Zomedica Corp. (ZOMDF) Earnings Call Transcript & Summary

Welcome to Zomedica's Fourth Friday for our webinar series. Today, we'll examine the 5 pillars framework, the operational foundation that guides every product, partnership and investment decision at Zomedica. We'll walk through each pillar, the products behind them and what the framework means for veterinary practice performance and long-term recurring growth. Before we begin, I want to remind current and potential investors that we will be making various remarks about future expectations, plans and prospects that are considered forward-looking statements. There are risks that actual results may differ from these statements. We refer you to the safe harbor statement 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, June 26, 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. Now let's hear from Larry Heaton, Zomedica's Chief Executive Officer.

Good afternoon, everyone, and welcome. I'm Larry Heaton, the Chief Executive Officer of Zomedica. Thank you for joining us for another fourth Friday at Four Webinar, whether you're a shareholder, a potential investor or just someone who loves animals as we do. We appreciate you taking the time to be with us today. Today's session is a little different from many of our previous webinars rather than focusing on a specific product category or market segment -- we're going to take a closer look at the framework that guides almost everything we do commercially at Zomedica, what we call our 5 pillars. The 5 pillars represent the lens through which we evaluate opportunities across our business. They influence how we assess new technologies, how we think about acquisitions, how we support veterinary practices and ultimately how we create long-term value for shareholders. At Zomedica, we believe success in animal health requires more than simply offering innovative products. Products must solve problems, meaningful problems for veterinary practices while also improving patient outcomes and strengthening the relationship between veterinarians and pet parents. Our 5 pillars framework was to develop to ensure that every product we bring into our portfolio contributes to these objectives. This ensures that veterinarians incorporate Zomedica products into their practices, producing in consistent, ongoing, sustainable, profitable, consumable revenue. providing the foundation for our revenue growth well into the future. The framework addresses the complete veterinary care journey from improving the quality of care delivered to the patient to enhancing the pet parent experience increasing workflow efficiency, strengthening practice cash flow and ultimately improving practice profitability. What makes this framework particularly important is that these pillars are interconnected. Better diagnostics can lead to better treatment decisions, better treatment decisions, better treatment outcomes can improve client satisfaction and retention. More efficient workflows can increase patient throughput and financial performance. Together, these outcomes create stronger veterinary practices, deeper product adoption and recurring revenue opportunities that support sustainable growth. Throughout today's webinar, we'll walk through each of the 5 pillars and demonstrate how our product portfolio supports them. We'll also discuss how this framework helps differentiate Zomedica as we continue building an integrated veterinary health ecosystem designed to support veterinarians, veterinary staff, pet owners and ultimately, our shareholders. Our goal today is to provide insight into the strategic foundation behind Zomedica's portfolio and to illustrate how clinical value practice performance and shareholder value are connected through a single disciplined operating framework. After the prepared remarks are completed, we will, as always, move into a question-and-answer session with leadership. And with that, let's get started.

To understand Zomedica, you need to understand the lens through which we evaluate everything. Our products, our partnerships, our investments and our growth strategy. That lens is the 5 pillars framework. Most animal health companies are built around products. they develop a device, they sell it into clinics and measure success by units shipped. Zomedica was built around a different question. What does the veterinary practice actually need to succeed clinically and financially. And how do we design for that outcome from the start? The answer became our 5 pillars. They represent the full value chain of a veterinary practice from the examination table to the practices P&L. The first 2 pillars address the clinical side of the practice, the quality of care delivered to the pet and the experience of the pet parent who brings that animal in. These are the outcomes veterinarians entered the profession to achieve. The next 3 pillars address the operational and financial side, how efficiently the practice runs, how much revenue it generates per patient? And what margins remain after costs? These are the outcomes that determine whether our practice survives and grows. Together, these 5 pillars represent what we call Zomedica's Dual Mandate, serve the pet and serve the practice. We believe those 2 goals are not intention. In fact, products that improve care quality consistently improve practice economics. Because better diagnostics mean faster decisions, faster treatment and stronger client relationships. The 5 pillars are not a positioning statement. They are an operational filter. Before our product enters our portfolio, it must demonstrate a meaningful impact across all 5 pillars. And after launch, we measure again them. utilization rates, reorder behavior, clinic retention, all of it maps back to this framework. This discipline distinguishes Zomedica from companies that assemble product lines through acquisition, a unifying logic. Every product we offer has a defined role in the practice and a measurable contribution to practice performance. One more thing worth noting for investors. The pillars are interdependent. Improving diagnostic accuracy, Pillar 1. Increases pet parent confidence, Pillar 2, which drives return visits and compliance, pillars 4 and 5. Improving workflow, Pillar 3, enables the practice to see more patients in the same hours, which compounds the revenue effect of pillars 4 and 5. The framework builds on itself, and that is by design. With that foundation in place, let's go pillar by pillar, starting