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Mar 31, 2021
Zomedica Q1 2021 Earnings Report
Zomedica's Q1 2021 financial results were announced, marked by initial revenue from TRUFORMA® sales and a net loss.
Key Takeaways
Zomedica reported its Q1 2021 financial results, which included initial revenue of $14,124 from TRUFORMA® product sales. The company reported a net loss of $4.0 million, or $0.04 per share. Zomedica's cash and cash equivalents stood at $276.6 million.
Zomedica recorded revenue of $14,124 from TRUFORMA® product sales.
Net loss for the quarter was $4.0 million, or $0.04 per share.
Cost of revenue for the quarter was $5,658.
Cash and cash equivalents totaled $276.6 million as of March 31, 2021.
Zomedica
Zomedica
Zomedica Revenue by Segment
Revenue by Segment
TRUFORMA Revenue
CapyFin.com Forward Guidance
Zomedica anticipates increased revenue in subsequent periods due to expanded sales and marketing efforts and full periods of sales activity. The company expects cost of revenue to increase with additional product sales.
Positive Outlook
- Revenue is expected to increase in subsequent periods.
- Sales and marketing activities are increasing.
- Gaining full periods of sales activity.
- Well-positioned for success.
- Building out direct sales organization to reach customers
Challenges Ahead
- Net loss and comprehensive loss for the three months ended March 31, 2021 of approximately $4.0 million
- Incurred a direct charge to retained earnings as a result of the exchange of the Series 1 preferred shares of approximately $32.0 million
- Had only limited sales activity in the first quarter of 2021.
- Increase in cash used in operations primarily resulted from the increase in our operating loss
- COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products