Zoono (ASX:ZNO) share price tanks 17% on quarterly report

The Zoono Group Ltd (ASX:ZNO) share price has tanked more than 17% after the company released its report for the second quarter for FY21.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »