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Sep 30, 2021
Zomedica Q3 2021 Earnings Report
Reported a net loss with limited sales activity due to commencing commercialization of TRUFORMA® in March 2021.
Key Takeaways
Zomedica reported its Q3 2021 financial results, showing a net loss of $6.3 million and revenue of $22,514 from TRUFORMA® product sales. The company continued building its TRUFORMA® installed base through the Customer Appreciation Program and focused on business development, leading to the acquisition of Pulse Veterinary Technologies on October 1, 2021.
Net loss and comprehensive loss for the quarter was approximately $6.3 million, or $0.01 per share.
Revenue for the quarter was $22,514, resulting from TRUFORMA® product sales and associated warranties.
Customer Appreciation Program enrolled 144 customers to date.
Acquired Pulse Veterinary Technologies on October 1, 2021.
Zomedica
Zomedica
Zomedica Revenue by Segment
Revenue by Segment
TRUFORMA Revenue
CapyFin.com Forward Guidance
Zomedica is continuing its strategy of building the installed base of TRUFORMA® technology to produce organic growth, and active business development efforts through strategic investments to expand product offerings, technologies and product development efforts. They are continuing this strategy as they expand the sales and marketing teams and provide the training needed to effectively sell into the animal health marketplace.
Positive Outlook
- Expansion of sales and marketing teams.
- Training provided to effectively sell into the animal health marketplace.
- Development of new assays for the TRUFORMA® instrument.
- Potential to introduce TRUFORMA® technology into the equine market.
- Expected revenue growth from CAP program customers as they utilize available and new cartridges.
Challenges Ahead
- Uncertainty as to whether strategies and business plans will yield 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 growth.
- Uncertainty as to our ability to successfully integrate and operate the Pulse Vet business
- Risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products.