ZOM - Zomedica posts widening Q3 net loss as SG&A expenses more than double

Zomedica (NYSE:ZOM) has lost ~5.5% in the post-market after the company reported Q3 2021 financials that indicated rising net loss amid a surge in selling, general and administrative expenses (SG&A) for the quarter. While the animal health company recorded $22,514 in revenue for the period from the sale of TRUFORMA products and warranties, the net loss climbed ~26% YoY to $6.3M. The R&D expenses reached $0.3M, implying a ~89% decline with the completion of TRUFORMA development. However, SG&A expenses soared ~165% YoY to $6.1M, driven by a $1.5M share-based compensation expense during the period. The management warned that the cost of revenue would increase as more products are sold and due to PulseVet's operations. Early last month, Zomedica (ZOM) announced the appointment of Larry Heaton as its new CEO to replace Robert Cohen, who had previously announced his retirement in July.

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Zomedica posts widening Q3 net loss as SG&A expenses more than double