Zomedica Corp (NYSEAMERICAN: ZOM) is screaming for the top in the market this morning, trading on gains of more than 50% in the premarket hours. The gains come after the company announced a target commercialization date for its proprietary diagnostic platform. Here’s what’s going on:
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ZOM Stock Climbs on Target Commercialization Date
In the release, ZOM reminded investors that the TRUFORMA diagnostics platform is protected by around 70 issued and pending patents. Moreover, the platform uses Bulk Acoustic Wave technology to provide a non-optical and fluorescence-free detection system.
BAW technology is also found in cell phones, as well as in the world’s most advanced radar and communications systems. However, TRUFORMA is the first time the this extremely reliable and precise technology has been used in disorder and disease-state diagnostics.
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.
The Market Opportunity Is Massive
The commercialization of TRUFORMA represents a massive opportunity for Zomedica and its investors, with the global companion animal diagnostics market being a massive one. In fact, by 2024, it is expected that companion animal diagnostics market will grow to be worth $2.8 billion annually.
Moreover, even in tough economic times, consumers are willing to spend on the health of their pets. In fact, even in the face of the COVID-19 pandemic, experts suggest that veterinary practice revenue was up 18% in august 2020 over July 2019.
Noting the opportunity TRUFORMA brings to the veterinary space, and the potential revenue opportunity it offers for the company, Stephany Morley, President and CMO at ZOM, had the following to offer:
Setting the date for the availability of TRUFORMA is the culmination of a dream for me. We set out to develop a product that could provide the accuracy of the reference lab and the convenience of point-of-care for the veterinary community. As a vet myself, I know the value of such a product to a veterinary practice. The fact that some of our assays under development not only are believed to be the first ever developed for use at the point-of-care, but also the first ever available in veterinary medicine, is expected to be an exciting contribution to the health and treatment of our pets.
The Bottom Line
The bottom line here is simple. in late March of next year, just a few months down the road, Zomedica will begin commercialization of its TRUFORMA diagnostics platform. This launch is the result of years of work and millions of dollars being invested, and will likely pay off in a big way.
As ZOM launches its TRUFORMA and breaks into the multi-billion dollar pet diagnostics space, the potential for revenue growth is hard to ignore. So, it’s not surprising to see that ZOM stock is screaming for the top in the market this morning.
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