with the one that sits at the center of every clinical decision. The quality of care delivered to the pet. The first pillar is the foundation of everything else. Does the product measurably improve the care that the pet receives. In veterinary medicine, diagnostic accuracy has historically been constrained by access. A general practice veterinarian dealing with suspected hypothyroidism, Cushing's disease or early cardiac disease, has traditionally had 2 options: send a blood sample to a reference laboratory and wait 2 to 3 days for results. or make a clinical judgment without confirmation. Neither option serves the patient or the practice particularly well. The true form of platform changes that. Using bulk acoustic wave biosensor technology, it delivers results in 20 minutes or less at reference laboratory accuracy levels. correlation coefficients across our assay panel range from 0.92 to 0.99 against the predicate gold standard. This is not a screening tool. It is a diagnostic platform that enables confident clinical decisions at the point of care. The clinical implication is meaningful. Our feline TSH assay is the only assay on the market specifically optimized for cats capable of detecting the low TSH concentrations that identify 10% to 40% of early and mildly hyperthyroid cats whose T4 levels would otherwise appear normal. Our canine ACTA assay is the only in clinic test that differentiates pituitary dependent from adrenal dependent Cushing's disease, allowing the veterinarian to set a treatment course before the client leaves the exam room. These are not marginal improvements. Their diagnostic capabilities that previously did not exist at the point of care. On the therapeutic side, pulse vet is the gold standard in veterinary shock wave therapy backed by more than 2 decades of clinical research across human and animal medicine. The electrohydraulic technology delivers focused, high-energy sound waves to large tissue volumes stimulating the body's own healing response for musculoskeletal conditions, including osteoarthritis, tendon and ligament injuries bone fractures and back pain. Treatments are completed in under 5 minutes without sedation, a meaningful clinical and operational advantage. The Guardian addresses a different but equally important care gap postsurgical and overnight monitoring. Using patented doppler radar technology developed at the University of Florida, that guardian continuously monitors temperature, pulse and respiration without any contact with the patient. Customizable alarm thresholds, alert staff the moment of vital sign falls outside range. Earlier detection of deterioration means faster intervention and better patient outcomes. TRUVIEW is the only fully automated digital microscope for veterinary point-of-care cytology skin cases, ear cases, fine needle aspirates, results that previously required courier services and reference lab turnaround are now read in-house, same visit, the diagnostic chain stays inside the clinic and the quality of the answer improves, the automated AI reports for hematology, assist the veterinarian identify cellular onetime and a board-certified pathologist is there to provide a consult when needed. The [ CC Loop ] delivers targeted pulse electromagnetic field therapy. TPEMF, to accelerate the body's natural healing processes. Backed by peer-reviewed research, the [ CC loop ] supports pain management reduces inflammation and promotes tissue repair in postsurgical, orthopedic and wound care patients. it is simple enough for technician administration and compatible home care protocols, extending quality treatment continuity beyond clinic visit. Vetty Gel is a plant-derived polymer del that rapidly controls bleeding in surgical and emergency settings, applied directly to a wound or surgical site. Vetty Gel accelerates clot formation significantly faster than conventional methods. -- intraoperative blood loss, shortening procedure time and improving patient safety in a profession where every minute in the operating room carries cost and risk that speed matters. Taken together, these products address different moments in the clinical encounter, diagnosis treatment monitoring, imaging and acute surgical care, but they share a common design intent, close the gap between clinical question and clinical answer as quickly and accurately as possible. Better care at the point of care changes with a veterinarian can do. The second pillar addresses what that change means for the person sitting across from them. the pet parent. The second pillar shifts our lens from the exam table to the client relationship. And for investors, this is where clinical value translates into practice economics. The modern pet parent is not the same client veterinary practices were designed for. Today's pet owner expects the same speed, transparency and communication from their veterinarian that they receive from every other health care provider in their life. Multi-day weights for laboratory results, callbacks with diagnoses delivered by phone, treatment plans discussed without the client present. These experiences a road trust, reduce compliance and ultimately reduce the lifetime value of that client relationship. In-clinic diagnostics fundamentally changed that dynamic. When a veterinarian runs a true forma panel during the appointment and reviews results with the pet parent in the exam clinic, the conversation shifts. The diagnosis is explained with evidence. The treatment plan is established before the client leaves. Questions are answered in real time. That combination of speed and transparency same-day immunochemistry results in the exam room rather than a call back 2 days later, produces a measurably different client experience, one that drives compliance, return visits and referrals. This matters to investors because client retention is the compounding variable in practice economics. A practice that retains clients at a higher rate generates more visits per patient per year, more diagnostic events per visit and more opportunities to utilize the full Zomedica product portfolio. the economics of retention compound over time in a way that new client acquisitions simply cannot replicate. Pulse Vet contributes to pet parent satisfaction in a way that is immediate and tangible. Shockwave therapy typically requires just 2 treatment visits to complete a full course compared to 15 or more visits for laser therapy or the open-ended commitment of daily medication protocols. That compression of the treatment time line directly improves owner compliance because the ask is small and the result is visible. The clinical outcome speaks for itself in the room, a dog that arrived at the clinic limping often walks out noticeably improved after a pulse vet session. that visible in the moment change is one of the most powerful trust-building events a veterinarian can deliver, and it creates a parent who returns, refers and complies. When a pet is hospitalized, the pet parent goes home without their animal. Vet Guardian addresses that moment directly. Because the device monitors continuously, temperature, pulse and respiration around the clock, without any staff intervention required. The practice can tell the owner with confidence. Their pet is being watched at every moment. That assurance is not a soft benefit. It is a material -- in the clients' experience of leaving honorable animal in someone else's hair, and it is the kind of communication that builds lasting loyalty to a practice. Pillar 2 extends beyond the clinic, the CC loop and comer canine products give pet parents an active role in their animals recovery. The CC loops, TPEMF therapy is designed for home use with simple protocols the owner can follow between clinic visits, for dogs with separation anxiety, comer canine provides a drug-free targeted treatment, the parent administers at home. This matters for 2 reasons. First, it improves clinical outcomes through consistent treatment continuity. Second, deepens the emotional engagement of the pet parent with their veterinarians care plan. A client who is actively participating in their pets recovery is a more informed more loyal and more compliant client. They are also more likely to refer others to the practice that equip them with that capability. client trust and compliance are outcomes. But they require the right operational conditions to produce them consistently. That brings us to Pillar 3. Veterinarian workflow. The third pillar moves us from the clinical and client relationship into the operational engine of the practice. And here, the story is straightforward. Veterinary practices are under staffing pressure, capacity pressure and time pressure simultaneously. Every inefficiency in the clinical workflow has a direct cost in throughput, in revenue and in staff retention. Zomedica's products are designed to remove friction at the points where it does the most damage. The most significant workflow improvement our diagnostics deliver is the elimination of the reference laboratory send-out cycle. Under a traditional model, a sample is collected, packaged, picked up, processed and reported, a cycle that takes 2 to 3 days requires a call back to the client and often results in a second appointment to discuss findings and initiate treatment. Every step in that cycle consumes staff time without generating additional revenue. The TRUFORMA platform eliminates that loop entirely. Results are available in the room in the same appointment. The TRUVIEW digital microscope does the same for cytology. Slides prepared can be read in-house. No courier, no delay, no rescheduled appointment and TRUVIEW AI-generated report delivers the interpretation automatically, saving the veterinarian time that would otherwise be spent on manual review. The net effect is not just faster results. It is a meaningfully more efficient use of every appointment on the schedule. Pulse vet shockwave therapy sessions can be performed by trained veterinary technicians under DVM guidance. that distinction matters for workflow, while a technician delivers a shockwave session using the pulse device. The veterinarian is free to see another patient conduct a consultation or complete a procedure that genuinely requires their clinical expertise. The practice gains capacity without adding headcount, and the technician gains a high-value clinical role that improves their engagement and utilization. More patients seen per day. with the same team. The Vet Guardian monitor addresses a different workflow constraint. The overhead of monitoring hospitalized patients. Manual vital signs checks require staff presence, interrupt other tasks and create gaps in overnight coverage. Vet Guardian Zero Touch platform monitors continuously alerts on threshold breaches and generates automatic patient reports. Staff are freed up to focus on active care rather than passive surveillance. The CC Loop and TPEMF therapy protocols are simple enough for non-GBM staff to manage without direct veterinarian oversight, expanding the number of cases a single practice can handle without adding clinical head count. The cumulative effect of these workflow improvements is measurable, more patients seen per day, more procedures completed per provider and the same team operating at higher throughput. That is the gateway to adoption. And it is why utilization rates remain high and churn rates remain low once our products are embedded in a practice. Efficiency creates capacity. Capacity creates opportunity. Pillar 4 addresses what that opportunity is worth in direct financial terms. The fourth pillar addresses one of the most persistent tensions in veterinary practice, the gap between clinical excellence and financial performance. Many veterinarians are outstanding clinicians who are nonetheless operating under significant financial pressure. Constrained cash flow, high overhead and revenue that walks out the door to third-party laboratories and external service providers. Every Zomedica product is designed to address that gap directly by adding a revenue line, retaining revenue that would otherwise leave the practice or accelerating the payment cycle. TRUFORMA's business model is built on consumable cartridges. Every test is a billable diagnostic event. Every reorder is a recurring revenue transaction. And because TRUFORMA retains that diagnostic revenue inside the clinic rather than routing it through a reference laboratory. The economics are meaningfully different from the traditional send-out model. The practice captures the margin. The assay menu now spans 18 tests, covering thyroid, adrenal, cardiac, gastrointestinal, reproductive and insulin conditions. All conditions requiring serial monitoring, which drives repeat utilization over months and years. Importantly, there is no upfront capital investment required to begin. The revenue model is consumable first, making adoption accessible regardless of practice size. Pulse Vet generates high-value therapeutic procedure revenue. Shockwave treatments are billed at premium rates completed in under 5 minutes and require no anesthesia, eliminating the cost and complexity that typically accompany premium procedures. 