Zomedica Corp.
ZOMDF Healthcare Medical Devices
Zomedica Corp.’s revenue for fiscal 2025 (year ended December 2025) was $32.0 million, up 17.4% from fiscal 2024. In the quarter to June 2026, revenue grew 36.6%, EPS grew 49.3% and free cash flow grew 40.5%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Zomedica Corp. (ZOMDF) Beneish M-score
Zomedica Corp.'s Beneish M-score for fiscal 2025 is −5.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −5.04 | (2.23) |
| FY2024 | −2.81 | (0.20) |
| FY2023 | −2.61 | (3.12) |
| FY2022 | 0.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.88 | |
| Gross margin index | 1.03 | — | 0.55 | |
| Asset quality index | 0.68 | — | 0.27 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 0.76 | — | 0.09 | |
| SG&A index | 0.78 | — | −0.13 | |
| Total accruals to total assets | (0.51) | — | −2.36 | |
| Leverage index | 1.65 | — | −0.54 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −5.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ZOMDF Zomedica Corp. | −5.0× |
| ECOR electroCore, Inc. compare | −4.5× |
| LNSR LENSAR, Inc. compare | −4.3× |
| HYPR Hyperfine, Inc. compare | −3.5× |
| LUNG Pulmonx Corporation compare | −3.4× |
| OM Outset Medical, Inc. compare | −3.3× |
| APYX Apyx Medical Corporation compare | −2.6× |
| LUCD Lucid Diagnostics Inc. compare | — |
| SERA Sera Prognostics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI