet there. He's relatively new, maybe midyear last year, but he is doing a really nice job for us. So if you have vets in Louisiana, let us know, Jdavis @zomedica.com., reach out to them if you have a vet, you want them to call on because he's based right there in Louisiana. Let's see, as revenue scales and you approach sustained profitability, how should investors think about capital allocation priorities, reinvestment into growth, M&A or returning value to shareholders? So I think all of our capital allocation is done with an eye towards maximizing shareholder value. If returning value to shareholders is a different way of asking if we're going to do a stock buyback, I would tell you that we have no plans to do a stock buyback in the near term. In terms of other investments, M&A and so on and so forth, that's really where we're focused. Although we are primarily focused on with what we have with some prudent and appropriate additions with reaching cash flow breakeven and profitability. And once we get to that point, with a substantial amount of capital on hand, then we'll look towards going beyond that. But at this point, shareholder value is clear in our mind. And as an earlier questioner said or commented, a significant catalyst, they believe would be getting to cash flow breakeven and profitability. To the extent that we bring on additional technologies, products, what have you, we would make sure that they -- that we're not consuming a lot of capital much of any capital to be able to get into those businesses, but rather leveraging our current infrastructure. As you've seen us do now with the Rahm acquisition -- or not acquisition with the Rahm agreement, and with other agreements of that type that we're working on, these are ways to leverage our existing infrastructure, the investments that we've made to date to deliver that value to shareholders. Let's see. You mentioned breakeven around $55 million annualized revenue run rate. What are the 2 or 3 specific levers that get you from breakeven to sustainable profitability, pricing, margin, software, software something or volume? Well, so I mean pretty straightforwardly, we expect to continue to drive increased revenue, and so our focus with the sales force in the United States is on that. With our retail businesses it's on that and certainly with our international expansion is on that. It's all intended to drive increased revenue. At the same time, we have committed to and have delivered on those quarters that we've reported. A reduction in operating expense from the prior year, both on an absolute dollar basis and most importantly, on a percentage of revenue basis. We continued that trend. I'll say this, Mike, you can yell at me later, but we continued that trend in the fourth quarter. And we expect to continue to certainly reduce operating expense as a percentage of revenue on an ongoing basis. And so those levers, right, number one, growth in revenue; number two, operating expense reduction margins. We're holding fast at margin levels even while we're bringing it -- somebody asked a question earlier about the Rahm business, clearly, when we're manufacturing a product for another company, we're not going to see the same margins as when we manufacture products and sell directly to the customer. But even with that, we expect margins to stay at the historic levels that you've seen, which are really attractive. So it's really all those. It's volume, it's margins and so on. This year, we're taking a little bit of a price increase as well. When you have new products, new technology, it's not nearly as easy to do as some of the big guys out there that have been on the market for 10 or 12 years or longer, much longer in some cases, and that are typically taking about 5% a year when they grow 8%. And 5% of that's price, you get a sense of it. For us, when we grow, it's almost all on increased volume. But this year, we are taking a little bit of a price increase on some of our established products. Are you looking into more human health collaborations or animal health collaborations? The answer to that is both. What should investors view as the next 2 measurable milestones that would indicate the strategy is working outside of quarterly revenue growth? Well, first of all, I think quarterly revenue, so I'm assuming you're asking for 3 then because quarterly revenue growth is a very significant indicator that the strategy is working. Maintenance of margins at historic levels would be another indicator, a reduction in OpEx as well. I think you would see that and the attainment of agreements like the one we just announced yesterday or a couple of