1 to 3 sessions per case spaced 2 to 3 weeks apart create a predictable near-term revenue stream per patient. The financing model makes the path to positive cash flow clear. With financing, a practice needs to commit only approximately 2,800 in the first 12 months. at average utilization levels 2 to 5 patients per month, the device generates approximately $36,000 in annual cash flow against a total cost of approximately $34,000, which is set up to be amortized over 5 years. That means the device pays for itself before it is fully paid off. Every month beyond that is pure margin contribution. This is not a capital burden. It is a cash flow accelerator. TRUVIEW keeps cytology revenue inside the practice, every case that previously went to an outside laboratory now generates in-house margin. And like TRUFORMA, TRUVIEW requires no upfront capital investment. The barrier to access is designed to be as low as possible, so that revenue capture immediately. Vet Guardian creates an entirely new revenue line, overnight and postsurgical monitoring, build as a service per hospitalized patient. The practice charge is a monitoring fee for zero touch postoperative care, a service that previously was absorbed as overhead. Because the monitoring fee recurs with every hospitalized patient, the device generates a new revenue stream that covers its own cost quickly and then produces ongoing positive cash flow beyond payback. The cash flow compounding effect is worth noting for investors. Faster diagnosis leads to faster treatment initiation, faster treatment completion and faster billing cycle. Practices that adopt Zomedica diagnostics do not just generate more revenue per visit. They generate it faster with less administrative friction and with higher client satisfaction at each step. Revenue is only part of the equation. Pillar 5 is where cash flow becomes margin and where the compounding financial case for the Zomedica platform becomes clearest. Cash flow is revenue. profitability is what remains after costs, both matter and both are addressed by Zomedica's product ecosystem. The profitability case begins with margin. in-house diagnostics eliminate third-party laboratory fees on every test run. That margin improvement compounds across every patient, every visit, every month. practices running high-volume endocrine panels through TRUFORMA are not just generating more revenue. They are retaining more of it per test than they ever could under a send-out model. Workflow efficiency converts directly into labor cost reduction. When Vet Guardian handles continuous monitoring, staff hours are reallocated to higher value tasks. When a CC loop protocols are managed by technicians rather than veterinarians, DVM time is freed for cases that require it. When pulse pet sessions are delivered by a trained tech, while the DVM sees another patient, same hours generate more billable activity. These are not abstract efficiency gains. They reduce over time, reduce staffing strain and improve the per hour economics of every provider in the practice. The most significant profitability impact comes from multiproduct adoption, a practice running TRUFORMA diagnostics pulse vet shock wave therapy and vet guardian monitoring across its patient population is not experiencing 3 separate revenue streams. It is experiencing a compounding margin improvement, one client relationship supporting multiple high-margin revenue lines with a single sales and support infrastructure serving all of them. For investors, this is the retention story embedded in the profitability pillar, a practice that is measurably more profitable because of Zomedica does not easily switch platforms. The switching cost is not just logistical, it is financial. That stickiness is the foundation of our recurring revenue model. We have walked through each pillar individually. Now let's look at what the framework produces when all 5 are operating together inside a single practice because this is where the investor thesis becomes most visible. No single product achieves all 5 pillars in isolation. The ecosystem does. And the more completely a clinic integrates the Zomedica portfolio into its daily workflow -- the stronger the 5 pillars performance becomes across every dimension, consider a well-equipped companion animal practice on a typical operating day. In the morning, a dog presenting with suspected Cushing's disease comes in. the veterinarian runs a TRUFORMA cortisol and EACTH panel. Results are back in under 20 minutes. The diagnosis is confirmed in the room. The treatment plan is established. The pet parent leaves informed and engaged with a follow-up monitoring schedule already on the calendar. That is pillars 1, 2 and 4 operating simultaneously, better diagnosis better client experience and a billable event completed within the appointment. At midday, a dog with a chronic shoulder injury comes in for a pulse vet shockwave session. The treatment takes less than 5 minutes, delivered by a trained technician while the DVM continues seeing other patients, no sedation, no preparation overhead, no recovery time. a premium procedure build at premium rates, expanding the practice capacity without expanding its head count. That is pillars 3, 4 and 5 workflow efficiency, cash flow and margin. In surgery, Vetogel hemostatic gel is applied to control intraoperative bleeding. What previously required prolonged manual pressure or added procedural time is addressed in seconds. The operating room time shortens. The patient's exposure to anesthesia is reduced. The outcome improves. That is Pillar 1. Care quality, operating at one of its most critical moments. Through the afternoon, a post-surgical patient recovering from orthopedic repair is monitored continuously by a Vet Guardian monitor. Staff are not standing at the kennel. They are seeing other patients, alarms are set. The system watches. If anything changes, the team is notified immediately. The pet parent at home has been told their animal is being continuously monitored. That is pillars 1, 2 and 3, care quality, owner satisfaction and workflow efficiency. Running in parallel with no additional labor. And throughout the day, the TRUVIEW microscope is handling cytology on skin and ear cases as they come through with the slides read