Zomedica Corp. ($ZOMDF)

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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 on screen 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, March 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 five 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 veterinarian's 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.

Hi, everyone, and welcome. I'm Larry Heaton, the Chief Executive Officer of Zomedica. Thanks for joining us today for another Fourth Friday at Four webinar. Whether you're a shareholder, a veterinary professional, a partner, or simply someone who loves animals as we do, we appreciate you spending this time with us. Today, we're focused on the equine segment of veterinary medicine. An area that represents both a significant economic opportunity for Zomedica and an opportunity to meaningfully impact the patients, the horses, clinically. Horses occupy a unique place in veterinary care, spanning performance animals, breeding programs, working horses and companions. Across these segments, expectations for care, performance and long-term health continue to rise, driving increased demand for advanced veterinary solutions. At the same time, the market is increasingly shaped by a premium segment of high-value horses that require continuous high-intensity care. These animals drive a disproportionate share of veterinary spend and are a key focus for innovation across the industry. That demand is fueling growth across both diagnostics and therapeutics from faster stall-side testing and reproductive monitoring to advanced imaging and noninvasive treatment options that support recovery and performance. And this is where Zomedica is uniquely positioned. We've built an integrated equine ecosystem that spans both diagnostics and therapeutics, supporting the full continuum of care. Our diagnostic platforms enable faster clinical decisions and improved efficiency, while our therapeutic solutions address critical needs in recovery, pain management and surgical care. Together, these technologies create multiple revenue touch points per patient, and support a model that combines capital equipment with recurring revenue, driving long-term value for both veterinary practices and Zomedica. Importantly, this integrated approach also creates a strong competitive advantage for us as few companies today offer a unified solution across both diagnostics and therapeutics. Today, we'll walk through the market dynamics, our strategy and how our technologies are positioned to support growth in this segment. Once this segment is complete, we'll turn to our recent fourth quarter earnings release and 10-K filing. As you've had some time to review these in detail since they were published on March 16, we'll stick to the highlights and then move to your questions. With that, let's get started.

Let's step back and look at the market we're actually playing in, starting with the horses themselves and then the dollars that follow them. In the United States, there are about 9.2 million horses across all uses. Roughly 3.9 million are recreational, about 2.7 million are show horses and around 840,000 are racehorses. Another 1.75 million serve in roles like ranch work, rodeo, polo and police service. Altogether, this population drives over $100 billion in total economic impact including both direct and indirect effects. Within that, equine health care alone already represents more than $1 billion in annual U.S. spending. It's growing at roughly 6% to 7% per year and is projected to reach about $1.6 billion by 2030. Now zooming out globally, the equine health care market is about $3.6 billion in 2025, and is expected to roughly double, reaching somewhere between $6.8 billion and over $10 billion by the early to mid-2030s. That implies strong growth outpacing general GDP. North America leads the market with just over 40% share with the U.S. as the primary driver. Now let's narrow in on where the real opportunity sits, the premium tier. Out of the 9.2 million horses in the U.S., about 3.5 million fall into this high-value segment. This includes most of the 2.7 million show horses, and the 840,000 racehorses. These animals operate in structured environments, training, competition and breeding. Many represent 6 or even 7-figure assets. And importantly, they drive significantly higher veterinary spend per horse than the average recreational animal. That's why sports and racing dominate equine health care revenue. These horses require continuous high-intensity care, frequent diagnostics, reproductive management, advanced imaging and ongoing musculoskeletal and pain treatment. So where is growth actually coming from? On the diagnostics side, chronic endocrine conditions like PPID and insulin dysregulation, along with reproductive monitoring in broodmares and stallions are driving recurring testing demand. This makes diagnostics a repeat revenue category. On the therapeutic side, performance horses face high rates of tendon and ligament injuries, osteoarthritis, back pain and complex wounds. These conditions are both common and economically significant. As a result, demand is growing for noninvasive treatments like focused shockwave, as well as regenerative and biologic therapies. And that and -- is exactly the segment Zomedica is built to serve.

So hi, everyone. So my name is Paul Tye. I have recently joined Zomedica as the Vice President for the International Market. So my responsibilities are going to be pretty exciting. Exploring new markets for Zomedica with the products, existing products and as we develop more, of course, continue to include those into the portfolio. My background briefly is about 35 years in the veterinary market. Pretty broadly across small animal and equine. And 27 years of those were at IDEXX, where I finished there as Senior Vice President for Europe, running the European markets and, well, overall EMEA. And then I spent 3.5 years at Antech and Mars, helping develop their markets again internationally. So a lot of my background, whilst they know the U.S. market pretty well, is fundamentally international markets from Latin America, Europe across the Asian Pac Rim. Had a great lot of experience during that time with the equine market. But however, really exciting times ahead with Zomedica, I think that going into the international market from an equine perspective is quite unique. It's very diverse, culturally sensitive, but growing dramatically in multiple regions. Traditionally, some of the big markets, of course, as you well know, will be the U.K. and Ireland. Going into Europe, one of the biggest markets in Europe is actually Germany, which is a significant market for the equine side. Of course, the Middle East. But what I'm seeing now is actually China is growing dramatically and a lot of keen interest in the equine market from jockey clubs, racing and breeding, stud farms. Also into Korea. So this is a very international marketplace. We know Latin America as well in Brazil and other countries. It's exciting times. And I believe that certainly leveraging my experience and my knowledge and my contacts in those fields within the sport community and also within the specialists, we can really develop and grow our business globally. What's great about Zomedica, too, where others have failed in the past, and including IDEXX in this particular case and some organizations like Antech and others, is that the products have been pretty much me-too and not specific to the needs of the equine specialists and equine vets, where the products that Zomedica has are niche and very, very unique and supporting exactly what they need for support and treatment of the equine community. So this is a really exciting opportunity for everyone.

Hi. I'm Trudy Gage, the Vice President of Zomedica's Equine Division and Client Education. I'm honored to serve in the role. My passion for all things equine, crosses over into my personal life, which has actually helped in my professional life. Understand the needs of the horse owner as a competitor, myself on a national level, an owner of a small farm in Michigan, Gage Show Horses, I think it is easy for me to relate to the end user of all of our products. I became involved in the industry working with equine veterinarians over 25 years ago. I am grateful for the relationships I've made worldwide over all of that time, starting with PulseVet in 2009 -- has been an amazing opportunity for me to continue to grow in my professional career. We've worked with all of the associations, the equine associations, giving us access to the end user. It also has elevated the PulseVet brand, to the elite brand that is the leader by far, the gold standard when it comes to shockwave therapy. Most universities and any serious equine sports medicine veterinary practice is using and providing the PulseVet shockwave. Being able to talk to horse owners in a way that lends credibility because I'm one of them and also sharing my experience with the veterinary side has been helpful for both things. I'm super proud of being named the Official Shock Wave of the AQHA, the USCF, the NCHA, the NRCHA, the World Equestrian Center, all organizations, the largest in the world, with the most members, we now have access to them through editorials, our presence at their events, social media, being the brand that they chose to share with the brand is a very big deal, and continuing to keep us at the top of the heap. That reputation, that sort of branding lends credibility when we want to bring something new to that same group, or into the equine market. We're already considered the gold standard, the elite brand. When we got to come in and I was able to talk to them about the first-ever stall-side metabolic panel, being able -- the only company in the world being able to now test with quantitative results that they can trust for ACTH, identifying horses with PPID as well as test their insulin level for all of these insulin-resistant courses. It's a game changer. It's better medicine. We may actually save the life of some of these horses. It will help the veterinarian determine a treatment to treat, when not to treat. If we're talking about injecting a steroid, we may not want to do that based on the results of this test, and we can know that in about 20 minutes. Being the only company offering that has been such an amazing opportunity for me. The equine veterinarians that we already work with, that are already our loyal customers, they're open and they were and continue to be excited about what we bring to them. We've earned their trust. We've brought them innovative things that improve the medicine they're providing to their clients. The horse owners are looking to us for education and asking their veterinarians for these products. Luckily, we've gained that trust over the decades of work we've done. A lot of that research and science, being able to bring that to the table has been instrumental in our success. Moving forward, I believe we -- the sky is the limit. We are only getting better and growing, being able to move our new products into our very established equine market is a real benefit to us when we're not starting from scratch. We're already here with a great client base, and we're just adding to it. Improving the life of those horses, improving the return on investment and saving time for those veterinarians. And at the end of the day for me, it's all about how are we helping those horses and dogs. And we are absolutely doing that with the products we're bringing to the table.

