Zomedica Corp (NYSEAMERICAN: ZOM) is screaming for the top in the market this morning, following up on the strong gains that we’ve seen out of the stock recently. The gains come after the company announced a date for the commercial launch of TRUFORMA. Here’s what’s going on:
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ZOM Stock Gains After Saying It Will Launch TRUFORMA On March 30, 2020
Zomedica investors are excited, looking forward to the commercial launch of TRUFORMA on March 30 of next year. TRUFORMA is a diagnostics platform that uses Bulk Acoustic Wave technology to provide a non-optical and fluorescence-free detection system and is protected by around 70 issued and pending patents.
Today, BAW technology is often used in advanced radar and communications systems as well as cell phones. However, the technology has never been used for diagnostics. That is, until TRUFORMA was born.
In a statement, Robert Cohen, Interim CEO at ZOM, had the following to offer:
It certainly is a pleasure to be able to deliver such good news for our shareholders, employees, partners and, especially, the veterinarians whom we serve. It is a credit to all of our employees and their laser focus on advancing TRUFORMA over the last many months that we are able to move into this final phase as we approach the commercial availability of our first product. I very much look forward to being able to report our first sale following launch.
As mentioned above, TRUFORMA is a diagnostics platform. Thge platform introduces highly sensitive, species specific assays for the diagnosis of thyroid disease in dogs and cats. Moreover, the platform can also be used to diagnose adrenal disease in dogs.
Due to the BAW technology that’s being used, the TRUFORMA platform from ZOM delivers the accuracy and performance expected with the convenience and ease of use veterinary practices are expecting to see. Moreover, the platform uses disposable assay cartridges that provide results in 20 minutes or less on average for dogs and cats.
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This Is A Huge Opportunity
The news from Zomedica represents a massive opportunity for the company. The veterinary market is a massive, and growing one, with expectations to grow to be worth more than $29 billion annually in coming years. Veterinary diagnostics are expected to account for about $4 billion of that market.
ZOM stock currently trades with a market cap of about $63 million. So, the company doesn’t need to take the entire market, or even the lion’s share. Tapping into even a small percentage of this $4 billion market has the potential to generate incredibly meaningful revenue for the stock.
All in all, with the launch of TRUFORMA coming soon, the company is tapping into a massive market and should see significant revenue growth as a result. As such, ZOM stock is one to watch closely.
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