Earnings call transcript Q4 2022

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Operator

Good afternoon, and welcome to Zomedica's Fiscal Year 2022 Earnings Release Call.

As a reminder, this call is being recorded and all participants are in a listen-only mode. The call will be open for questions and answers following the presentation. On today's call is Zomedica's CEO, Larry Heaton; and CFO, Ann Cotter.

Before we begin, the company would like to remind everyone that various remarks about future expectations, plans and prospects constitute forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. including are that and results SEC. may materially those these risks subject to that the from uncertainties in and cause indicated cautions forward-looking with are statements to differ company's Zomedica filings described the risks their actual

forward-looking not conference speak after intend statements any these of on to only XXXX. And to this March forward-looking or occur date, update today. Wednesday, XX, made circumstances reflect the statements as Any call today's company that events does of

will Please to Larry I the Chief Zomedica's over now call go pass Executive Officer, Heaton. ahead.

Larry Heaton

XXXX to Thank and release you. afternoon, analysts I'd shareholders by call. like investors others wishing and start welcome and you their our and earnings prospective for year support, to good our the a thanking fiscal Zomedica

on we'll I'll followed questions. line who will On be business, Cotter, Chief After update results. open remarks, financial an providing our Financial the our call, prepared the review Officer, Ann by your this to our

will financial bit, a December results releasing XXXX. ended year Zomedica XX, In the for be its

diagnostics companion on reflect into progress made therapeutic we has team as these multiple the in very for pleased fronts the leader point-of-care continue market products on our results, a animals. we transformation with we're and As

satisfaction flow things veterinarians do improve do, and the At improve them really the really love do pet the cash the for help to Zomedica, to they parents, to the quality products of profitability. we're the need bringing to workflow, and pets do, them and help things they that of to care

in commercial standard, Zomedica meet infrastructure, along improvements through significant XXXX acquisitions was of the for and another manufacturing capabilities. capacity that transformational with year products

revenues new launches sales almost XXXX, built portfolio expanded our to of infrastructure, $X several to expanded a technology five and grew from internal for support and a $XX product capabilities, zero XXXX, in our million to organization XXXX established million platforms, marketing XXXX pipeline include In in significantly and high-value XXXX. comprehensive product we our in

great the pleased year. our and at diagnostic of return provide from model enduring example to in stream blade TRUFORMA with during the customer instruments is progress with we were high-value our a platform and razor revenue tests. lifetime the the cost no that We a This platform for and

value the expand and introducing expand of build of this To installed new base we menu the platform, the instruments assays. by

During ACTH and TX, both the TRUFORMA of for the type year, providing point-of-care. only launched two we at available assays new their the assay Free

instruments develop new giving agreements January assays manufacture of development and we entered and TRUFORMA our In this ourselves. with opportunity the license year, to partner, us

our We we of the the in are to TRUFORMA of higher generate instrument. increase development revenue our per installed planning continue and investment over the additional believe customers which for time utility assays, will

of this XXXX, for first both launch for disease For non-infectious our horses and we planned to assays year. expect these gastrointestinal include assays which

PulseVet platform to strongly. continues Our perform

While in X-Trode veterinarians. of enables introduction the is which now sedation, marketed animal historically used the use the recent small hand treatment without with horses, small being animals to of piece,

Over benefited patients therapy. clinically this non-invasive have last from the proven [ph] aquiline significantly decade,

with literature treated or effects harmful over applications, peer-reviewed surgeries. Therapy alternatives by readily backed and expensive Shock XX could Now clinical potentially side small medication Wave costly be animals carries that to for therapy providing clinical

which pleased pet and is most policies uptake alike. veterinarians We've this parents with of been insurance by animal technology, the small covered pet by

to the believe animal development in into We the XXXX, of in XXX% In fact, XXX in XXXX. PulseVet XX remain small around animal XXXX device XXXX especially efforts set small strong sales will devices from market. given devices sales grew

be provided they non-pharmacological therapy wave the our pain products, roughly relief generate and a our solid the which Our the sales PulseVet XXXX to Assisi proved Assisi which in targeted of LOOP in electromagnetic products, with pain, million pulsed to approach Zomedica's for pets. results joined and third quarter portfolio Like for products, of non-invasive reduce $X.X to offerings contributor LOOP year. to inflammation

