Home Equities Score Why Zomedica Corp. (ZOM) stock jumped on Thursday?

Why Zomedica Corp. (ZOM) stock jumped on Thursday?

Zomedica Corp. (ZOM) shares were climbed 4.04% in after-hours on Thursday, June 17, 2021, and close the day at $0.94 per share. Earlier, ZOM’s stock gained 0.74% to close Thursday’s normal trading session at $0.90 per share. ZOM shares have risen 310.68% over the last 12 months, and they have moved down 3.81% in the past week. Over the past three months, the stock has lost 56.98%, while over the past six months, it has plummeted 437.80%.

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Let’s discuss ZOM latest news and developments briefly


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Recent financial results

On May 12, 2021, Zomedica Corp. released its consolidated financial results for the three months ended March 31, 2021.

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Q1 2021 financial highlights

  • Zomedica suffered a net loss of approximately $4.0 million or a net loss of $0.04 per share in Q1 2021 compared to a loss of approximately $2.5 million, or $0.02 per share for the three months ended March 31, 2020.
  • For Q1 2021, revenue was $14,124 compared with zero revenue in Q1 2020.
  • The cost of revenue was $5,658 for Q1 2021.
  • Research and development expenses were approximately $0.4 million for Q1 2021 compared to approximately $0.6 million for the three months ended March 31, 2020.
  • Selling, general and administrative expenses were approximately $3.5 million in Q1 2021, compared to approximately $1.7 million for the three months ended March 31, 2020.
  • As of March 31, 2021, Zomedica had cash and cash equivalents of approximately $276.6 million compared to approximately $1.5 million as of March 31, 2020.

Building direct sales force for TRUFORMA platform

On April 15, 2021, Zomedica Corp. announced its intention to expand its direct sales organization while phasing out its distributor-based sales efforts.

The Chief Executive Officer of Zomedica Robert Cohen said that as TRUFORMA’s market presence is growing, the company needs to transform from a distributor-based sales model to a direct sales organization.

First commercial sale of TRUFORMA

On March 16, 2021, Zomedica Corp. officially start selling TRUFORMA and also recorded the first sale.

On this milestone achievement, Zomedica’s Chief Executive Officer Robert 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.

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Conclusion

Well, as of this writing, there is no recent news or development which could be linked with ZOM better stock performance on Thursday. we hope that ZOM stock will finish the week on a positive note.

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