Zomedica Corp. (ZOMDF) Earnings Call Transcript & Summary

welcome to Zomedica's Fourth Friday at 4 Investor Webinar. Today, we're looking inside Zomedica's marketing organization, how it creates demand, how that demand becomes a sales conversation and how one team supports 2 very different product portfolios at the same time. Everything in this session maps back to 3 words: Land, deepen and expand. Land is the first product going into a practice. Deepen is that product getting used. So consumables and repeat revenue follow. Expand is a second Zomedica brand entering the same account. From here, we'll cover Zomedica's mission and the 5 pillars framework, here from our CEO and then go inside the marketing function itself. 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, September 25, 2026, and reflect our expectations as of today. Thank you for joining us for Zomedica's investor webinar series. We're excited to have you with us as we take a closer look at our company. our innovative product platforms and the passionate people driving our success. This series is designed to give you a deeper understanding of how we're delivering value to veterinarians and to our shareholders. At Zomedica, our mission is to deliver innovative diagnostic and therapeutic technologies that empower veterinarians to focus on what they love most: enhancing pet care and improving pet parent satisfaction. Equally important, we help vets with what they need most, streamlining workflow, increasing cash flow and boosting practice profitability. At Zomedica, our mission is guided by what we call our 5 pillars. These are core objectives that shape every decision we make about products and innovation. First and foremost, we aim to improve the quality of care for the pets. Equally important is enhancing the satisfaction of the pet parent, ensuring they feel confident and comfortable with the care provided. Our solutions also focused heavily on improving the veterinarians daily workflow, helping veterinary practices operate smoothly and efficiently. Additionally, we are committed to positively impacting veterinarian cash flow, making sure our offerings are financially accessible and beneficial. Finally, our ultimate goal is to increase veterinarian profitability, providing products and solutions that help veterinary clinics grow and thrive financially. Marketing is where these 5 pillars start to take shape in the market. The first point of contact between what Zomedica builds and the veterinarians and pet parents it's built for. Now let's hear from Larry Heaton, Zomedica's Chief Executive Officer.

Good afternoon, everyone, and welcome. I'm Larry Heaton, Chief Executive Officer of Zomedica. Thank you for joining us for another fourth Friday at 4 webinar, this one focused on our marketing efforts here at Zomedica. Today's session focuses on marketing, how we build awareness, generate demand and convert that interest into customers across our diagnostics and therapeutic device portfolios. For a company built substantially through acquisition, marketing is the function that ties these portfolios together into one commercial story and that matters both clinically and financially. Clinically, it's how the right technology reaches the veterinarians and pet parents who need it. Financially, it's the mechanism behind the recurring revenue this platform is built to generate. Over the past several years, we've invested in building a marketing organization and the systems behind it capable of supporting 2 distinct portfolios rather than running every brand as its own separate function. That shared infrastructure is what allows one team to operate efficiently at our current scale and to keep scaling as the portfolio grows. In the sections ahead, you'll hear directly from members of our marketing and product teams about how that function evolved, how it's organized today and the channels, paid, owned and in person runs across both portfolios. With that, let's get started.

