Unknown Executive

Welcome to Zomedica’s Fourth Friday at Four investor webinar on sales strategy and execution. Today, we’re taking a focused look at how Zomedica’s commercial engine works from the framework that guides every sales conversation to the team structure and tactics that turn the right product in the right clinic into a lasting customer relationship.

Before we begin, I want to remind current and potential investors that we will be making various remarks about future expectations, plans and prospects that are considered forward-looking statements. There are risks that actual results may differ from these statements. We refer you to the safe harbor statement on screen or to the Risk Factors sections of our public filings which can be found on our website under Investor filings, EDGAR and SEDAR+. The statements are made as of today, July 24, and 2026 and reflect our expectations as of today.

Thank you for joining us for Zomedica’s investor webinar series. We’re excited to have you with us as we take a closer look at our company, our innovative product platforms and the passionate people driving our success. This series is designed to give you a deeper understanding of how we’re delivering value to veterinarians and to our shareholders.

At Zomedica, our mission is to deliver innovative diagnostic and therapeutic technologies that empower veterinarians to focus on what they love most, enhancing pet care and improving pet parent satisfaction. Equally important, we help vets with what they need most, streamlining workflow, increasing cash flow and boosting practice profitability. At Zomedica, our mission is guided by what we call our five pillars. These

Stocks drifted to a mixed finish on Wall Street Friday as oil prices slipped for the first time in a week.

Every major index lost ground overall for the week amid increasing pressure from a sharp escalation in the U.S. war with Iran. Investors are also contending with new tariffs from the Trump administration and worries about the economy suffering under the weight of stubborn inflation.

The S&P 500 barely budged in a day of uneventful trading. It rose 3.68 points, or less than 0.1%, to 7,411.98. The index notched its second consecutive losing week, which hasn’t happened since March.

The Dow Jones Industrial Average rose 235.60 points, or 0.5%, to 51,947.25.

The Nasdaq fell 161.87 points, or 0.6%, to 24,975.82. It was weighed down by sharp losses from several big tech stocks.

Micron Technology fell 7% and Broadcom fell 2.7%. Both companies have large market values that tend to weigh more heavily on the market. They were big reasons for the technology-heavy Nasdaq lagging the market, and also why the market’s gains were kept in check despite more stocks rising than falling within the S&P 500.
Heavy fighting in the Middle East throughout the week again threatened to slow the global flow of oil and gas. It has been an ongoing concern for Wall Street, and now many of the buffers in the energy market from earlier in the year, including strategic reserves in the U.S., have been weakened. “If escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring,” wrote Theodore Bunzel, head of geopolitical advisory at Lazard Asset Management, in a report.

Brent crude, the international standard, fell 3.9% to $96.78. It rose the first four days of the week and moved back above $100 on Thursday. Before the Iran war began in late February it was trading around $72 per barrel.

Bond yields also eased and relieved some of the pressure on stocks. The yield on the 10-year Treasury fell to 4.68% from 4.71% late Thursday.

Markets in Europe gained ground, while Asian markets closed lower.

The U.S. is also ramping up its global trade war with a fresh round of tariffs on dozens of nations. The new round of tariffs impacts nearly all U.S. imports and they are paid by companies importing those goods, who then typically pass the added costs along to consumers. That move came just as the clock was running out Friday on stopgap levies the president imposed after a stinging defeat for other tariffs at the Supreme Court.

Rising energy prices and fresh tariffs could result in hotter inflation, which has been squeezing consumers and looming over the Federal Reserve’s interest rate policy.

The Fed meets next week and has been closely monitoring prices and their impact. Rising inflation dashed hopes earlier this year for an interest rate cut. Wall Street has since leaned more toward a potential rate increase, which the central bank can use to help cool inflation.

Wall Street is anticipating at least one rate hike by the end of the year, with a nearly 38% chance that could happen at the upcoming meeting next week, according to CME FedWatch.

Higher energy costs threaten to take a bigger chunk out of household budgets, which means a shift in spending toward more basic needs, like gasoline. Nationally, a gallon of gasoline costs $4.10 per gallon, according to AAA. That’s still lower than this spring as the conflict in Iran expanded, but it’s almost a dollar higher than last year at this time.