in-house. AI reports generated automatically results communicated in the same appointment. No sendout fees, no delay. Pillars 1, 3 and 4. When patients are discharged, the ecosystem extends beyond the clinic. A postsurgical patient goes home within a CC loop for continued TPEMF therapy between visits. A dog with anxiety goes home with calmer canine, continuing treatment on a schedule, the owner manages themselves. The care plan doesn't end at the door, and the relationship between the practice and the pet parent deepens with every day of continued treatment at home. For our commercial team, the multiproduct practice is the primary growth opportunity within the existing installed base. clinic already using the TRUFORMA platform is a natural candidate for the TRUVIEW microscope and Vet Guardian monitor. A clinic using Pulse vet Shockwave is a natural candidate for a CC TPEMF therapy as a send home complement. The framework itself identifies the cross-sell logic because practices that adopt more pillars perform better across all 5 and they know it. Each product in this picture contributes to multiple pillars simultaneously. Each product reinforces the others. And each product deepens the practice's operational and financial dependence on the Zomedica ecosystem, which is exactly the retention dynamic that sustains recurring revenue. A framework is only as effective as the infrastructure that delivers it. products do not realize their potential through placement alone. They realize it through training, adoption support and ongoing clinical education. That infrastructure is built through the partnership between our sales team and our professional services veterinarians. The support model is built around a simple premise. The value of Zomedica product is not fully captured at the point of sale. It is realized over time through utilization, protocol development and the gradual integration of that product into a clinic standard of care, while the sales team helps clinics identify the right solutions for their needs. The professional services veterinarian team helps ensure those solutions deliver meaningful clinical and business outcomes long after the initial purchase. Sales representatives and professional services veterinarians work hand-in-hand, but they serve distinct roles. Sales teams focus on identifying opportunities, understanding clinic needs and helping practices build the right combination of solutions across the 5 pillars. Professional services veterinarians provide the clinical expertise, training and implementation support that help those solutions become part of everyday practice. Each professional services veterinarian works directly with clinic teams on onboarding clinical education, protocol implementation and utilization optimization. They are not order takers. They are veterinarians, educators and practice advisers who understand how to translate products into clinical workflows. They help uncover unrealized potential within an existing customer base a price running the TRUFORMA platform at low volume, a clinic that has a pulse bet device but has not expanded into companion animal indications or a team that could benefit from incorporating NCC loop into its treatment protocols. The professional services veterinarian team also provides ongoing customer success support by monitoring utilization trends, troubleshooting adoption barriers and identifying opportunities to expand clinical applications. Working alongside sales representatives, they help strengthen customer relationships, increase product utilization and support growth across multiple product categories. Together, sales representatives and professional services veterinarians transform an installed base into recurring revenue and help clinics evolve from single product users into multi-pillar partners. The clinical use guide, Pulse Vet device training resources and the MyZomedica platform for test result interpretation are all examples of the infrastructure that supports this model. These tools, combined with the expertise of our sales and PSV teams are designed to deepen utilization, improve customer outcomes and reduce churn throughout the customer life cycle. With the full picture and view, the framework, the products and the delivery model, I'll hand it over to Larry Heaton, our Chief Executive Officer, to close with what this means for investors.

So we've covered a lot of ground today. Let me bring it back to the core investment thesis. The 5 pillars are not marketing tagline. They're an operational framework, a filter that every Zomedica product must pass before enters the portfolio and a standard against which we measure performance after launch. That discipline is what keeps the portfolio coherent and what keeps our relationships with veterinary practices durable. Here's what that discipline produces in investor terms, clinical adoption. Products that measurably improve care quality earn their place in daily clinical workflow. They're not occasional purchases their embedded tools that generate recurring utilization because the clinic cannot operate as well without them. practice loyalty. Practices that are measurably more efficient, generating more revenue and retaining more of it is margin do not easily walk away from the platform that produce those outcomes. The switching cost is real and it compounds with every additional product the practice adopts. Recurring revenue. Consumable pull-through from the TRUFORMA platform, procedure revenue from pulse vet shockwave therapy, monitoring fees from the Bet Guardian monitor product sales from the CC loop and vetagel hemostatic gel. These are not onetime transactions. There are revenue streams that recur at the pace of clinical activity, which in a companion animal practice is measured in visits per week, not projects per year. and scalable growth. The professional services veterinarians infrastructure that drives adoption in 1 clinic is the same infrastructure that drives adoption in the next. The framework scales because the logic is consistent. Every practice has the same 5 pillars to address and Zomedica has the portfolio to address all of them. We believe the 5 pillars represent more than a mission statement. They are the architect of a sustainable, scalable animal health business. With veterinarian strive pets receive better care, pet parents build stronger relationships with our clinics and Zomedica grows and the value of your company increases. Let's move on to the Q&A.