Assisi company. is are The the growth, they them used between for pet part year-over-year in when our pets. positioned difference the PulseVet, well standalone like products products that both parents, Also showed to Assisi home including the treatment as of two a as be their at were by Zomedica as pathway

So Shock home healing LOOP the and with in vet PulseVet Assisi the send therapy can treat clinic products. the the the patient with Wave then

to expected communication marketing in our networks, XXXX. and growth and increase leverage expect awareness we in recognition we Assisi As brand resulting

image vital well the results, the not as of launch as expect featuring in monitoring do Although to preparation to revenue from automatic zero-touch January, both slide system, additional wireless science which available part XXXX our launched in VetGuardian new quality, platform, of we our early in and XXXX sales growth improve which workflow quarter. expected second TRUVIEW first the digital is system anywhere microscopy in

in our to traction and Overall, on progress XXXX excited and we're pleased with continue growth trajectory. building this

grow considerable increases R&D, have to forth results, top put significant including putting enhancing we and in our and In developing internal to effort focus development addition and and additional sales our line also place with people, measures into business processes, in hiring marketing.

develop hires Included capacity new extensive our global center distribution experts, personnel manufacturing scientists, industry and veterinarians experience other and manufacturing field capability companion investing knowledge Georgia. and $X Roswell, million the with over and are in and our animal through in to in these

and into growing and growth moved our expands capabilities, product new we demand distribution support in to global August commercial which manufacturing future of offerings. us XXXX, enabling and facility, meet This

with milestones value. XXXX, position for along to breakeven and growth we healthy at on significant be We're create cash cash setting we consider are to our value. the a growth ourselves shareholder With a profitability, feel progress which and enhance flow to sales we strategic pathway pathway pleased projected and and shareholder

time, require believe a sources to margins, enable drove in manufacturing and growth by efficient these operating revenue and from while We substantial investing of both combination same substantial growing at the acquisition. producing expense organic

along capability, manufacturing expanding a marketing in have an robust our growing and team with invested capacity. commercial We experienced leadership and

we growing opportunity ones new In and acquiring future. launching to are have path as about investments Zomedica's closing, to products generate the new we us optimistic further well, move revenue the to Now, to leverage increased and by these profitability. on

And with that, Anne what performance on Zomedica's to expect thoughts XXXX us fiscal through call over to additional turn I'll XXXX. and to provide in fiscal the take

Ann Cotter

Larry, afternoon, and you, good everyone. Thank

call, be of portion sheet. selected and focusing of the flow balance this I aspects on statement, will During income our statement cash

will be recently this detail to I for drivers, While of and you information various much our document depth encourage within covered explanations and XX-K. review additional providing brief broader I on commentary. is filed this

million the of an Revenue and of in quarter XX% primarily $X.X by million, million very products, in in $X.X in of of healthy upward sales saw we Assisi QX, from in QX, an going our increase $X.X QX. The trend acquired in sales XXXX, million fourth inclusion increase million $X.X in for in of and driven from in sales revenue sales an or million was sales QX, increasing XXXX the PulseVet fourth quarter $X.X XXXX. in a recently $X.X the

year the sales XXXX increase inclusion ended or XXXX. Revenue million and year million, Assisi $XX.X $XX.X XXX% of ended year's by the for of of the an products. recently Again, worth acquired PulseVet from was a driven the full primarily