Investors are worried about the impact to companies profits. Those profits and expectations for more growth are what typically justifies a stock’s value. The latest round of corporate earnings showed that companies are still notching growth, but concerns are growing.

American Express fell 4.3% despite reporting a jump in profit during its most recent quarter. AmEx maintained its profit forecast for the year and has been spending more heavily to keep wealthy individuals amid more competition.

Worries about the sustainability of broader profits are on top of lingering concerns about AI-focused tech companies. Companies like Alphabet and Nvidia have been spending heavily on AI technology. Investors are increasingly questioning whether those investments will produce profits to justify the large stock values that have been steering the broader market higher throughout the year.

Meghan, the Duchess of Sussex, is facing renewed criticism on social media after sharing a series of family vacation photos that included an image believed to have been taken near Princess Diana’s grave at the Althorp Estate, reigniting a familiar debate over how the Sussexes balance public sharing with their stated commitment to protecting their children’s privacy.

Meghan posted the photo carousel to Instagram on Thursday with the caption “Summer Holiday,” a collection that documented the family’s recent travels through Portugal and the United Kingdom. Among the images was one showing Prince Harry, Prince Archie and Princess Lilibet walking down a tree-lined path at Althorp, the ancestral home of the Spencer family, with Harry and Archie both carrying large bouquets of flowers.

What critics are saying

The image, which many royal watchers believe was taken en route to Diana’s resting place on the estate, quickly drew sharp criticism online. According to social media reactions compiled by Reality Tea, one user described the post as “disrespectful, exploitative and gross,” arguing that a “very private and personal family moment” had been shared on a public platform, and questioned why such a visit would be included alongside more casual vacation snapshots. The same user speculated that Prince William would likely be “livid” over the decision, though no such reaction has been confirmed by William or Kensington Palace.

Other commenters went further, with one user alleging Meghan had been “desperate to monetize Harry’s kids at Diana’s resting place.” Another user objected to the family’s casual attire in the photo, suggesting it seemed inappropriate for what they viewed as a solemn occasion. A separate commenter questioned why Charles Spencer, Diana’s younger brother, would have allowed images connected to Althorp to become public at all, citing his long-standing efforts to protect his sister’s grave and legacy. Yet another critic focused specifically on how the photo was presented within the broader carousel of holiday images, calling its placement alongside more lighthearted vacation photos “beyond disgusting.”

A recurring point of tension

This is not the first time Meghan has faced accusations of inconsistency between her public advocacy for children’s online safety and her own social media presence. The criticism resurfaced most notably ahead of Princess Lilibet’s fifth birthday in early June, following an address Meghan gave to the World Health Organization in Geneva, Switzerland, in which she discussed the risks social media can pose to young people. Some critics at the time argued that continuing to post images of Archie and Lilibet seemed at odds with those warnings.

In response to that earlier round of criticism, a spokesperson for the Duchess told Newsweek that there is a meaningful distinction between sharing family memories and exposing children to unwanted scrutiny. “The Duchess has always been clear that there is a distinction between sharing moments from her life and exposing her children to public scrutiny,” the spokesperson said, pointing specifically to Meghan’s consistent practice of obscuring her children’s faces in most posts. “By obscuring their faces, she is demonstrating the very principle she advocates for: giving children privacy, agency, and protection in an increasingly digital world,” the spokesperson continued, adding, “Far from being contradictory, by concealing their faces she is actually reflecting the message she delivered in Geneva: that parents can choose to share family experiences while still taking deliberate steps to protect identities.”

A pattern that predates the Althorp photos

The latest wave of criticism follows a broader pattern that has accompanied nearly every family photo or video Meghan has shared since returning to Instagram in 2025. An Easter-themed video posted earlier this year drew its own round of online scrutiny, with some users making unfounded claims about Meghan’s parenting based on her children’s appearance in the footage, criticism that veered into speculation rather than substantiated fact. A separate Valentine’s Day photo featuring only Lilibet, without Archie included, similarly drew accusations from some users that the family was intentionally excluding him, claims that were never substantiated by any statement from the couple.