[Operator Instructions]

Okay. Good afternoon. I am a little bit bandwidth challenged this afternoon, so I won't be on the video, but I'm happy to take each of your questions. Let's jump in here. The first question is basically seeking some additional details regarding our Development Services segment revenue. So let me see if I can help you with that. We currently are working with 3 entities, 2 of them are in the human space. One is in the animal health space. We, of course, have signed a contract with one of them, we're on inc. We released that a couple of quarters ago, I think, when we signed it. And of course, any additional contracts that we execute, we will -- to the extent that they are material, we'll be issuing an 8-K and most likely a press release as well. If they're not material, then I'll just mention them on this call as we move forward. When we do execute those agreements, then I'm happy to give you all the details that our partners are comfortable sharing. And I look forward to doing that as we move forward. Let's see. We have a question, how is the second quarter looking? Well, as you know, today, plus 2 more business days for our -- most of our business in a couple of weekend days for our retail and online business. were that many days away from the end of the quarter. So as you might imagine, we have a really good handle on where we are. Let me just say that we're very much looking forward to releasing earnings on August 5. We believe that you'll be pleased and kind of need to wait until a quarter is over, and our auditors have looked at it and so on and so forth to be able to give you additional details. Let's see, a question, what specific steps -- don't see where is it? What specific steps is management taking to reach cash flow breakeven and profitability as soon as possible without dilution. Can you give targets for revenue growth, recurring revenue cost control, et cetera? And how is the medical plans to improve shareholder value and market confidence. So first of all, with respect to dilution, of course, dilution would come only if we issued additional shares from raising additional funds. It's obviously a separate issue from cash flow breakeven and profitability. Of course, we have the ability to issue additional shares and sell them into the market because of our charter. We've had that since the company was incorporated. But we believe that we have sufficient capital on board to be able to achieve our objectives of cash flow breakeven and profitability, and we would be loath to put additional dilution to our shareholders. We're all shareholders at the company ourselves and not all of us, but many of us. And so we understand that. With respect to cash flow breakeven and profitability, increasing revenue at a good clip, producing solid margins. So we're producing revenues and good margins. It's going to generate cash. reduce cash burn and give us a clear pathway to cash flow breakeven. On the other hand, reducing OpEx and limiting CapEx is something that we've been doing quarter-over-quarter and year-over-year for some time now. We expect that to continue. As we mentioned, we spent time in the earlier years building the infrastructure that we needed, whether it was facilities or manufacturing areas or whether it was just significant investments in R&D to be able to build the products out and get them into the market to assure a good product market fit. As these things have wound down, we've been able to reduce R&D expense and I think you can see that we've rightsized the sales group, we've also rightsized some of the management group, as you can tell. There's not as many Vice Presidents on the website. So we will continue to do that. And as I mentioned before, we expect our first quarter of cash flow breakeven to be the end of this year. and then, of course, for the full year next year. So targets would be cash flow breakeven and GAAP profitability by the well, cash flow breakeven for fourth quarter and for the full year next year and GAAP profitability just as soon as we can get it and for 2027. Let's see. Regarding the CLIP score feature in our EACTH assays, which has been validated by studies like the one from the University of Georgia, how has the feedback been from our partners and veterinarians regarding this feature. Do you believe that providing this additional information was a decisive factor in their positive reception in accelerating oops and accelerating their adoption of our product over traditional standards, building on that, do we have other assays in our portfolio that offer similar technical advantages, meaning they provide data and insights that traditional central labs cannot offer at the point of care. Is this the type of value-added insight your primary focus? Is this type of value-added insight, your primary focus for strengthening our competitive edge in the market? Yes, it is. One of our focuses. I should say, and just to answer the question specifically, right? So the clip, the additional information provided by providing a CLIP score in addition to a total ACTH score has been received very, very well by equine academic veterinarians, researchers and those types of internal medicine, veterinary, equine vets who are focused on this disease condition. They were very excited about it. Mainstream equine vets, I think they find it of interest, but really, what they're looking for is a composite score that's going to match up with the reference ranges that were established over the years by Cornell's test up until recently, that's the only place you could get it. and the reference ranges were established with those scores, which included both ACTH and CLIP. So what the mainstream vets want to know is, is the score I'm getting from your TRUFORMA device is it -- does it use the same reference range? Does it match up with Cornell. And so the University of Georgia, by validating that, that composite score was right on with Cornell. That delighted, I think, mainstream vets whose primary sort of attraction to the product is that they can do it at the point of care. They don't have to take the blood, keep it cold, get it back to the clinic, send it to frozen or cold to New York and then wait days or longer to get a score back. So once it was -- what the validation did is it gave them confidence that, yes, this is something I can substitute. And that, I believe, is -- so why we're seeing really high levels of adoption and really high levels of adoption in the equine community with this product. A couple of reasons. One, some because of the CLIP score. Some because it's validated by the UGA, most because it's available at the point of care. And many of those -- it was the addition -- it was the expansion of our assay line. So if you recall, we launched ACTH for horses first, and it had a pretty good reception. It wasn't yet validated by the UGA and this and that but it's used in conjunction with insulin. And most vets, if they're going to do a new horse and test them, they're going to look at both the ACTH and insulin at the same time. before they make a final treatment decision. And at first, we didn't have insulin at the point of care so that we're going to have to get that somewhere else. Now we do have insulin in the point of care. Soon, we'll have both insulin and ACTH on the same cartridge. And so I think addition of insulin, I know it also boosted sales. And then not to leave out Branger Ingelheim's program that also allowed us to have our message heard not