Before we walk through how Zomedica's marketing function came together, it's worth stepping back and defining what marketing does for any company because the term covers more ground than advertising alone. Marketing has 5 core responsibilities, often organized around what's called the 5Ps product, making sure what gets built actually solves the problem the market has, what's known as product market fit. Price, aligning what's charged with the value delivered; Promotion, building awareness and generating demand; Place, choosing the channels that put a product in front of the right buyer; and People, the ongoing relationship with the customer after the purchase is made. Underneath all 5 is a role that matters most to how Zomedica operates. Marketing is the customer's advocate inside the company. it carries the voice of the veterinarian and the pet parent, back into how products are built, positioned and sold. That's the lens for what follows. Marketing at Zomedica plays that role across 2 portfolios that didn't start as one. Both grew by acquisition, and the function had to grow to match them. Go back to 2021, and the TRUFORMA analyzer was the entire portfolio, the first 3 assays launched in March of that year with one product to build around and an entire veterinary market still ahead of us to introduce it to. The early work was awareness building, getting the name known, the technology understood and the company credible with a clinical audience meeting us for the first time. The rest of the portfolio arrived by acquisition. 6 transactions between October 2021 and January 2025, shown on the time line on screen. By this year, the marketing function itself had split into 2 parts: upstream, which shapes the product before it exists and downstream, which takes it to market and keeps it selling. Tanja Buchmann, DVM, joined the upstream product team to lead that side of the work. Some of these acquisitions opened an entirely new audience for us. Equine with the Pulse VAT device and the pet parent with the ACC Loop device. Others deepened the diagnostics platform we already had, splitting into upstream and downstream is what made it possible to run both portfolios on 1 marketing engine instead of building a separate function for every brand. With that evolution in mind, here's the map for how those 2 portfolios work together today. The through line for the rest of the session is simple. 2 portfolios sold to overlapping customers by 1 marketing engine. Inside a single practice, marketing has to reach several different people, the owner, the practice manager, specialists and technicians and for the therapeutics line, the pet parent as well. That's why the marketing function itself is split. Upstream shapes the product before it exists, which is where we're headed next. Downstream takes it to market and keeps it selling, which covers everything after that. The next 2 sections are organized by portfolio, and here's where they meet diagnostics and therapeutics, a practice that owns one is a candidate for the other. Picture one account moving through this. It lands its first diagnostic, deepens that relationship as consumables and repeat testing become routine and expands into a therapeutic once that trust is established. Land, Deepen, Expand, is the pattern every section from here forward maps back to, and it's what shapes how it practices daily workflow and its cash flow change over time. Marketing's work starts before a product exists. On Zomedica's upstream team, clinical input shapes what gets built and how it's positioned, a direct link to veterinarian workflow, 1 of the 5 pillars underneath every Zomedica investor conversation. Here's Tanya Buchmann, DVM, Senior Product Manager on Zomedica's upstream team.

I'm Dr. Tanya Buchmann, and I'm the senior upstream product manager here at Zomedica. It starts with a clinical problem, not a feature. Before we build anything, we look at what's actually slowing a veterinarian down or getting in the way of a diagnosis or treatment decision. That actually helps decide whether we build something in the first place, not just how it's shaped. Once we understand that, the development team and I work together so the product follows the workflow a vet already has, not just asking him to change how they practice. We bring in veterinarians throughout the whole development, not just in the end. So we are checking that it lands along the way, not just hoping it will. One of my first project here is a good example of how we keep listening even to a device that's already doing very well in the market. we kept hearing the same thing from clinics and sales. Our shop wave device fell kind of loud in a small animal setting, and the noise has become a real argument in the sales conversations as well. So we invested in solving it properly with 1 condition that never moved. Whatever we change could not touch the actual treatment output, only the noise around it. Once we have that design, we tested it as part of our design control process. Same effectiveness, quieter experience. My part was aligning engineering, quality and the teams and getting it to clinics on time. That's a lot of what my role is, making sure good clinical thinking doesn't stall before it reaches a vet and that gives marketing a claim that they can stand behind. I would say, 3 things generally. It has to fit in a workflow. The practice already has, not at a new step to an already full and busy day. It has to be backed by data or clinical rationale they trust, not just a claim and it has to make financial sense, what it costs against what it returns in time saved or in cases, it helps them catch. If any of those is missing, adoption gets harder, no matter how good the technology is. When a product is built around what that actually needs, the sales conversation is getting a lot easier and shorter. We are not trying to convince someone to change how they work. We are showing them something that already makes their day a little easier. It also means the claims and positioning marketing users downstream are ones we can stand behind clinically and that matters a lot in that market. Veterinarians talk to each other. They know each other. It's a small community. And the credibility we earned during that development is what keeps the conversation going long after the sale.

That clinical lens is what shapes everything downstream, starting with diagnostics. Once the product ships, Marketing defines the target customer and what the platform is worth to them. For the true former monitor, the TruView platform, the SonoView platform and the VETGuardians PLUS monitor. Sales enablement carries that positioning to the field. The sale, installation and onboarding themselves sit with sales, customer success and technical services. Here's Michael Mockler, Senior Product Manager Product Marketing.

