Zomedica Corp. (ZOM): Business Model Canvas [Dec-2025 Updated]

You're digging into Zomedica Corp.'s strategy, and honestly, the story isn't just about one product anymore; it's about a calculated pivot toward a diversified animal health tech platform. As an analyst who's seen a few cycles, I can tell you their Q3 2025 results-like the diagnostic sales jumping $\mathbf{51\%}$ and a $\mathbf{\$54.4 \text{ million}}$ cash cushion-show a clear operational shift. This Business Model Canvas strips away the noise to show you exactly how Zomedica Corp. is structuring its operations, from in-house manufacturing to its expanding revenue streams, so you can see the real mechanics behind this transition. Dive in below for the full, no-fluff breakdown.

Zomedica Corp. (ZOM) - Canvas Business Model: Key Partnerships

You're looking at the nuts and bolts of how Zomedica Corp. gets its products to market and who is critical to that process as of late 2025. These relationships are the engine for their revenue growth, which hit $8.1 Million in the third quarter of 2025, supported by a balance sheet showing $54.4 million in liquidity as of September 30, 2025.

International Distribution Agreements in the UK, Netherlands, and Canada

Zomedica Corp. is actively expanding its global footprint through focused distribution partnerships across key international markets. This network is vital for moving the TRUFORMA diagnostic platform and therapeutic devices beyond the U.S. market.

Zomedica Corp. has approximately 150 people supporting these operations.

Strategic Partnership with Cresilon for VETIGEL Hemostatic Gel Sales

The license and supply agreement with Cresilon, Inc., effective January 2025, brought VETIGEL hemostatic gel into the Zomedica portfolio, targeting the $1.4 billion global veterinary hemostasis market.

• Zomedica Corp. holds a perpetual, royalty-bearing exclusive license to promote, market, and sell VETIGEL Products in the United States.
• The license is non-exclusive for global markets outside the US and Japan.
• Royalties due to Cresilon on Net Sales range from 5 % to 15 %, depending on territory and patent status.
• A Minimum Royalty obligation begins in the second calendar year, based on at least $1,000.

Cresilon is responsible for the manufacture and supply of VETIGEL to Zomedica Corp.

Collaboration with the World Equestrian Center for PulseVet Shock Wave Therapy

Zomedica Corp.'s flagship PulseVet brand secured a strategic sponsorship with the World Equestrian Center - Ocala in July 2025. This venue was recognized as one of TIME's 2024 World's Greatest Places.

• PulseVet is designated as the official shock wave therapy provider at WEC - Ocala.
• The collaboration includes on-site educational resources and promotional benefits.

This partnership supports the therapeutic device portfolio, which contributed to Zomedica Corp. reporting liquidity of approximately $65 million as of March 31, 2025.

Technology Licensing Partners for the New Development Services Segment

The foundation for Zomedica Corp.'s direct control over assay development stems from a strategic restructuring with Qorvo Biotechnologies.

• This 2023 restructuring involved Zomedica Corp. taking control of TRUFORMA development and manufacturing.
• The agreements included up-front licensing and certain milestone payments made by Zomedica to Qorvo.

Suppliers for Raw Materials and Components for In-House Manufacturing

Zomedica Corp. manages manufacturing and distribution from its facilities located in Georgia and Minnesota.

• Cresilon Inc. acts as a supplier, manufacturing and supplying VETIGEL Hemostatic Gel and related products to Zomedica Corp.
• The restructuring agreement with Qorvo grants Zomedica the right to purchase Bulk Acoustic Wave (BAW) sensors from Qorvo for inclusion in TRUFORMA products.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Key Activities

You're looking at the engine room of Zomedica Corp., the day-to-day work that turns their strategy into dollars. It's not just about selling; it's about making, building, and buying to keep the pipeline full. Here's how they structure those core efforts as of late 2025, based on their latest filings.

In-house manufacturing of therapeutic devices and diagnostic consumables.