Hello. My name is Roderick Richards, DVM. I studied veterinary medicine and surgery late after a short career in engine development with companies such as Lotus Cars in the U.K. and the Orbital engine company in Perth, Western Australia. I was contacted by the manufacturer HMT AG in Switzerland who asked if I was interested in the position of product manager for the EquiTron globally, but based in Switzerland. They felt that my German language experience with the technology and experience with EquiTron so far was an interesting mix. This was naturally a massive decision for me and my family. But after much [indiscernible] with my wife, we decided this could indeed be a great opportunity. Although that really was the beginning of shock wave as we know it, not long after arriving in Switzerland, HMT AG unveiled their new desktop shock wave device for the medical field called the Evotron. I immediately went to the sales director and told him that I wanted that device for the veterinary world. Eventually, the company agreed and [ OssaTron ] was born. Then I was able to convince HMT to work with Professor [ McIlwraith ] and his team to use the arthroscopic chip model they had developed to evaluate the effect of shock waves on this injury. The results were convincingly positive, which led to the increasing uptake of the technology in the U.S.A and then in other parts of the world.

My name is T.J. Barclay. I'm a veterinarian with Zomedica. I have about 20 years of experience in equine practice. And then I've spent the last little bit over 2 years with Zomedica in the role of professional services veterinarian. So my clinical practice was spent mainly with Western performance horses in Texas. And so saw pretty much all of the Western disciplines were patients of mine. My practice consisted of a lot of sports medicine and lameness diagnosis and treatment as well as reproduction industry, internal medicine and a lot of pretty much just general equine practice. I have a lot of experience in those types of cases. And a lot of experience with the PulseVet product, which is a big part of Zomedica's lineup. So a big part of my role as a professional services veterinarian is assisting the sales team in talking to veterinarians and potential customers. In that role, I serve mainly as an educator, educating potential customers. So in those discussions with other veterinarians, we generally wind up talking about cases, different cases that we've seen, how Zomedica's products fit into the diagnostics or treatment of those types of cases. And that peer-to-peer discussion is very valuable in instilling confidence in that veterinarian customer that Zomedica's products are fit -- fit their practice and they're going to be able to utilize them to improve the quality of medicine in their practice. Some of the most kind of exciting discussions that I get to have with veterinarians are surrounding our TRUFORMA platform and the new equine assays that we have developed for that platform that are really revolutionizing the way that equine veterinarians diagnose certain endocrine diseases, especially PPID and equine metabolic syndrome. Having those diagnostics available at the point of care is -- changes the paradigm of the whole process of diagnosing and treating those cases. So that's been a really exciting thing as far as getting to introduce that to other veterinarians. The PulseVet Shockwave has been around in equine practice for a long time. That was something that I've had for a large portion of my practice career. And so a lot of our customers are already very familiar with that technology. But one thing that I get to do is introduce new indications with the ongoing research that we've done in using shock wave for pulmonary indications like asthma and exercise-induced pulmonary hemorrhage, as well as the newer research done evaluating hoof growth. Those are new and very applicable things to a typical equine practice. So getting to share those things and helping customers doing those types of treatments is another big part of what I do.

Hi. I'm Dr. Kimberly Keeton, professional services vet with Zomedica. I have quite a few certifications in addition to my Doctor of Veterinary Medicine, have been in clinical practice for 20 years. I also practice acupuncture and I'm a certified veterinary medical manipulator, which is essentially veterinary chiropractic. In addition, I hold a license in England, because I practiced in England for a couple of years. So that essentially describes kind of who I am. I do come from an integrative background, which is a multimodal approach to medicine and managing high-performance sport horses. And PulseVet is actually what brought me into industry and to join Zomedica over a year ago now because the tech-forward approach of the kind of wide portfolio that Zomedica offers to practitioners to kind of help improve their day-to-day efficiency, as well as improving client outcomes and keeping everything -- cost to the minimum and clients happiest and their patients performing at their best. A day-to-day interaction with the sales team and sales associates, we are utilized for education and support in the field. And so from the initial introduction of the technology to the practitioner, we support the sales team in clinic. When I go in with an account manager, I allow the account manager to drive, kind of, the business discussion and the accounting discussion. And then I step in and take over the kind of clinical and the scientific side of things to kind of help veterinarians understand what our technologies can bring to the table. And on the other side of that, the diagnostic platform. So the TRUFORMA platform, which is a really novel diagnostic device that allows people to make diagnoses in the field. So it takes something that typically we would have to wait, send off a blood sample for, wait a couple of days, have it come back, that's something that we can now do in less than 20 minutes in the field so that, that animal can be medicated appropriately sooner and clients can see appropriate results from that medication tuner and less contraindications from that disease state that we're diagnosing.