I'm Mike Mockler. Senior Product Manager for Diagnostics here at America, a focus on product marketing and commercial strategy for our diagnostic platforms. Hope we connect our products and their clinical value with the right customers. For our TRUFORMA, TRUVIEW, SonoView and VETGuardian PLUS platforms, we start by looking at the type of practice and a specific clinical need or decision each product supports. From there, we look at where the value is for that customer. Whether that's saving time, increasing diagnostic confidence, improving workflow or allowing them to manage more cases in-house. That helps us identify which customers are best fit for each platform and gives both marketing and sales a clear, consistent value proposition to build from. We use a mix of channels that work together to reach veterinarians at different points of their decision process. That includes conferences where they're already evaluating and comparing equipment digital content and advertising that reaches them as their researching solutions and continuing education that helps build awareness and credibility before a sales conversation even takes place. The real value comes from those channels, reinforcing one another. A veterinarian who sees us at a conference and then attends one of our CE sessions, for example, comes into a conversation with our sales team with greater familiarity and an understanding of our products that either touch point would create on its own. A great example is the launch of our Equine ACTH assay on the TRUFORMA platform. We knew we were addressing a very specific clinical need. So our first step was making sure veterinarians understood the value of having access to that test at the point of care and how it could fit into the management of equine and [indiscernible] cases. Ahead of the launch, marketing developed the educational content, customer messaging and sales tools and worked with the field team to make sure they were prepared to have those conversations. We then supported the launch across the equine channels, including digital and e-mail communications, industry media, conferences and educational opportunities. That gave us a coordinated launch for the marketing-facing education and the field team were carrying the same message at the same time. Once someone engages with us, whether that's requesting information, attending a webinar or talking to us at a show, that interest is captured and rooted to the appropriate account manager, along with the context they need to continue the conversation. The goal is to make that transition from marketing to sales as seamless as possible. So the account manager understands what the customer is interested in and can pick up the conversation from there rather than starting from scratch. The sale is really the start of the relationship, not the end. Once the platform was installed, we continue communicating with the practice about ways to get more value from it whether that's education around existing capabilities, introducing new assays or applications or helping make sure they're aware of additional ways the platform can support their workflow. As the platform becomes a more regular part of the practice's workflow that supports more consistent demand for consumables. So from a marketing perspective, continuing to educate and engage the customer after placement is an important part of supporting the long-term value of that installed platform.

From there, the work shifts to keeping a platform in use and growing the account around it, deepening a diagnostics account means ongoing support for consumable demand, the reason of placement matters well past install day and to direct link to veterinarian cash flow, 1 of the 5 pillars. Expansion often follows from there, supported by key opinion leaders speaking on our platforms. Therapeutics runs on a different clock than diagnostics, a CC loop therapy, PulseVet shock wave and Vedadi hemostatic gel each reach a different buyer, equine and specialty practices, general practices, and, in some cases, the pet parent directly. Here's Mialisa Gluckert, Senior Director of Product Commercialization.