days ago. Announcement of acquisition of additional products that don't require additional capital deployment on our part. All those, I think, might be milestones that you would have an interest in. Let's see. Now that the TRUVIEW is live and PIMS integration is targeted for end of Q2, what specific KPIs should investors watch in the next 6 to 12 months to confirm this is translating into higher revenue per clinic, attach rate. I'm not sure what is meant by attach rate, test volume or software subscription revenue. All of these are things that we measure and monitor and track internally. These are also things that we typically don't disclose at the individual product level. So I have to see. I'll work with Mike to see if there are some of those metrics that we might be able to break out as we move forward. But you can rest assured that we're keeping a very close eye on each and every one of those aspects, not just for the TRUVIEW, but each of our 6 product platforms making adjustments as appropriate. So someone mentions that this has been a journey, testing your patients. I understand, glad that you're happy with the progress we're making. I'm hoping the equine market in the Middle East has gained some traction where there's a lot of money to be made. I believe the regional equine health care sector is projected to reach $230 million. Yes. So we sell PulseVet in around 50 countries in the world. And we have a presence definitely in the Middle East, also in many other countries, in South America, not a really affluent area, but we sell a lot of PulseVet down in Brazil and Uruguay, Paraguay. And we recently -- actually, we recently got reached out to by a customer in Hong Kong, and I'm told the most affluent jockey club or whatever you call it, so we see the appeal. PulseVet has appeal worldwide and it has appeal in the United States for equine. So that business is solid. Where we really are focused is on the small animal market with PulseVet -- small animal and mixed animal market. And that's where we see significant growth. They've been at it -- PulseVet has been at it with equine sales for many years. And that's why you see some of the announcements you see about international expansion because in the U.S. if you're an equine vet in the U.S. and you do -- you take care of sports or performance horses, you do rehab on horses that are high value, you've got a PulseVet, and a lot of our revenue comes from the Trode business. In fact, the new system sales always are I won't say choppy, but those always have growth rates that can vary by quarter. For example, in the fourth quarter, that's our strongest equine PulseVet sales quarter every year. Because veterinarians bring their checkbooks, "it's all done on DocuSign and whatnot." But they all bring them to the big equine trade show of the year called AAEP, American Association of Equine Practitioners. So we sell more PulseVet in that -- from that meeting than we do in some quarters for equine. So that's all solid. Outside the U.S., we have opportunities to get further expanded into these countries. And so that's why you hear us talking about that. But a real core business of ours is the equine market in the U.S. And even when maybe we have a quarter where we're not selling as much capital, the consumable revenue, which accounts for about 70% of the total PulseVet revenue continues to grow quarter after quarter after quarter. And so that's solid. So that would be my comment on that. Then [ Matton ] has a question about how far we are on doing something similar to what we did with Rahm with respect to TRUFORMA. And again, I'm going to defer any answer to that question until the future announcement. In several terms, what is the single biggest change in how Zomedica makes money over the next few years as PIMS and AI mature? Kevin, do you want to that one?

No. Thank you, sir, on that one.

The single biggest change in how Zomedica makes money over the next few years as PIMS and AI mature, I don't -- that's a good question. I think we make more of it as they mature. I think that with PIMS, so let's take an example of a clinic today. TRUFORMA is not connected to the PIMS. And it's a relatively high-volume account, but we still get in there today because even though we don't have PIMS connectivity because TRUFORMA offers tests, assays, that the other platforms can't do, and so they have to send it out to a reference lab. But when it comes to a convenience and a workflow, it's much easier to use our devices if they are connected already to a PIMS. And so we think utilization will increase. People won't say, what, just send this one out to the lab, I