All right. Hello, everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners 2024 Investor Select Conference. My name is Robert Blum, Managing Partner of Lytham Partners. During this webcast, we welcome Zomedica, ticker symbol ZOM on the NYSE American. And joining us today from the company is Larry Heaton, Zomedica's Chief Executive Officer. During the event today, I've asked Larry to run through the slide presentation, and then if time permits at the end here, we'll have time for a few questions. So, let's jump right into it. Larry, the floor is all yours.
Thank you, Robert. I appreciate the opportunity to present this morning. As you mentioned, I'm the Chief Executive Officer for Zomedica. We are about the business of helping veterinarians take care of your pets. I would encourage people to review the safe harbor statement at their convenience and just jump right into it. At Zomedica, we compete and work in the very large and growing animal health marketplace that has proven to be resistant to economic downturns. Into this industry or into this market, we provide highly differentiated technology. It's innovative technology that enables veterinarians to better care for pets and also to improve their practice economics. We have assembled a very experienced management team, but all of us are essentially looking at Zomedica as a very large startup with multiple products.
When you have that startup mentality, you're focused on building revenue, building the infrastructure, and getting to profitability as soon as you can, while at the same time, squeezing every nickel to make sure that expenses are absolutely necessary. Reflecting on our performance to date, we've been generating very strong margins in that 65%-70% range, and we now manufacture all of our own products. And so that's a point of pride for the company, in that we not only manufacture them, but we do so very efficiently and producing very strong margins. What we're most proud of is that while we've grown through acquisition, primarily, it's what we do after the acquisition that counts, and we're super pleased with the fact that as we've acquired products that were already on the market, we've generated substantial increases in those revenues.
As we've acquired products that were in development, we've now launched them into the marketplace. We have a substantial balance sheet today, just over $100 million in cash and equivalents. I should mention that that's unaudited. We pre-released a cash and revenue recently, but we're still not audited yet on those. Modest cash burn, essentially no debt, and so we've got plenty of capital to be able to generate continuous organic growth, as well as additional growth through acquisition. As I mentioned, we're now commercializing five product lines with a U.S. total addressable annual recurring market of $2.5 billion, and the opportunity to sell another $1.5 billion into the addressable market, and this is just in the U.S. So very strong revenue growth, 33%.
Again, preliminary pre-release numbers, 33% over 2022, generating margins for the year, substantial margins. We haven't pre-released those yet, but through third quarter of 2023, we were at 69%, and a very significant addressable market. We've assembled a very experienced management team to get the job done, and these folks are working tirelessly to make sure that we are not only growing revenues, but we're also manufacturing efficiently, we're controlling expenses so that we have a line of sight to profitability. Most recent of these individuals that joined us was Kevin Klass, who most recently was Vice President of Sales of another animal health company, which was acquired. He had a very good track record there. We're very pleased to have him come on board to lead sales as we move forward.
Our market is huge, $100 billion worldwide in 2020. It's over $60 billion in 2023 in vet services, which is the segment that we're in. The fastest growing segment is point-of-care diagnostics and therapeutics, exactly the products that we are marketing to veterinarians. Of course, it was a large market before, and then in the pandemic, 23 million new puppies and kittens were brought into households. Most of those brought in by the youngest among us, which assures a new generation of pet lovers and pet parents. And the thing that distinguishes, you know, today's pet parents from, you know, 10 years or 20 years ago, pet owners is they're pet parents. And as it turns out, there's a whole lot of things that people would give up before they wouldn't take their sick or injured pet to the vet.
They're part of the family, and so that makes this market really resistant to an economic downturn. Of course, while this is terrific for companies like us and investors in animal health businesses, for vets, it hasn't been all good news, right? They had a large market opportunity before. They had lots of customers. But they also had sort of a revenue and income gap because some of the really most of the medications, the heartworm and the flea and tick and the fancy food and even drugs that they prescribed were mostly sold by veterinarians to the pet parent, and they made money off of those. But now you get them from Chewy and Walmart, PetSmart, and so on and so forth. And so that left a gap for vets before the pandemic.