At Zomedica, our approach to the equine market isn't built around a single product. It's built around the horse. What you're looking at is the Zomedica equine ecosystem, a deliberately integrated portfolio designed to serve veterinarians and their patients across two critical pillars. Diagnostics and Therapeutics. This model matters because it mirrors how veterinary care actually works. A vet doesn't just treat, they diagnose first, then treat, then monitor. Our product suite supports that entire continuum. On the diagnostics side, TRUFORMA is our flagship platform, delivering point-of-care hormone and biomarker testing using proprietary Bulk Acoustic Wave technology. For the equine practitioner, this means accurate endocrine panel results at the stall side without the delays or added costs of sending samples to an external reference lab. Faster results mean faster clinical decisions and better patient outcomes. We also offer TRUVIEW AI, a digital microscopy tool that brings AI-assisted analysis to the practice, further expanding the diagnostic toolkit available to equine vets. On the therapeutic side, PulseVet therapy is the cornerstone. The gold standard in equine shock wave therapy with deep clinical roots and strong brand recognition across the equine veterinary community. Complementing it, Assisi EquiLOOP delivers targeted pulsed electromagnetic field therapy, specifically designed for the equine patient. And VETIGEL rounds out the portfolio with a fast-acting plant-based hemostatic solution for wound management in the field. Together, these products are designed to work in concert, each one reinforcing the value of the others. Diagnostics inform treatment decisions and treatment outcomes reinforce the ongoing value of diagnostics. That's multiple revenue touch points per patient per visit per year. This is how Zomedica is building durable recurring revenue in the premium equine segment, not through a single transaction but through a true ecosystem. PulseVet is widely recognized as the gold standard in equine extracorporeal shock wave therapy, and for good reason. Shock wave therapy uses focused acoustic pressure waves to stimulate healing and musculoskeletal tissue. These waves penetrate deep below the surface to promote angiogenesis, reduce inflammation, and trigger the body's natural repair mechanisms, all without surgery, without pharmaceuticals and without extended recovery downtime. For performance horses where time off equals lost revenue, that distinction matters enormously to owners, trainers and veterinarians alike. PulseVet systems are engineered specifically for the demands of equine practice. The device is portable, making it well suited for ambulatory vets working across multiple farms and facilities. Treatment protocols are well established and backed by a substantial body of peer-reviewed clinical research, with consistent reproducible outcomes across a wide range of indications, including suspensory ligament injuries, back pain, navicular syndrome and tendon pathology. PulseVet also works seamlessly alongside TRUFORMA within the Zomedica ecosystem. A veterinarian can use TRUFORMA to identify an underlying hormonal condition, contributing to poor musculoskeletal recovery, such as equine metabolic syndrome or PPID, and then deploy PulseVet as part of the treatment plan. Diagnostics and therapeutics working together, driving better outcomes and deeper client relationships. From a business standpoint, PulseVet operates on a recurring revenue model. Practices acquire the capital device and then generate ongoing revenue with every treatment session. Treatment fees in equine practice typically range from $150 to over $300 per session, with horses often receiving multiple treatments per course, creating a strong return on investment for the practice and a dependable recurring revenue stream for Zomedica. Proven, trusted and clinically differentiated, PulseVet is the foundation of Zomedica's equine therapeutics business. Let's talk about the size of the opportunity. The global equine health care market is substantial and structurally attractive. An estimated 60 million horses worldwide require ongoing veterinary care with the premium performance and sport horse segment representing the highest per animal spending. These are horses whose owners, trainers, breeders, competitive riders view veterinary investment not as a discretionary expense, but as essential asset protection. The economics of care are straightforward when a horse represents a 6- or 7-figure investment. Zomedica's equine segment is targeting a compound annual growth rate in excess of 30% with a clear pathway to $50 million or more in annual equine revenue. That trajectory is grounded in two things. Continued penetration of the installed base and the powerful recurring revenue dynamics built into our model. TRUFORMA generates recurring consumable revenue with every diagnostic test run, creating a dependable annuity tied directly to clinical activity. PulseVet generates recurring revenue with every shock wave treatment session. The Assisi EquiLOOP, VETIGEL, and TRUVIEW AI each add additional per procedure and per-use revenue layers on top. Every capital placement compounds into a long-term revenue stream and gross margins across the portfolio are targeted at 65% and above. Critically, no single competitor today offers the combined diagnostic and therapeutic breadth that Zomedica brings to the equine practitioner. The integration of TRUFORMA's hormonal diagnostics with PulseVet's therapeutic capability alone presents a differentiated clinical and commercial proposition that is difficult to replicate. The opportunity is large, the margins are strong and the competitive moat is growing. The financial case for Zomedica's equine strategy is compelling.

As we step back and look at the full picture, we see a clear opportunity, not only in market size, but in how the market is evolving. The equine sector is fragmented, yet concentrated in premium segments like performance and racing, where spend per horse is significantly higher. That matters because clinical outcomes, speed of diagnosis and quality of treatment directly translate into economic value. Zomedica is positioned at that intersection. Our integrated approach connects diagnostics and therapeutics into a single clinical workflow, helping veterinarians move more efficiently from insight to action. That integration drives better patient outcomes, supports utilization and creates multiple revenue opportunities per patient. Our professional service veterinarian model, unique to Zomedica, also helps ensure adoption continues beyond installation of our equipment through education, training and real-life clinical use, which is what drives long-term value. The opportunity also extends well beyond the U.S. With more than 60 million horses globally and strong demand in regions like Europe and the Middle East, we're expanding into markets where equine care is both a priority and a premium investment. This is supported by a business model built for scale. High-value segments, recurring utilization and a strong margin profile, all contributing to a growth trajectory, we believe is sustainable and defendable. When you put it all together, the market dynamics, integrated ecosystem, clinical support model and financial profile, you get more than a collection of products. You get a platform positioned to capture value across the life cycle of equine care. We believe Zomedica is uniquely positioned to lead in this space and deliver long-term value for veterinarians, the equine industry and our shareholders. I'll start with a brief update on the business and then our Senior Vice President of Finance and Corporate Controller, Mike Zuehlke, will walk through the financials. After our prepared remarks, we'll open for questions. On March 16, we reported our fourth quarter and full year 2025 results. Overall, this was a pivotal year for Zomedica and we delivered strong, consistent and record performance across the business, across the quarters. We generated $32 million in full year revenue, representing a 17% growth year-over-year. And we marked our 20th consecutive quarter of year-over-year revenue growth. In the fourth quarter, we also reached an important milestone, surpassing $10 million in quarterly revenue for the first time with revenue of $10.5 million, up 33% from a year earlier. Crossing $10 million in quarterly sales, up from our prior record of $8 million set in the third quarter, reinforces our belief that our long-term strategy is working. Growth in the quarter and the full year was driven by several key factors. Continued strong demand for our PulseVet and Assisi therapeutic device platforms. Accelerating adoption of our diagnostic offerings, particularly our TRUFORMA platform. Early traction in our new Development Services segment, which brought in about $3 million in revenue during the year. And expansion of our international footprint, where sales grew 18%, supported by both organic growth and new distributor relationships. We're encouraged by the momentum in our relatively new Development Services segment, which has opened new revenue opportunities by leveraging our development, engineering, contract manufacturing, and order fulfillment expertise and infrastructure. We've entered into agreements with a human health partner to leverage our Georgia electromechanical manufacturing and distribution facility and are in early days of working with two entities, one for human health and one for animal health that leverage our Minnesota biotech manufacturing and distribution facility. Importantly, this is not just a new revenue stream for us. As we have noted, our intent to monetize our infrastructure and intellectual property since our acquisition of Qorvo Biotechnologies a couple of years ago. It represents a strategic extension of capabilities we've been building for years. We are now able to apply our core strengths to a broader set of partners and related opportunities. What makes this segment particularly compelling is that it diversifies our business model beyond our core products while still leveraging the same underlying infrastructure and expertise. As we scale this segment and engage with additional partners, we expect it to be a contributor not only to revenue growth but also to margin expansion, further aiding our goal to cash flow breakeven, GAAP profitability and long-term value. From an operational perspective, we continue to execute with discipline. Gross margins remained a healthy 68% for the full year. Cost reduction initiatives helped to reduce operating expenses by $3.9 million or 7% as compared to the prior year. Cash burn driven by lower OpEx, operating expenses and reduced capital expense, merger and acquisition spend was $18.1 million for the year, including a significantly reduced $1.1 million cash burn in quarter 4, both of which represented the lowest in our history since commercialization. Our disciplined approach to cost management will remain a primary focus across the company. We've also made significant progress in expanding and enhancing our product offerings with several improvements and initiatives that position us well for continued growth. In 2025, we added the VETIGEL product line and introduced our new Development Services business segment, as discussed earlier, both of which expand our reach and open new avenues for innovation and revenue. This led to a contract manufacturing and services agreement with Rahm Sensor Development, further expanding our capabilities beyond animal health and highlighting the broader potential of our Development Services segment. We launched our new TRUVIEW digital microscopy platform, now enhanced with AI diagnostic interpretation and expanded its distribution through an agreement with Moichor. This AI enhancement significantly advances the platform by enabling automated interpretation of hematology blood films, delivering faster, more consistent and more standardized diagnostic results through a more intelligent program. We launched our next-generation VETGuardian PLUS monitor along with an onboarding app designed to streamline installation and integration. Together, these enhancements mark an important step in the evolution of our monitoring platform, improving both product usability and workflow efficiency for our customers. We continued to expand our TRUFORMA platform with new and enhanced assays supporting detection, monitoring and assessment across a range of key areas, including equine ACTH, insulin and progesterone, and feline testing for cobalamin and folate, further strengthening the clinical value and depth of the platform. We supported the expanded use of our PulseVet system through the launch of a national equine asthma registry, which we believe will generate critical insights, inform clinical practice, guide future research, and ultimately improve outcomes for patients. And we produced research to drive an additional indication for enhancing the sole depth of horses. Internationally, we broadened our footprint through new distribution agreements in the United Kingdom and Turkey, and expanded partnerships in the Netherlands and Canada, continuing to build momentum in key global markets. And we have high expectations for 2026 as we just onboarded a new Vice President of International, very experienced in the animal health market. Taken together, these initiatives reflect our continued commitment to innovation and our ability to build a more comprehensive, differentiated portfolio that delivers increasing value to our customers. With a growing installed base, increasing recurring consumables revenue and targeted innovation across both diagnostics and therapeutics, we look forward to building on this momentum in the coming year. As we look ahead to 2026, our priorities remain clear. Accelerate global adoption of our innovative portfolio, expand recurring revenue streams and with fiscal discipline, drive toward cash flow breakeven and profitability with a firm goal of achieving both for 2027. With a strong balance sheet, including $53 million in liquidity, we believe we are well positioned to build on this momentum and continue to deliver long-term value. With that, I'll turn the call over to Mike to walk through the financials in further detail.

