The Zoono Group Ltd (ASX:ZNO) share price has tanked more than 17% today after the company released its report for the second quarter of FY21. The fall brings the Zoono share price below the $1.0 mark.
How has Zoono performed?
Zoono’s quarterly report highlighted continued sales momentum. For the second quarter ending 31 December 2020, the biotech company reported invoiced sales of NZ$14.1 million.
Unaudited inventories of NZ$14.4 million continue to meet current demand. The company noted that stock was being held in several global locations in order to enable timely delivery.
In addition, the company reported a bank balance of NZ$9.1 million, which included NZ$1.8 million in positive net receivables/payables. For the six months to date, Zoono also reported total cash receipts from customers of NZ$20.5 million.
The company also highlighted the launch of its triple layer, re-usable face mask in Australia and New Zealand during the quarter.
What does Zoono do?
Zoono is a biotechnology company that develops, manufactures and distributes various antimicrobial solutions. The company’s products are based on the ‘zoono molecule’ which is a unique antimicrobial molecule used to combat a variety of pathogens.
Various regulatory agencies have already approved Zoono’s products for distribution. In a recent update, Zoono announced that the company had entered into a supply agreement in the United Arab Emirates.
What is Zoono focussing on?
In providing the market with an overview of its operations around the world, Zoono noted that the company continues to aggressively pursue new businesses globally. As a result, the company is confident on delivering an improved year-end revenue result for FY21.
The company highlighted that the B2B markets in the UK/EU, China, the Middle East and Africa will be the main focus moving forward given their large volume requirements. In addition, Zoono acknowledged the importance of its home markets in Australia and New Zealand.
Zoono also highlighted animal health as being a significant segment that the company will continue to pursue.
About the Zoono share price
The Zoono share price opened today’s trading session at $1.18 and then headed south in early afternoon trade. At the time of writing, shares in Zoono are trading 17.2% lower at 98 cents.
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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