January sales X, When PulseVet owned we and exit considering sales had or from XX%. were XXXX, up stand-alone our sales Assisi

launch uptick offerings, our related continued as of products. is Assisi and sales PulseVet Revo in TRUFORMA, our current VetGuardian that well and of Given expected the as

grow continue to to expect in XXXX. We revenue

or of $XX.X XXXX or the Gross for ended profit increase XXXX, to $X.X margin ended for compared was year million. million the XX% million year XX% an $XX.X

of changing to Although, mix relates and margin be in product extremely PulseVet sales, TRUFORMA devices and trod. continue compared our margins to XXXX small to healthy, a Assisi, drop including the animal

gross believe increase and or assays. will the expense by driven of test million, in research we year a we contracted margins year relatively factors. variety primarily general, XXXX continue the was and as ended In million and development in to an of terms from due $X.X unchanged to percentage XX% remain $X.X our fees Research TRUFORMA next-generation increase trials, an expenses XXXX, for ended develop for

gives although license result lower with which development assay new expenditures our per-assay with development a of expand a total in increased our the cost development to the Our ability partner us term, short basis. program, agreements may in on TRUFORMA

expenses, PulseVet, the inclusion Assisi and were year restrictions COVID hiring XX% Revo million Selling, trade office and of lifting and attendance associated and year with Squared TRUFORMA our driven travel new by show expense salaries $XX expenses and an associated the marketing of in general new our the amortization, primarily compensation campaign, of ended or with increased XXXX XXXX, $XX.X stock intangible product million, administrative lines. headcount, ended assays from noncash for the increase acquisition-related increase and

the was loss the year million, X% Our was XXXX in to net ended or $X.X loss ended period of earlier. year a million matters described decrease the attributed from The net XXXX. for each $XX

sufficient net offset until losses record time time to sales from revenue such periods to product we We as the expect continue expenses. operating until to have in -- future our

securities equivalents discuss. from year activities, available-for-sale operating year the or $XX $XXX cash I and million decrease ended ended XX% million, of a cash, primarily used and in investing of XXXX, as by had the Zomedica approximately cash driven as XXXX, will of

driven and a or by to improvements revenue XXX% overall for ended programs. XXXX of from was the cash investments significant used improve for -- Net in Squared, XXXX our leasehold investing $XX.X activities ended compared Net of available-for-sale internal and e-commerce result increase primarily was prior the and operating cash the of to of expense the sales year million. prior in year operating we operating acquisitions reduction and the increased $XXX.X expenditures Assisi, a million is XXXX, other recognized and million, Revo in our securities, year accounting year. reduction the The reduction expenses an $XX activities

million, ended XXXX not This activities of as did provided cash public decrease XXXX. for financing of $XXX.X zero. offering by a our year is shares was a in XXX% XXXX we complete the from Net

continued in strong Our to balance XXXX. sheet show ratios

million. Our working strong at $XXX.X is capital

level strong XX% debt-to-asset is amount Our current showing X%, of of liquidity, at are quick ratios showing ratio high high our a a approximately and solvency. approximately

a decrease Assets other in goodwill increased of believe purchases recorded remained operating and very sheet, our are future and expenses, are intangibles, primarily manufacturing larger as and PP&E inventory by flat from company. of with the oriented. increase $XXX optimistic Zomedica operating cash liability to earnout due to as our we the growth as cash of strong at projected in offset we for increases used for AP upgrade. and strong and Assisi to and Revo used has and balance the about associated which purchase future, Revo all Due related needs in cash sales Liabilities in center well were acquisition the a accruals million

the that, With to Larry. over call I'll turn back

Larry Heaton

decided And for this to have only retire of Zomedica this with CFO take for worked I'd has planning tireless to Ann. whereby the we on transition we many and to you, Q&A, you, a opportunity not report, is before like Ann, to years continuing with to from thank consult to Zomedica. Thank but XX will plan, a move Zomedica service the to smooth Ann company for transition ensure continue next she new out a days your afterwards. to and

the next to now, transition and going our We'll and Zomedica colleagues over to in the her gratitude forward. of on like behalf provide considerable over thanks the assistance for extend timing more of the her advance myself, I'd But years, on Directors, days. deepest for Ann Board for contributions information few to our and