don't really want to go over and punch the information in or something like that, I'm really -- I'm reaching for an answer here. So I think these are super important. Now AI on the other hand, I think that allows us to do things that will enhance the value proposition of the technology. So for example, if you take the VetGuardian and wireless monitoring. And now you introduce AI into -- AI interpretation of the video feed that it's getting. Now remember, we get a video feed, whether it's light or not, the night vision feed at night. And we also get a thermal imaging feed. And so -- is there a set of behaviors that a dog or a cat is exhibiting in the cage or in the kennel or a horse in their stall? Is there a set of behaviors that's indicative of a problem that maybe is not known at that point to the vet. And then you saw Evan, you saw his presentation about how all of this works together and how AI can amplify what we're doing. And I think that's what you see. So maybe the answer is more of it. Maybe that's the answer. Would we be interested in listing on the new Texas Stock Exchange? Interesting. I mentioned that to Mike today and said, you had to at least look into it, right? There's a couple of different things, right? There's the Texas Exchange. There's Canada, there's Europe and there's actually a new electronic exchange as well. Mike, will look into it. We'll look into it. To the extent that those are bona fide legitimate platforms that would provide value to our shareholders, we'll certainly look into it and consider it and perhaps even do it. To the extent that it's just a kind of a way to avoid doing the blocking and tackling that we need to do to really get our shareholders more liquidity and whatnot, then we're not going to do something to try and do a shortcut, but if it's credible, then we'll do it. And I'm not -- look, I don't know anything about it. So I have no idea whether it's credible or not. I'm not trying to imply that it's not in any way. Given the listing price requirement, like Mike said, it's $2 and $4 for, I think, NASDAQ, maybe even -- well, at least $4 for NASDAQ and the New York NYSE proper. What are the concrete operational milestones management believes will drive that outcome. Revenue scale, margin profile, profitability mix shift towards software. All of that is -- those are the milestones. I don't have other ones. What realistic time frame. Realistically, as long as we have 1 billion shares outstanding, $2 is a $2 billion market cap. And so there are other ways to adjust the stock price. But I think that it will be a while yet, a pretty long while before we want to go down that road, if at all. You believe our stock is undervalued? Should our press -- share price be higher at current revenues and assets, owing cash on hand? I think so personally. It's my opinion. I think that opinion is probably supported by many, many, many shareholders who are declining to sell their shares until it is valued higher. But at the end of the day, the price is set by the market. You don't need me to tell you that, you already know that. So -- but I think if you look at last reported cash was $54 million. You look at the revenue, take a multiple of that revenue and take it out, multiply that out. I think you come up with a number that's substantially higher than our current, where we are today, $0.14 or I haven't checked since I've been on the call where we closed. As Zomedica approaches cash flow breakeven, which metrics should investors focus most on over the next 12 months, revenue growth rate, gross margin expansion or recurring software penetration? Again, thanks for giving the answer in the question, right. I mean these are -- well, yes, I think operating income, EBITDA, adjusted EBITDA is probably one of the most important ones. And then beyond that GAAP profitability, these are ultimately the goal of the company to be profitable and then once we're profitable, then you can kind of schedule out what you believe the impact of that will be on the share price as you move forward. So leave it at that. Roughly what percentage of revenue today is recurring versus transactional? And how do you expect that mix to evolve? Mike, do you know offhand what the volume of the consumable revenue...

I do Larry. As of -- in our third quarter reported results for the year and so this is 2025 Q3 year-to-date. Consumables revenue was, call it, 70% to 73% of total. It depends on how you classify the revenue associated with the engineering services within our development services segment. Which would then lead capital revenue to be 27% to 30% of the total revenue for the first 9 months of '25.