Hi. My name is Mialisa Gluckert, and I'm the Senior Director of Product commercialization here at Zomedica. My portfolio includes the PulseVet, the Assisi devices as well as Vetigel hemostatic gel. Our most recent launch was the PulseVet acoustic Muffler. And with the muffler launch, the commercialization strategy was broken into 4 stages: Idea, launch, adoption and utilization and scale. And we've gotten feedback in the past about how the PulseVet device is louder than our competitors. So that sparked the idea to create an accessory to overcome that objection. And once that muffler was created, we needed to target the highest value customer segments such as orthopedic specialist, sports medicine veterinarians and rehab practitioners and build a value prop around the improved patient outcome experience through quieter treatments. We also looked at data from the sales team where noise was cited as an objection. So those customers could be contacted to drive purchase of the PulseVet with a muffler included. A flyer was also made for the sales team that included testing data that demonstrates that the efficacy of the therapy won't change just the noise associated with it. And veterinarians are scientists and data is important to them. So this was a really important piece. And then finally, to reach steady demand, scaling what works through reference accounts, referral programs and customer segmentation. Additionally, some KOLs have reached out to me after that muffler announcement asking to get one. And for a product like PulseVet Shockwave, success isn't just selling the device it's ensuring that veterinarians consistently use it. And if noise is a barrier for them, then noise reduction will actually increase their utilization. And the goal was to create a repeatable cycle where strong clinical outcomes drive utilization. Utilization drives customer ROI and customer ROI drives future trade sales and growth. We have different customer reach based on each product. PulseVet Shockwave is marketed primarily to veterinarians with some awareness campaigns to dog, cat and horse owners. Whereas the Assisi line of products has a broader reaching marketing campaign as it's sold through distribution, veterinarians, e-commerce and direct to pet owners. Vetigel hemostatic gel is driven primarily through veterinarian distributor channels with a small reach to pet owners. And sales enablement and clinical education support the whole line. So the same field team can sell across all 3 without starting over on each one. We've actually had great uptake on the Assisi products with our zoo customers. Zoos are a tightened community, and when a zoo has a success, they share with other zoos. We have the Assisi products being used on Red pandas, porcupines, elephants, raptors, emotional support dogs [indiscernible], cheetahs and more. and exotic animal vets are limited in what they have in their toolbox as manufacturers generally don't use zoo animals in their studies and the Assisi pulsed electromagnetic field therapy has actually been studied in exotic animals and written up as both patient spotlights as well as published clinical research. When we look at our therapeutic products, there's a repeatability of purchase. With PulseVet Shock Wave, it's [indiscernible], the Assisi loop therapy, their multiuse but disposable devices and Vetigel hemostatic gel is a consumable product. The goal though is the same: Get veterinarians accustomed to using these very effective products and build a habit and the repeat business will continue. We build the demand primarily through the field team and professional services veterinarians but also with continuing education, marketing through webinars, e-mail communications and trade show presence. One of the great things about Zomedica products is that they dovetail in together. The Assisi product use can lead to PulseVet Shockwave acquisition. The practices are already happy with the Assisi products and then the vet Florin about another device that's also covered by pet insurance that they can bring into their clinic and is extremely effective. It's a natural transition from a product they already know and love with the Assisi to a big revenue generator in PulseVet shockwave therapy. And the PulseVet device use can lead to VETGuardian PLUS purchases since these hospitals are doing surgical procedures, sometimes including orhtopedic surgeries. Thus, they have patients that are recovering from surgeries that need monitoring. And in the VETGuardian PLUS products can lead to Vetigel hemostatic gel purchases since they're using the VETGuardian PLUS monitor as part of their postsurgical recovery protocol. And then this leads to an informed assumption that they're doing dental procedures, which can in turn lead back to Assisi dental loop devices for dental providers.

That range is what keeps the therapeutics line moving on its own. Faster cycle, sales enablement and clinical education support all 3 brands together, which is what lets 1 field team sell across the line, repeat business after the first sale and to practice expanding from 1 therapeutic into the rest of the line. both connect back to 2 of the 5 pillars we anchor every session in, quality of care for the pet and satisfaction of the pet parent. Paid media runs continuously organized by objective rather than by calendar, awareness and consideration for capital equipment, where the cycle is long and direct response for consumables and pet parent products where the cycle is short. Here's Richard Noctis, Director of Product Growth and Digital Strategy.