Ann Cotter

you. Thank

Larry Heaton

I'll Q&A. operator over for that, to with turn the And the call

Operator

be Thank at [Operator session. are you. we'll questions At no a this audio this Instructions] question-and-answer There time. conducting time,

Larry Heaton

Okay.

could IR to get team So turn so now, can we questions our off that the you over web? this

Paul Kuntz

Paul IR team. Yes. Kuntz the This is with

the We one have any recent have of our impact jump these of the on XXX-some webcast questions of does on of first bank on now. just right Zomedica? so questions people some we'll crisis lot Larry, here, a into was,

Larry Heaton

In no. word, a

no. cash is, from any see Signature to have have Zomedica whether course, notwithstanding it. We pulled our either stepped And exposure that the also see have been we no major on or government we has had Bank on vendors no Silicon the address we the this impact in -- of the also has fact answer But and issue. Valley Bank. And with to deposit have with they

Paul Kuntz

we've talk little about a quite to path subject. questions profitability, had the become you the when profitable? Thank this the when Can you, a company Larry. And on few company bit will --

Larry Heaton

Sure.

the operating to striving important milestones: expenses really of with breakeven many was non-cash comp flow the per last the dig lost around of over million, GAAP, profitability. reach $XX two we're of amortization months. $XX get XX and XXXX, But that a it into depreciation $XX million expenses, for million. employees booked cash non-cash hired of and and to for idea metrics. flow And cash takes an positive, let's So, In get OpEx, we've stock couple what the we to

million need $X in else to cash. generate was XXXX. So breakeven, flow gross sales additional $X At we margins, would or everything if an to XX% equal from year-over-year, up XX% that's in to cash get million another about

expenses above positive course, or sales profitability. to cash path flow would that Of push past the reduced and on us further

Now to if on we D&A explains But we are get non-cash they revenue time. which and sales stock investing in didn't, decrease why additional to heavily would generate comp and both organic over in need $XX M&A. profitability, focused million an to growth, through then

growing can track reaching So area that so we're be our products and record and given through M&A, can cash this sure acquiring, you position that we focused of integrating profitability. in accelerate

be quest will and and breakeven So, that, cash near-term flow cash is a then beyond little that profitability. for positive, trailing goal our flow

Paul Kuntz

with the of next in up is or there uptake company the in industry? the the AI you, AI recent pet world, maybe technology products And Thank advantage with acquire partner anything to question, take works in our AI of an Larry. to

Larry Heaton

I'm Greg President ask going Development, working who's Blair, area to to in comment. our of this Business Vice

Greg Blair

Thank our animal the we Zomedica exception. of for industry and do health gaining no product collects AI our lines. My types Through prominence data is platform, indeed Larry. awareness varying you, of across most industries and definitely is

product launch of And forward a including we we diagnostic customers. that part we're do capability improving that will TRUVIEW the role to the in product new play that products data anticipate for collecting a that, we our see going lines, AI we the with and would offer As managing platform, our lines. the

Paul Kuntz

on stock Thank consider manipulation selling you growth of prospects is naked price focus you. follow. question the And our would and company And something at -- or all? next you will believe eventually short the the addressing would and stock solely

Larry Heaton

Right.

more profitability. answer ultimately companies other for other getting seen value on seen on easy so selling. company, that fact the complex we've take to to shareholders in so we've the the action by A law by and is cash generating of positive victim flow short and high value our the focused the fall revenue to that, and regard engaging little at we're by companies is So this that firms and forth. And building building margins

