Zomedica Corp. (ZOMDF) Earnings Call Transcript & Summary

[Audio Gap] or to the 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, February 27, 2026, 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. 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. 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 another Fourth Friday at Four Webinar. Whether you're a shareholder, a veterinary professional, a partner or simply someone interested in how innovation is shaping animal health and improving the quality of life of the animals we love, we appreciate you spending this time with us. Today's session is centered on research and development, the engine behind how our portfolio grows, improves and adapts to the evolving needs of veterinary medicine. At Zomedica, R&D is not just about creating new products, it's about refining existing technologies, integrating new capabilities and ensuring that every advancement we bring forward is clinically relevant, reliable and economically meaningful for practices and a further step on our path to profitability. Over the past several years, our strategy has combined thoughtful acquisitions with disciplined internal development. This allows us to retain deep subject matter expertise, apply it across multiple product lines and continue raising the quality and performance standards our customers expect. You'll hear today how our development processes, quality systems and talented experts help guide decisions, balancing customer need, clinical impact and long-term business sustainability. We'll also give you a closer look at the people and facilities behind this work because innovation ultimately comes from teams of people who are passionate about solving real problems for veterinarians and the animals they serve. From there, we'll move into updates across several of our key platforms, including TRUFORMA, VetGuardian and TRUVIEW, highlighting not only technological progress, but the practical outcomes these efforts are producing in clinics. To begin, I'll hand it over to our Vice President of Research and Development, Dr. Ashley Wood, who will provide a brief overview and then take you deeper into our R&D strategy and portfolio evolution. With that, let's get started.

Thank you, Larry. I've been with Zomedica for over 6 years, during which time I've had the opportunity to lead a wide range of R&D initiatives. Today, I'm excited to share more about our R&D strategy, what we've accomplished and how we're shaping our portfolio going forward. At Zomedica, we have grown our product portfolio through acquisition. And from there, we have followed 1 of 2 paths. For products like PulseVet and Assisi that were already commercialized, we continue directly to market. For others such as TRUVIEW, we conducted deeper technical evaluations and determined that additional internal development was needed to fully meet customer expectations. Since 2023, you can see that internal development has become an increasing part of our strategy. That is shown here in green. This includes enhancements to the TRUVIEW microscope, advancements to the VetGuardian platform and the internal development of new TRUFORMA assays following the acquisition of Qorvo Biotechnologies. A key driver of our ability to scale R&D quickly and effectively is our approach to retaining subject matter experts from each acquisition. This continuity has strengthened our R&D program and allowed us to build a highly capable team of scientists and engineers with broad transferable expertise. Their knowledge not only supports the technologies they originally worked on, but it also contributes across our entire product portfolio. For example, the lead software engineer who joined Zomedica through the SMP acquisition has continued to advance the VetGuardian product line and has also played an important role in software development for TRUVIEW. This strategy, retaining key expertise and applying it across product lines enables us to run a highly efficient and productive R&D organization. Another key element of ensuring successful R&D outcomes is our commitment to a structured product development process. We use a phase-gate approach that moves from discovery and feasibility through design, testing, launch preparation and finally, commercial launch. During the feasibility phase, we define user needs, and those needs guide every step of design and testing to ensure we are consistently progressing towards a high-quality product that truly meets customer expectations. In October of 2025, we achieved ISO 13485 certification. This is the internationally recognized standard for quality management systems in the design and manufacturing of medical devices. Following ISO 13485 ensures our development work is well documented, high quality and closely aligned with our quality and manufacturing teams. By doing development the right way, we minimize costly redesigns and reduce risks that could impact manufacturing or product performance. By centering development around clearly defined user needs and maintaining traceability from those needs through every stage of the process, we have built an R&D program focused on market demand and revenue potential. This disciplined approach is essential in supporting Zomedica's pathway to profitability. Now I'd like to take you on a brief tour of our R&D space in the Zomedica Plymouth facility and introduce you to some of the members of our team.

Welcome to the Research and Development Laboratory at our Zomedica Plymouth facility. This is the center of innovation behind our TRUFORMA diagnostic platform. This is where we translate scientific insight into commercially viable assays that strengthen our competitive position in veterinary diagnostics. Our development philosophy is centered on rigor, speed and market relevance. We establish clear assay performance targets early in the development process, then apply a disciplined design and testing framework to ensure we meet customer needs with consistency and reliability. Each prototype undergoes both in-house verification and field validation studies, giving us confidence in performance before products move into manufacturing and commercialization. Our R&D team includes highly skilled scientists and engineers with extensive experience with bulk acoustic wave technologies. Many of these people have been involved since the technology is very early stages. Their expertise accelerates development time lines, reduces risk and supports the scalability of the TRUFORMA product line. I'd like to introduce you to Ian Harmon. He's our Senior Director of R&D.

I've been working with the TRUFORMA technology for over 20 years now. I was one of the first employees when we were a start-up, and I've been able to grow and watch the technology develop and have an integral part in improving and developing that technology, and I continue to do that at Zomedica. One of the things I enjoy about working at Zomedica is being able to work with the marketing team, the commercial team as well as the professional service veterinarians to understand what the market needs and how we can make tests better for them and improve their lives and workflow.

And this is Dr. Zach Butz. He is an R&D manager here at Zomedica.

Hi. I'm Dr. Butz, have been working with TRUFORMA since 2020, initially with the Qorvo Biotech and now with Zomedica. I work in the assay improvement group in which I'm working closely with manufacturing, QC and customer service to rapidly address customer concerns.

In our Plymouth facility, we also conduct R&D for the VetGuardian product line. This advanced touchless monitoring platform represents a new frontier in veterinary diagnostics. And our team is actively enhancing performance, developing new features and exploring ways to broaden its clinical applications. Our VetGuardian R&D is led by [ Ken Baylo ], who joined Zomedica through the SMP acquisition. Ken?

