Shares of Zomedica (NYSEMKT:ZOM) surged on Friday, furthering the veterinary health company's sharp gains since November. As of 12:52 p.m. EST, Zomedica's share price was up more than 15%.
On Nov. 13, Zomedica announced it would begin selling its promising Truforma point-of-care diagnostic platform -- which uses patented Bulk Acoustic Wave (BAW) technology to detect adrenal and thyroid diseases in cats and dogs -- on March 30. The product is targeted at the diagnostics segment of the pet market, which is projected to grow to $2.8 billion by 2024.
"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," Zomedica chief medical officer Stephanie Morley said at the time.
Zomedica's stock price gains accelerated in recent days after the company named Robert Cohen its new chief executive officer on Jan. 4. Cohen had previously served as Zomedica's interim CEO and board director. He brings over 30 years of leadership experience in the healthcare sector, with demonstrated success in helping young companies launch new products.
Pets have provided many people with much-needed companionship during the COVID-19 crisis. Rising pet adoptions during the coronavirus pandemic are helping to fuel the growth of the pet care industry. Americans will spend a record $99 billion this year on their pets, according to the American Pet Products Association.
Zomedica's upcoming launch of its Truforma diagnostic platform appears to be coming at the perfect time, as it prepares to enter a booming market.