And then with the pandemic, 23 million new patients coming into their practices, and yet during that pandemic, they shut down, then started back, and the staff left, and the staff didn't come back. They had the revenue gap, now they're trying to hire new staff who can make more money down the street working at McDonald's. The number one issue facing veterinarians today is staffing, and not all of them are up for it. About 40% of vets have sold out to corporate groups, and that's fine because that's a B2B relationship, which is, which is actually good for us. But if you wanna stay independent as a vet, you really have to do more than just what you love to do, which is to take care of pets. You also have to do what you need to do, which is take care of your practice.
You need to focus on workflow, cash flow, and profitability, and therefore, we believe that improving workflow is super critical to the veterinarian and their staff. Our mission then is to bring innovative diagnostic and therapeutic technology to veterinarians to improve the quality of care for the pet, the satisfaction of the pet parent, but also importantly, the workflow, cash flow, and profitability of the practice. All of our products accomplish those things, right? Whether it's a PulseVet system that we sell for $30,000, but with the financing program, they're only out $600 the first year, or a TRUFORMA system that we put in with no capital required upfront.
Whether it's a microscope that automates the slide prep process to cut down on the amount of time that's necessary by the vet tech, or whether it's fewer treatments to accomplish more in terms of effectively treating a pet, that makes the pet parent have to come less times to the, to the clinic. All of these things are super important to us and are embedded in our entire product line. The product line is really segmented into two groups: therapeutic systems and diagnostic and monitoring devices. Our TRUVIEW device, microscope, our TRUFORMA laboratory assay, device, VetGuardian wireless monitoring, all of these products, are designed to really assist the vet in various forms, and they provide a substantial opportunity for us, right? There's 35,000 total practices, 30,000 small animal, about 2,200 equine only, and the balance are mixed practices.
Each of our products, as we've acquired them, we've focused on the recurring revenue opportunity on an annual basis, right? So TRUVIEW, if we put a TRUVIEW in every practice in the country, and we got the revenue from that, $1.3 billion annually. $40 million from VetGuardian, where we're selling a subscription after we originally sell the capital device, and so on throughout the product line, to where we have a $2.5 billion annual opportunity and a $1.5 billion overtime capital opportunity. And this, I should say, is only in the U.S. We have launched limited launch of the PulseVet and the Assisi in certain global markets, but we're planning on launching that more aggressively this year and also bringing new products into international markets as well. Now, we've been doing pretty well, right?
We're up 33% versus 2022. We have pre-released our revenue range a little bit. We're over $25 million for the year. We're over $7 million for the quarter. We'll be releasing details and earnings and so on, margins and all that, in early March. But for now, we're very pleased with the revenue growth over the last year, 33%. And we also are confident enough in our revenue growth moving forward that we've provided for the first time guidance for 2024, which would be in the $31-$35 million range. If we hit the high end of that range, that's 40% growth as we look into next year.
In addition to the opportunities that we have spoken about, while we currently only get about 15%-20% of our revenue from international, we'll be introducing the TRUFORMA, the TRUVIEW, and the VetGuardian into international markets this year. Expect to get to $31 million-$35 million next year in revenue. So talk a little bit about the product lines now. The TRUFORMA device is an instrument. It is a diagnostic laboratory analyzer that utilizes, for the first time, a technology called bulk acoustic wave sensors . Now, these came out of an aerospace telecommunication company that developed them. They're used in almost all the phones around the world and so on.
What they allow us to do is to expand the dynamic range of this testing platform such that it is able to perform tests that require that expanded range, that no other device at the point of care can do. Which means if you're a veterinarian and you need that test done, you have to send it out to a reference lab, you have to wait to get the results back, and you have to pay someone else to do the test, and they get the margin. Remember that revenue gap, and remember that point-of-care diagnostics is one of the fastest-growing segments in veterinary services. So we acquired this technology. Originally, we licensed it, and then we re-licensed it, and then finally in October of last year, we acquired it. And so we now have complete control over the development of new assays.