As haven't at, is $X.XX and rising last and we we today. cap but look checked it at revenues low our we in have the in margins. think, we've that stock price then or is million, around $X.XX hour million it, market at I $XXX I note $X.XX, cash, so, relatively $XXX and high around significantly our had

fact, doesn't just my few is, that selling, to years So it in I a really a short boggling lot it regard last happen. mean, significantly the the over upside of couple anyone sense it's stock flyer of limited that's take And because their they're target is significant for what would saw us downside while years people a make a as followed could ago. us

point, that really would pleased. were you at have So, if shorted my you been goodness, not

keep buying what the look, watch guess We all of the anyone our that's traders, between I pretty kind stock, whatever on more we probably think XX it's a see ends that is a lack that to that, legitimate swing of institutional swings, that reason, keep of we're see those that for XX, of I I'm susceptible a trade result ownership XX think continue a which and largely around and saying to we're travels fan. and and they people it it. freely So stock,

the long-term, we in holding increase long-term opportunity for a other the think share to it consider price. would value to encourage because mid the great as have we On reflected shareholder people hand, we for to

Paul Kuntz

how becoming next customer you our this your And cost? do question, And is much in Larry. you, number the Thank future? lower acquisition good. see Very

Larry Heaton

easy second So, to answer the part.

The first difficult. little part more is a

it's As three XXXX. selling you are Actually, now commercializing four currently we different know, product products. We're lines.

have next that launching one We we're another quarter.

not whole. there's So answer the costs on to customer an easy acquisition

by products online. distribution direct PulseVet are our Assisi and representatives, sold our primarily through while sold are example, For products sales

So line. varies by product it

for What I is however, going is, that see sure. down of second part I it question say, the would the

our and months animal did and into without build channels an we the were any acquire which that engine marketing those to customer When products. with health right? single been expense we able and associated And product that but that's revenues fact, began to channel In really expand their sales products growing we would additional like would only had XX products nominal, any to anticipation of additional and strategy, that infrastructure first ago, the to in we with plug through the being the had, them. sales revenues also

of the expect answer we as going our answer question to vary products, but And products. the leverage to add we so operating that hard organization sort answer is first significantly commercial from broad that to between any new with a considerable easy

Paul Kuntz

talk Thank outlook the year? for next you, And our Larry. you about a the question, can coming little bit

Larry Heaton

I Sure. products, growth from think growth, have TRUFORMA as Assisi we of prepared VetGuardian sure, remarks, quarter January our of but TRUVIEW. for spoken We the organic and in of next introduction continued PulseVet, -- expect the both the in we also the and

microscopy to we've system, with quarter. to next full products, in which platform, that launched purchasing providing wait year we're January, expect quarter year-end Having that, VetGuardian do say for and rates until newest that not do the capital. due I are or for expect we purchases, digital and quarter, sequentially to in due the we which the which down to to We're pleased as launch lowest after was in experience the seasonality want capital gained the of prefer said the do which this sales our fourth following though, revenue quarter PulseVet tax always be the of to guidance first TRUVIEW we with, year, highest some in first to

see by the as well can't that also as expect new a forecast we just growth M&A products. of set but activities, will the to So year, in organic obviously we continue Obviously, driven growth robust now.

So we subsequent QX and in up should down revenue of at the quarters. expect sequentially then each

Paul Kuntz

launch the there's of late next And assay when you, Revo the Thank we prospect in official will of Great. second the releasing cancer products, any question, Larry. and do an part, a our XXXX? Squared including MicroView

Larry Heaton

Okay.

different so Revo with So Squared. very the questions two let's start there,

now to brought transformed is acquired to the System TRUVIEW Squared what called MicroView, the that which two which Revo products, launch So, we the into quarter. was next product when we and we've expect us it,

we're to those Georgia. in now in our fact, systems facility build beginning In

So that we expect to launch quarter. next

we do a to We also, while big haven't made it. of

We continue which they are Ultrasound not in It's System, plenty the to sell SonoView. the There Revo out of of call our competitors space. major animal health one products.

