Why Zomedica Stock Is Soaring Today
Shares of Zomedica (NYSEMKT: ZOM) were soaring 14.7% higher as of 11:41 a.m. ET on Monday. The big jump came after the veterinary health company provided a sneak peek at its 2021 fourth-quarter and full-year revenue following the market close on Friday.
Zomedica reported total revenue in the fourth quarter and full-year 2021 of $4.1 million. The company stated that its gross margin was 73.9%. It ended 2021 with cash and cash equivalents totaling $195 million.
It often doesn't take much good news for penny stocks to move significantly higher. That appears to be the case with Zomedica. Investors are excited about Zomedica's sales primarily because of one reason: They're growing. In the prior-year period, the company didn't generate any revenue at all. Zomedica barely had any sales during the first three quarters of 2021.
Source Fool.com
