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Wednesday, June 23, 2021

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

Zomedica Corp. (ZOM) stock started Thursday, April 29, 2021, losing 5.56% to close at $1.02 per share. but in the after-market session, it tried to recover its early loss and gained 1.96% to close at $1.04 per share.


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ZOM shares have soared 468.25% over the last 12 months, and they have moved up by 10.51% in the past week. Over the past three months, the stock has gained 7.06%, while over the past six months, it has surged 1276.52%.

Let’s try to find out the reason behind its early loss and later after-market gain

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 ZomedicaRobert 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.

Recent financial results

On Feb. 26, 2021, Zomedica Corp 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

As of this writing, we have no recent news about ZOM and its gain and loss on Thursday could be related to the past developments which we have discussed above.

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