Broader context around the Althorp visit

The family’s stay at Althorp came during a broader UK trip earlier this month centered on Prince Harry’s Invictus Games-related engagements. According to earlier reporting on the visit, the Sussexes stayed as guests of Harry’s uncle, Earl Spencer, after being unable to secure accommodations at Buckingham Palace. Royal commentators have suggested the choice to stay with the Spencer family, rather than pursue royal lodging, reflects the continued closeness between Harry and his mother’s side of the family relative to his more strained relationship with the Windsors.

No official response to this specific criticism

As of this week, Meghan and Harry’s representatives have not issued a specific statement addressing the criticism tied directly to the Althorp photos, though the couple’s general defense regarding face-obscuring and privacy protections, as articulated by their spokesperson in June, remains their standing position on similar controversies. Kensington Palace has likewise not commented on the photos or the online reaction to them.

A divide that shows no signs of narrowing

Reaction to the photos has not been universally negative. As with previous instances of public criticism directed at the Sussexes, some social media users and commentators have pushed back against the backlash, arguing that sharing a meaningful family moment tied to a beloved relative is a normal and relatable choice that any parent might make, rather than evidence of any deeper insensitivity or contradiction.

With no official statement addressing this specific round of criticism and the underlying tension between public sharing and stated privacy advocacy showing no sign of resolving, similar debates are likely to resurface each time the Sussexes post new images of their children. For now, the reaction to Thursday’s photos adds another chapter to what has become a recurring and deeply polarized conversation surrounding how Meghan and Harry navigate the balance between public visibility and the privacy protections they have consistently said they want for Archie and Lilibet.

European shares rose on Friday after registering their steepest one-day loss in two weeks in the previous session, as investors drew comfort from some corporate earnings and assessed the impact higher oil prices could have on monetary policy.

The pan-European STOXX 600 index edged 0.6% higher to 644.67, rising for the ‌second straight week. Germany’s ⁠DAX rose ⁠as SAP gained 10% after the software group reported second-quarter current cloud backlog growth ahead of analyst expectations.

The broader technology index added 1.7%, reclaiming some lost ground after quarterly updates from STMicroelectronics and BE Semiconductor failed to impress investors on Thursday.

Investors have been trying to balance AI-driven growth against stretched valuations and returns from hefty investments in the technology, leading to swings in share prices in the sector of late.

“The two big problems for the big tech companies are that capex is no longer being funded out of free cash flow alone and that cheaper open-source AI is ⁠seriously threatening ‌business models,” said Deutsche Bank analysts led by Jim Reid.

The STOXX 600 technology sector is up nearly 17% so far this year, just behind energy stocks that have surged about 32%. On Friday, oil ⁠and gas stocks failed to capitalise on Brent crude prices that remained over $100 a barrel, as a 6.4% drop in Neste weighed on sentiment after the Finnish biofuel maker and oil refiner reported second-quarter core profit slightly below expectations.
“We’ve moved from pricing in a period of weak growth and higher inflation to potentially even recession. We’re not quite there yet… but we could get to that point very quickly,” said Chris Beauchamp, chief market analyst at IG. The European Central Bank may need to raise interest rates again as inflation risks ran high, three policymakers said on Friday, after the bank left rates steady ‌on Thursday but kept a September hike on the table. Markets are still pricing in a 25-basis-point increase and about a 70% chance of another similar hike by the end of 2026, according to LSEG-compiled data. Meanwhile, the U.S. administration imposed new ⁠tariffs of 10% and 12.5% on goods from 60 trading partners, over allegations of lax enforcement of forced labour bans, just as a temporary 10% global tariff expired. Among other stocks, Volkswagen dipped about 1% after the carmaker dropped its previous revenue growth forecast following a 9.5% slump in second-quarter profit. Valmet soared 22% and was on track for its biggest one-day jump on record after the pulp, paper and energy technology company posted second-quarter results ahead of expectations and announced a potential business separation. Sweden’s Securitas slid 11% and was set for its steepest one-day drop since August 2006 after the security services provider reported a lower-than-expected second-quarter core profit.