Well, I am Rich Noctis, Director of Product Growth and Digital Strategy here at Zomedica. I work across marketing, investor relations and product growth. leading efforts across our full product portfolio. A big part of what I focus on is building the systems and tools that make our marketing and sales efforts run more efficiently from paid media strategy to AI power tools to support our teams. One of the clearest examples of that is a tool we recently built for veterinarian clinic discovery. It's called ZSCout. It's integrated directly with Salesforce. Before it existed, building a target list of independent clinics was a manual research trial for every account manager. Not funds and qualifies those clinics identifies key buying signals for each 1 and labels them accordingly. So account managers know exactly what to reference when they reach out. It goes a step further, too, using AI to generate customized outreach messages for each clinic across e-mail, text, voice scripts and online contact forms. All of that gets surfaced for the account managers ready to bring into Salesforce. So every outreach starts informed and personalized instead of cold. Scout is really about personalized outreach at the individual clinic level. The same principle applies at the portfolio level to and how we decide to allocate paid media across brands and the strategies for each. It comes down to sales cycle length. Our capital equipment brands like the PulseVet system have a longer consideration cycle so that spend goes towards lead generation and nurture. Then you have the Assisi Loop, which is more of an e-commerce play, where there's a very clear line from paid media spend straight to purchase. Same portfolio, completely different jobs for the media dollar depending on what's being sold. That contrast between lead generation and direct purchase really comes to life. When you look at how the actual campaigns run, take the Pulse system and the SCC look, for example. There are some of the clearest side-by-side examples of how paid media behaves completely different. For the PulseVet system, every campaign is built around getting a specific clinic to request a demo. That includes geo-targeting key industry events and trade shows throughout the year to drive traffic to our booth. Then tracking lead quality all the way through to sales handoff since very few by capital equipment off a single ad impression. For the Assisi loop, the targeting is much broad because we're reaching pet owners directly and the ad runs straight to purchase. So we can watch the funnel, move from impression to add to cart to check out in the same session. It's one of the cleanest paid ads to conversion data sets we have and it proves pay media is in one strategy. It's a completely different tool depending on what you're selling and who you're selling it to. That distinction between broad and targeted campaigns really does come down to matching the approach to the moment. And that same mindset is what drives how I think about innovation inside of the marketing function. For me, it's less about the campaign idea and more about building the machine that runs the campaign. I'm constantly building internal tools that handle the repetitive research and outreach or so that the team's time goes towards strategy instead. Day-to-day, it means looking for the moments where automation can do the heavy lifting so that our people can focus on the parts of the job that require real adjustment and creativity. Not everything should be automated. The rule I follow is that anything mechanical and repeatable is fair game. But anything that builds trust with a customer stays with a person that same principle, automating the mechanical work so people can focus on real connection is actually a big part of what I'm building next. We're rolling out an employee engagement program that turns every employee into a social media advocate for the company. It's a content repository seated with real Zomedica post that employees log into and share straight to their own accounts. What that unlocks is reach we don't have to pay for. Hundreds of employees sharing authentic content is a distribution channel that paid media can't replicate. We're also building a leaderboard style analytics dashboard so we can see exactly what's landing and who's driving the most engagement. And that's really the vision behind all of it. Every system I built is meant to do 1 thing: give people more leverage to make a bigger impact than they could on their own.

That same logic, matching the tool to the job, is what drives the systems his team builds, continuing education precedes purchase in a clinical market, which is why Zomedica runs an accredited CE webinar program and why every registration matters beyond attendance. Here's Emma Callen, digital marketing and content specialists.

My name is Emma Callen, and I'm the digital marketing and content specialist at Zomedica. That registration is the start of a relationship, not the end of a transaction. It goes into our customer and prospect database alongside everything we already know about this practice. And from there, they get a relevant follow-up, related content and invitation to the next session or a note from the field team if they've shown interest in something specific. The goal is for the CE program to feed everything else we do not sit on its own. None of these run as one-off campaigns, a veterinarian might first see us through organic content or on social media, then register for a CE session and then that puts them into an e-mail nurture built around what they've actually shown interest in. Each channel is really feeding and reinforcing the others rather than running its own separate campaign. Recently, we ran a new CE webinar on equine PPID testing and promoted it across social media and e-mail. None of that targeting was possible before a consolidated and re-segmented our customer database. Instead of sending an e-mail to a whole veterinary list, I went after vets who have shown interest in diagnostics in the TRUFORMA platform and in equine medicine. Everyone who registered for this event is now segmented by engagement and specialty and follow-ups to attendees and non-attendees move them into the ongoing bet e-mail program. This campaign keeps working long after the webinar ends. That recording turns into blog posts and social media clips. And the next can e-mail send starts from a real audience instead of a guess. The influencer program lets us reach online pet owner communities through people, those communities already trust. We compensate in product rather than fees. So the cost of this channel is a gifted unit instead of a line in the media budget. Every partner has a unique code so we can measure the relationship across the full funnel for how many people see the content through engagement through to actual purchase, track orders and net new customers are our primary metrics because those customers land in our database and move into the e-mail program rather than stopping at 1 purchase. Our partner count keeps growing and inbound interest is steady. So we can be selective about who we bring on. And because this channel runs on product samples rather than media spend, we can grow the roster without growing the budget. Our own database is built from event registrations, e-commerce and device records. So we know which accounts on which products and which don't. That means we can put the right message in front of the right account instead of broadcasting the same thing to everyone. It's also how we find the veterinary practices that own 1 product and not another and go to them directly. Reaching a practice, we already have a record for costs us nothing per contact.

