Zomedica Inc. (NASDAQ: ZOM) stock gained by 4.82% at last close, whereas the ZOM stock price fell by 5.10% in the after-hours trading session. Zomedica, based in Ann Arbor, Michigan, is a veterinary health company that focuses on the unfulfilled requirements of clinical veterinarians to provide products for companion animals.
ZOM stock’ Financial Highlights
Zomedica Corp. announced its financial results for the third quarter of 2021 and nine months ended on September 30, 2021. Given below are the highlights:
- For the third quarter of 2021, Zomedica reported a net loss of about $6.3 million, or $0.01 per share, relative to a net loss of approximately $5.0 million, or $0.01 per share, for the third quarter of 2021.
- The sale of their TRUFORMA products and accompanying warranties generated $22,514 and $52,331 in revenue for the three and nine months that ended September 30, 2021, correspondingly. They began commercializing TRUFORMA on March 15, 2021, and as a result, sales activity has been restricted in the first three quarters of 2021.
- The company has generated its research and development expense for the third quarter and nine months ended September 30, 2021, as $0.3 million and $1.0 million respectively.
- Selling, general, and administrative expense were about $6.1 million for the third quarter of 2021, relative to approximately $2.3 million for the third quarter of 2020, a growth of about $3.8 million, or 166%.
Larry Heaton, CEO of Zomedica, commented,
In the third quarter, the Zomedica team continues to expand the installed base of TRUFORMA instruments through their Customer Appreciation Program (CAP), which offers certain customers a free instrument in exchange for the purchase of assay cartridges. With 144 clients engaged to date, customer feedback to this program has been positive, and they aim to continue providing it until the end of the year. They expect revenue from these CAP program users to grow in steps as they use up existing cartridges and add new ones as they become available.
