Business
Zomedica Corp. Announces Year End 2020 Financial Results
Zomedica Corp. Announces Year End 2020 Financial Results.
About this update from Zomedica Corp.
[{"type":"text","content":"\n ANN ARBOR, Mich., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American:ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today reported consolidated financial results for the year ended December 31, 2020. Amounts, unless specified otherwise, are expressed in U.S. dollars and presented under accounting principles generally accepted in the United States of America (“U.S. GAAP”). Robert Cohen, Zomedica’s Chief Executive Officer, commented: “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®.”   Summary Year End 2020 Results Zomedica recorded net loss and comprehensive loss for the year ended December 31, 2020 of approximately $16.9 million or $0.05 per share, compared to a loss of approximately $19.8 million or $0.19 per share for the year ended December 31, 2019. Zomedica, which is in the development stage, recorded no revenues in 2020. The 2020 net loss resulted from research and development (“R&D”) expenses of approximately $8.0 million, general and administrative (“G&A”) expenses of approximately $6.0 million, and professional fees of approximately $2.2 million. For the year ended December 31, 2019, the loss was attributed to R&D expenses of approximately $10.3 million, G&A expenses of approximately $7.1 million, and professional fees of approximately $1.5 million. Research and development expense for the year ended December 31, 2020 was approximately $8.0 million, compared to approximately $10.3 million for the year ended December 31, 2019, a decrease of approximately $2.3 million or 22%. The decrease primarily was due to a reduction in general research and development activity as we focused on TRUFORMA® activities, and is more specifically related to lower milestone expenses, contracted expenditures, salaries, bonus and benefits, supplies, and consulting fees as compared to the 2019 year. General and administrative expense for the year ended December 31, 2020 was approximately $6.0 million, compared to approximately $7.0 million for the year ended December 31, 2...