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A wobbly U.S. stock market will take its cues in the coming week from a Federal Reserve meeting set to shed light on the path for interest rates, and from a packed slate of corporate earnings led by technology companies and heavyweights in artificial intelligence. Major equity indexes posted weekly declines, dragged down on the week by steep slides in Alphabet and Tesla following their quarterly reports. The fallout for Google parent Alphabet, sparked in part by an increase in its already massive AI spending plans, set a negative tone ahead of results next week from ‌other AI “hyperscalers”: Microsoft, Amazon ⁠and Meta Platforms. AI-related ⁠stocks have been at the heart of equity market gains this year, helping drive the bull market near to its fourth year. Despite this week’s stumble, the benchmark S&P 500 is still up over 8% in 2026, while the market “feels very frothy,” said Kristina Hooper, chief market strategist at Man Group.

“Investors are, to a certain extent, walking on eggshells,” Hooper said. “And they’re more likely to react negatively to any signs of imperfection.”

WILL FED HOLD RATES STEADY?

Meanwhile, the Fed meeting comes as oil prices have shot up due to escalating tensions in the Middle East. Brent crude hit $100 a barrel on Thursday.

That has fanned fears that policymakers will need to be more aggressive in raising rates to control inflation, which consistently has run well above the Fed’s 2% annual target. The central bank was expected to hold rates steady when it gives its monetary policy statement on Wednesday, with Fed funds futures late on Friday ⁠pricing in ‌a 38% chance of a quarter-percentage-point rate increase, according to LSEG data. But there was still some uncertainty on Wall Street over whether the Fed, whose new chair, Kevin Warsh, is overhauling monetary policy communication, might surprise markets.

“The possibility of a shock rate hike cannot be ruled out entirely,” BNP Paribas economists said ⁠in a note this week.

The meeting will be the second under Warsh, who has shunned forward guidance while vowing to bring inflation down to target.
“He’s really not showing the Fed’s cards,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management.

INVESTORS SEEK SIGNS ABOUT FED RATE HIKES

Even if the central bank holds rates steady on Wednesday, investors will look for hints about the future path of rates in the policy statement and Warsh’s ensuing press conference. Fed funds futures are factoring in two quarter-point rate hikes by the January 2027 meeting. “If you get the feeling that there are more committee members that are moving towards these multi-hike scenarios over the balance of the year, then I think that’s going to be a problem for the market,” said Scott Wren, senior global market strategist at the Wells Fargo Investment Institute.

Higher interest rates raise borrowing costs for consumers and companies, slowing the economy and often weighing on stocks. They ‌can also translate into higher Treasury yields, which already have been rising in recent weeks, creating competition for equities. The benchmark 10-year Treasury yield topped 4.7% on Thursday, reaching its highest level since early 2025. Yields move opposite to the price of bonds.

Investors also get a series of updates on the U.S. economy next week, with reports due on second-quarter gross domestic product, ⁠monthly inflation and consumer sentiment.

BIG EARNINGS WEEK, INCLUDING BIG AI SPENDERS

About one-third of S&P 500 companies are expected to post results, making it the busiest week of the second-quarter reporting season, including Apple, Visa, Chevron and Coca-Cola. With more than 80 companies already having reported, S&P 500 second-quarter earnings were on track to post a 26.5% increase on last year, according to LSEG IBES data as of Wednesday — a huge profit boost that Wall Street had been anticipating and incorporating into stock prices ahead of earnings. AI spending has been a central driver of stock prices in 2026, boosting semiconductor firms and companies involved in building data centers and other infrastructure.

But there have also been increasing investor concerns about whether the big spenders will recoup their massive investments. That issue arose with Alphabet’s report and could play into how investors react next week to quarterly reports from Microsoft, Amazon and Meta.

The companies could easily meet earnings expectations and give strong guidance for the next quarter, but still be punished by the market as investors’ perspective on the AI spending shifts, Man Group’s Hooper said.

“Where they saw opportunities, now they’re more likely to see risks,” she added.