Zomedica Corp. maintains control over its production, which is a key activity for quality and supply chain management. They manufacture and distribute their products from their world-class facilities located in Georgia and Minnesota. This physical footprint supports the recurring revenue model driven by consumables.

Consider the consumable sales from the third quarter of 2025 alone:

Research and development (R&D) for next-gen products like TRUVIEW AI.

The R&D function is definitely active, focused on iterating on the existing platforms and launching the next wave of tech. They are clearly investing here, even as they scale sales. For the third quarter ending September 30, 2025, Research and development expenses clocked in at $1.8 million. That's slightly down from the second quarter of 2025, which saw R&D expenses of $1.9 million. The stated purpose is the continued buildup of internal capabilities to develop, test, and manufacture next-generation products. Management has confirmed that next-generation products, specifically TRUVIEW AI, VETGuardian PLUS, and an expanded suite of new TRUFORMA assays, are very close to launch. That's the kind of near-term pipeline activity that keeps the value proposition fresh.

Direct sales and commercialization of the PulseVet and TRUFORMA platforms.

This is where the bulk of the revenue comes from, and the growth trajectory, while uneven across segments, is consistent overall. For the third quarter of 2025, Zomedica Corp. reported its highest quarterly revenue ever at $8.1 million, marking a 16% increase year-over-year. This was the 19th straight quarter of year-over-year revenue growth. You see the platform success broken down here:

• Therapeutic Device segment revenue (PulseVet and Assisi products) was $6.7 million in Q3 2025, up 3% YoY.
• Diagnostics segment revenue (TRUFORMA, TRUVIEW, VETGuardian) was $0.7 million in Q3 2025, showing significant acceleration at 51% growth YoY.
• For context, in Q2 2025, the Diagnostics segment saw an even stronger 86% growth, hitting $0.8 million.

International sales are also a key part of commercialization, growing 16% in Q3 2025 compared to Q3 2024.

Strategic acquisitions to expand the product portfolio.

While the focus seems to be on organic growth and new launches right now, Zomedica Corp. is definitely keeping an eye on the M&A market. The CEO stated they are actively seeking synergistic acquisitions in both therapeutics and diagnostics that complement and expand their current portfolio. To be fair, you should remember the past; acquisition activity earlier in the decade resulted in a cash reduction totaling approximately $122 million between 2021 and 2023. The current activity is about strategic fit, not necessarily large-scale integration.

Providing engineering and contract manufacturing services to human health companies.

This is a newer, yet important, activity stream leveraging their existing infrastructure. Zomedica Corp. successfully introduced a Development Services revenue stream. For the third quarter of 2025, this new segment contributed $0.7 million in revenue, generated from work on behalf of a company in the human health space. The breakdown shows Engineering Services revenue specifically was $0.5M for that quarter. This activity helps provide planned operating leverage while keeping their manufacturing and engineering teams engaged.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Key Resources

When you look at what Zomedica Corp. is using to drive its business forward, the tangible assets and the intellectual foundation are what really stand out. These are the things that, frankly, competitors can't just copy overnight.

• Strong liquidity with approximately \$54.4 million in cash (Q3 2025).

You closed the third quarter of 2025 with a solid balance sheet, holding cash, cash equivalents, and available-for-sale securities totaling \$54.4 million as of September 30, 2025. This liquidity position is key, especially as the company works toward cash flow break-even.

• Proprietary intellectual property (IP) for TRUFORMA and PulseVet technologies.

The core of Zomedica Corp.'s offering rests on its proprietary tech. This includes the TRUFORMA diagnostic platform and the PulseVet therapeutic device, which is their gold standard shock wave system. The quality systems supporting these are validated, evidenced by the recent ISO 13485:2016 certification for manufacturing and distribution operations.

• Two scalable, world-class manufacturing facilities in Georgia and Minnesota.