New assays really is the business case here, right? We provide the instrument at no charge into facilities. We don't worry about competitive point-of-care devices because they do sort of a lot of things, but they don't do what we do. In fact, of all of our assays currently available, and we're up to 10 right now, only one of them, the Total T4, is available at the point of care in a similar type fashion. We have it because it rounds out a panel of assays, but we're super excited about all of our other assays because they are the only way that you can get these tests done at the point of care, including most recently our cPL assay, which is a test that is done by a veterinarian whenever a dog is brought into the practice, and they've had vomiting or diarrhea.
They wanna rule out pancreatitis, and so they need to do a cPL assay. We're the only ones that can provide that at the point of care. We just launched this in December of last year. We expect great things from it this year. Another assay we're super excited about is the equine eACTH assay, which is the assay that's used to diagnose equine Cushing's disease, which is a significant problem, highly prevalent condition. 25% of horses over the age of 12, donkeys, Morgan horses, ponies, all susceptible to it. It can lead to laminitis. Laminitis, number one cause of death in horses, and yet, here's a test that now that vets can do stall side, they can do it in their own clinic, they can do it stall side.
No longer do they have to take it- send it out to a single university and wait, you know, however long it takes to get back, sometimes up to a week. So as we continue our growth model here, as we continue to develop new assays, you see these in the middle and to the right, we are excited to be launching some in 2024, and we're super confident here because for the first time, we now have the ability to develop our own assays, in addition to manufacturing them. The TRUVIEW microscope we launched in a limited way last year. We have great expectations for this product as we move forward. It is technically a digital cytology platform, accompanied with pathology, remote pathology services.
What that means is that it's a fancy electronic microscope, but what differentiates it from every other microscope in the world is that it automatically prepares the slide for the technician, instead of them taking five-10 minutes to prepare every single slide, and not all the time do they get it right the first time, so it could take longer. With this device, you simply put the blood on the slide, you put the slide in the machine, and you're done. Your hands-on time is about a minute, and then the image pops up, and with all of the devices that have data or images, all of that data goes to the cloud. We own the data.
It comes back down then to whatever browser the veterinarian wants to use to review the image or the test result or what have you. When they're reviewing the image, if they're satisfied with it, super, but they may want a pathologist's interpretation of that image, in which case, they push a button, it comes to one of our board-certified pathologists, and within two hours, they get a report back. We're gonna continue to develop this. We acquired this product before it was ready to launch. We've been in development since then. We'll continue development. Most notably, we'll be adding AI interpretation sometime during 2024. We provide this to the veterinarian at a monthly subscription fee of $495 a month, a very affordable, and then the pathology reports are, you know, well within the industry, sort of, standard of around $75 per.
The VetGuardian rounds out our diagnostic line. This is a diagnostic monitoring system. It is wireless. It is no-touch. You know, when you think about a pet that comes out of surgery or an ICU, you know, they want to get the pet's vitals every what? 15 minutes first, then 30, then an hour, and each time, that involves using a thermometer, you know, in the opposite end that we would normally put on a thermometer in our mouth. It involves getting their respiration and their pulse. It's disturbing to the animal, it actually probably affects the results, and it takes a lot of tech time, and so as a result, and sadly, about 71% of the time that pets die in a clinic not associated with euthanasia, it's in post-op recovery.
We aim to improve that with the VetGuardian system, which hangs on the outside of the cage. You can see in the lower left, pointed at the animal, and it picks up the vital signs without any need for touching the animal or disturbing the animal, and without technician involvement. It sends that data to the cloud. We own the data. It comes back down to a browser. They may have a big monitor hanging on the wall in their tech room, and that can actually display up to eight individual sessions, each one requiring a VetGuardian, which we sell for $4,500, and then there's an annual subscription fee of around $240 to keep that service going.
