ZOM Stock: Why Zomedica Shares Are Zooming Higher Monday

Zomedica (NYSEAMERICAN:ZOM) stock is gaining on Monday following the release of its results for the full year of 2020.

Persian cat with veterinarian doctor at vet clinic

Source: didesign021 / Shutterstock.com

Zomedica released its most recent earnings data after markets closed on Friday. With that report coming out after-hours, it appears that the movement for ZOM stock today is connected to that release.

To start off with Zomedica, reported losses per share of 5 cents for the year. That’s positive news for the company as it’s much narrower than its losses per share of 19 cents reported in the previous year.

That goes along with its net loss of $16.9 million for the full year of 2020. This shows that the company’s losses are shrinking when compared to the net loss of $19.8 million reported for 2019.

Robert Cohen, CEO of Zomedica, said this in the earnings release boosting ZOM stock higher.

“While we are thankful for our substantially improved balance sheet, we continue to be good stewards of our funds by remaining efficient in our operations as we prepare for the upcoming commercial release of TRUFORMA®.”

Investors that want to catch on on ZOM stock news can check out the following content from InvestorPlace.

Zomedica is a “veterinary health company creating products for dogs and cats.” This has it focusing on unmet needs for clinical veterinarians. It’s worth noting that the company doesn’t currently have any products available yet. However, it plans to have a portfolio made up of “innovative diagnostics and medical devices.”

ZOM stock was up 14.4% as of Monday morning and is up 510% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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