My name is [ Ken Baylo ]. I've been with Zomedica for a little over 2 years now since the acquisition. Previous to that, I was working on the product for another couple of years as well. One of the many things I like about working with Zomedica is the access to engineers and scientists that we have throughout our facilities. We did not have access to any of that before, including DBMs. That's made integrating new products and features a lot faster. I also like having access to our Georgia facility, where we get the manufacture in a world-class facility.

At Zomedica, our R&D mission is to create products that deliver commercial value. This is brought to light when prototypes advance into manufacturing. We are proud of the robust manufacturing capabilities in our Plymouth facility, and our R&D team works closely with operations to ensure quality, drive cost efficiencies and advance Zomedica's pathway to profitability. We hope this behind-the-scenes look demonstrates the strength of our team, the sophistication of our processes and the commitment we bring to developing innovative products for the veterinary community.

Next, let's take a look at some of the internal development work we've completed over the past few years. For the TRUFORMA platform, we've continued to grow the assay menu every year since launch. And today, we offer 18 assays across 3 species. The acquisition of Qorvo Biotechnologies has been a major turning point, giving us control over the full development process, enabling us to accelerate time lines and significantly lowering the cost to bring each new assay to market. More recently, we expanded the platform into the equine space, where we're able to leverage the strength and reputation of our PulseVet brand to introduce TRUFORMA to a broader customer base. This expansion not only enhances the value of the TRUFORMA platform but also strengthens our overall presence in equine veterinary medicine. With that background, I'll now turn things over to Ian Harmon, who will walk you through how we harness the unique capabilities of the TRUFORMA technology to deliver meaningful solutions that address real customer needs.

Hello, everyone. I'm here to talk to you about TRUFORMA innovation, and I want to start with the platform itself that I helped to develop. So one of the most innovative things about the platform is the cartridge itself. So we have a main cartridge body where the user simply adds a sample, sticks it into the instrument and gets a result. On the cartridge, we have a wheel, like a reagent wheel of carousels. And this is very innovative and it's something unique to TRUFORMA, and it allows us to do things that a lot of other point-of-care technologies can't. And that's what's really enabled a lot of those advancements. So the real first assay that kind of differentiated us was the feline TSH assay. So we knew that hyperthyroidism is a problem in cats. And so we wanted to develop a TSH assay that is more sensitive than what's on the market. The existing standard of care Immulite is not sensitive enough. So you can't differentiate between hyperthyroid and normal cats. So in the -- vet gets the results back and it says less than 0.03, they don't know if that's a low normal or if it's, in fact, hyperthyroidism. So we were able to drive the sensitivity low enough that we're able to differentiate from normal cats and hyperthyroidism. And we worked with key opinion leaders and one of them, Mark Peterson, who's really probably one of the biggest authorities out there on feline hyperthyroidism published a paper that showed that our clinical sensitivity was significantly better than the feline TSH on the Immulite. It was also better than if you use total T4 and TSH together from the Immulite. So by developing a test that was more sensitive than what is currently on the market, we were able to create one tool that gives that's a fairly definitive answer on feline hyperthyroidism. So that was really the first innovative things that we did. And then following on into the equine space, we initially developed an insulin test, and we got good feedback on it. But one of the complaints we got is that it didn't go high enough. So we had the dynamic range capped out at 200 micro units per ml. And although this is very high, it's abnormal, clinicians really want to understand is that horse -- is it 200 in 1 or is it 1,000 in 1. So they asked us to develop an off-cartridge dilution protocol. This is pretty standard stuff like if you send samples to Cornell, they'll run this for you. So what we decided to do because we have the reagent wheel, what we did is we used a well on the cartridge to do the dilution. So now the user doesn't have to do anything offline. They just add the sample as they normally do. They stick the cartridge into the instrument. And then it asked them, do you want to run the standard assay that goes up to 400? Or do you want to run the dilution protocol that goes up to 1,500. So if they select the dilution protocol, it actually runs a slightly different test and it interpolates the values of a different calibration curve. So it will do that on cartridge dilution, and then that will allow people to get values up to 1,500. So this is a great tool for vets to understand how bad is the insulin dysregulation. And then for ACTH, we launched an initial ACTH assay. And then as we continue to understand more about ACTH and explore some discordance we were seeing in the field, especially seasonal discordance because ACTH molecule varies based on season. We discovered that the predicate test is recognizing both ACTH and then in the body, ACTH kind of gets cut in half and 2 different molecules, alpha-MSH and CLP. And the predicate uses antibodies that recognize both. So it's recognizing both ACTH and CLP. And the more we dug into it, the more we realized how important this CLP result was. So to better match the predicate and clinical guidelines, we developed a test that measures both full-length ACTH and CLP independently, and then it adds those 2 numbers together to give the clinician something that matches the predicate that they're used to seeing. And this really accomplishes 2 things. One, it gives us results that match all the current guidelines and cutoff ranges and that the veterinarians are used to seeing. And then also this gives the vet an extra piece of information, which they may not know what to do with yet, but it's really putting us on the forefront for understanding this disease in horses called PPID. And I think in the future, through work with key opinion leaders, CLP will evolve and become its own sort of biomarker with reference ranges and stuff like that. And I think in a couple of years, it will be giving the clinicians a much larger picture of what's going on with that animal. So going forward, we're looking to expand our menu and give vets additional tools, and we're hoping to continue to be able to innovate and bring tools that vets don't currently have to improve animal health.

We introduced the VetGuardian in 2023, shortly after acquiring SMP. Late last year, we advanced the product line with the release of the VETGuardian PLUS. [ Ken Baylo ] will now share more about the enhancements delivered through our internal development efforts.

Everybody. I'm here to talk about the VetGuardian and the new VETGuardian PLUS that we just released. The biggest change you'll see on the VETGuardian PLUS is the addition of the screen on the back. We added the screen based on feedback we are hearing from the clinics to further improve and streamline the process when using the VetGuardian. Not only did we make changes to the outside, but the biggest changes are actually on the inside of the device. We completely redesigned our radar from the ground up to further improve our signal quality along with adding and supporting future features we want in the field going forward. Not only do we make improvements to the outside and the inside of the device, but we have a lot of new exciting features coming out this year that are targeted specifically for releasing in the cloud. A lot of those new features are actually going to be AI-based. Stay tuned for a lot of the exciting new VetGuardian features that we have coming up and as Zomedica continues to be the leader in noncontact-based vital sign monitoring.