Those registrations feed directly into how marketing targets the next conversation, records from the CE program, Salesforce, e-commerce and the platforms themselves roll into 1 consolidated database segmented by practice type, species focused products already owned and buying stage. On top of that, sit the owned channels. e-mail, SEO and clinical blog content and organic social, plus an influencer and partner program on the pet parent side, measured across the full funnel, a veterinary conference is a few days out of their practice, where a veterinarian compares equipment side by side and here's from peers about what's working. It's where the profession shops, and it's why in-person matters most for capital equipment. Here Suzan Jenkins, Senior Manager of Marketing Services.

Hey there, my name is Suzan Jenkins. I'm the Senior Manager for Marketing Services here at media. My role with the company involves the management of over 80 conferences and trade shows per year, and this includes everything from contracting exhibit space through the close of show and follow-up to close on some of those sales. This includes exhibit branding, marketing registration, lead capture, procurement of the install and dismantle team and services that are required for some of the larger shows, as well as maintaining our library of marketing collateral and branded exhibit displays and vendor relationships that help us make those shows of success. I also moderate our educational webinars each month. and we provide that to our veterinary community who are looking to add to their continuing education credits each year. The first few seconds in a booth are getting them hands on with the technology because the capital equipment decision is hard to make from just a brochure alone. And from there, it's a conversation about their specific practice and what problems they're trying to solve. And before they leave, we've captured their information. So the conversation does not have to end when the show does. One great example would be probably the largest veterinary conference held every year. It's known as the VMX conference. It is organized by the North American veterinary community and it takes place in January every year in Orlando. This show averages at least 15,000 attendees annually, and that has provided valuable face-to-face conversations with potential buyers who not only are there to learn, but come to see what the latest technology is available to treat their patients. Our show team does a phenomenal job of engaging with potential buyers who visit the booth and provide real-time demonstrations of our entire line of therapeutic and diagnostic equipment. And from the invaluable discussions held in the booth, we have been able to close either at the show or immediately after the close of the show with concerted effort on immediate follow-up. Every lead from a show is uploaded into Salesforce, and it gets routed to the correct marketing manager right away. We follow up within days, not weeks, while that conversation from the booth is still fresh. That is why speed is a big part of why our shows convert as well as they do. A lot of our key opinion leader relationships start this very exact way. At a booth or speaking slot at a conference. And once that relationship is established, it's a natural next step to invite the veterinarian to speak at one of our CE sessions, which is where the education program picks up. Internationally, we support our partners with localized materials, training and campaign kits. So the same approach that works domestically can run in other regions and territories adapted to that market's product needs and language.

Every show like that ends with qualified leads in Salesforce, worked within days. Key opinion leader relationships often start the same way at a show or a speaking slot and carry forward into the continuing education program we just walked through. Internationally, marketing supports distributor partners with localized assets, training materials and campaign kits. For the full event calendar, we point investors to Zomedica's Investor Relations hub. Here's Larry Heaton to bring it together.

Thank you to everyone on the marketing team who joined us today. What you've seen is one marketing engine running 2 portfolios that overlap more than they differ, built on 3 phases: land, deepen and expand. Take 1 account walking through that path. It lands its first diagnostic platform, deepens that relationship is consumables and repeat testing become routine and expands into a therapeutic product line once that trust is established or vice versa. That's the pattern we expect to keep repeating across new accounts and new products alike. The channels we walk through today, owned audiences, continuing education and field presence aren't onetime campaigns. They compound. Each show, each CE registration and each database record makes the next campaign more targeted than the last. Looking ahead, we expect this engine to keep expanding over the next several quarters, and we're excited to bring that news to you as these developments occur. We appreciate you joining us for another fourth Friday at 4. And with that, we'll move into your questions.