Yes. And I think honestly, all these questions about metrics and whatnot. I think that's one of the most important metrics is what is our consumable revenue as a percentage of our total and what is the growth rate of that consumable revenue. Because that's the business that we're in, at the end of the day. All these razors that we're putting out there, it's because we want to sell the blades, "on razors and blades." That's, I mean, a pretty common analogy in this kind of work. And the best example of that is PulseVet, right? We sell the system for $30,000. We sell the handpiece for $2000 and yet we're generating substantial revenue, 70% of the revenue comes from the hand pieces. Same thing with TRUFORMA, I mean. And the only one where it's a little different is VetGuardian and with VetGuardian we see the recurring revenue come when they buy another one and another one. And I got to tell you this VETGuardian Plus. We were at -- so we did a national sales meeting in the first week of January. And then last week, we went to BMX, veterinary market, I don't even know what the initials stand for. I just do know it's the largest vet show in the country, and it's already over. And the response we had to VETGuardian PLUS was great. It was really good. We sold units right there on the floor. And the other thing that we talked about was we have a path to upgrade our customers -- our current customers from the existing VetGuardian to VETGuardian PLUS. And we're doing that for having them extend their commitment for our cloud service and extended warranty. And by doing that, we recapture any cash that took us to upgrade that product. And we do that, we assure that the customer is even more satisfied than they were before. And the response to that was tremendous at the show. Other distributors that distribute the product also reported very good results in terms of selling the product there. So yes. We're really pleased with that. We also -- I'll go on and on about it, wait until the results. Is management's preference to reach uplisting price organically through fundamentals rather than financial engineering? Our preference is to maximize shareholder value as rapidly as we possibly can. And also to do it in such a way that the shareholders are pleased. So we've seen what happens when we attempt to do something which I guess you could characterize as financial engineering and the shareholders are not pleased, and we'd rather not go down that road. So it would definitely take longer to do it organically, but we're here for the long haul. As we talk to customers and potential partners, we're a young company, but we have a long future ahead of us. So Justin, I got your e-mail, and I sent the information to our folks about the horse rescue. And I will circle back and see, I'm not sure if we made a donation or not. Honestly, I did not follow up on that, but I will now. I got your e-mail about the Sugar Shack Horses. We got it. I went to their website, I went to the vets, also their other websites. It seemed like a very worthy cause. As you might imagine, we're not giving money away in any significant way, but we may have made a small donation. Once we get cash flow breakeven and profitable, then we'll be able to do much more of that. So I'm happy to talk to you about that. If you want to reach out sometime maybe next week. Happy to discuss it further and see if maybe there's some sort of an in-kind donation we can make that would help them. Recovering the minimum royalty obligation for Vetagel, and if not, at what point would we cover that expense. We are not currently in a scenario where we owe them minimum royalty. So it's kind of a move point at this point. As revenue grows beyond $55 million, should investors expect meaningful operating leverage or does profitability scale more linearly. Mike, do you want that one?

Yes. So we've talked about the scale we've built into the organization. And Larry earlier referenced 5x revenue numbers, capacity in our Georgia facility. So at $55 million, that's well short of the 135 -- $135 million that Larry mentioned. Through advancements in our technological capabilities internally that Evan has helped lead. The build-out of our sales force competencies within our finance and accounting department, and really the team at large, specifically the operational teams in both Plymouth and Georgia. We expect to see significant operating leverage as we grow. And as we approach $55 million, there should be continued leverage beyond that point until we start to hit capacity constraints.

Yes. I think we're seeing it now, actually.

We absolutely are seeing it now, yes.

Yes. It certainly would include beyond that. Do you anticipate any -- I see what time it is, and I know you all didn't sign up for a marathon session here, but I'll stick with it as long as you do, but I'll go a little quicker. Maybe not as quick as Evan and his talk, but quicker. Do you anticipate any agreements this year with large vet clinics and health systems? Yes, we do. Are you looking into more human health collaborations or animal health collaborations? I think I answered that before, both. As TRUVIEW AI and PIMS rollout, can you quantify what a successful increase in revenue per clinic looks like over the next 6 to 12 months? Are we talking mid-single-digit percent, double-digit or step function increases? Let me take that question and defer it to the next call. We are looking -- I mean, TRUVIEW AI, we are now really putting -- all right, so we had TRUVIEW and we launched it in a limited way. So that we could gather images so that we could then develop the AI. Because we saw what the market wanted was an AI engine in that microscopy platform. Now we have it, and we are rolling it out in a significant way. And so we expect -- I mean we go from essentially no revenue because if it's not in an account, nothing and now revenue. And the way that we generate revenue from the TRUVIEW AI and the TRUVIEW is -- we have a minimum amount of revenue that the account must spend per month, but we -- but that's just a minimum. We charge them for the supplies. We charge them for the AI reads. We charge them for the telepathology services as well. And we expect all of those to