When we acquired the TRUVIEW technology, we immediately recognized its unique ability to address one of the biggest challenges with point-of-care digital microscopy, the quality of slide preparation. However, we also saw the original Revo Squared form factor that required a computer connection and external reagents was not ideal for very busy veterinary clinics due to the larger footprint and added complexity. Before launch, we undertook a development effort to integrate a built-in screen and to relocate reagents and consumable storage inside the device, creating a more streamlined clinic-friendly solution. The TRUFORMA and VetGuardian development work that we've talked about up to this point reflects the R&D conducted in our Plymouth facility. Our TRUVIEW program, however, is driven out of our Roswell site under the leadership of Bill Campbell and [ Megan Gaseinian ]. Bill and [ Megan ] will now walk through the additional enhancements that we have made and show you how the TRUVIEW platform is designed to solve real-world problems for our veterinary customers.

Over the past few years, TRUVIEW has gone through some of the most significant transformations since Zomedica acquired Revo Squared, and I'm extremely proud of how far the team has come. When Zomedica acquired the technology, we provided a strong innovative concept. But since then, the device has fully matured into an integrated clinical device that feels modern and truly aligned with the way veterinarians work in the clinic today.

The biggest transformation that I've seen is the on-screen experience for the customer. When we came here, it was bluntly kind of guy. But we've spent the last 3 years watching customers work with the system, looking where points of friction were and removing those points of friction every way we could. The button they expect to push all of a sudden is available to them. And there's no extraneous things to do with the screen. So it's very, very smooth. It's a much more workflow-friendly process than probably any system in veterinary medicine makes. We've produced a way where you really can just put a drop of blood in the slide and it come back to final results, either from an AI interpretation or even a pathologist interpretation. That's true of both hematology and cytology.

Not only did we enhance the on-screen experience in the device workflow, but our newest, most exceptional progress has been made with hematology AI. One of the most challenging domains in veterinary medicine is making a blood smear and then being able to interpret a blood smear. So we're seeing much stronger performance among different breeds with different sample types, including atypical or immature cells, more consistent differentials and much more reliable red blood cell data and morphology detection. When we look at the validation data, not only did we collect hundreds of thousands of samples that we were able to validate on, but we were able to do it in a real-life situation with the devices that were actually in veterinary clinics being used by veterinary professionals on a day-to-day basis.

And what really matters to this, what got us started in this in the first place is the real-world impact of this. What we've learned over the years and particularly perfected in the last few years is Technicians in veterinary hospitals and even the doctors themselves hate making blood slides because they're difficult. The outcome is unreliable. And we have taken all of that out of it. Every single slide is perfect. Every single slide is stayed perfectly. So it's really changed their desire to do a blood smear, which everyone knows is best medicine. So best medicine best practices is make a blood smear on every time that you have a patient whose blood results are out of whack when it comes to the blood analyzers. That's something we've done and really, really changed the way people perceive blood smears in the clinic. So in summary, TRUVIEW has progressed amazingly well since it's been here. It is elegant. It works every single time. It's virtually what the market was asking for, and it's the only system in the market that actually prepares the slide, stains the slide, scans it, digitizes everything on it, sends it to a pathologist or AI at your discretion and give you answers with almost no human interaction. We're very proud of what it is now.

We'd like to introduce a few people that have helped make this project possible and are members of our TRUVIEW team, Rob Varn and Michael Newton, Nathan Chung and Malcolm Walker.

Thank you for joining us today. We appreciate your time and engagement as we showcased the work underway across our R&D organization. As you've seen, our approach is grounded in efficient, strategic product development, focusing our resources on innovations that truly matter to our customers and deliver meaningful clinical and operational value. By aligning our efforts with clear revenue opportunities and long-term profitability, we ensure that every project advances both our mission and the financial health of the company. This disciplined mindset not only accelerates high-quality product launches, but also strengthens our ability to grow sustainably. Thank you again for being part of the conversation and for your continued support as we build a stronger, more innovative and more profitable Zomedica.

We'll now move into the live Q&A section. [Operator Instructions]

So thanks to all for attending today's webinar. We appreciate your support of Zomedica and look forward to answering some questions. So let's just jump right in there. First one -- well, first, actually, it's not a question, but I will go ahead and answer it. We will be releasing earnings on March 16 at the close of the market. Our next Fourth Friday Webinar will be on March 27. So we expect to issue earnings with a pretty comprehensive press release on the 16th at the end of the day. And of course, our 10-K annual report will also be issued that day. And so you'll have lots and lots of data and then you'll have 11 days to prep your questions for our fourth Friday webinar. I imagine that there may be some questions because we're looking forward, as I mentioned before, to those releases. All right. Second question, Ashley, this one is for you. What is your background?

Sure. So I did my PhD at Johns Hopkins University in molecular biology and genetics. And then I did a postdoctoral fellowship at the Northwestern Feinberg School of Medicine. So there, I was using imaging, so various microscopy techniques to look at genome organization during cell differentiation. And at that point, I decided to leave academia and I went into industry, and I was really excited to start focusing on product development. At first, I started in next-generation sequencing, so doing assay development, translating complex technologies into commercially viable products. And at that point, I came to Zomedica, and I've been here for the last 6 years and at this point, leading our R&D efforts.

Thank you, Dr. Wood. I appreciate it. I know we call you Ashley around here, but you do have the pedigree. And you were here when I got here, and I appreciate you being here today. So anyway, thanks. All right. I'll dive into some of the -- a little different ones. So first one is how our Q1 earnings shaping up. Mike, do you want to take that one?