that thing them, staff the those The can Ultrasound, in fact they SonoView they can procedures. users differentiates they individual can the they clinic, our is perform vet guide train can coach as that proctor them, Ultrasound the

systems. So we have sold some

we forward, business look we doing expect just that usual that, of now, may we but we're as sort And as expand Revo. for in

other the next launching really hand, we're to forward the the that On quarter. looking TRUVIEW something microscope, is

was do test. The second with question part of cancer the that to

was a if called test for you a you called followed they may may, a detection projects. in focused as you and Celsee a while, company So had years a develop Zomedica has partnership to cancer company know of a with other Bio-Rad to that, for Bio-Rad dogs. on Celsee sold ago program,

XXXX we Detection partner product. this underway an do have to now, that. have area. they not Cancer the But not program new a patent in that to need active develop decided note if issuance of that would that do program They received active a And now an haven't to we we relates technology. in -- as of we We do

which years this other We companies the the providing also in there market that marketplace. into are that are case now, wasn't the a several ago, product already that out of are note couple

read So that any We don't we it's point. no -- immediate not have have this plans but plans. into don't immediate, well, we, And please that at it's downstream.

Paul Kuntz

are case. this actually in Larry. next you, And Thank the related two Great.

a One of mentioned, considering core company's it and split been is reverse the when momentum questions favor. has in business previously is, the markets

share and a question And company a or related a plan, condition more in the of been that be business. $X be chance under increasing there revenue Is it's still as the consideration year? also buybacks the de-listed is than is, would that with could

Larry Heaton

All right.

There of There does So take for $X that of period the a your -- it's New because York not time. that go not which first, for and that price -- expectation easy. below are at last certain I'll is some some not above the $X.XX they require share That or time. $X $X.XX pretty for to share of apply per Stock listed. the -- below part their stock to will period American Exchange, exchanges Exchange remain where stock be is per we're

last into $X.XX toward above trading currently dip year year. did first of this few we're We end that So, a days share. the below the of

hand, other not official or did whatnot. the On of any receive notice we delisting

who So, our it's $X.XX, above to prices shares. all as good. But up be stay That's we'll we the market. long as

They a a a sudden reverse activities good times doesn't position the do the aspect finds where really get struggling to the stock position a reverse itself stock not been do split of stock their need a they're case that's that because and or from that's above, in all of trying it's struggling. company it but of in price many make one to split with companies themselves are to And of weakness. that other struggling

off those they so have And great reverse stock are not outcomes. -- don't splits times,

stock that's heard is invest that our heck, cases, of in the because charters I've $X, can't some certain fairly but case, not a cases split because you it reverse enable make in some in stock or threshold not quickly in the would we rather of at point, a an stock have can't interest -- weakness $X of us of our enable to that In require their do stock, institutional that stock Zomedica above do acquiring a in we're believe position may struggling, that investors otherwise it because but than some would sense, less some we're $X.

be us, acquire complement a in desirable stock retail for many as the to but rather expense would longer view. take be little shareholders, our it positions at large that institutions of investors, institutions to at Zomedica, longer, we hold these typically not have expense normally. think a because not bit the So, of and for able They it a

reduce And actively may but think attractive from dissuade that sort swing not float, we traded foundation, the it sellers also viewing that that an will short of target. as only or traders Zomedica

I what potential and sense we I'll for said of So, something have that split our believe we a doing that before is make and think strength. the that would view what other now a would future, stock that until say reverse us in I shareholders us, investors but it's it not position would do from as

much words, flow we get a -- I rather an the this other isn't understand realize not think would get to In profitability. And the of positive. movement. that point, We beginning we're downward cash at cycle, closer but people or of beginning upward

activity. of fund our to to and growth best use buyback, the believe additional is continue stock M&A capital respect available to With that organic we enable a

near-term So, we stock have for a no plans buyback.

Paul Kuntz

queue. Rob, questions, Thank pass have that the callers the for rest you, of back everyone hours. Larry. phone to to in And with the XX the go entered for call the ahead. back now in request now, But to will our follow-up for -- the next a we we few going webcast queue. we're participants I'm And to please go operator have to going a XX

Operator

Thank you.

question. you from Clint, investor. are with live. [ph], you're is Wilkerson muted? Hey, Please Clint a private proceed question first Our your

Unidentified Analyst

CAC, question My the he already was which I'm covered. has sorry.