Zomedica Corp. controls its production through two key sites. The facility in Roswell, Georgia, and the one in Plymouth, Minnesota, handle the manufacturing and distribution. The Minnesota site is particularly important; it features an automated line for TRUFORMA cartridges capable of producing up to 1 million cartridges annually, which is a big deal for scaling up diagnostics.

• A dedicated, approximately 150-person commercial and R&D team.

The human capital supporting this operation is centered around a team of roughly 150 people. This dedicated group drives both the commercial rollout and the ongoing research and development efforts for Zomedica Corp.'s product pipeline.

• A diversified portfolio of therapeutic and diagnostic devices.

The product mix is intentionally broad, covering both diagnostics and therapeutics for companion animals. This diversification is aimed at capturing a significant piece of the market, which Zomedica Corp. estimates in the U.S. alone exceeds \$2 billion. Here's a quick look at the main components of that portfolio as of late 2025:

Also, don't forget the new Development Services revenue stream, which contributed \$0.7 million in revenue during the third quarter of 2025, showing Zomedica Corp.'s strategic move into adjacent markets.

Zomedica Corp. (ZOM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a veterinarian would choose Zomedica Corp.'s products over alternatives right now, late in 2025. It's all about speed, recurring revenue from consumables, and expanding the scope of in-clinic testing.

Point-of-care diagnostics (TRUFORMA) for rapid, in-clinic results provide immediate answers, which is a huge workflow advantage. The Diagnostics segment, which includes the TRUFORMA platform, saw its revenue jump 51% year-over-year in the third quarter of 2025, reaching $0.7 million for that quarter alone. This platform is key to the recurring revenue model, as consumable sales across all portfolios grew 14% year-over-year in Q3 2025.

The gold standard therapeutic devices (PulseVet) for musculoskeletal healing remain a primary revenue driver. The Therapeutic Device segment, which includes PulseVet and Assisi products, brought in $6.7 million in revenue for the third quarter of 2025. This segment's consumable sales, like PulseVet trodes, are a major component of the overall 14% growth in total consumable revenues seen in Q3 2025.

The value proposition centers on improved practice workflow, cash flow, and profitability for veterinarians. Zomedica Corp. maintained a strong gross margin of 67% in Q3 2025, which speaks to the underlying profitability of the products sold. The company is focused on achieving cash flow breakeven, having reduced its cash burn by 25% through the first three quarters of 2025 compared to the same period in 2024.

For patient monitoring, the no-touch monitoring (VETGuardian) for enhanced patient safety offers continuous vital sign capture without wires or contact. This product is bundled within the Diagnostics segment, benefiting from that segment's 51% revenue growth in Q3 2025. The total addressable market for veterinary monitoring is substantial, projected to hit $720 million in 2025.

Zomedica Corp. is actively increasing the utility of its diagnostic tools through an expanding assay menu for equine and companion animal reproductive management. Just recently, in December 2025, the company launched its equine progesterone assay on the TRUFORMA platform. This move targets a significant market, as the global equine reproductive technologies market was valued at approximately $485 million in 2024.

Here's a quick look at the revenue contribution from the core product categories in Q3 2025:

The recurring revenue stream from consumables is a clear benefit you should track; these sales hit $5.4 million in Q3 2025, marking a 14% increase over Q3 2024.

You'll want to watch the adoption rates for the newer platforms, as the company's liquidity stood at $54 million as of September 30, 2025, to fund this continued commercial expansion.

Zomedica Corp. (ZOM) - Canvas Business Model: Customer Relationships

You're looking at how Zomedica Corp. keeps its veterinary customers engaged after the initial sale, which is key since they sell both big-ticket items and recurring supplies. The relationship structure is clearly tiered based on the product type.

For the capital equipment, which includes the PulseVet and TRUFORMA platforms, the relationship leans toward a high-touch model, supported by the fact that the Therapeutic Device segment generated $6.7 million in revenue for the third quarter of 2025, up 3% from the third quarter of 2024. This segment includes the PulseVet system, suggesting a direct sales and onboarding process is necessary for these more complex units.