Yes, sure, Larry. So Q1, we're off to a good start this year. As we've talked about, we're excited to release full year and fourth quarter earnings, as Larry mentioned, on March 16. We look forward to speaking with you about the year that completed. We're equally excited at the way this year started up and is shaking out and look forward to continuing to communicate positive momentum for the company.

Yes. I think some of the things that we've talked about in the past are the trends that we see and some of the seasonality, not just of the revenue, but also of different aspects of it, right? So fourth quarter is generally the highest revenue of the year. As I mentioned before, we expect that to be the case. And then first quarter then comes back from that a little bit, and we would expect that to continue. Nothing to do with how the quarter is shaping up, but just that's our typical format. We also see that the fourth quarter generally has the lowest cash burn of the year, goes along with high revenues and so on. And the first quarter then would have the highest cash burn of the year, generally speaking, just because the revenue is a little bit lower, we're taking in a little bit less revenue but also because we have certain expenses that we pay during the first quarter that are accrued during the course of the year. We expect all of that to continue. We'll comment more on the next call, but there's nothing -- there would be nothing a miss in all of that. Okay. The share price seems stagnant and hasn't shown any major improvements lately. Is there anything forthcoming that could move the share price higher besides the Q4 earnings report? The share price is a function of really you all on the call and the market itself. We will continue to report the developments as they occur. We expect to continue to have increasing revenue, really good margins, reduced OpEx as a percentage of revenue and actually in whole dollar terms. We have announced some collaborations recently. We expect -- as you might imagine, we continue to explore those, and we'll announce those as they occur. The impact on the share price, I sort of have to leave to you all to determine at the time whether or not you think that it's going to be impactful. I know that's a lot of words and didn't really give you a good answer, but it's tough on that one because it's not something that's directly under our control. When will human health information be added to the website? Good question. We talked about that the last -- about a month ago. We're working on actually updating the website in a lot of different areas. And so this new update, which we expect probably by the time we do our next Fourth Friday, it's a first quarter initiative. We expect that, that will have places to put different parts on the website. So we'll see that probably by the next Fourth Friday, but I'll defer to -- well, I'll leave a little bit of wiggle room there because it's not so much how quickly you get it done, but how well, and that's going to be our priority there. Any updates on potentially going to the Texas Stock Exchange? Mike, I know you looked into that, you want to update on that?

Sure. Similar to, as we talked about with NASDAQ and NYSE, both Lincoln and NYSE American, there are listing requirements that predominantly right. However, with the Texas Stock Exchange, Larry, we're actually -- whereas with NASDAQ and NYSE, our stock price is the only thing holding us back from being listed on those. There are some stiffer requirements on the Texas Exchange. I won't go into a ton of detail on all of them, but some of the primary criteria involve generation of pretax income, which we're not there yet as a company over a couple of year period. $500 million market cap is one of the thresholds. So there are barriers to us listing Zomedica on the Texas Exchange.

So in other words, it will be a super great day when we are able to get listed on that exchange.

It will be wonderful. All right. We're all involved here.