generate substantially more than the minimum monthly revenue. So as that revenue grows, almost all that revenue will be de novo or new revenue to the company. So all that would be increasing revenue per clinic. And I think it's a little -- and I think our -- the PIMS will increase utilization of our existing products, not really able to give you a definitive percentage at this point in time. We'll work on that for the next call. Will a formal breakeven projection be included in the upcoming quarterly or year meeting? Yes, we can. I mean we believe, as we've said before, we get to in that $55 million to $60 million range, we're good. I think one of the other things that we'll be able to really have you confident in is that we have plenty of capital on hand. I know we've said that before. We don't take that lightly. We focus very intently not just at the management level, but the Board level as well on the capital that we have. That's why we've avoided doing stock buybacks and why we slowed down acquisitions that required capital. And so we believe, absolutely, we have sufficient capital. We're not cavalier about that by any means. So what you're looking for is we'd be profitable at $55 million or in that range and how much cash we have at that time. We'll do everything we can to include that in the next quarterly session. Can PulseVet be used for race camels? Yes, and it is used. That's one when they -- that's what they use it for in the Middle East. If you go to Dubai, where they have plenty of money to buy anything they want, there's 4 major hospitals One is small animals. One is camels. One is -- shoot, forget that one. And then one, interestingly, is Falcons, hunting Falcons. So one is horses. So you have one for horses, one for camels, one for small animals and one for Falcons. We're not in the Falcon one that I know of, but we're definitely in the other ones. Our upcoming events on our website is empty shows no events versus past events, we showed a great deal of events. Thanks for bringing that to my attention. We have just approved the budget for the shows for the coming year. And I think that is why they're not entered yet. They weren't yet approved. I will make a note, and we'll make sure that gets updated quickly. Appreciate it. Anything big coming in Q1 that could catapult the share price? Nice try. Let me say that. I think so. I think all of our performance will all have a positive impact on the share price. But at the end of the day, it's not for me to say, it's for shareholders, investors and potential investors to determine. So as revenue grows beyond the $55 million breakeven level should investors expect operating margins to expand materially, yes. Does management intend to reinvest most incremental gross profit back into growth? We will make appropriate investments into growth once we have reached breakeven with an eye towards ensuring that we, at any time, have sufficient capital on hand to weather any issue that we might encounter that we can -- I'm sure I'll get counseled by our counsel. There might be an issue who knows. But anyway, we will have an eye towards maintaining sufficient capital on hand at all times. Referenced breakeven around $55 million revenue run rate based on current momentum. Do you feel more confident today than 6 months ago? Yes, I do, each month, each quarter, each product launch, each sales revenue increase, each time we reduce expense and have higher sales and so on and produce additional leverage on the operating line, yes, makes me more confident. In simple terms, what is the single biggest change in how Zomedica makes money over the next few years? We make it profitably. When you talk about TRUFORMA new assays targeted for 2026 and how big of a market these new tests might address. On a separate note, what are you most excited about as a potential catalyst for the company in the next 6 months? All right. So TRUFORMA assays, so there's 3 types of animals that we produce TRUFORMA assays for, cats, dogs and horses. We have made tremendous progress in the equine TRUFORMA assays base. We launched -- of course, we had eACTH. There was a presentation at the most recent AAEP, which equated our eACTH assay to the gold standard that's done at Cornell University and also indicated that with ours, not only does it produce the same results, but actually gives you more information, more data. We think that data may be meaningful in the future. To that end, we also launched insulin and we've made tremendous progress. We had a lot of new customers at AAEP once we had both insulin and eACTH. They also want SAA and they also want IgG. Don't ask me what those things are, right? But they're important to equine vets. And if you're interested, and I could have someone come and tell you. We have plans to introduce SAA in the first half of this year, towards the end of the first half and IgG later. So that's a focus for us, and we're seeing really good results there. For cats, as it happens, our TSH assay is a tremendous product for feline vets. It -- there's a paper that came out from a very prestigious university, a very well-known researcher that indicated that had they used the reference labs results, they would have significantly misdiagnosed, I think it was like 15% or 20% of the cats. So a lot of feline vets have adopted the TSH platform. We recently launched -- we also have a total T4 assay for cats. We recently launched the combination cobalamin and folate assay for cats, and we have an additional assay for cats. Feline pancreatic lipase coming out this year, and we have one targeted for the following year and then comes the dogs. And so all of our other assays apply to the dog. So we have 2 or 3 new assays that will be coming out in sort of around midyear and then maybe 1 or 2 more later in the year. So that's what we're doing with TRUFORMA. Most excited about potential catalysts for the company in the next 6 months, getting ever closer to cash flow breakeven, keeping operating expenses low, margins high and revenue growing. Here's someone that's encouraging us to stay on OTC and grow the company. So okay. Mike, do you plan on buying shares after Q4 is released? Do you want to take that one or you want Evan to have it?