As we move to therapeutics, now, the first three products were things that allow a veterinarian to do things that they're already doing, but more efficiently, more cost effectively, and to make some money doing it. With PulseVet, this is a new service line for the veterinarian. It not only allows them to improve the quality of care for the pet, but also to generate substantial revenue for the practice. What Shockwave is, is a sound wave, similar to the sound wave that was used years ago to break up kidney stones, although not nearly as focused, to be able to bust a stone. Instead, what the sound wave does is it induces the body's own generative properties, right? It upregulates cytokine production, it increases bone morphogenic protein, it increases neural growth, blood circulation.
It basically tricks the body into thinking that what's been a chronic issue is all of a sudden an acute issue, and the body needs to mobilize. Now, you can listen to me, or you can read any of the studies that we have. We actually have. It's now up to 16 published clinical studies, including two randomized controlled trials on the various indications for equine and small animal. This technology grew to prominence in the equine market. It has become standard of care in equine rehab and sports medicine, and highly penetrating the U.S. market, and we're working on penetrating the market outside the U.S. But what we've done over the last two years is we've introduced it into the small animal market.
The economics of this are we sell the system for $30,000, and then we sell each trode for between $2,000 and $2,500. Each trode contains 50 equine treatments or 60-65 small animal treatments. The equine trodes, which have been around for a decade now, if you used them on a small animal, you'd need to sedate that animal, and that really wasn't a good thing, right? Neither pets, pet parents, nor veterinarians wanted to sedate the animal to treat it. But the new trode that has been developed and was developed a couple of years ago, which is one of the reasons we bought the company, is the X-Trode, and it allows for use on kittens, puppies, without the need for sedation. And with that, we entered the small animal market a couple of years ago.
We've increased the installed base considerably, and we've had substantial growth in the in this overall product category since we since we took it on. Part of that reason is that it works so effectively. The difference is night and day this versus certain other technologies that are out there. In addition, it's a money maker for the veterinarian. You know, if they're doing 15 patients a month, and the patients need 2-3 treatments, and they get only $150 or $175 per treatment, they're paying for the machine within 6 months, certainly within a year, and after that, they're generating revenue, and they're doing it the best way possible by improving the quality of care to the pet and the satisfaction of the pet parent.
When they're done in the clinic, it's time to send the healing home with the Assisi Loop line of products. The Assisi Loop, it's either in the form of a loop, as you can see, or in the form of a lounge, where the loops are actually embedded in the cushion there. What this does is it produces and delivers targeted pulse electromagnetic field therapy, which in turn increases endothelial nitric oxide, which in turn decreases pain and inflammation. This is designed for pets at home that maybe have chronic pain. You know, they're getting old, and they've got, they've got some issues, and sleeping on this Loop Lounge makes them feel a lot better.
If they've got transient pain or pain sometimes, putting that loop around that affected area for 15-minute treatments really does the pet a good service. And in addition, it involves the pet parent in taking care of their pet. So we sell this to vets, who then turn around and sell it to pet parents. We also sell it online through a number of a number of channels. And we're not done yet, right? We continue to look for opportunities to grow by acquisition. They must meet the five pillars: improve the quality of care for the pet and the satisfaction of the pet parent, and improve the workflow, cash flow, and profitability of the practice. Having said that, while in the first year and a half.
I mean, I've been here for two years and one quarter, and so we've been building the company, since then. In the first year and a half or so, we really focused on getting products on board, the Assisi and the PulseVet products that were already on the market, getting new technology on board, products that were in development but needed to be finished, which we have now done and launched. So we have a good set of products out there that will- that give us a clear line of sight to profitability, but there's nothing wrong with us expanding that list of products and with hastening that arrival at profitability. And so we continue to look for acquisitions. In addition to the five pillars, though, we want them also to be accretive to our to our earnings.