All right. We'll work towards that. Is there any potential to break even near the end of the 2026 fiscal year? Yes, there is. Any updates on the new animal or human health collaborations that you're working on? Let me fold that in. There's some other questions here. I'll answer that along with the next one, which is, given the recent ISO 1345 certification, the contract manufacturing agreement with Rahm to serve the human health sector, when can we expect a concrete time line for transitioning the TRUFORMA or BAW technology into human medicine? Additionally, does Zomedica plan to enter this market as a technology partner for others or will pursue its own independent FDA approvals for human diagnostics? Okay. So first of all, good for noting the Rahm agreement and that venture into human health. We have really good expectations of that business. Their original product intended for jails and prisons is going well. And our understanding is that they've now recently launched their next product, which is intended for older people. So that's good. With respect to entering the human market with TRUFORMA technology, first of all, we will enter that market -- or to the extent we enter that market, let me say that, that way, it would be as a technology partner for others as opposed to us commercializing the technology. I will remind our shareholders that we do own the TRUFORMA technology and a cartridge that received FDA emergency use authorization for the diagnosis of COVID. Of course, we've put that on the shelf because there's a lot of other ways that you can get your COVID diagnosed. For us to pursue a human launch of that product would require us to do some additional work to move from emergency use authorization to full approval. That's a significant investment in the part of the regulatory submission, clinical data that would need to be collected and so on and so forth. And that will apply to all other human applications for this technology. As a result, we will enter -- to the extent we enter, it will be as a technology partner because we're focused at this point on getting to profitability as quickly as practically possible. And so long-winded answer to say technology partner. And in terms of -- generally speaking, and I know some of you were asking for some details on that. And I will tell you that a human health partner that was looking to enter the human market and use our technology would probably want to keep that to themselves, be under the radar, so to speak, for as long as they could. And so it would be not my place to discuss things that we may be doing on a confidential basis with others. Where that -- where you might get answers to this would be when we release earnings to the extent that there's revenue and development services, then you might see that things are happening, but we would want to preserve the confidentiality of these agreements until they become public. Now if one of our partners wants to publicize it, then that would be different, but it would be up to them. Hopefully, that's a satisfactory answer. Okay. As promised during the last Fourth Friday Webinar, can you provide an update on Zomedica's efforts to market Assisi on any of the home shopping networks? And the answer on that is the last time we talked about it, I think I fumbled around a little bit saying, I think I heard some about that, but I'm not sure, so I'll give you an answer today. I had heard something about it and I have refreshed my understanding. So if we go on the home shopping networks and some of the other ones, Nicole has indicated to me that it's a really good opportunity for the networks and not so good for the company. They charge a 50% fee for getting on, on the network, and then they charge another 30% for something or other. So the total that they would keep out of any revenue would be 80%, and we would have to repackage our product in packaging that they approve. And so that's a no. We would do it if we felt like we needed to get brand exposure and we're willing to not make any money from it. But we believe we've got good brand exposure on Assisi. I mean these things obviously would help. But there's other ways to get that. And you've seen some of the movies and things like that, that we've put the products in and so on. But yes, we're not interested in losing money by going through the home shopping network. And so however, we have a Shopify site, and we're on Amazon. So if you're looking for an Assisi Loop or Assisi Loop lounge or even Vetagel for your dog first aid kit, please do come online and get some of those products. All right. Now that ISO certification is in place and your commercialization process is structured, can you share what specific products are next in line for commercial launch and what revenue impact you expect over the next 12 to 24 months? Okay. So first of all, I think we've learned a little bit of a lesson as we've preannounced product launches and had competitors be able to access that information and sort of presell against us. So at this point, I will tell you, we very recently launched -- I mean, it was the last week of December or the last couple of weeks of December, the VETGuardian PLUS, and that launch is going very, very well. I will tell you that one of the things that we're doing with that product is we're allowing an upgrade path to our existing customers from the VetGuardian to the VETGuardian PLUS, and that's going over very well, and we're seeing very good traction with the VETGuardian PLUS. We also launched in early January, the TRUVIEW AI, a full launch of that product. And again, early results are really, really good with that. We also launched an equine assay toward the end of last year. This year, I will tell you that we intend to launch 3 to 5 new TRUFORMA assays, probably 4, maybe a fifth one by the end of the year. But for competitive reasons, we're not going to announce these until we launch them. And I hope that, that's -- that will be good news for you when we launch them. I will tell you that we will launch them just as we have in the past years, but I'm not going to specify the specific assay nor will we share the installed base and cartridges per instrument per month. I know that's of interest and you're building your models, but it's also super interesting to our competitors. And so therefore, we're not going to share that. Now that we offer 18 assays and have reduced development costs through Qorvo, can you quantify how this has impacted cartridge revenue growth and gross margins over the past year? So first of all, the reduction in development costs have allowed us to develop more assays than previous at a lower OpEx level. That's been a positive impact. The new assays have improved revenue. In fact, the last 2 equine assays are amongst our highest growing assays out there as we find the equine market is especially receptive. And I don't think it's so much a difference between the equine vet customer and the small animal vet customer, but rather the assays have really hit the mark in terms of their need, especially during certain seasons of the year, falling seasons, breeding seasons. And we actually have some really interesting collaborations in the animal health space that we expect to be able to report on probably by the next Fourth Friday at Four. Gross margins, of course, are improved anytime volume goes up, and so those have improved. I realize you're looking for specific numbers, but Mike will not let me share those. You'll probably dig into them in the K when it comes out. Now that TRUVIEW is fully matured into an integrated clinical device, can you share the current installed base and the growth rate over the last 12 months and how Moichor is expected to accelerate placements in 2026? Good question. Let me say this. So the TRUVIEW launch that we did before was what you might think of as a soft launch. It's one where we put the TRUVIEW device out into the marketplace just enough to be able to gather images that were produced on the TRUVIEW microscope because when you're developing the AI engine, you need the images that are produced by your specific hardware. Frankly, when we first launched TRUVIEW, we believed -- I did anyway, believe that we just go out there and then we'll put a bunch out there. And then later, we could give AI and that would be fine. And what we found that what the market was expecting was AI from the jump. And so as a result, we really -- and we've shared this on previous calls. We really did not do a full launch of that product. Instead, we gathered the data because we wanted to go out into the marketplace and make a splash with it with the AI in place. It is in place now. We're doing the full launch. We've done it early January. Early results are good. We'll talk about it more at the next call a month from now. As far as Moichor is concerned, Moichor is a reference lab first. and a telepathology platform second. So they have a captive customer group of all the customers that send blood and tissue into them for their reference lab. And they have their own sales force to continue to get new customers. So it's really an additive scenario for us. Our own sales force is putting these out there. We have already interest in international markets to bring this into new countries, which, frankly, we expected to do later than now, but now it is good, too. So everything they do will be additive to what we are doing ourselves, and then that would allow us to perform over what our current operating plan is asking us to do. I think that answered the question also how many clinics using TRUVIEW, in other words, not saying at this point. Actually, the recent patent for crowded sensor patent -- the recent patent for multiplex detection of multiple biomarkers, could this have significance on the human side if we went in that direction?

Yes. So that patent is based around the idea of adding a crowding agent to reduce the kinetics of binding to our BAW sensor. And so this is useful anytime you have a really -- if you're trying to quantify an analyte that's at a very high concentration in a sample. So this could be useful in animal health. It could be also -- could be useful in human health. It's any time you're trying to quantify something that's at a very high level.

