The Zoono Group Ltd (ASX: ZNO) share price slipped into the red in today's session. The dip arrives as Zoono announced its progress for the quarter.
Let's comb over the company's results and highlights in finer detail.
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Quick refresher on Zoono
Zoono is a biotechnology company that specialises in environmentally-friendly antimicrobial products.
Its mission statement centres on providing non-toxic and sustainable germ protection to individuals across the globe.
Zoono has a market capitalisation of $108 million.
Zoono's quarterly results
The company has realised $28.8 million in cash receipts for the full year. This includes unaudited sales revenue of $6.6 million for the quarter.
Zoono also announced a suite of new sales and distribution agreements that are now in place. These include sales and distribution agreements in France, Russia, China and India.
For instance, Zoono is now selling to "several French multinational customers," and it has signed three new distribution agreements in China.
Furthermore, a new distributor in India placed a large 100,000-litre order, and "sales have been particularly strong in the public sector" in Russia.
Zoono exited the quarter with $7.4 million in cash and receivables. All positive signs for the Zoono share price.
Additional takeouts driving the Zoono share price
In addition to these agreements, Zoono announced a selection of "new business opportunities" in the report.
To illustrate, Zoono described advancements in "mould remediation" with a partner in South Africa. This activity aims to "prevent black mould growing on cardboard packaging".
Moreover, Zoono UK has started a strategic partnership with a third party in order to develop "a unique delivery system" for its Zoono Z-71 microbe shield.
The company is testing this system using "existing air conditioning infrastructure" in large buildings.
The proprietary process, which is owned by the third party, converts Zoono's solution into a gas.
As per the company, the gas "is then pumped throughout the building" via the air con. Because the "gasified Zoono is heavier than air, it settles on (and treats) the surface" it lands on.
Again on the the Z-71 shield, it displayed a "99.99% efficacy against [preventing] Coronavirus MHV-3 after 30 days" in trials conducted on the product in Brazil.
Despite these advancements, shareholders continued the selling pressure on Zoono shares today.
Zoono shares closed the day at 66 cents apiece, a 15.92% drop into the red from the market open.
Zoono share price snapshot
The Zoono share price has posted a year-to-date loss of nearly 50%, extending the previous 12 month's loss of 70%.
Both of these returns have lagged the S&P/ASX 200 Index (ASX: XJO) return of ~23% over the past year.
