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0.00x Total Debt / Equity (Conservative)

Low sensitivity; Zomedica carries minimal long-term debt (~$0 net debt, ~$100M cash), so a 200bps rate move has negligible interest expense impact but affects yield on cash holdings by ~$2M annually

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

1) Taiwan/China semiconductor manufacturing for TRUFORMA ultrasound/biosensor components; 2) Single-source bioanalytical reagent suppliers concentrated in Western Europe

Predominantly US-revenue (~95%); minimal sovereign currency devaluation exposure; Canada and select EU markets represent <5% combined revenue with limited FX hedging in place

~95% US domestic revenue; Canada <3%, EU <2%; currency devaluation risk from CAD and EUR is immaterial at current scale; no meaningful emerging-market exposure

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High lock-in risk; Heska/Qorvo biosensor chip supply for TRUFORMA platform is sole-sourced and non-substitutable in near term, likely exceeding 30% of COGS input dependency

Medical device/veterinary diagnostics hardware and consumables seller; cloud disruption risk is low—TRUFORMA operates on embedded firmware with cloud analytics as secondary feature

Recurring consumable/reagent sales model; cloud termination would impair remote data reporting but core diagnostic function remains operational on-device

Moderate API coupling risk; TRUFORMA integrates with practice management software (AVImark, Cornerstone) via HL7/FHIR; switching costs moderate but proprietary cartridge lock-in is the stronger retention mechanism

Low Howey Test risk; revenue derives from sale of FDA-cleared veterinary diagnostic devices and consumables—clearly commercial product sales, not investment contracts

Very High

Low-moderate; veterinary patient data is not subject to HIPAA; GDPR exposure minimal given <2% EU revenue; CCPA applies to limited California client data with low materiality

Low antitrust risk; Zomedica holds <5% US veterinary diagnostics market share; dominant players are IDEXX and Heska; no meaningful market power to attract regulatory scrutiny

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

Approximately 40-50% recurring (TRUFORMA cartridge/consumable pull-through), 50-60% transactional (device capital sales); recurring base growing but still minority of total revenue

Razor-and-blade model: capital equipment placement drives recurring high-margin consumable cartridge revenue; ASP ~$15,000-$20,000 per device, cartridges ~$20-$40 per test

Pricing stress test: device ASP vulnerable to competitive discounting from IDEXX/Heska; consumable pricing more defensible due to cartridge lock-in; 20% price cut would reduce gross margin from ~55% to ~40%

Moderate; proprietary cartridge format provides some pricing power on consumables, but device pricing faces competitive pressure; limited ability to pass through input cost inflation

67.7% Gross Margin (Premium (>60%))

Low free-rider risk; TRUFORMA cartridges are proprietary and cannot be substituted; however, device utilization rates are low industry-wide, indicating underuse rather than free-riding

Sublinear growth potential; manufacturing and distribution scale without proportional headcount increase; however, field sales force expansion is partially linear with new account acquisition

Marginal cost of revenue growth is primarily consumable COGS (~45-55% gross margin); doubling revenue would require ~30-40% headcount increase, not 100%—moderately scalable model

Not applicable; Zomedica does not operate a franchise network

At 10x scale: CAC likely decreases as brand recognition grows; current CAC estimated $8,000-$15,000 per clinic; LTV/CAC ratio currently marginal (~2-3x), improving with consumable attach rates at scale

Weak network effects; no meaningful data network effect currently; more installed TRUFORMA units could eventually enable benchmarking analytics but this capability is underdeveloped

-64.7% Return on Assets (Negative equity)

Moderate recession resistance; pet healthcare spending is relatively inelastic (humanization trend), but capital equipment purchases by veterinary clinics are deferrable during downturns

Independent and corporate veterinary practices (primary care); top corporate groups (VCA, Banfield, NVA) could represent meaningful concentration if targeted—currently diversified across ~2,000+ clinics

Veterinary specialty and emergency hospitals; smaller secondary segment with higher test volume per site; no single customer estimated to exceed 5% of total revenue

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

1.8% CapEx / Revenue (Low-CapEx Asset-Light)

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