Okay. I'm glad you took that one. Which product is experiencing the most growth? That's a good question. I would probably say VetGuardian, some specific TRUVIEW -- TRUFORMA assays, I think, really have taken off partly because these equine vets never had anything before they could use stalls side or even in their own clinic, they had to send them out. So in terms of maybe unit growth, probably the TRUFORMA assays. In terms of revenue growth, that's going to be VetGuardian. This VetGuardian system has really caught the attention of the vet community. We receive leads on a daily basis, unsolicited to the website. and not just from here in the United States, but really all over the world. I'm not sure how some of these markets even have heard about it. So we felt like the product could be better, and it is better now. And so yes, I think we're going to see in this year with the VETGuardian PLUS. We deemphasized it a bit with the sales force last year toward the end of the year because we knew we were coming out with a new one. We knew we were going to be upgrading them in the field. And so we felt like we were doing pretty well from a revenue standpoint, we're focusing on this year. So anyway, I would put those up there. Yes. But all of them, I mean, we're expecting good growth across the board. So a question about the product lines, breadth plans to expand to larger audiences, thereby growing total available market and other market metrics. Not sure exactly what the question is. I will say that we are all about expanding the indications for our products. For example, when we added asthma and now more recently, sole depth growth to the indications for PulseVet, that opened up the use of PulseVet to a certain kind of equine veterinarian that might not have been focused so much before on rehab, but everyone focuses on sole depth. It's a major issue for horses and also for asthma, which is treated not just by -- it's treated also by the sort of the recreational horse vets that are out in the rural areas and so on. So we expect to expand them within animals, humans as we work with partners that obviously, we've talked about. And also some of our products, for example, the TRUVIEW microscope, this is our product. You saw Bill and [ Megan ], they developed this product. Once we really show its track record in animal health, we would expect that, that also could go into human health. Don't have anything right now on the board for it. I don't want to create an impression that's not correct, but it's certainly in our forward-looking thinking. Very much similar to when we acquired Qorvo, we said a number of times on calls that we have preserved the human technology, and we expected to monetize that product at a future point, and we're seeing that now. Is there any plan to have share buybacks? We certainly expect to get to cash flow positive before we would consider any share buybacks. And so let me just -- let's leave it at that. Based on current run rate and business outlook, when do you believe we can become profitable? We currently are planning on profitability in 2027, although in response to the earlier question, I mentioned that, that might come toward the end of this year. You mentioned increasing revenue, strong margins and OpEx down even in absolute dollars. Can you share what you expect for Q4 revenue and gross margin and whether operating loss is narrowing year-over-year? So we expect for Q4 revenue to be the highest revenue of last year. We've mentioned that several times. We expect gross margins to stay at the historic levels. And if those 2 things are true, then operating loss -- well, so 2025 was a really eventful year as all of you who rode this with us from March of last year through the end of the year. So with the impairment charges that we took in March of last year that were driven by the delisting and the abrupt stock price drop, operating loss this year will be -- for 2025 will be higher than the previous year due to impairment. Now if you take that impairment out, if you disregard the impairment, then you -- and everything else I said that you heard was the case, then you would expect operating loss, adjusted operating loss to have been down. And we would very much expect that to be the case for 2026 for sure. And that comparison to 2026, we would expect that to be an improvement, a narrowing of loss, not just from the impairment loaded loss of '25, but also the adjusted loss without impairment. When you reference human health, is the strategy purely contract manufacturing and services like Rahm? Or do you plan to pursue FDA clearance for any proprietary platform? And what's the realistic 12- to 12-month revenue expectation from human-related work? So we certainly will take advantage of contract manufacturing services like Rahm and others. As I mentioned earlier, getting FDA approval requires a substantial amount of investment in both the regulatory workup, but also the clinical data that needs to be collected ahead of time. We are not -- we are focused on achieving profitability, first and foremost. As I mentioned a minute ago or a couple of minutes ago with respect to TRUVIEW, that might be a product that we do take down that road because it's a completely developed product at this point, but it would not be until we are profitable and certainly cash flow positive. On human health, should investors view this primarily as contract manufacturing services? Or do you intend it's the same question. Okay. The same question. So I think when you look at the company, I think there's different ways to look at it. I think any of our shareholders or investors will be or should be happy that in addition to growing our core business, which -- and especially our core consumables business, which is up, up, up, that any additional revenue that we can pull in, revenue that will help achieve profitability, cash flow positive sooner will help improve margins through extra volume. I think that people would be -- find that an advantage. But again, it's really a market decision in terms of how much they value that. Can you give an update on PIMS partner progress? Are you still looking at getting the largest signed up first? Yes, the answer to that is for sure. We have -- we expect to be PIMS capable as early as June of this year. And that will be with the largest. We're doing this on a sort of [indiscernible] basis. We're taking -- getting synced up with the larger ones first and then adding the smaller ones as we go through. But that time frame for our initial group of products is in the June to sort of September time frame. So that's on track, very much on track. Will you still be in a blackout period after Q4 earnings is released? If you do not -- if not, do you plan on still buying shares? This question is for me. And the answer is unless -- I mean, at this point, we're making sure to tell everything we know when we release the earnings. And so yes, I should not be in a blackout period at that point. And I do plan on still buying shares on a personal basis. for the TRUFORMA human partner strategy, what would be the trigger to pursue a human partnership? Do you already have active discussions, what time line would a first pilot partnership realistically take? So we -- I would just basically steer you to our last release and our next release. When you see development services revenue, then you'll know that we've been working with a partner. Other than that, I don't want to create a false expectation or I don't want to create wrong impressions. And until an agreement is executed, our expectation is that we'll continue to work towards it. Once it's executed, we'll announce it to the extent that it's material. And so I need to sort of beg off on some of the specifics in that question. Any potential merger or buyout? We're