The diagnostic platforms, like TRUFORMA, require dedicated support because they are complex. Zomedica Corp. supports these with an extensive myZomedica Help Center offering instant answers, access to experts, technical support, and instructional videos for customers. The company, which employs approximately 150 people as of late 2025, must dedicate a portion of this team to these post-sale services.

Ongoing engagement is heavily driven by the consumable products, which represent the recurring revenue stream. Consumable revenues grew 21% year-over-year in the second quarter of 2025, fueled by the adoption of TRUFORMA products and reorders of PulseVet trodes. This recurring revenue is the foundation for long-term customer value.

Here's a quick look at the revenue split in Q3 2025, which shows the relative importance of the device versus the ongoing supplies:

For investors, Zomedica Corp. maintains transparency through regular communication. They host a 'Fourth Friday at Four' investor webinar series, such as the one held on November 21, 2025, to review quarterly financial performance. The company reported a strong liquidity position of $54 million as of September 30, 2025, which is shared via SEC reporting.

Clinical data accumulation is a direct customer relationship initiative, particularly for the PulseVet system. The PulseVet Equine Asthma Clinical Registry incentivizes participation by offering a credit for 2,000 pulses once a clinic completes Visit 1, Visit 2, and Visit 3 for each enrolled horse. This initiative builds on earlier research where, in one asthma study, 7 out of 8 horses treated showed 100% resolution of coughing in four weeks. To date, 58 horses have completed treatment for respiratory conditions through the registry, with no reported adverse events.

The customer relationship strategy involves several touchpoints:

• Capital Equipment Sales: Direct engagement for PulseVet and TRUFORMA placements.
• Post-Sale Support: Access to technical support via phone or email and remote troubleshooting.
• Consumable Reorder Cycle: Driven by high usage of assays and trodes, with consumable revenues growing 21% in Q2 2025.
• Investor Engagement: Regular webinars, like the one on November 21, 2025, to discuss results like the 16% revenue growth in Q3 2025.
• Data Contribution: Offering product credits to clinics participating in the Equine Asthma Registry.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Channels

You're looking at how Zomedica Corp. gets its products-diagnostics and therapeutics-into the hands of veterinary practices as of late 2025. The channel strategy relies on a mix of direct engagement and third-party leverage to cover the US market and expand globally.

The core US push is through a direct sales force targeting veterinary practices. While the exact size of the sales team isn't broken out, Zomedica Corp. employs approximately 150 people in total as of late 2025, supporting this commercial organization and other operational needs. This direct channel is crucial for driving adoption of platforms like TRUFORMA®.

For international reach, Zomedica Corp. relies on third-party distributors. This channel showed strong momentum in the third quarter of 2025, with international sales growing 16% compared to the third quarter of 2024. This growth was supported by new agreements, such as one entered into during Q3 2025 with Pioneer Veterinary Products Limited in the UK.

Product demonstrations and relationship building happen on the ground at veterinary conferences and industry events. This face-to-face interaction is key for showcasing therapeutic devices like the PulseVet® system and driving placements.

The company supports its operations with physical infrastructure, utilizing manufacturing and distribution centers in Georgia and Minnesota. The Minnesota facility, a 30,000-square-foot site, includes an automated line capable of producing up to one million TRUFORMA® cartridges annually.

For certain products, including the Assisi Loop therapeutic device, e-commerce and direct-to-consumer channels are used, though specific revenue breakdowns for these direct sales are not detailed separately from overall product sales. However, the TRUFORMA Progesterone assay is explicitly noted as available directly through the myZomedica online portal.

Here's a look at how the primary revenue-generating segments, which flow through these channels, performed in Q3 2025:

The overall gross margin for Zomedica Corp. in Q3 2025 was 67%. The company ended Q3 2025 with approximately $54 million in liquidity to fund these channel activities and growth initiatives.