Operator

Okay.

questions, I'll If go you to have next no question. the more

Okay?

Unidentified Analyst

Thank you.

Operator

You're welcome.

with question from Our with comes Zomedica Corp. Please your question. next proceed [indiscernible]

Unidentified Analyst

the $X, if recession, reach on a that it assets affect see you that split? And with I everyone. the lower you. a ZOM ZOM landing, question, it. Hello, forecasted without two questions. don't to to they anticipated to price of the Recently, around intake soft maybe? reach go if would would would $X.XX would there Thank we do a What without split? Second have under your January, have that? you be ZOM, That's in reverse get that what's reverse -- they think

Larry Heaton

Okay.

clarification, Zomedica. was that's identified with I of Just He but case. Zomedica member not being is one point caller of the the think not Corp, a as

that, answer said to having I'm So questions. happy the

So and stock. on target per we by an are price analyst covered that put our a $X did of analyst share

stock you If in not a valuation is words, done the split. In $X saying the that report, of extensively. does quite That read XXXX, what imagine, you be out which will the he's stock, XX we've as the generating revenues. $X other years can -- assume company

$X, performance you you could he would see that the the that read $X justify stock If the quite substantial. are -- price target. would a price point, believes And report, at the revenues a price the of company justify

And so a same that, in stock he is which know other although sense that if back would we report, the split, qualitatively, that a Zomedica is us. that no that you and guess, that Now the of the kind looks split having think split, things obviously we if subsequent the at itself some split reverse he affect at way when the does said Zomedica He target. in I of price. re-up But point, say mechanics issuance. I clarified this all well, would -- will a reverse make In thinks assumes point. does stock reverse and that he do and he stock $X for the do -- a do, come price reverse would words, stock stock split at

the first that's part. So

as soft have worsening of obviously, things we if get I recession. think Second affect we a us that's the everywhere. And individuals to had have a worse, don't all do if recession and part, landing, with going to

pets. we other from so the much business affect standpoint, what going to hand, a On not for it's do our

proven inflation So of healthcare billions and in the market seen super large so what animal spite continues grow this pet particular to pet in of is billions and market is And we've dollars on. that health proof and has the pet. be give if resistant, as people would things would before of care up recession for to have fairly they up not their market surveys recession give recent there's that plenty shown,

veterinarians on I'm patient not six to sold around, pet products, pets money comes to less of lot products fine, food, to looks to schedule And I pets dog a when go whole with But are a a fancy, our running parent little spending a it's are young, might go I'm but use use to just months if ago special our and decide going probably visit, they ball. a might to the went or when it sick, also think dog injury. fancy while I to catching well nothing. because with

believe is vet, If to sick, diagnose that treat that, our either the and going come or pet is condition that's parent is the pet that injured to where the to or in, condition. to we if what go products they're

so while our products, happening in by unaffected is a in or sympathetic be we'll believe always the our the And economic growth downturn largely towards situation. we economy, what's empathetic

Paul Kuntz

Okay.

session. now call We management question-and-answer over back closing for the to have end reached of to comments. the I'd like turn the

Larry Heaton

Okay.

to you things. earlier, stewards you. to thank being if other Zomedica. Thank and especially those of questions appreciate how that we years to have we haven't as in So we we get mentioned for fully come. And that an questions. grow come in follow good We support rather your Zomedica gives welcome We if you quarters forward that those our have have continue opportunity ask questions the explain on We listened interactions us invested and that endeavor we'll your them. look those and you more appreciative any at the we of future answered answered the in website, Paul shareholders, look those of in capital appreciate of company. to It the as interest already quickly to

Operator

today's conference. This concludes

your thank participation. You you at we time, this lines may for disconnect and your

Zomedica (ZOM) 15 Mar 232022 Q4 Earnings call transcript