not looking to merge with companies that we would otherwise want to acquire, and we're not looking to buy out any other company. I think that's probably a different kind of a question. And we have a fiduciary responsibility. If we had something like that, you would hear about it. And so since you're not hearing about it, then the answer is that's no. When you say breakeven near the end of 2026, do you mean EBITDA breakeven, operating income breakeven or net income breakeven or what annual revenue run rate is required to get there? We've talked before about getting to cash flow breakeven at a run rate in the 50s, $55 million in revenue. When we talk about -- and so that's generally speaking, when I've been talking about getting to cash flow -- we're talking about getting to profitability sort of toward the end of this year. I think the question was in the context of breakeven from a cash flow standpoint. With us, cash flow breakeven and adjusted EBITDA are pretty similar in terms of time frame. So since we might be at breakeven at the end of 2026, where do you see the share price end of 2026? Your estimate would be just as relevant as mine might be. And so I'll leave that to you to answer that question for yourself. And hopefully, there's some self-fulfilling prophecy out there where you can make that come through by buying a bunch of shares. I'll do my part. And to the extent that we're all in the same boat, it'd be good if we work together on that. Average annual recurring revenue per TRUVIEW system and how quickly does a new placement ramp to that level. So the way that we are commercializing TRUVIEW is we are placing the device without a capital requirement upfront. We are holding -- the customer signs a minimum of a 1-year agreement. The customer commits to spending a minimum of $750 per month. We charge then for the supplies that we provide them on a per slide basis. We also charge them for each AI report that is generated, and we charge them for each pathologist report that is generated. And we expect that the revenue on a monthly basis, if the average number of -- if they use the -- if they access the average number of these reports and so on, we expect the revenue to be significantly higher than $750 a month. As we launch it, we're making it a relatively low level. Interestingly, just FYI, the ones that we put out to gain access to images produced on our scope, those were at a sort of a $500 monthly subscription. We've increased that. Who are our main top competitors and how are we positioned compared to the top 3 competitors? So for which product, right? For PulseVet, our main competitors would be drugs, Rimadyl, for example, for OA, would be surgery, for example, for cruciate tears, laser maybe. In each case, the PulseVet shock wave technology is superior to any of those. Our specific kind of shock wave, which is electrohydraulic, is superior to piezoelectric. There are a couple of small companies out there pitching that. So from a PulseVet standpoint, we really stand at the top in terms of what the therapy can do. There are a lot more lasers out there than shock wave in the small animal market. In the equine market, we have really good penetration of the equine market. And we're far better than laser in the equine vet market for our indications. In the small animal market, for many years, shock wave treatment would require that the pet would be sedated, which is not a really good thing. And so there wasn't much penetration like hardly any until we took it. The X-Trode accessory allows for it to be used without sedation, and that's one of the big reasons why we acquired it, and we've been making really good inroads. But in terms of number of lasers out there, they're far more than us. On the other hand, we get recurring revenue, and they do not. So that's the shock wave. From the VetGuardian standpoint, there is no competition. Competition is a technician sitting there and taking manual reads of temperature, pulse and respiration every 15 minutes or 5 minutes or 30 minutes depending upon the protocol and where the pet is in the continuum of care. But there are no other -- there is no other competition with VetGuardian. With respect to Vetagel, there are a number of other products out there. None of them are as fast acting as Vetagel, which can stop bleeding within 5 seconds. I honestly don't know the market share. I mean Vetagel is really new into the market for us. So we're definitely not a leader in market share for that product. TRUVIEW microscope, there are 2 other competitors. One is Zoetis has an images device, which does not automatically prepare the slides, but it does give AI reports. and gives access, I think, to a pathologist as well. They've been out there for a bit. So they have a bigger share than we do. The other product that's out there is a product called a [indiscernible] scope. It's a scope that's made in China. Antech, IDEXX and Moichor until very recently, buy those scopes from that Chinese manufacturer and then turn around and sell them or place them, however they do it into the marketplace here. Those scopes do not automatically prepare the slides, but they have the market today. TRUFORMA, IDEXX, Antech, Zoetis Abaxis, these are all diagnostic devices. Point of care at the point of care, reference labs, really our competition with most of the TRUFORMA assays because you can only get the cartridges that we offer, the assays, the tests that we provide, generally, the only other way you can get them is by sending the product -- sending the blood out to a reference lab. That's not completely the case. There is some overlap as some of the manufacturers when we launched our product and now it was us or the reference lab, they suddenly had the ability to put it on their machine, which is why we don't give a lot of notice now about which assays we're launching. Let's see. All right. [ Jeff ], I'm going to -- you got a lot of questions here. We're getting -- we're coming up on time. I expect you're building a model. I respect that. I would suggest that you sort of reach out to Mike or I, and we can talk to you individually. We won't give you any more information individually than I'm giving to everybody right now. But I'm going to kind of skip through some of the -- your remaining questions to get to some of the other folks. [ Martin ] asks, can you explain what Moichor adds in terms of AI engine? I thought TRUVIEW had its own AI. Do we need their enhancements? And if so, does this limit who might partner with? Certainly has no impact on limiting who we partner with. In fact, it's good for us if Moichor, which does a lot of exotic animal testing to the extent that they can -- using our scope and they want to do more and more AI, we would have access to that same technology. It's a technology sharing agreement as well. So it's a good thing overall. It doesn't limit us in any way. If the U.S. enters into a potential war with Iran, do you see potential sales decline? I think it would be terrible if we entered a war with anyone, including Iran, because it's a war. I don't think anybody thinks that would be a good thing. My son is an officer in the Marine Corps infantry, and I certainly feel a certain kind of way about that stuff. On the other hand, I don't think it would affect our sales. We don't sell anything into Iran. We did get a lead today from Pakistan, but I don't know. So I don't think that has anything to do with what our sales would be. Let's see. Since we may break even at the end of 2026, could we -- cash flow breakeven, sorry, could we possibly relist with the NYSE before the end of 2026. The NYSE has certain criteria for delisting you, which we all learned in March of this past year. They have other criteria for listing you. Mike, do you want to share those criteria?