We'll now move into the live Q&A section. If you have a question, please drop it into the chat box now. We're here to help. And if you have questions later, you can contact us with the contact information shown on your screen.

So if we can lose the slide, so thanks, everyone. And actually, before we get into the Q&A session today, we have something a little different for you. One of our shareholders, Bill Carroll, is in the Ann Arbor area today, and he has joined us for today's call. He asked to say a few words to you as a fellow shareholder and so introducing Bill Carroll. Bill?

Larry, thanks for having me being part of this Friday at 4. I have a short presentation for company shareholders and stakeholders and employees, and this is just from the eyes of a investor. All right. So my name is Bill Carroll. A little bit of information about myself. Live in Rancho Mirage, California. I run 2 companies that are both in the industrial electromechanical space, we're involved with electric motors, variable frequency drives, mechanical power transmission. One company I started in 2004. It had a base business of about $3 million, and we've got that up to about $35 million. And another company, we just started 4 years ago, it's called MRO West, and it's sort of connected at the [indiscernible] with Empower Sales Agency, Inc., and it's essentially an e-commerce company, mrowest.com. I bring this up because I'm not in the markets that Zomedica serves. So I'm really definitely an outsider from that perspective. So why am I here in Ann Arbor, Michigan today? One is I love these Fridays at 4. I never miss these. I think these are fantastic for investors. Larry continues to give investors, great insight on various operations and disciplines within the company. So I knew that I was going to be here. I'm going to the Lions game on Sunday and I'm going to be in Canada next week on business. But I reached out to Larry and just said, hey, Larry, any chance that you could have an investor on 1 of these calls. We've heard from manufacturing, finance, your 5 pillars, marketing, et cetera. But probably the most important entity is the shareholder. And so my story with being a Zomedica shareholder is I started buying the stock at $2.29 in 2021. And then there was an inflection point. I was actually driving to Scottsdale from Palm Springs. I was out in the middle of the desert. And my neighbor, Mike Piazza, not the baseball player, but a good friend of mine, he called me and he says, "Hey, are you watching Zomedica?" And I said, "No." And he said, "Well, it's at $0.035." What? $0.035. So I'm thinking to myself, okay, there's almost 1 billion shares outstanding, $0.035, that's a market cap of $35 million. And I know that they had over $50 million in cash at the time with no debt. I mean that's a no-brainer to buy. So I pulled off in the middle of nowhere, and I just started buying blocks of 500,000 shares. I am a committed long-term shareholder and part of my presentation, this is really from my perspective. It's my prerogative to buy Zomedica stock. It's not a recommendation. Each person needs to make their own risk-reward decisions when it comes to investments. So today, I own over 16 million shares. I own about 1.7% of the company. I'm actively buying the stock right here. I'm a long-term investor with a very patient long-term time horizon, I'm not planning to flip. I'm in this for the long run. And it's important that I point out that I don't have any affiliation with the company. I'm not on the Board of Directors. I have no affiliation with anybody on the executive management team or any employee strictly an isolated, insulated investor. I don't do any business with Zomedica. My objective as a shareholder is that I believe are over some period of time, there'll be a really good opportunity for capital appreciation. So what do I like about this company? Well, if you read the annual report, this company has a stellar Board of Directors. These people have grown up in this industry. These are the kind of people that you want guiding a company. Larry Heaton. I actually just met Larry Heaton a couple of hours ago. And he is the same guy you see on these shows. He's a great guy. He's an excellent CEO, and Larry has a track record of winning. And he's put together something very special here. These acquisitions are incredible product innovations, the ability to cross-pollinate sales of products into different market segments. I kid at Larry earlier, and I said you're a genious and he just got a smile. But nevertheless, he's put together a strong executive leadership team. And these people that he has brought in are -- they know the equine business. They know the animal, cat, dog business and these are industry pros. So what do I like about the company: Number one, they have a phenomenal track record of growing quarterly revenue. So 22 quarters in a row of year-over-year sequential growth. The company is conservatively managed. They have basically 0 debt and about $40 million in cash. During Larry's tenure, so Larry joined the company in October 2021. At the time, they had about 6 employees, and he's grown this business to about 150 employees. Another thing that I like is their sales synergies. So now the company can offer customers multiple product solutions and they can cross-sell their product platforms. So something else that I like is there's been a lot of news recently on some of these collaborations, Boehringer, Ram and VMG that just came out this week. Another growth engine within the business is they have a new VP of International. And then if you look at their manufacturing infrastructure, these are state -- world-class facilities that have the ability to build product based on future demand. They also have a number of patented technologies. A little bit more why I like this company. If you look at their acquisitions and you were to do a sum of the parts, this company has spent considerably more money on these acquisitions than its current market cap. Probably, I believe, about $130 million of acquisitions, and then you look at today's market cap of around $80 million. We've -- so one -- again, a point again is that I'm not printed to any insider information. I'm only just like everybody else, I'm reading what the company puts out. And the company has talked about being basically breakeven cash flow, Q4 2026, and the company was talking about profitability in 2027. The other thing I also like is I'm not seeing any insider selling. I'm always seeing insider buying. So going forward, as a significant Zomedica shares shareholder, I'm in lockstep with this Board of Directors. I previously voted for all 4 shareholder votes on the last ballot. Like any Board of Directors for a publicly traded company, their mission is to maximize shareholder value. And I believe in this Board, and I will support any measures that this Board proposes, and if at some point in the future, there's a vote for a reverse stock split all in, a share buyback or any other measures that will enhance shareholder value. And today, like I said, I've got a significant position in the company, and I'm aggressively adding more so. Listen, I appreciate everybody's time. And again, Larry, thanks for having me to be part of this.