And so we're still busy about this, looking for additional opportunities to add. So I can sum it up by saying that at Zomedica, we believe that we are a good investment for people looking for a rapidly growing company in terms of revenue growth, that's delivering high margins, that is got substantial capital, so no need to raise capital in a tough capital market. Not yet profitable, but burning a modest $3 million per quarter and plenty of cash on hand to sustain that while we continue to grow organically, as well as to grow through acquisitions. So at that, I would thank you for your attention this morning and ask Robert if you have any questions.
Yeah. Thanks, so much, Larry, for that, that overview there. Just a couple of minutes in the or a couple of questions here in the few minutes that we have remaining. I just wanna touch on the guidance there at the end there, right? So fiscal 2024 guidance, $31 million-$35 million, 40% growth at the high end. I just want to confirm, that is that's all organic growth, right? There's not sort of any acquisition inclusions in- included in that? And if so, either way, talk about sort of your confidence level in that guidance. How can you sort of provide confidence to investors that that's a number that you guys can achieve this year?
Sure. So, first of all, that is our guidance, our revenue guidance for 2024. It is $31 million-$35 million. At the high end, that would be 40% growth. It does not include any revenue, projected revenue from acquisitions. Any acquisitions that we close during the year, that would cause us to increase the guidance or, you know, or tighten the range a little bit, maybe move it up. Of course, depends on the acquisition, if it's something that's in development or something that's already on the market. As to the confidence level, we're pretty confident. We've, we have, I think at this point, matured the sales organization. We are expanding the sales organization, and we have a new sales leader here who has done a terrific job at his previous company.
And also, about 70% of our revenue is recurring revenue. So when you think about it, you know, it's, you build the installed base, and then that generates revenue in the out years. We've now been building that installed base, it seems like, you know, a long time, but it's only been two years. But having said that, we have a really good feel for the revenue that's coming in on a recurring basis from our existing customers, and we've seen some really nice uptake in adoption of our new technology. We see that accelerating in some cases. So, you know, this is the first time we're giving guidance, and if we weren't confident, then I would say this wouldn't be the first time we wouldn't be doing it yet. So we're pretty happy about that.
Perfect. Sounds good. I understand you're planning to do a share consolidation or reverse split. You know, anything you can comment on that?
Yeah. So I'm a little limited into comments that I can make on in this forum, but I will say, yes, we are seeking a reverse split. And we have filed all sorts of we've filed the proxy with the SEC. We've made a number of additional filings with information for our shareholders. What I would say is we would encourage all shareholders to review the proxy, to review all the related materials, and then to vote.
All right. Maybe just any, we got maybe about three minutes left here. Any sort of final comments here before we end the discussion?
Good question. One I'm not prepared for, I guess. Let me just say this, that, you know, at Zomedica, we love pets and the vets that take care of them. And what we're doing on a daily basis every day makes us feel good, because it's treating the, you know, it's helping to treat and to care for, you know, the most vulnerable of our extended family, 'cause we're all here, pet parents. We're really happy to be serving that mission. And also we think that it allows us to not only do good, but also to do well by our shareholders.
We feel that that growing our revenues, maintaining high margins, controlling expenses, will get us to profitability, and at some point, will be reflected in the share price, which is our ultimate objective, which is to build value for all of our shareholders.
Perfect. Well, look, let's go ahead and leave it there. Larry, thank you so much for the time today. Greatly appreciate it. I guess I'll just make a couple of reminders. If there's anyone that did not arrange a one-on-one throughout the conference and would like to do so, you can reach out through our website lythampartners.com/select2024. You can enter the investor registration there. Lastly, we have additional fireside chats coming up throughout the day here today. Again, visit the conference homepage or the Presentations tab up in the top left-hand corner. You can select it from there. So, Larry, thank you once again for all your time today. Greatly appreciate it.
We hope you enjoy the conference, and everyone listening as well, we hope you enjoy the conference as well.
Thanks, Robert.