Zomedica to Build Direct Sales Force for TRUFORMA® Platform
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.
- Transitioning to a direct sales model which may enhance marketing effectiveness.
- Current financial strength allows for the expansion of the sales organization.
- Anticipated slowdown in initial sales of TRUFORMA® due to the transition.
ANN ARBOR, Mich., April 15, 2021 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, announced that it intends to expand its direct sales organization while phasing out its distributor-based sales efforts.
Robert Cohen, Chief Executive Officer of Zomedica, commented: “As TRUFORMA®’s market presence grew, we intended to transition from a distributor-based sales model to a direct sales organization. However, due to anticipated changes at our current distributor that we believe have impacted its ability to market our products effectively, we will be accelerating that transition and the building of a direct sales organization. While this effort may slow initial sales of TRUFORMA®, we have taken this action now to avoid any disruption to our customers and to provide a stronger foundation on which to build the marketing and sales of both TRUFORMA® and any future products developed or acquired by Zomedica.”
Zomedica currently employs eight direct field sales personnel, supported by two regional managers, a Vice President of Sales, and a Chief Commercial Officer. Brük Herbst, Chief Commercial Officer of Zomedica, commented: “During my time as Head of Sales & Marketing at IDEXX, I saw the value and impact of a direct sales organization. A direct sales force will significantly improve our ability to serve our customers and to sell our products in the veterinary market in the longer term. We are fortunate that we have the financial strength at Zomedica to make this transition, and look forward to building a quality sales force to match the excellent quality of TRUFORMA®.”
For additional information regarding TRUFORMA®, please click on the TRUFORMA® tab at the top of the home page on the Zomedica website (www.zomedica.com).
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for dogs and cats by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica’s mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
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Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to American economic growth, demand for the Company’s products, the Company’s ability to produce and sell its products, sufficiency of our budgeted capital and operating expenditures, the satisfaction by our strategic partners of their obligations under our commercial agreements, our ability to realize upon our business plans and cost control efforts and the impact of COVID-19 on our business, results and financial condition.
Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to supply equipment and assays in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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