Zomedica Corp (NASDAQ: ZOM) is running for the top in the market this morning, trading on gains of more than eight percent in the premarket hours. The gains come after the company announced the first commercial sale of its TRUFORMA pet diagnostics platform. Here’s what’s going on:
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- Zomedica Climbs on TRUFORMA Sale
- Management Commentary
- What Analysts Think About ZOM Stock
- Final Thoughts
Zomedica Climbs on TRUFORMA Sale
In the press release, Zomedica said that it recorded its first official sale of TRUFORMA, taking the company from development stages to commercialization.
ZOM went on to say that the first TRUFORMA system was sold to Jason Berg, DVM, DACVIM, founder and president of Guardian Veterinary Specialists. Guardian is a 29,000 square foot advanced emergency clinical care and specialty hospital in Brewster, New York.
ZOM said that Dr. Berg is a highly respected, board-certified veterinary internist and neurologist, dedicated to advancing the field of veterinary medicine that has garnered national and international recognition.
In a statement, Robert Cohen, CEO at Zomedica, had the following to offer:
This is a momentous day for Zomedica, our shareholders, the veterinarians we serve, and the companion animals in their care. I would like to express my deepest gratitude to the many people at Zomedica who dedicated the past two years of their lives to achieving this critical milestone.
It is a credit to both our employees and to the stellar team with whom we have worked at our development partner, Qorvo Biotechnologies LLC, that we have created a unique and valuable diagnostic tool, and have delivered it to the veterinary market slightly ahead of our previously announced schedule.
The above statement was followed up by James Klein, President of Qorvo Biotechnologies. Here’s what he had to offer:
At Qorvo, we are leveraging the power of Bulk Acoustic Wave (BAW) radio frequency (RF) technology to innovate numerous products such as Wi-Fi routers, mobile phones, 5G cellular infrastructure and now veterinary diagnostics. The launch of the TRUFORMA® platform is an exciting and disruptive milestone in the veterinary diagnostics testing industry that will raise the standard of point-of-care for companion animals.
What Analysts Think About ZOM Stock
According to TipRanks, there’s only one analyst that’s currently covering ZOM stock. However, that analyst rates the stock a Buy.
In terms of price target, the target on the stock sits at $1.20 per share. However, it’s important to keep in mind that this analyst coverage was provided months ago and doesn’t account for the commercialization of TRUFORMA. As a result, upon review, I’m expecting to see a price target increase.
All told, today’s news out of Zomedica is great news. Keep in mind, the TRUFORMA platform is a point of care diagnostics system. Through the system, veterinary specialists will be able to provide answers in minutes, rather than days or weeks, when it comes to the testing of pets for serious conditions.
That provides a major advantage for the veterinarian as well as the pet owner. After all, like in humans, several ailments that are dangerous to pets must be diagnosed quickly for best outcomes. With TRUFORMA providing results in minutes at the point of care, without having to ship samples to a lab, speed is the name of the game, suggesting that the platform will lead to better outcomes for our furry friends.
All in all, with ZOM moving into commercial stages with a product that’s far advanced when compared to other options, it only makes sense that we’ll see strong revenue ahead, making ZOM stock one to watch closely.