The shares of Zomedica Corp. (ZOM) have increased 4.51% to $0.7420 in premarket trading as of last check. Zomedica stock ended Thursday’s session down -3.43% at $0.71. There were 24.42 million shares traded which was below the average daily volume of 34.07 million shares during the past 50 days. Zomedica has a current market capitalization of $721.74 million, and its outstanding shares amount to 977.81 million. After providing an update on the company’s performance, ZOM stock has been rising.

ZOM has updated what?

Zomedica is a veterinary health company based in Ann Arbor, Michigan, that focuses on meeting the unmet needs of clinical veterinarians. ZOM intends to offer a product portfolio that emphasizes both patient and practitioner health by developing innovative diagnostics and medical devices. Zom is committed to helping veterinarians increase productivity and increase revenue while improving the care of animals.

The veterinary health company, Zomedica, that designs point-of-care diagnostic products for both dogs and cats, has issued the following corporate update:

• ZOM’s flagship product, TRUFORMA, will offer five initial assays to detect adrenal and thyroid disorders, followed by several more assays that will cover numerous diseases.
• As of now, three of ZOM’s initial tests are available.
• Since its development partner, Qorvo Biotechnologies, is yet to complete the fT4 and ACTH assays, ZOM wants to encourage veterinarians to adopt the TRUFORMA platform in order to test it.
• ZOM is undertaking this effort now and will continue until the summer of 2021.
• ZOM is also actively recruiting top-level representatives, professional services veterinarians, and support staff so that it can effectively execute its instrument placement programs and prepare for a significant increase in sales once fT4 and ACTH is available for purchase.
• ZOM plans to hire fifteen direct sales representatives by the end of 2021, as well as four veterinarians who will perform professional services, as well as inside sales representatives and customer service personnel.
• The fT4 assay is expected to hit the market in late September or early October, followed two months later by ACTH.
• In addition, three new tests (cPL, Cobalamin, and Folate) are under development to diagnose gastro-intestinal conditions.

ZOM’s further efforts:

Currently, Ziomedica (ZOM) and Qorvo are discussing when and how further assays will be developed after those already identified. It is also expected that ZOM’s TRUFORMA will be available in select markets outside the United States in 2022. Zomedica employees in Michigan have also returned to working on-premises beginning July 6, 2021.