Thank you, Larry, and hello, everyone. We appreciate your continued support of and interest in Zomedica. The fourth quarter of 2025 was another record-breaking quarter for us and the finalization of a record year, which delivered the highest revenue in company history, continued expansion across our portfolio, launches of enhanced products and continued execution at significantly reduced operating expense levels. I'll walk through the results now. Total revenue for the fourth quarter was a record $10.5 million, an increase of 33% compared to the fourth quarter of 2024. It is the first time the company has eclipsed $10 million in revenue for a quarter. Total revenue for the year was $32 million, an increase of 17% compared to 2024. Full year growth was driven by performance across our portfolio. Our Diagnostics segment was up 17% (sic) [ 15%, ] driven by continued adoption and utilization of our TRUFORMA point-of-care diagnostic platform, and our expanded menu of assays, notably our equine-specific assays. Our Therapeutic Devices segment was up 5%, driven by continued strong performance by our PulseVet and Assisi products. Our Development Services segment, which we introduced in the third quarter, contributed $3.1 million in new revenue, leveraging existing capacity, capability and intellectual property. We will continue to pursue strategic opportunities that leverage our existing asset base within both the human and animal health sector. Consumables revenue, which can be thought of as recurring, was up 16%. Highlighted by continued growth in the utilization of our TRUFORMA products and sustained demand for our PulseVet trodes from both new device installations and reorders associated with existing systems. We expect consumables growth to continue as our installed base expands. Lastly, we spoke frequently last year about initiatives to grow internationally. I am pleased to report that international revenue was up 18% year-over-year. Moving on to operating expenses. Total operating expenses, excluding noncash impairment charges for 2025 were $50.2 million, a 7% reduction when compared to prior year. Operating expenses as a percentage of sales improved 42% versus the prior year, and we anticipate continued operating leverage as we realize a full year of benefit from the cost reduction actions taken in 2025, along with continued sales growth, which can be supported by our current structure. Research and development expenses were $7.2 million for the year, slightly down from 2024. We incurred costs in 2025, most notably to support the development of our VETGuardian PLUS and TRUVIEW AI-enhanced products. And as you have seen, these were launched in the fourth quarter of 2025 and early in the first quarter of 2026 respectively. We will continue to develop, test and manufacture our next generation of therapeutic and diagnostic products to meet market demands. Selling and marketing expenses were $18.5 million in 2025, compared to $17.2 million in 2024, an increase of 8% in support of the previously mentioned 17% growth in total revenue. Lastly, general and administrative expenses for the year were $24.5 million, compared to $29.7 million in 2024, an 18% decrease, reflecting our commitment to disciplined cost management, and our pursuit of sustainable performance that results in cash flow breakeven and U.S. GAAP profitability. Turning to the balance sheet. Zomedica ended the quarter with $53.3 million in cash, cash equivalents and available-for-sale securities. Cash used during the fourth quarter was approximately $1.1 million, our lowest cash burn in 4.5 years, and our first sub-$2.5 million unadjusted quarterly burn since 2021. The Q4 2025 burn was approximately 83% less than the fourth quarter of 2024, and a 76% reduction from the cash burn in the third quarter of 2025. For the full year, cash burn was $18.1 million compared to $29.1 million in 2024, a 38% reduction year-on-year. The positive impact of top line growth, maintenance of strong margins and reduced operating expenses is clear when comparing cash burn to prior year, and provide evidence of meaningful progress toward our goals of cash flow breakeven and GAAP profitability. The seasonality of our business is important to note. The fourth quarter is historically our strongest revenue quarter, while the first quarter historically incurred increased cash usage as the company pays for several annual expenses accrued for at year-end. With this in mind, we do not anticipate the same quarter-over-quarter cash performance improvement from Q4 2025 to Q1 2026 that we saw from Q3 to Q4 in 2025. We do, however, anticipate continued realization of increased operating leverage throughout the year and further cash performance improvement for the full year of 2026 versus 2025. As I always do, I would like to remind you that we remain essentially debt-free. As our results for the fourth quarter and full year illustrate, your company is in sound financial health. We continue to believe we are well positioned to fund and support our strategy, accelerate the global adoption of our expanding portfolio, and sustainably achieve cash flow breakeven and profitability. With that, I'd like to hand the call back to Larry. Larry?

To reinforce what you just heard from Mike, I'd like to talk just a bit more about revenue and cash. Now we were pleased with the cash burn from the fourth quarter, $1.1 million from revenue of $10.5 million. And when you think about it, with margins at 68%, an additional $1.6 million in revenue, or a total of $12.1 million for the quarter, assuming we collected the cash, would cover that $1.1 million cash burn. So we're close. Now as we look to the first quarter of 2026, please remember that our revenue, especially capital revenue, is somewhat seasonal. And the first quarter is always the lowest revenue quarter versus our highest revenue quarter, the fourth quarter. Also keep in mind that cash burn is generally highest in the first quarter as we pay out expenses accrued during the entire previous year. Having said that, we are laser-focused on getting to cash flow breakeven and GAAP profitability. While we're confident that our current cash is, and will be, sufficient to see us to cash flow breakeven and profitability, we remain focused on reducing our operating expenses, both as a percentage of revenue and also in absolute dollar terms. So please view our early 2026 revenue and cash burn metrics as we lay them out as we make progress in this context. Okay. Now let's get to questions.

The first one, before I even look at yours, I'm going to ask myself. Hey, I thought you were going to buy stock for your grandchildren when the window opens? Good question. My answer is that I am. Unfortunately, while our insider trading window opens 2 days after the release of earnings, which was on March 18, it also closes 2 weeks before the end of the fiscal quarter or March 17. So in this case, it closed the day before it opened. While I do still intend to purchase additional shares for my five grandchildren, it has to wait until May 8, as we currently plan to release earnings for the first quarter of 2026 on May 6, after the market closes. Of course, that can change by a little bit, but whenever that window opens, I'll be in the market. All right. Now let's get to your questions.

[Operator Instructions].

