At one point, Zomedica (NYSE:ZOM) could do no wrong. ZOM stock would explode some 2,900% from its November 2020 lows. The company was nearing commercialization of its point-of-care diagnostic product. Even the pet industry was howling about the opportunity.

Nowadays, Zomedica has become a slow-motion train wreck.

In fact, the last time I weighed in on the company, I wrote, “Unless ZOM can produce respectable sales, there’s not much to get excited about here. I’d stay away.”

That was on May 7, when ZOM stock traded at 91 cents a share. Three months later and 30 cents lower, I’d still avoid it. I’ve got several reasons for this assessment.

Why Avoid ZOM Stock Now

What are those reasons to avoid ZOM stock now? Primarily key executives are abandoning ship. In May, Dr. Stephanie Morley resigned as president and chief medical officer. Last month, CEO Robert Cohen said he was retiring at the close of the year.

And then there’s a recent corporate update that didn’t help matters. “Zomedica’s flagship product – TRUFORMA – is intended to have five initial assays to test for adrenal and thyroid disorders, which will be followed by many more assays to address other disease states. Three of the initial assays (TSH, tT4 and Cortisol) currently are available,” according to the company’s update.

“While waiting for the completion of the fT4 and ACTH assays by its development partner, Qorvo Biotechnologies, Zomedica will be focused on encouraging veterinarians to install the TRUFORMA instrument in order to test and utilize the TRUFORMA platform. This effort is underway and will continue through the summer of 2021,” they added.

In short, there’s nothing to get excited about with Zomedica at the moment.

Investor Patience is Running Thin

In the first quarter of 2021, the company posted a net loss of $4 million. Revenue came in at whopping $14,124 (no, the missing zeroes are not a typo). At the end of 2020, the company produced no revenue, along with a loss of $16.9 million, as compared to a year over year low of $19.8 million. While the company does have about $276.6 million of cash on hand, giving it some wiggle room, investors are running out of patience. Unfortunately, numbers may only get worse. All thanks to the delay of a revenue stream from TRUFORMA, and expenses for new hires.

But don’t write ZOM stock off permanently, though. Long-term, there may be a good opportunity here. After all, TRUFORMA does have substantial potential that gives the company a good foot in the door with the veterinary market. Remember, “Trufoma could be a game-changer for the industry. Veterinarians can use the Truforma platform to identify any thyroid or adrenal problems in your dog or cat. Better, instead of shipping your pooch’s blood tests to an outside lab, your vet’s office can use the platform to run all the necessary tests right then and there,” as I also noted on March 31.

Stay Away For Now

Right now, I’d still stay away from the ZOM stock.

Let the dust settle. Let’s see what’s happening with recent resignations and delays. Let’s also see if the company can generate solid sales moving forward.

If it can turn things around, and TRUFORMA can sell, the company could grab part of a potential $10.5 billion animal diagnostics market.

Yet, right now, with no real revenue, and heavy losses, there’s still not much to get excited about. Perhaps we’ll see opportunity, as the company gets its act together.

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.