Zomedica Corp. (ZOM), a veterinary health company, has declined 5.10% in aftermarket trading sessions. Consequently, ZOM is changing hands at $0.51 at the time of the writing. The decline has come after the announcement of quarterly results. On Friday, ZOM closed the day at $0.54 after increasing 4.82% during regular trading hours.
Why ZOM Declining?
On 12th November, ZOM released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company suffered a net loss of $6.3 million (or $0.01 per share) during the period against $5 million (or $0.01 per share) for the same period of 2020. The revenue generated by the company during the quarter stood at $22,514 during the quarter, while the cost of revenue stood at $17,899. The research and development expenses for the period were $0.3 million against $2.7 million for the same period of 2020. The selling, general and administrative expenses for the period were $6.1 million against $2.3 million for the same period of 2020.
ZOM also released the statistics regarding the liquidity and outstanding share capital. It had cash and cash equivalents of $271.4 million on 30th September 2021. The net cash used in operating activities by the company for the nine months, starting 1st January and ending 30th September 2021, was $9.4 million. The net cash used in investing activities for the nine months was $0.3 million. For the financing activities, the company had net cash of $219.1 million. As of 30th September 2021, the company had an unlimited number of authorized common shares, with 979,738,168 common shares issued and outstanding.
Larry Heaton, Chief Executive Officer of ZOM, while commenting on the results said that during the quarter, the company continued its focus toward innovation, which in turn, is expected to provide the company with revenues during the upcoming quarters. He further stressed that the company intends to continue the approach of realizing growth and actively managing business development efforts.
Future Outlook for ZOM
During the last 12 months, ZOM stock has increased an outstanding 570%. As elaborated by the CEO, the company’s focus upon innovation is taking the investors by storm. Continuing with this strategy, the company hopes to achieve even more rewards in the future.