I would just tell the shareholders, everyone's personal financial circumstances differ. I have the utmost confidence in the direction and the momentum of the company. I may be at a different stage of life. I'm not yet buying shares of Zomedica stock for my grandkids, as Larry does, to the delight of many of you. And we often encourage Larry to have more grandkids as if that's in his control. But yes, I'll leave it at that.

Yes, I'm sorry. I shouldn't even ask that question out loud. Are there any plans to create products for the care of other small animals such as reptiles? So interestingly, well, first of all, I don't know about reptiles as such. But I do know that our products have utility and are used on other animals. They've used them on elephants and they've used them on dolphins and they use them in zoos. We have a number of zoos that have our PulseVet product. VetGuardian, we got out the other day from someone that has birds and I know that there was a bird study done way back. If these -- honestly, if our products can help these other kinds of animals, we're happy to encourage that or to make a small accommodation to it. But frankly, we're not going to invest money right now in developing products for them, just simply because of the market size and our focus on getting the cash flow breakeven and profitability. So I would say that for many of these other sort of rabbits and groundhogs and all these other things. We think they're cool. We love dogs. We like cats. We admire horses, not so much on snakes, but I know some people do like them, but we're not going to invest company money in a market that's like super small. Maybe in the future, that would be something that we would do. And then I think there's one more try on how far away from developing an agreement on the human side with respect to something else. This is something that we'll wait for a future -- we'll wait for a future opportunity to talk about that. All right. Thanks for those of you that are still here, thanks for sticking with us. I know this went on longer. What you can expect from us is more of the same of these kinds of monthly webinars. So today was a deep dive on our digital and data technology. We're going to do 2 types of these webinars as we move forward. As you may recall, and these are all on the website. We did 6 for each of our -- we did one for each of our 6 product platforms -- and then we did a seventh one to bring all of it together in what we call the sum of the parts. Today was a deep dive on digital technology. We're going to do a deep dive on manufacturing. We're going to do a deep dive on R&D. We're going to do a deep dive into certain aspects of the company. They're going to be shorter. I know this one has gone really long, but they're going to be shorter. As you know, as you saw that initial video was shorter than it has been before. And you'll see them really -- you'll meet the department heads and the key people who are responsible like Evan today. And then we're also going to do some focus talks. Focus, for example, on the equine market. What is it? How big is it? Why are we involved in it? And just a number of those kinds of things. We'll announce them as we move forward, for sure. and we encourage you all to participate as you have time. But even if you can't make our particular session, they're all -- they all go up on the web, it probably takes a couple of days to get up there. But they all go up on the web so that you can look at them at your convenience. And with that, Evan, thank you. I think you did a really nice job and I appreciate it. And it's not just the reporting of it that you did today, but all the stuff that you've done for it as well as Brian, who you all see and we haven't given him any questions because we wanted them to go to Evan or I can't keep myself from answering them. Mike, thanks again. And to all of you who are shareholders. We appreciate your support of Zomedica. And as always, if you have any questions or we can support you in any way, please feel free to reach out. And with that, thanks, have a great weekend. It's about 9 degrees below here in Ann Arbor. I hope where you are, it's warmer. And hope you all have a very safe and healthy weekend. Take care.