The channels are designed to serve a total addressable market in the US that exceeds $2 billion. The company's focus on optimizing its commercial organization continues to drive results across these distribution methods.

• Direct sales force supports US veterinary practices.
• International sales grew 16% in Q3 2025 via distributors.
• Assisi Loop utilizes e-commerce/direct channels.
• Facilities are located in Georgia and Minnesota.
• Conferences are used for product demonstrations.

Finance: review Q4 2025 channel spend projections by next Tuesday.

Zomedica Corp. (ZOM) - Canvas Business Model: Customer Segments

You're looking at the core groups Zomedica Corp. is serving as of late 2025, based on where the revenue is actually coming from in their latest filings. It's not just one group; it's a mix of clinical users and strategic partners.

Companion animal veterinarians (dogs and cats) using diagnostics and therapeutics. This segment drives the recurring revenue stream through consumable sales, which for the third quarter of 2025 reached $5.4 million, marking a 14% increase year-over-year. The TRUFORMA point-of-care diagnostic platform is a key driver here, with the Diagnostics segment revenue growing 51% year-over-year in Q3 2025 to $0.7 million. The therapeutic side, including PulseVet and Assisi products, remains the largest revenue generator overall.

Equine veterinarians and specialty practices utilizing PulseVet and TRUFORMA assays. While PulseVet trode sales contribute to the overall Consumable revenue, Zomedica Corp. is actively expanding this focus. They recently launched the TRUFORMA Progesterone assay in December 2025, targeting reproductive management in the equine segment. This move taps into the global equine reproductive technologies market, which was valued at approximately $485 million in 2024.

Veterinary hospitals and clinics focused on improving practice profitability. These are the primary purchasers of the capital equipment like the PulseVet system, which falls under the Therapeutic Device segment revenue, reported at $6.7 million for the third quarter of 2025. The goal for these practices is improving workflow and cash flow, which Zomedica Corp. aims to enhance through their suite of products.

Human health companies leveraging Zomedica's Development Services. This is a newer, distinct customer group that provides non-recurring revenue. For the three months ended September 30, 2025, this Development Services segment contributed $0.7 million in revenue, showcasing Zomedica Corp.'s strategic expansion beyond animal health infrastructure.

Pet parents seeking advanced, non-invasive therapeutic options. While pet parents are the end-users, they interact with Zomedica Corp. products indirectly through their veterinarians. The therapeutic devices, like PulseVet and Assisi Loop, are the non-invasive options they receive care from. The total addressable market in the U.S. for Zomedica Corp.'s overall offerings exceeds $2 billion.

Here's a quick math look at how the Q3 2025 revenue was split across the segments that map to these customer groups:

It's important to note that the total consolidated revenue for Zomedica Corp. in Q3 2025 was $8.1 million, with a gross margin of 67%. The company maintained approximately $54.4 million in liquidity as of September 30, 2025, to support growth across these customer bases.

The customer base is segmented by their product need:

• Veterinarians needing point-of-care diagnostics (TRUFORMA).
• Practices utilizing recurring consumables for existing devices.
• Clinics seeking capital therapeutic devices (PulseVet).
• Human health entities for contract services.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Zomedica Corp.'s business as of late 2025, and honestly, it's a story of scaling up while trying to get leaner. The numbers we have from the third quarter ended September 30, 2025, give us a clear picture of where the money is going.

The cost of goods sold (COGS) is directly tied to the company manufacturing and distributing its products from its facilities in Georgia and Minnesota. While the prompt suggests high COGS due to in-house manufacturing, the resulting gross margin remains strong at 67% for Q3 2025. This strong margin is a key indicator of pricing power relative to production costs for the core products like PulseVet® and Assisi®.