Yes. As we've talked about before, the biggest -- there are a number of them around market cap trading volume, et cetera. The biggest hindrance is the stock price. Listing on the NYSE American Exchange, where we were formally listed, involves having a minimum bid of $2 on the stock price. Listing on the NYSE big Exchange has a $4 minimum bid price, Larry. So again, as you play forward, all other metrics are met and criteria are met for listing on those exchanges short of the minimum bid price required.

Thank you. A couple of these -- let's see, to track that narrowing losses plan in 2026, what are the key KPIs, revenue growth, gross margin, OpEx reduction. I think each of those is exactly what we're looking at. Will 2026 show positive operating leverage? Yes, absolutely. That's even if revenue grows modestly. It will show it whether revenue grows modestly or revenue grows significantly, which we know where we -- well, I think we would all hope that we're on the latter part of that. A lot of questions that you're trying to quantify us, and we're just going to wait for earnings. That's one of the dangers here of doing this once a month. Will you still be locked out from buying shares after you report a few weeks? As I mentioned earlier, I do not expect to be. Something could come up, but I don't expect to be. Would I still buy at these levels? Absolutely. Absolutely. What point will you go back to an earnings call? I think if we saw attendance here start to drop off or if we had people on the call saying that they wanted us to do this once a quarter instead of once a month, we -- frankly, it would be easier for us to do that. But we're also committed as we committed this past year to sharing the progress of your company with you on a monthly basis. And we've got a number of topics. So we run out of topics or whatnot or you start getting board, then you'll let us know. And so we fold in the sort of earnings discussion on the next Fourth Friday. Any thoughts on doing Friday at 4 p.m. on an alternative day of the week to make it easier for investors? Yes, and some of my employees who say, it's great that we're doing this, but does it have to be Friday at Four. We could do third Thursday. That's a catchy little thing. If you want and you're online, let us know. If you prefer the third Thursday to the fourth Friday, we'd be certainly open to do that. Just let us know what you prefer. I can't really comment on what I think the stock price is going to be at the year-end, although, obviously, I believe that's going to be higher. And we'll expect to continue to purchase shares with that expectation in mind. NanoVue was on the 2026 presentation today. When will you discuss this product more? Is it minimal impact? We'll compete with it, et cetera, opportunity. So yes, NanoVue is a really cool ultrasound device. It's a handheld device. If you looked at the picture, and you can access this when we get it up on the website later. If you look at the picture, it comes in a case. That case is actually the battery charger. It's a completely wireless ultrasound device. It has 3 actual modes of performing ultrasound, which is the only handheld device that has 3 modes. It is -- we have an exclusive license to distribute that here in the United States. We just recently acquired that license. We recently closed on that deal. We first took that product in just to sort of distribute it without a formal agreement. We found good reception. It competes with a couple of other devices out in the marketplace. There's one called Edge. There's one called Butterfly. We think ours is actually better from a quality standpoint. We are -- now that we've signed the exclusive distribution agreement for the U.S. and several countries outside the U.S. as well, we will be labeling that product. The -- we'll report more on that as we move forward through the year. There's a lot of ultrasound companies out there, including handheld ones. Ours is the only one that's completely wireless and then we will put the image on your phone or your pad or whatever. So yes, we like this product, and we'll talk more about it in the future, along with our other ultrasound products. Okay. Moichor placements have not yet begun. They had a couple of devices in inventory that they will -- that they intend to place, and we're just now doing the -- putting their name as well as ours on the TRUVIEW microscope. So we will not be -- we haven't made any sales -- they have not made -- we haven't made any sales yet to Moichor. And when we do make them, you'll see them as part of our TRUVIEW sales. Will VETGuardian PLUS be monetized via subscription service fees? Yes, it's not a lot. It's -- let's say, it's about $600 a year. We get $240 a year for the cloud service and $355 for the extended warranty. So that's about $600 per year. Really, what we find with VetGuardian -- with the VetGuardian platform is that our recurring revenue is they want another unit and another unit and another unit. Remember, when these go in, not only are they freeing up tech time, improving the quality of the monitoring that they're doing and freeing up technician time, which is very valuable and important to them, which justifies the expense of it, if that's it, they also bring in additional revenue because they're typically charging for these continuous monitoring sessions anywhere from $50 to $100, maybe some are more than that. But generally, it's $50 for a post-op session and then 100 overnight. And once they find that holy cow, this is not only reducing my expense and improving my quality of monitoring, it's also generating revenue, then we'll get another one, another one, another one. A fairly common package that we have is buy 4 monitors and VetGuardian monitors. And then with that, we include a flat screen TV that will put those 4 up on the wall. And so generally speaking, that's the sort of the next sale we go for after that initial one. And do you see Assisi as more of a retail product? And if so, is this part of the portfolio you would monetize to keep current portfolio targeting vets? We do see -- well, it's interesting. It is a retail product primarily with the exception of the large Assisi Loop lounge, which is really a therapeutic device that a lot of these animal hospices that are taking care of animals at the end of life. They'll buy it and use it because it really relieves the pet as they're going through their end of life. Beyond that, the loops, especially and the lounges as well, those are retail products. But vets buy them from us to sell them to their customers. So we still -- in addition to selling to people directly through our website and Amazon and whatnot, we also sell these to vets. So would we sell this product would we sell this product line to someone else? I think if -- I mean, make us an offer. And if it was humongous, then we would consider it. But we don't need the cash at this point, cash is always good, but we don't need the cash. But what we do appreciate is the revenue and the good margins. And so it contributes to high revenue, contributes to margins, and it contributes to our path to profitability. So as long as that's the case, then we would have no -- we certainly have no plans to sell this off to anyone else. If the share price pushes up to $0.20 after Q4 is released, would you still buy at those levels? Yes. What is our durable competitive advantage and why a larger, better capitalized competitor replicate it within 5 years? So what we're doing here at Zomedica is helping vets do 5 things: improve the quality of care of the pet and the satisfaction of the pet parent client and the workflow, the cash flow and the profitability of the practice. As long as we're doing those things, we're focused on those things and our portfolio of products all walk the walk, other companies can come and go. We have a very significant and substantial IP portfolio around the TRUVIEW, around the VetGuardian and around TRUFORMA. We've got over a couple of hundred patents all in, right, all around the world. And so good luck to somebody that wants to build the exact product. I don't want to provoke anyone to prove me wrong, but it would be a hard road to hoe for them from a technology standpoint. So I think our advantage is the novelty, the differentiation of our products, the proprietary nature of these. And I can't answer this question without talking about our people. I mean you met now Ashley and Evan last month that are responsible for continuing to innovate with our technology. Kevin Klass from our sales group has been there, done that with larger companies. He took Heska to sales over $200 million. They ended up selling that company for $1.2 billion, and he came here in his words to do it again. And while I've been buying shares from my grandchildren, he's been buying it for himself, and he's bought over $5 million in the open market. So we've got people. You've seen some of the people on the screens. Bill and [ Megan ] developed that TRUVIEW microscope. They came here to see their legacy extended. So there's always -- we're mindful of competition. We're mindful of competitive threats, but we're not worried about it. So -- and I think that, that is going to -- I think I'm going to call it at that point. [ Jeff ], I'm not sure if that's your actual name, but [ Jeff T. ] on our -- on the list here. Feel free to reach out. I can -- I see that you're looking for very specific details. As I said before, we're happy to share what we can. And if we can't, then we'll make every effort to release it to the shareholders from an FD standpoint in our earnings reports and so on. And with that, Ashley, Mike, any other comments?

No.

For me, just wishing everyone a great weekend.

Thanks all. Thanks for your support, and have a good weekend. Take care.

Bye.