Zomedica Corp Stock Price, News & Analysis

Zomedica Corp. (NYSE American: ZOM) held its 2021 Annual Virtual-Only Meeting on July 30, 2021, where shareholders approved key corporate governance items. The meeting resulted in the election of new directors including Jeffrey Rowe and Robert Cohen, as well as the appointment of Grant Thornton LLP as the company's auditors. The board is authorized to determine their remuneration. The company focuses on providing innovative diagnostics and medical devices for companion animals, aiming to enhance veterinary practice efficiency.

Zomedica Corp. (NYSE: ZOM) provided an update focused on its point-of-care diagnostic instrument, TRUFORMA^®. The company has made three initial assays available and anticipates two additional assays, fT4 and ACTH, to be launched by late 2021. To facilitate adoption, Zomedica is expanding its sales force to 15 representatives and continues to enhance its operational capabilities. As of July 6, all employees have returned to on-site work. Zomedica also reported having over $250 million in cash reserves and plans to enter select international markets in 2022.

Zomedica Corp. (NYSE American: ZOM) has appointed Greg Blair as Vice President of Business Development to enhance its acquisition and licensing initiatives. With a cash balance of approximately $276.6 million as of March 31, 2021, Zomedica aims to strategically invest in expanding its product offerings and technologies. Blair, previously with Elanco Animal Health, brings significant transaction experience to the role. The company also announced that Dr. Stephanie Morley will leave but continue as a consultant. This restructuring aims to bolster Zomedica's market position in veterinary health.

Zomedica Corp. (NYSE American: ZOM) reported its financial results for Q1 2021, highlighting a net loss of approximately $4.0 million, equating to $0.04 per share, compared to a loss of $2.5 million or $0.02 per share in Q1 2020. Revenue reached $14,124 from TRUFORMA® sales, as the product was launched on March 15, 2021. Operating cash usage increased 21% to $2.6 million, while cash and cash equivalents rose to $276.6 million, up from $1.5 million year-over-year. The company aims to expand its direct sales to boost revenue in the future.

Zomedica Corp. (NYSE American: ZOM) announced plans to expand its direct sales organization while phasing out distributor-based sales. This transition is prompted by anticipated changes affecting their current distributor's marketing effectiveness. CEO Robert Cohen stated that despite a potential slowdown in initial TRUFORMA® sales, this strategic move aims to fortify their market presence. Currently, Zomedica employs a team of 10 sales personnel. The company expresses confidence in its financial strength to support this transition and improve long-term sales capabilities.

Zomedica Corp. (NYSE American: ZOM) has announced its first veterinarian sale of TRUFORMA®, marking a significant step into commercialization. CEO Robert Cohen highlighted the team's dedication over the past two years to bring this innovative diagnostic tool to market ahead of schedule. The TRUFORMA® platform utilizes advanced Bulk Acoustic Wave technology and offers critical assays, including cortisol, TSH, and total T4, essential for managing adrenal and thyroid conditions in pets. The product aims to significantly improve veterinary diagnostics and patient care.

Zomedica Corp. (ZOM) has successfully exchanged all 12 outstanding Series 1 Preferred Shares for 24,719,101 common shares, eliminating a $108 million liquidation preference and a 9% royalty on net sales. This move is seen as a way to enhance shareholder value and clean the balance sheet ahead of the commercialization of its diagnostic platform, TRUFORMA®. Zomedica's field personnel and sales representatives have completed training in preparation for TRUFORMA's launch. The platform leverages patented Bulk Acoustic Wave technology, ensuring reliable point-of-care diagnostics for veterinarians.

Zomedica Corp. (NYSE American: ZOM) announced its financial results for the year ended December 31, 2020, reporting a net loss of approximately $16.9 million, or $0.05 per share, down from a loss of $19.8 million, or $0.19 per share in 2019. The company had no revenues in 2020, with R&D expenses decreasing by 22% to $8 million. General and administrative expenses also fell by 15% to $6 million. Zomedica's cash reserves improved significantly to $62 million from $0.5 million year-over-year, aided by substantial financing activities. As of February 26, 2021, cash stood at approximately $277.5 million after further equity offerings.

Zomedica Corp. (NYSE American: ZOM) announced the full exercise of an over-allotment option for a public offering, resulting in the purchase of an additional 13,697,368 common shares at $1.90 per share. This adds approximately $200 million to gross proceeds. The funds will support the development of Zomedica’s diagnostic platforms, strategic acquisitions, and potential repurchases of Series 1 Preferred Shares. H.C. Wainwright & Co. managed the offering, and securities are available under a previously filed Form S-3 registration statement. The offering excludes Canadian residents.