Okay. So first of all, my apologies for the technical difficulties that we encountered at the first of this webinar. I had to count back to how many we did. I was thinking for a second, this must have been our 13th one, because we were certainly unlucky today. But in any event, thanks for sticking around. Thanks for rejoining. All right. So let's get to some questions. First one is, still no sound? Well, I guess that's a legacy from the last one. We have a question here about the Boehringer Ingelheim collaboration which we announced just a week or so ago. What is the impact and so on and so forth? So I'll talk a little bit about that. So Boehringer Ingelheim is, I think, the second largest animal health company in the world. They're privately owned. They're based in Germany. They have subsidiaries around the world. And here in the United States, Boehringer Ingelheim U.S.A. has a program they call PPID ID, which basically is a screening -- they're promoting the screening of all horses for PPID. Because while it affects a significant number of horses of a certain age, it also affects younger horses. It affects a lot of donkeys and certain breeds of horses like really small horses, things like that. And so Boehringer Ingelheim, has up until recently, the only drug that was used to treat this condition. And so it's in their best interest to screen for this condition. And since we launched the eACTH, that's been our goal as well. We've been selling TRUFORMA, an eACTH for several years now. We've been gaining traction in the marketplace with equine vets. And importantly, we've also been gaining traction with the academically oriented equine vets who have studied this particular assay. I think we've told you before that our assay is the only one, I should say, our set of assays for eACTH is the only one that measures not only eACTH but also this derivative called CLIP, which may be super important. Time will tell. But we're the only ones that offer that. Up until now, you had to send your blood to Cornell, and wait and then get the results back, it would take days, maybe longer to get that. Boehringer Ingelheim, based on the academic presentations that were made at AAEP based on the fact that we've been working with them over the last year, doing combined labs and events with equine vets, they satisfied themselves that technologically, we had not only equal to Cornell, but actually superior when it comes down to being able to measure CLIP independently. So their program is every spring and every fall, they offer at no charge to have a couple of horses per veterinarian, test it, and they cover the cost. Up until now, that meant they covered the cost of sending the blood to Cornell and they paid that bill. But now -- and it kicks off just in a few days, April 6, I think is the launch date for BI's program. They're going to offer the vets to be able to do the testing at the point of care with the TRUFORMA device. And so their sales people have the ability to sign that customer up to their program. That will mean that we place the device as we do anyway at no charge, and that initial set of cartridges, which is both eACTH and insulin, those cartridges are being paid for by BI. So they do 2 in the fall and they do 2 in the spring. We're obviously coming up on the spring one. The beauty of it for us, of course, is that every single equine vet that encounters PPID and treats PPID today uses the BI drug. Now there's another company that's recently launched a competitive drug. We'll see how that goes in the marketplace. But today, all equine vets know BI. And they all know when it comes to PPID, BI is the authority because they have the only drug. And so we get that mantle of credibility, along with the absolute convenience and all the other advantages that come along with being able to do this testing at the point of care. We are super excited because this allows us to get that initial usage, eACTH and insulin. And then we can come right behind them with cortisol and progesterone, and it's just a great opportunity. Customer acquisition cost for us is essentially nil at that point. And so it's a terrific opportunity, and we're going to be sure we're going to avail ourselves of it. All right. Next one. Will first quarter earnings surpassed $10 million? Well, I suppose that earnings, right, of $10 million will be possible in the first quarter of some year, but that's not any time in the next -- in the near term. I think the question really is, will first quarter revenues surpassed $10 million? And the answer is, I don't think so. It's not in our plan. As Mike pointed out, first quarter revenue always takes a dip from fourth quarter because that's our strongest capital quarter. And we expect that pattern to continue here in 2026. I noticed you haven't purchased any shares. I think I covered that. Since you stated in the last Q&A, that we might breakeven at the end of 2026, what new or existing revenue will drive the increase in revenues? Cash, I think, would probably be the question. So we have them on the market. We're -- the products that we're selling now will be sufficient for us to achieve the sales objectives that we have set forth that could get us to cash flow breakeven certainly by the end of the year. It won't be for the full year of 2026. But certainly, by the end of the year, there's an opportunity -- there's a potential for that to happen. We do firmly believe that we will be both cash flow breakeven and also GAAP profitable for the full year of 2027, and you'll see progress throughout the year in this area. Have you noticed a decline in domestic and international sales since the Iran war started and oil prices rising? No, we haven't. And our new VP of International Sales and our Senior Vice President of Sales have been in Europe this past week and business is booming there. Our sales are up very nicely in the international markets. It's proven to be a very fertile ground for us, and that's one of the reasons why we took the step of bringing in a VP of International. And in fact there's a question here. Can I discuss the new VP of International sales? You met him here on the video. Super experienced gentleman, 17 years with IDEXX, 3 years with Antech. These are giants in the field. He built their businesses in Europe and other parts of other international markets. So we're super happy that he chose to come with us, and we have high expectations of international sales growth as we move forward. When and which assays are to be launched this year? So we will be launching several assays for the equine market and one assay for the feline market. And I'd actually prefer not to say what those are because in the past, we've telegraphed what we were doing and then other companies can come out there and try and compete with us before we've even gotten on the market. So let me just say we have 3 equine assays and 1 feline assay that will be launched during the course of this year. Talked about the VP of sales or international sales. There's a few questions on here about the Development Services segment. Can we expect further growth in this segment throughout 2026 and beyond? There's another one here. What constitutes engineering services? I'll take that one now. What are you -- can we talk a little bit more about what we think about this, and so on and so forth? So let me just come at all those questions sort of in one group. Development Services is composed of several things. One would be engineering services. This would be assistance that we can provide other companies in the development of specific products that utilize our platform technology, right? So we have an arrangement that's been made public with the Rahm services. That is an example of where we can work together to help further develop the technology that they're applying in the human market. Similarly, we could offer that same support for companies that are looking to utilize our TRUFORMA platform. So that's engineering services. And that's pretty straightforward. Now those things generally have a start to them, and they continue until the project is completed and then engineering services would move to the side. We also do contract manufacturing. So in the case of Rahm, for example, we're manufacturing the devices that they're bringing on to the market for the elderly population, the neonatal population, the prison populations. In the case of any company that we work with, that would utilize our TRUFORMA platform, our BAW sensor technology and so on and so forth, we would manufacture those products as well. And generally, you could expect that engineering services would then lead to contract manufacturing. And so as one segment, or one part of this segment falls away, then a new part could very well take its place. And so then you would have contract manufacturing on an ongoing basis. And then there are other, sort of, services that have to do with basically helping the company with inventorying the product, distributing the product, providing the technical support. And we have a couple of companies that were -- that we have engaged to help with that, one, which would leverage our Plymouth facility and the biotech capabilities that we have there, along with the distribution and so on. And then the other leveraging the staff that we have in the Roswell facility down in Georgia. With respect to what we think is going to happen in the future? We're not going to give any specific guidance on this because this, by its very nature, can vary. It's not just us. That has to do with generating this revenue, they're our partners, collaborators, partners. And so really, there's multiple variables here. So it wouldn't be prudent for us to try and predict this revenue with any sort of specificity. I will say, though, that we believe that this has legs. And the reason I say that is if you can remember back to when we bought -- when we acquired Qorvo Biotechnologies, we stated that and we've repeated several times that our strategy was to first build a significant market and a track record in the -- with the TRUFORMA platform in the animal health space and then leverage that technology to enter through partners, to monetize that technology with partners in the human health space. We knew when we acquired Qorvo Biotechnologies that there were several, not just one, but several different indications for human health applications for this platform technology. And so to the extent that any single partner that we are working with, to the extent that any of them would -- after initial work would decide not