Selling, general, and administrative (SG&A) expenses are significant because Zomedica Corp. relies on a direct sales team to push its therapeutic and diagnostic devices. For the third quarter of 2025, the selling and marketing expenses specifically clocked in at $4.3 million, up from $3.9 million in the same period last year.

Research and development (R&D) costs reflect the ongoing effort to build internal capabilities for the next generation of products. For the three months ended September 30, 2025, R&D expenses were $1.8 million. This is slightly down from the same period in 2024, showing some cost discipline even while advancing the TRUFORMA® platform and new assays.

Total operating expenses for Q3 2025 were reported at $12.0 million. That figure is notable because management highlighted that this was their lowest quarterly spend in two years and represented their best leverage as a percentage of sales of all time. This reflects a disciplined execution of cost-reduction initiatives, showing a $0.5 million, or 4%, decrease compared to Q3 2024 operating expenses of $12.5 million.

The company also incurs costs associated with its strategic direction, which includes leveraging its intellectual property and infrastructure. This is evidenced by the introduction of the Development Services segment, which booked $0.7 million in revenue in Q3 2025 from work on behalf of a human health company. While specific integration costs for strategic acquisitions aren't broken out for 2025 in the same way as other line items, the overall strategy involves leveraging these assets, which inherently carries integration and operational alignment costs.

Here's a quick look at the key expense components for the third quarter of 2025:

You should keep an eye on how the SG&A scales against revenue growth, especially with the direct sales force investment. The trend of reducing operating expenses is a clear near-term focus.

• Gross Margin for Q3 2025: 67%.
• Operating Expenses for Q3 2025: $12.0 million.
• R&D Expenses for Q3 2025: $1.8 million.
• Selling and Marketing for Q3 2025: $4.3 million.
• Development Services Revenue (offsetting some costs): $0.7 million in Q3 2025.
• Manufacturing facilities located in Georgia and Minnesota.

Finance: draft 13-week cash view by Friday.

Zomedica Corp. (ZOM) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Zomedica Corp.'s business model as of late 2025, which is showing clear diversification beyond just device and consumable sales. The total revenue for the third quarter of 2025 hit a record $8.1 million, marking the 19th straight quarter of year-over-year growth.

The revenue streams are clearly segmented, with the core business showing solid performance and a new segment contributing meaningfully. Here's how the key revenue components stacked up for the third quarter ending September 30, 2025:

The total revenue of $8.1 million is built from these segments, though you should note that consumable sales are a subset of the product segments. The recurring nature of consumables is a key driver for long-term stability. Specifically, recurring revenue from consumable sales, which includes TRUFORMA cartridges and VETIGEL, was up 14% in Q3 2025. This growth was driven by the accelerating adoption of TRUFORMA products and continued strong sales of PulseVet trodes from both new and existing systems.

The growth in the Diagnostics segment, which includes the TRUFORMA point-of-care platform, was substantial at 51%. This segment is clearly gaining traction in the market.

To be fair, the new Development Services revenue stream, which captures revenue from providing development and engineering services, successfully contributed $0.7 million in Q3 2025, showing a successful initial monetization of intellectual property and infrastructure assets outside of the core veterinary product sales.

Furthermore, the company is expanding its geographic footprint, which feeds directly into revenue. International sales from distributor partners saw growth, with sales up 16% compared to the third quarter of 2024, supported by new distribution agreements, including one in the United Kingdom.

You can see the revenue mix is shifting, which is important for valuation. Here are the key revenue drivers and their recent performance:

• Therapeutic Device sales (PulseVet, Assisi) were $6.7 million in Q3 2025.
• Recurring revenue from consumable sales (TRUFORMA cartridges, VETIGEL) up 14% in Q3 2025.
• Diagnostic platform sales (TRUFORMA, TRUVIEW, VETGuardian) grew 51% in Q3 2025.
• New Development Services revenue stream contributed $0.7 million in Q3 2025.
• International sales from distributor partners grew 16% in Q3 2025.

Finance: draft 13-week cash view by Friday.