Here is why Zomedica Corp. (ZOM) stock underperformed on Wednesday?

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Zomedica Corp. (ZOM) shares declined 10.85% in after-hours on Wednesday, August 11, 2021, and closed the daily trading at $0.50 per share. In the regular trading session on Wednesday, ZOM’s stock lost 2.76%. ZOM shares have risen 270.39% over the last 12 months, and they have moved down by 2.60% in the past week. Over the past three months, the stock has lost 27.37%, while it has slid down 77.92% over the past six months.

Let’s have a look at its recent news and developments.

ZOM recent financial results

On Aug. 11, 2021, Zomedica Corp. (ZOM) announced consolidated financial results for the three and six months ended June 30, 2021.

Q2 2021 financial highlights

  • ZOM reported revenue of $15,693 for Q2 2021.
  • It suffered a net loss of approximately $4.7 million or $.005 per share in Q2 2021 compared to a net loss of approximately $5.3 million, or $0.02 per share, for Q2 2020.
  • The cost of revenue for the three and six months ended June 30, 2021, was $35,876.
  • Research and development expense for the three months ended June 30, 2021, was approximately $0.3 million compared to approximately $3.9 million for Q2 2020.
  • Selling, general and administrative expenses were approximately $5.0 million in Q2 2021, compared to approximately $1.4 million for the three months ended June 30, 2020.
  • As of June 30, 2021, the company had cash and cash equivalents of approximately $276.2 million compared to approximately $29.1 million as of June 30, 2020.

ZOM 2021 AGM results

On July 30, 2021, Zomedica Corp. (ZOM) announced the voting results of its 2021 Annual Virtual-Only Meeting of Shareholders which was held on July 30, 2021.

At the meeting, the Company’s shareholders approved all items of business.

ZOM Corporate update

On July 06, 2021, Zomedica Corp (ZOM) provided the following corporate update.

Zomedica’s flagship product, TRUFORMA is intended to have five initial assays to test for adrenal and thyroid disorders, which will be followed by many more assays to address other disease states. Three of the initial assays (TSH, tT4, and Cortisol) currently are available.

The fT4 assay is expected to be available for commercial sale in the late September / early October time frame, with ACTH following about two months later.

New appointments

On May 17, 2021, Zomedica Corp. (ZOM) hired a Vice President of Business Development to lead its acquisition and licensing efforts. Greg Blair joined the Company as Vice President of Business Development, becoming a senior executive team member reporting to Mr. Cohen.

Conclusion

ZOM shares declined after the company reported its financial results which are not very appealing for the customers. We can expect it to decline further in the coming trading session.

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