to go down that road, or for whatever reason, not be the appropriate partner for us. There's no shortage of other entities that we would be able to approach and move forward together in some sort of a partnership, or joint venture, or something like that. So while I'm not going to give specific guidance as to what exactly we're seeking, or looking for in revenue. Our expectation is that just as we have said for several years, that this will be a way for us to generate meaningful revenue as we move forward. Okay. I hope that satisfies. Let's see. Talked about the assays. I talked about VP of sales. Talked about BAW Services. Talked about Boehringer, Time line for equine version of VetGuardian. Good question. Trudy asks me that almost every week. And I tell her the same thing I'll tell you now, which is that we first wanted to perfect the VETGuardian PLUS device. We have that in the marketplace now. We wanted to make sure that we got all of that technology really zeroed in by looking in a small space, a cage, a kennel, where there's a dog, or a cat, or what have you. Now we're in the point where we can apply it to a larger space, which is a stall where the horse is moving around. And so we expect some time during this year to have some news on that. And Trudy, I'm not going to tell you any more than that. Wish -- assure -- you can attest the fact that I shared that -- the same thing I told you, right? All right. Similar lower cash burn from Q4 in Q1, and throughout 2026? I think Mike and then I reiterated it. Our cash burn is always higher in the first quarter. It's the highest of the year. This year will be no different. There are expenses that are accrued throughout the year, that we need to pay out. But then you see the cash burn going down from there. And this is what we expect. Our operating expenses for 2026 will be less in absolute cash dollar terms than they were in 2025. We are focused on that. And you may have seen, for those of you who follow our website, and our positions that are there, while we did bring on a new VP of International, there are a couple of senior positions that are no longer part of our management team and company. And these are all just reflections of the fact that our expenses will go down not just as a percentage of revenue, but actually also in hard dollar terms. Let's see, when do we expect to be profitable? 2027. Will this move the stock, you think? So I'll talk a little bit about that. I think later, there's another question about stock price and what not. So when we think about -- I mean in simplest form, forgive me, but more people want to buy the stock and want to sell the stock, stock price goes up. You all know that. That's -- there's not anything wise about that statement. So we need more buyers. We appreciate you're sticking with the stock, and we would encourage you to do that, right, hold it. But sometimes you just need to -- you need the cash, so we get it. But -- so we need more buyers. And so how do you get more buyers? Well, why are people not buying today, right? Well, one reason they might not be buying today is that we're burning cash. And so what are we doing about that? We're focused like a laser beam on reducing our cash burn and getting the cash flow breakeven. Somebody else might say, I'm not buying it because even though they're not burning cash, they're not profitable. And so there you go. That's the other major thing that we're doing is we're looking to be profitable. Now there are other reasons, right? They might not like the exchange that we're on. Well, we're not an exchange. They might not like -- that we're not on an exchange that they recognize. They might not like the share price being where it is. And so these are things that at this point, reducing the number of shares outstanding. We're very well aware that there are multiple ways to do that. One path is not something that is favored by the shareholders. So we're not going down that path. The other path would be -- would take longer, but it would be, A, get the cash flow breakeven. B, get to profitability. C, generate some free cash. And then D, start buying shares back, right? So from an operative sort of plan. These are the kind of things that we look at. And why do we look at it that way? Because we're looking to remove reasons why people are not buying the stock today. And then once we remove those reasons, we have to give them reasons to buy it. So let's increase revenue, let's keep margins high. Let's keep expenses low. Let's be profitable, let's show good growth opportunities. This is what we're working on. Let's see. Any new indications coming soon for PulseVet? Are we gaining market share adoption and recently added indications for horses and dogs? So new indications, I think the newest indications are treatment of asthma. And also, there's a new indication for the treatment of sole depth. So apparently, the depth of the -- the hoof of a horse, the thickness of it is a pretty important thing for horses. And there's a study that recently was done, the first sharing of that was in December of this past year that says, if you use shockwave on the hoof of a horse that you can enhance the sole depth. And so we're actually early days on that, but we're contemplating doing a registry for that as well. But in any event, those will be indications that would help. Now the other thing is that by having indications in the small animal, companion animal segment, we actually gain the ability to have the product introduced into the mixed animal vet group. So there's about 2,400 equine-only vets in the United States. There's another couple of thousand mixed practice vets. And up until now, those mixed practice, they basically make their money by treating small animals, but they really like to treat horses, they probably own horses themselves. But if they only have a few horse customers and they're not performance and sports horses, then they're sometimes not really eager to make the investment in the PulseVet because it does require an investment and you need to use them to be able to get a return on that investment. But once we introduced it into the small animal market, now we're able to go to those mixed animal vets and say, hey, you can pay for the device by using it in your small animal practice. And now you get to treat the horses that you want to treat. Because every vet that treat horses sees lameness, they see asthma, they see a number of conditions. There's actually 40 different indications for horses. And now by having it also able to be treated small animals, then that opens it up, and we've delighted quite a few of them with that story and they -- it's actually the fastest-growing group of veterinarians, which would be the mixed animal, both horses and small animal veterinarians. Let's see. The services, we talked about that. Not seeing any insider buying? Because it's not possible to buy when your window is closed before it opens. And honestly, I should have like made that connection when I was asked this question last quarter, or last month, I should say. So that's on me because at that time, we knew when earnings would be released, it just didn't occur to me at the time. Because last year, we had 1 day where we could acquire shares. And this year, we had no days. Talked about cash burn. Let's see, early clients. I talked about that, development Services. Any thoughts on trying to be listed back on NYSE? Let me circle back on that question. I think Mike's got some information that might be helpful. Is Q1, '26 revenue beating Q1 '25 revenue? We've gone 20 quarters in a row of having the revenue for the quarter set a new record for that particular quarter by demonstrating year-over-year growth. We expect 2026 to be the same as it has been in '25, '24, '23 and '22. Can you talk about rough revenue Cornell market does a PPID? I don't know how much of their revenue -- I don't know what Cornell's revenue is, and they don't disclose it. They're not publicly traded. I would just tell you that the opportunity for us to have Boehringer Ingelheim, tell every equine vet that is their customer, and every equine vet is a customer of BI. That they endorse the TRUFORMA, and they will pay for a couple -- 4 tests in the spring and 4 tests in the fall, that's really good for us. Any buyback would not happen until profitability, can you at least discuss what it would look like if we indeed hit profitability, the stock price is extremely valued now and a buyback should provide reasonable investor value. Yes. So I object to the premise. A buyback or a small buyback isn't going to make any difference. We have almost 1 billion shares outstanding. So until we are cash flow positive and profitable, and have plenty of money in the bank at which point we would consider and lay out a strategy, but that would be a long strategy, frankly. There's a lot of shares out there. And to do one now. I think the Chairman of our Audit Committee is -- has a phrase that he uses when we talk about it, it's a permanent loss of capital for a short-term gain that benefits a few shareholders, but it's not to the benefit of all shareholders, unless it's a reasonable, prudent thought-out long-term plan in which we'll get to that when we get to that. Let's see. We talked about engineering services. We talked about stock buyback. So for the Boehringer screening program, what milestones should investors watch over the next 6 to 12 months to judge success? For example, the number of enrolled veterinarians, device payments, yes, we're not going to disclose any of those metrics. We don't. We talk about our segments, and we'll continue to report segments. But something like that, what I would say is watch out for the diagnostic revenues. Watch out for the consumable revenues, and you'll see those grow. We talked about the other 2 pharma tests. PIMS integration is on track. We'll have our first -- the first of many products will be integrated with PIMS by June. That's TRUFORMA. And then the rest of our product line will follow. I think the time line is like June to September in that range. And it's -- by September, all of our products, and by September, nearly all of the PIMS integrators, there's a number of them out there. How soon may we expect to go back to being listed on a major exchange? I'm going to defer that to Mike in just a minute. What caused revenue to be higher in Q4 versus previous quarters? It is our highest capital revenue quarter of the year for a number of reasons. One, equine veterinarians tend to aggregate their purchases at their annual trade