only by our own salespeople and our own marketing activities, but also by BI. So all those things together. Now other assays, so it underlines a couple of things. One, we should continue to have our assays validated by universities. And so sponsoring clinical research to have them be able to publish to their peers that the product is spot on as we're doing. It's worth the investment. Second, additional as that complement our existing assays so that they can get more of their tests done by one piece of equipment is also smart. And to that end, we do have a couple more -- actually, 3 more equine assays that we're planning on launching this year. So we're going to continue that. Other than equine, if you look over, I think, just from this presentation today, you heard that TS assay is the only feline optimized assay. You might recall that there was a publication done out of New York that indicated that if you would use the reference lab, forget point of care, if you'd use the reference lab test, you would have misdiagnosed 25% of the patients of the cats because you weren't using our TSH, you were using a canine assay. So -- that is -- and we have very high penetration in the fee line market as well. So as you can imagine, we continue to look for assays that are both unique and also very important to veterinarians. Here's a question referencing a fire that occurred at a medical distributor out in Tracy, California. -- not far from where my family, I used to live, by the way, are Wilson. And they were encouraging us to be super careful, make sure that we're -- we have a safety first in mind and so on and so forth. And I'll just assure you that, that is the case. Our team is on top of these kinds of things. In fact, about a year ago or so, I think we switched insurance providers and went through a complete audit with the insurance people of all of our facilities, both of our main facilities. And if they felt like there was something out of whack, they certainly would have told us. I meet weekly actually directly with the Head of Operations, and he keeps me very well informed about any issues that have to do with the health or safety of our staff. Let's see. What are you most proud of from Q2? And what are you most excited about for Q3? So I'm excited that in Q3 on August 5, I can tell you about what we're super proud of from Q2 realistically, you need to wait a little bit. August 5, we'll let you know. We believe it's a good news that you'll very much appreciate. In Q3, we have a couple of product launches that we are going to be executing, and we have some really exciting things that we're doing at the GPO level in the veterinary community. And of course, we're always working on our development services projects. So we'll fill you in on those coming up. Which international area or country do you expect the most growth for the rest of 2026? That's a good question. I think we're -- and it really depends on the rate of -- it's a question about growth as opposed to total volume. Our international sales are up significantly. I'm really looking forward to giving you those metrics in early August, up significantly. We're seeing really good uptake from our U.K. distributor. Our EU master distributor for equine continues to do very, very well. We have introduced some products into several new countries. And there is -- in fact, in a couple of instances, they're doing some valuations that could be very significant for us. But I will say that international growth is very strong. Now in terms of where we expect the most growth I think the U.K. is one that's really been taken off. We've gone to they do trade shows over in the U.K. The nice thing here is that the distributors are responsible for the expense of those trade shows, but our VP of International, who you've seen before in some of these videos, Paul Tai attends those. And he's been very positive about the impact of those. I think the biggest growth will come out of distributors that we start up because it will go from nothing to whatever it is in that particular environment. Where do you see share prices moving forward? I think that's a wonderful question. And if we knew that answer specifically, then we'd be better off than the whole rest of the world. We're going to continue to build the fundamental value of the company. We're going to continue to increase revenue, maintain high margins. continue to drive OpEx down, limit CapEx, get to cash flow breakeven and get to profitability, announce new product launches, talk to you about the kinds of things that we have today, which we believe lay the foundation for strong consumable growth as we move forward. And as long as that consumable growth continues to grow and grow and grow, if those are things that are going to move the share price, then we expect those share price to move. Can we speak on the partnership with Voyager is going? It's actually going very nicely. -- their program is for a set period -- generally for a set period of time. And we did very well working with them. or I should say it's 2 set periods of time, one in the spring and one in the fall. The spring program officially ended, but the BI folks asked us to -- if they could continue to offer our TRUFORMA. And of course, we said, sure, I'd be happy to have you do that. And also, we're going to be involved in supporting some additional training of their sales team. They've expressed that they'd like to know even more about how the true form of works as opposed to just say, hey, it works and it's validated. We expect -- and they're going to also do the same program in the fall. And it just has to do with when you can test for these conditions. I can bring a vet on to answer why that exactly is. I'm not sure I really know. I just know it's spring and fall. Now in Canada, they only do 1 program a year and that's for the fall. And in Canada, fall begins in August, and Canada has asked us to do a similar program in Canada as we did in the U.S. and we've got Paul checking with the BI subsidiaries outside the U.S. So we think it's a good program, and we expect to continue for many, many times, many, many years, quarters, years ahead. see. The investment thesis is clear. clinical adoption, recurring revenue and rose loyalty, scalable growth through the sales and professional services bed model, yes. From a shareholder perspective, could management quantify the actual scale and results behind this model including current installed base and so on and so forth? And I'll just repeat what we've said before. We don't -- we do not provide -- I understand that you'd like to have it. We don't provide that level of detail on the product segments. -- in the future, perhaps we will. But we see this as both a competitive intelligence issue as well as one that just doesn't lend itself to month-by-month updates and so on and so forth. So we encourage you to review our earnings on August 5 when we release them next, and we'll continue to provide level at this detail at the segment level. But beyond that, we're going to keep that to ourselves. And I think the best example of that is -- it is -- there is a competitor that was able to add one of our assays onto their machines and then tell the people that were using their machines that they should use their assay. And so we're going to keep close to the best things that we think would be -- would somehow inhibit our ability to continue to build the market in the way that we want to. And we actually have a little surprise for that