Zomedica Corp. (ZOM) shares were falling -8.04% to trade at $1.03 in Tuesday’s premarket at last check. ZOM’s stock lost -9.68% to close Monday’s session at $1.12. ZOM shares have gained 729.63% over the last 12 months, and they have moved down by -15.79% in the past week. Over the past three months, the stock has gained 131.40%, while over the past six months, it has added 1117.39%. Further, the company has a current market of $1.13 billion and its outstanding shares stood at 972.02 million.
Commencing commercial sale of TRUFORMA
On March 16, 2021, Zomedica Corp. officially start selling TRUFORMA and also recorded the first sale.
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On this milestone achievement, Zomedica’s Chief Executive OfficerRobert Cohen said that This is a momentous day for Zomedica, our shareholders, the veterinarians we serve, and the companion animals in their care.
Jason Berg, DVM, DACVIM, founder and president of Guardian Veterinary Specialists did the first purchase of the TRUFORMA system.
Completion of common shares exchange
On March 8, 2021, Zomedica Corp announced to change all of its outstanding Series 1 Preferred Shares for its common shares and that it continues to progress with the planned commercialization of its TRUFORMA platform.
Zomedica completed the exchange of all 12 of its outstanding Series 1 Preferred Shares into 24,719,101 common shares of the Company, equivalent to $44 million based on a $1.78 per share closing price of the common shares on March 5, 2021.
Recent financial results
On Feb. 26, 2021, ZomedicaCorp reported consolidated financial results for the year ended December 31, 2020.
FY 2020 Highlights
- Zomedica suffered a net loss and comprehensive loss of approximately $16.9 million in FY 2020 or $0.05 per share, compared to a loss of approximately $19.8 million or $0.19 per share for the year ended December 31, 2019.
- Zomedica recorded no revenues in 2020.
- For FY 2020, research and development expenditures were approximately $8.0 million, compared to approximately $10.3 million for the year ended December 31, 2019.
- For the reported year, general and administrative expenses were approximately $6.0 million, compared to approximately $7.0 million for the year ended December 31, 2019.
- Professional fees for the year ended December 31, 2020, were approximately $2.2 million, compared to approximately $1.7 million for the year ended December 31, 2019.
- Zomedica used $16.2 million net cash for operating activities in 2020 compared to $15.6 million for the year ended December 31, 2019.
- On December 31, 2019, Zomedica had cash and cash equivalents of approximately $62.0 million as of December 31, 2020, compared to approximately $0.5 million.
- Zomedica had 642,036,228 common shares issued and outstanding on December 31, 2020
Conclusion
It is near to impossible for a company like Zomedica to gain in the stock market when it shows no revenue generated in its latest financial results but things can turn around for Zomedica because it has started selling TRUFORMA which will generate the revenue in coming quarters. We can expect good financial figures in next quarters.