show, which is always held in December, or late November, early December of each year. We sell as many PulseVets to the equine market in that -- basically around that meeting, as we sell in each of the previous quarters. And then, of course, we have the whole quarter leading up to it. The second reason is that the federal tax code allows for investment tax credits. Is that the right word for it? Well, what they do is they allow you to take the cost of the acquisition as a expense in the quarter in which you put it to use, and then you have it for the whole year. So if you buy something on January 1, then you -- a year and 3 months later, you get the benefit of it. If you buy it on December 31, you get the benefit of it immediately for the whole previous year. It's just a buying cycle that exists in pretty much all capital sales, and it's certainly the case for us here as well. And then there's also a little bit of salespeople wanting to make their quotas. And so they've got bonuses that they want to achieve and whatnot. And -- so all that comes together and makes the fourth quarter. And you can see, you can look back '22, '23, '24, '25. You'll see the same pattern repeat over and over. Am I worried about the stock price? No. Am I worried about it? It's a good question. I guess it depends on how you say worried. I think about it a lot. I see my own portfolio, just as you all do. I don't want to -- I want that stock to appreciate both for my own personal reason, and my grandchildren, but each of all of you who have invested your hard earned money, into our shares. Some of you before I got here, but it doesn't matter. I want to see it go up, as you all do. I'm not worried about it because I know that -- well, you've heard me say this before. The stock is not the company, the company is not the stock. The underlying foundation of this company is strong and getting stronger. We've made a tremendous amount of progress. We have a lot more to go. We're not sitting here and saying, okay, we're all done now. We got a long way to go, but we're making really good progress. And eventually, that's going to be rewarded, I think. I just knocked on wood. Well, let's see, then here's something about the Development Services. We talked about that. You said cash flow breakeven could happen by the end of '26. '27 are the goals. What milestones can we watch for? Just watch for revenue increasing, expenses coming down, margins staying strong and a cash burn. I mean, you'll see the progress being made during the course of the year. And if you look, if you want to look back at the last 3 or 4, 5 years, you'll see the cash burn always highest in this quarter and so on. And again, I see especially Mr. Anonymous attendee that you are looking for very specific detailed information and stuff, which we don't disclose. We are in a marketplace where we're surrounded by competitors, most of whom -- or many of them, I should say, I think of 3 really big ones, that have many much higher resources than we do. And so we're not looking to telegraph to them what they might want to do to forestall our progress. And so I hope you would appreciate that. Let's see, you said operating expenses should be lower? Yes. Again, these milestones, I know what you're looking for, but I'm not sure that I could help you with these things. If you want what milestones to know if we're on track for cash flow -- for reducing cash flow, then I would suggest that you look at reducing cash flow or reducing cash burn, right? I mean, the other metrics, obviously, are leading indicators or lagging indicators, but the best indicator if you want to know how we're doing on cash burn is cash burn. I can see that there are people that want to build models by knowing the installed base and so on and so forth. Again, we haven't disclosed it in our history, and we don't plan on doing it now. These are -- this is competitive intelligence that we don't need to share with the market. I have told you that every equine customer, every equine vet is a customer of BI and there are about 4,400 of them. So we expect to make progress there, and you'll see that reflected in our revenues. Do we advertise in big events, such as the Kentucky Derby, where racing horses are found? We advertise in a lot of events that are equine event oriented, right? As Trudy said, we are the -- I mean she rattled them off, right? The AQHA, American Quarter Horse Association. The American Reining Horse Association. The Cutting Horse Association. The Run For A Million, and this and of that. All of these are our associations where PulseVet is the official shockwave of those, and the vets that take care of those horses, know that and utilize our technology. But more to the point when Trudy says she's in charge of client education, she also reaches out directly to horse owners so that they know to ask their vet for the gold standard in these technologies. You said your plan is to remove the reasons investors are not buying the stock today by reducing cash burn, reducing -- reaching cash flow breakeven and becoming profitable, keeping margins high and growing revenue. What are the milestones you should look for? I mean, I think the question -- the question answers it, right? Increasing revenue, strong margins, reducing OpEx as a percentage of revenue, reducing OpEx in cash terms. I mean, we disclose all those things, and I would encourage you to follow along with those. Do I plan on staying with Zomedica for the foreseeable future? Yes, I do. Recruited with the exception of 2 people here. And you've met them. You've met Evan St. Peter, 2 webinars ago, and you met Dr. Ashley Wood last webinar. With the exception of them, I've recruited every single person that's here at Zomedica. And I'm here. I'm here to the point where they can take their stock options and go cash them in and get something nice with them, or use them for their children, or what have you. My children have grown. As I told my wife a while ago, you could retire. You can, but I don't need to, right? And so -- there are some weeks that I'm little lonely at home because she's out with the grandkids, but then I hit out there on the weekend. So I'm here. Let's see. That's a repeat of a question about milestones. Do you think you'll still see revenue benefit even in the PPID off-season for a new TRUFORMA placement with Boehringer? Yes, I think so. And here's why, right? So the screening season for PPID is in the spring and the fall. The treatment -- and I mean, let's face it, BI wants to screen so that they can get new patients. And the drug, the percent drug that they are prescribed this, they take for -- they don't just take it in certain parts of the year, they take it all year long. And the processes, you do the analysis, you do the assessment, okay, they have PPID. All right. Now you put them on a drug. Well, as you titrate that drug, as you reach the right correct level of that drug for that particular horse, you do multiple tests. So you're getting tests every month or whatever for a while, maybe 3 or 4, 5 months. And now you say, okay, good. Now the horse is on a good dose. But every 6 months or a year, depending upon the vet, they got to come back and test it again and make sure that, that dose is still correct. Some people need to take a thyroid medication, right? It's not a life-threatening thing, but they need to take that thyroid, about every so often, they have to get their blood drawn so they can check -- the doctor can check and make sure it's still the right dose. So this is a test that continues all year long. And even if it's not PPID season, it could be breeding season where progesterone comes in on the same platform. It could be foaling season, where a little culture borne and sometimes they need to be tested as well, not necessarily for PPID or whatever, but with cortisol. So it's a good thing that's going to last the whole year. Let's see. I'm going to address that about the NYC. I'm going to actually let Mike do that. Okay. Now we have some questions about acquisitions and some -- so congratulations to whoever on the team that worked on the BI deal, it's sound stellar. Yes, for sure. And that's -- I mean, of course, I helped. Not really, right? This was the culmination of our PSV team working with PSVs at BI. It's a culmination of our VP for corporate accounts and strategic collaborations. We hired just about a year ago, working on that. It's Trudy and all her contacts at BI. So kudos to the team across the board. I got to be the one to sign the agreement, but the real work was done by the folks that have been doing this for a while. All right. So now there's a couple of questions on here about this Oxford Science. So first of all, let me tell you that per SEC regulations and just good common sense, anything that is material we disclose. And we disclose it timely. If we have a material event due to Canadian regulations, we have like a day to get the word out in the form of an 8-K -- no, actually, it's on an 8-K. It's a different kind of a filing in Canada, and we have 2 or 3 days or 4 days to disclose it via an 8-K in the United States, right? And if it's material, they're going to make a difference, then we also will do a press release about it, so that we share that with you. And we aren't stingy with the press releases. We put them out. So if we have not disclose something that we've done. It's because it's not material. And if it's not material, then why spend your time on it or ours. So if we had something material, why wouldn't we just -- even if it wasn't material, why wouldn't we just go out and tell the whole world about it? Because it might be part of a bigger strategy that we're not ready to share with the world. And so I would ask that you take with a grain of salt anything you might have heard, wonder about what the motivation for that might have been, but that's for you to figure out. And in our case, we're going to be close to the vest on things that we think should be closer to the vest. And we have that latitude if it's not a material event, right? So -- and any acquisitions looking forward, I mean, clearly. A, remember, we're looking to reduce and eliminate cash burn as quickly as we can. So spending a bunch of cash somewhere else is against that concept, right? And then any future potential acquisitions, it'd be crazy for us to talk about those, right? That wouldn't be smart. So let me just leave it on that. Okay. All right. So now let me go to Mike and ask you to comment on what it would take to get to an exchange and so on and so forth?