particular company because we have something doing with that assay that will, I think, bring that -- those customers that did go back to that. I think we'll bring it back our way. Let's see what else. what key KPIs should shareholders track for us, I think our answer would be revenue margins. cash flow or cash burn, right. Our OpEx levels, CapEx levels. I mean, these are the ones that I think are most important and the ones we're primarily focused on -- any coming catalysts that could push the share price to be higher, I think that's in the mines. It's really in the eyes of the holder. I certainly think we've got lots of catalysts that push it higher. But -- and I know it will push higher for me individually, but for shareholders, it's been tough to see the connection between our performance and the performance of the share price, I think, as you all know. So we'll leave that to the market. Thoughts on expanding the human health industry? We are sort of doing that, but through partners and our Development Services segment. it's a different paradigm to get into the human health business from a regulatory standpoint and from an investment in the kids of clinical research you need to do. as well as the commercialization effort. And so the last thing I think our shareholders would want is for us to go out and raise additional capital to be able to invest in the human side, at least at this point once we get beyond the cash flow breakeven and profitability, then who knows in the future. But for now, we're choosing to do that through human health partners. What is the customer growth or adoption of the product line in the U.S. versus international, so on driving it faster than the other. So the volume of growth, the growth in absolute terms in terms of units and actual customers is -- well, I should say, is higher in the United States. It's a much bigger market and so on and so forth. The percentage growth is higher international is actually, I think we'll compare those rates when we issue earnings. They're similar, and they have been similar in that international has made has maintained a fairly steady pace in terms of percentage of our total revenue. So international is off a smaller base, so percentage growth is a little higher or can be a little higher from the same number of units increased. But in the U.S., we're very pleased with the growth rate that we're seeing. Can you please speak to the growth opportunities with practice outside the U.S., Canada, Europe and so on let my earlier comments speak for itself. Canada is interesting. We have always handled Canada directly. And what we found is that once we got beyond pulse fat, which is a capital sale that you sell at Lawson, and you're sending up about 4x a year, additional trodes, 3 or 4 times a year. that's been okay. What we found with our additional products, though, the Canadian distributor was the right choice for us. and the Canadian sales are up significantly, not only in the new products but also in the pulse vet, which we would have been handled directly. So that's a nice area for growth for us. and we'll continue to expand on that. In Europe, as I mentioned, we have a master distributor for equine Pulse that all around and TRUFORMA all across the EU, but we're adding distribution for small animal products. Our first one there really was a pioneer in the U.K. Let's see. Then there's questions about which of these catalysts we think are going to be the most meaningful. I think that really plays out over time. Each of these -- we put our full effort behind each of them. And as they materialize, as we execute, materialize, then we see which of them are most impactful. I think -- but in any event, we do believe that we will -- the question finishes by saying whether they're enough to support the Q4 cash flow breakeven goal, we believe that's the case. How is the raw business doing? I think it's doing pretty well, at least evidenced by the number of units that we've been asked to manufacture for them. I don't -- we're not involved in the day-to-day of that business. Let's see, Tony is not with us. The fellow who's closest to that business doesn't happen to be on the call today. Maybe we can address them next time around. But we think it's going well. And that's just for the prison, what do they call it sell Guardian, like a prisoner business. And then I think they're just -- they're getting ready to get started with their silver Guardian, which is for elderly folks. And as launched that, that will be new opportunities for us. And then I think they're also working on for little tiny folks, infants. And what I mentioned in that because they've been public, they've spoken publicly about that and in the social media. So I'm not saying something that they have -- they are keeping quiet it seems you're doing the right things for fundamental development of growth. Patience is a virtue. That is what we want, no financial engineering. Well, thank you very much. Since management does not want to disclose product level KPIs, what public milestone should shareholders watch between the earnings and the year-end to confirm the cash flow breakeven is still on track. Revenue growth, Yes, gross margin yes, cash burn. Yes, OpEx, CapEx reduction, yes, product launches, yes, GPO activity, yes or international growth. I'm sorry, I didn't see there was going to are at the end of it. I think those are all things that are important to see. And at the end of the day, if we're looking for cash flow breakeven, I think, obviously, the most important one of those would be cash. Update on PIMS integration, I think that will be the last -- it's the last question I have as of now, and it will be the last one that we address because we're right at 5:00. PIMS integration is going very nicely. The -- our plan is or the way we're doing it is we're connecting everything that we want to integrate with the PIMS to our MyZomedica portal and cloud and then MyZomedica in turn, we're connecting to PIMS. We actually are live now in several accounts, testing or piloting PIMS integration between MyZomedica and one of the most, I should say, the largest market share PIMS provider in animal health. And then I think there's another one that they're going to test as well. So that actually is occurring now, and our target was to have it done by June, and it's towards the end of June, but June it is. And then once that proves out, then it's just iterative where we connect more of our equipment to MyZomedica, and then we connect to more of the PIMS things. And so we're right on track to have all of that completed in the September time frame. All the products that we want to connect connected to all of the PIMS providers that makes sense to provide. I'm sure there's some out there that have just a handful of accounts and might not be done with all of them, but the major small animal and equine providers will be connected by, we believe, September. And so with that, I will thank you again for attending our Fourth Friday at 4 webinar. And for your continued support of Zomedica. I appreciate your interest in our company, and I'm happy to answer questions you can reach out. I think you had the information on the screen, but I think you know how to get a hold of us. And as I mentioned, we look forward to talking to you at the end of August and issuing our release very early August for the second quarter of 2026. So thank you very much. And I hope you have a great fourth of July holiday coming up. Thank you.