Zomedica Corp.
Zomedica Corp. is a U.S.-based veterinary health company that develops and commercializes diagnostic and therapeutic products for companion animals. Its portfolio includes the TRUFORMA, PulseVet, Assisi, TRUVIEW, VetGuardian, and VETIGEL product lines, sold through direct and indirect channels in the United States and international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueVeterinary diagnostic instruments and assays used in clinic settings, including TRUFORMA.
Non-invasive veterinary treatment systems and related consumables, including PulseVet and Assisi.
Remote monitoring hardware, subscriptions, and service agreements for animal care.
Recurring consumable products sold alongside installed platforms and devices.
Engineering and manufacturing-related revenue recognized from third-party work.
Products
Reported · share of revenue- Consumables Revenue64.6 %
- Capital Revenue28.9 %
- Engineering Revenue6.2 %
- Other0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Zomedica sells primarily to veterinary clinics, hospitals, and animal health practitioners that need diagnostic, therapeutic, and monitoring tools for companion animals. Its installed-base model means customers often buy capital equipment first and then purchase recurring consumables, assays, subscriptions, or service agreements over time.
Buy TRUFORMA, PulseVet, Assisi, and related consumables to perform diagnostics and treatments in-house.
Use therapeutic and monitoring products for broader case mix and higher-acuity animal care.
Purchase devices and consumables to support routine and recurring patient care.
Buy or place products for resale and local market access outside the U.S.
Purchase engineering and manufacturing services when Zomedica performs third-party work.
Strategy
Zomedica’s strategy centers on expanding its installed base of veterinary platforms and increasing recurring revenue from consumables, assays, and services. It also emphasizes new assay development for TRUFORMA, broader commercialization of existing products, and selective business development that can add products, capabilities, or manufacturing revenue.
The model depends on repeat consumables, assays, and services after device placement.
More assays increase platform utility and support customer adoption and utilization.
Selling more products across the portfolio reduces dependence on any single platform.
Acquisitions or partnerships can add technology, products, or manufacturing capability.
Geography
Q1/2026Zomedica is headquartered in the United States and reports revenue from both U.S. and international markets. The company also has subsidiaries in Switzerland and Canada, but its functional currency is the U.S. dollar, and its commercial footprint is centered on veterinary customers in North America with additional international sales.
Share of the revenue the company reports by geography.
Risks
Zomedica’s business depends on successful product adoption, customer retention, and continued consumable usage after device placement, so demand weakness or customer churn can quickly reduce recurring revenue. The company also faces impairment risk on goodwill, intangibles, and equipment, plus typical medtech risks around product development, commercialization, and regulatory execution.
TRUFORMA-related capital is placed with customers who can return it, which can stop recurring consumable purchases.
Exposure: Installed-base diagnostic and therapeutic products
Management disclosed sensitivity to assumptions, discount rates, and market conditions that can trigger write-downs.
Exposure: Acquired assets and reporting units
New assays, VETIGEL, and other products must gain traction to support growth.
Future capital needs could require equity issuance or debt, affecting ownership and flexibility.
Exposure: Corporate funding and acquisitions
Veterinary diagnostics and therapeutics require ongoing development, validation, and market acceptance.
Accounting
Judgemental itemsThe company sells capital equipment, consumables, subscriptions, and services, which may be recognized at different times.
Impact: Can shift revenue between periods and affect comparability
TRUFORMA-related assets remain on the balance sheet until placed and are assessed against expected future consumable revenue.
Impact: Affects asset carrying values and potential write-downs
Management uses discounted cash flow and market-based valuation methods with sensitive assumptions.
Impact: Can produce material non-cash impairment charges
The company evaluates whether equipment can be recovered through expected future revenue over its life.
Impact: May require impairment if utilization or placements disappoint
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Last updated: 24/09/2026