I'll ask if everyone can see? Larry, I'll ask if you can see?

I can, yes.

All right. So I apologize, it's not in slide show presentation, so I apologize if it's a little small. On the heels of being asked the question last time and filling questions around regaining compliance for a major exchange. I'd begin by prefacing and saying our ambitions are the same as our shareholders. We would love to see the stock traded on a major exchange, have it be broadly available for trading, easily tradable, so on and so forth. That said, we've looked at the different exchanges that are available. And I've gone ahead and laid out some of the criteria that required for listing. The first one on the side here is the NASDAQ capital market. You can look at the red Xs as criteria we don't meet. Green X is good news. NASDAQ says, we have to meet 1 of these 3 criteria in totality to be listed. Have sufficient stockholders' equity across the board. Market value of shares. We have operating history if we go that route. Market value of list securities check. We're not profitable yet, but we would fall on the net income standard. Number of shares, round lots, et cetera. And then as you can see, the opening bid price, the initial bid price ranging on the low end of $2 and there is some qualification there around what it would take to qualify. We feel strongly we would probably qualify for the criteria of $2 but keep in mind, at current levels of between $0.12 and $0.13, that's roughly a 16x multiple on current stock price. NASDAQ isn't our only option. People have asked about the NYSE. The NYSE publishes their initial listing criteria. You have to meet 1 of 2 financial standards. Be it an earnings test where you have profitability. So we're out on that one. Or their global market capitalization test of $200 million, we're out on that one. If we were to get to a market cap of $200 million, then you have other criteria, you have to meet in terms of distribution standards. Which, again, we'd cover on the round lot holders, publicly held shares, market value of shares, their opening bid price is $4, which my math would be a 32x multiple of current stock prices. What if we were to go back to where we were a little over a year ago, or right around a year ago, the NYSE American Exchange. They present multiple standards in which you can meet, right? One standard requires pretax income. We're currently out on that one. The rest of the standards are -- there's one on total assets and total revenue, which we're close on. But then you get to, again, minimum price. Here's maybe the cleanest path of a market cap value of the float equity. And again, an opening bid price of $2. And then the additional criteria you would have to meet one of the following, we all check the box on. Lastly, our shareholders, you all have asked about the new infant Texas Stock Exchange or TXSE. Their listing standards are very similar to the NYSE and the NASDAQ. You have to pass 1 of 2 tests. Be listed. One is an earnings test, which again, we fail on as a result of not yet being profitable. We remain laser-focused on that. The second one is a market capitalization test, which lays out the need for a market cap in excess of $2 million, and a share price of $4, that's been maintained for 90 consecutive trading days prior to listing. The rest of criteria that's been publicly available and written about, again, we check the box on. So the point of laying out all this is, one, management has an eye on it. Two is to lay out the magnitude at which the stock price needs to move for these to become buyable options. A stock buyback of that magnitude is very significant. We don't talk about other options as they've been voted down resoundingly by our shareholders before. As Larry has laid out, we remain focused on the levers that we can pull, right? Increasing our revenues, reducing our operating expenses, generating cash. And that's where the focus of the company remains today.

Mike, you're breaking up. I'm not sure what's happening, but you're breaking up.

I'm sorry. Can you hear me? Is that any better? I'll stop. Any better, Larry?

Not sure what -- yes. Yes. I think people got the gist of it. Internet being a little funky here. I think the only other question really that's out here is there's a few questions on acquisitions. One is, are we more likely to scale through partnerships on the human side, or could a small acquisition also makes sense? So we're definitely on the human side, looking for partnerships, joint ventures, things like that. The reason for that is it's not just the acquisition, and I'll talk about acquisitions in a second. But it's also the expense of the regulatory pathway, navigating the regulatory pathway with the FDA, which a number of us here have experienced. We've done that before. But you got to go down that road with the FDA. You got to go down the road with payers, and coding, and so on and so forth. And then you got to deploy a sales force in the human market and so on. So partnership is better for us like that. The other thing is there's another couple of questions about are there any acquisitions coming soon? Are we looking to make additional acquisitions, or primarily focused on organic growth? Let me be very clear. We are focused on primarily on organic growth. Growth within our current segments. Growth -- now are there little things we can tuck-in here and there that won't cost us anything from a cash standpoint? Sure. And we'd be crazy not to take advantage of those types of things. But any kind of a substantial acquisition, you're not going to see that from us until after we are cash flow breakeven and profitable because those are -- right now, we think that there aren't potential shareholders not buying our stock because we're not making acquisitions. But there are, we believe, potential shareholders or investors that are not buying the stock because we're not yet cash flow breakeven or profitable. So we are conserving our capital. As I said earlier, while we believe and have confidence that we have sufficient capital to get to our objectives. We're not cavalier about it at all. So Trudy, when I told you no, we weren't going to spend it on that. I wasn't kidding, right? Everybody. All right. Well, with that, I think that pretty much wraps up the questions here. And Mike, everyone could hear you, it just was me that wasn't able to hear you well. So sorry about that. Okay. Mike, anything else that...

No. I think the point that you're driving home at the end there, Larry, and the bow I was trying to put on the stock price is ultimately, the equation we're solving for here is creating demand, right? Creating more buyers of our stock so that you all can see the appreciation of the stock price. Demand will lead to increased price. We view the best path forward on that front to be continuing to do what we're doing, which is driving top line growth at healthy margins, reducing cash, again, taking away reasons why someone wouldn't buy our stock, should lead to increase in demand for our stock, but we obviously leave that to the market to determine.

Yes. And we won't be passive about it. I mean once we remove those first 2 barriers, then basically, I'll go back to talking to potential investors in group settings. Not -- it won't be the same settings as I did early on when we were listed on a major exchange. But there are groups of potential investors that get together that will purchase on an over-the-counter stock, or that will take a little bit more risk in terms of penny stock. I haven't been doing those. It just -- it takes away from focusing on our primary objectives. But once we get to cash flow breakeven and profitable, then we'll do more outreach to reach these potential investors. Okay. Trudy, anything else?

No sir.

All right. I didn't see -- I mean I guess there was one question you could answer. I should have let you. I will. Next time. All right. Thanks, everyone. Appreciate your support. We will continue keeping you up to date on what we do with the press releases as material events occur, and we look forward to seeing you next month on our Fourth Friday at Four webinar where we'll be featuring -- we'll be talking about our manufacturing capabilities and so on. Thanks very much.