Bill, thank you very much. I just tracking your presentation all the way through. I think you might have got me a little trouble with that last clause, but we'll just roll with it. And if any of you have questions for Bill, feel free to put those on the Q&A as well, and we'll see if we can get them to answer. I will say that his views are his own and do not -- I mean there's obviously a lot of overlap, but they don't necessarily -- they're not official company announcements, which I think you all can appreciate. Okay. So let's get to the Q&A. First of all, thanks to the entire marketing team for being here today. I appreciate it, and I would encourage anyone who has questions for these folks to please reach out. Happy to to give them a chance to talk live. All right. So let's jump into the questions. First one is a question that actually came in via e-mail. And again, I encourage you, there's 3 ways to really get questions to us. One is e-mail is one, before the call starts, and we'll capture it. When you register, there's actually a place there where we ask if you have any questions you'd like to see answered on the call. And then, of course, here live, you can feel free to ask questions at any time. So the first question comes from a shareholder named Ted, who -- and his wife, who actually has a daughter who is a veterinarian. And I think that might be why they acquired shares, but you'd have to ask them. And it's a little bit of a long e-mail. I have corresponded with them before. But basically, Ted and his wife travel quite a bit from Florida to Michigan and back and forth each year. And he wrote that, as they go to Florida and back to Michigan every year, we stop at different veterinary offices and always tell the doctors, the technicians and the receptionist about our investment in Zomedica and the products that Zomedica has. They really don't have time for a long discussion. And that is why I think it is important for Zomedica to have a pamphlet or brochure for us to hand out. We have printed out various pages from the website about Zomedica and its products to leave with them in the past. So I think that's actually a very good idea. We do have a 1-page flyer that has our products on the front and the back, very simple and straightforward. And of course, it gives how to connect to Zomedica for more information about any of those products. I've already said this via e-mail to Ted, and I would just tell any of you, all of you. We would like nothing more than to turn all of our shareholders into additional missionaries for Zomedica or additional sales agents. So if any of you would like this brochure, it's just a 1 pager. If you'd like that, to take it to the vet when you take your dog or cat or whatever other animal you might have, let us know, and we'll be happy to send them out. And I promise you, if we get a referral from one of the vets that you give that out to, we'll figure out a way to get you Zomedica assured or something of value. I can't give you anything else. Sorry, that's probably against the law or something, but we can do that and we will. So that's the first one. Second one, can we slow down the testimonials 2 to 3 seconds. I'm a fast reader, but your carousel goes quicker than that. So Emma, can we do that?