{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-1e32ee1ceb49", "slug": "cce862680d4f", "title": "Heska Corporation (HSKA)", "subtitle": "Spruce Point Capital Management · 2021-10", "author": "Spruce Point Capital Management", "date": "2021-10-25 00:00:00", "pageCount": 128, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Heska Corporation", "targetTicker": "HSKA", "document": { "id": "019dd923-622c-750b-8b99-1e32ee1ceb49", "slug": "cce862680d4f", "title": "Heska Corporation (HSKA)", "rawTitle": "64e79b8b0a395d3f6a6eec95 hska research thesis 10 25 2021 compactado", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2021-10-64e79b8b0a395d3f6a6eec95_hska_research_thesis_10-25-2021-compactado.pdf", "sourceUrl": null, "sourceDate": "2021-10-25 00:00:00", "presentationDate": "2021-10-25 00:00:00", "ingestedAt": "2026-04-22 21:32:02+00", "status": "ready", "pageCount": 128, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Heska Corporation", "targetTicker": "HSKA", "metadata": { "local_root": "/tmp/legacy-images/cce862680d4f", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 161.98706316947937 } }, "coverage": { "pageCount": 128, "pagesIndexed": 128, "pagesWithImages": 128, "pagesWithMetadata": 128, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 923, "chartCount": 14, "metricSlides": 0, "toolMatches": 15, "documentToolMatches": 5, "frameworkMatches": 104, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "evidence": "The deck presents a clear narrative of Heska Corp. as a company with significant problems that need to be addressed.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:18.119297+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5f0a6651-dd66-4733-943a-6ee53183344c", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5fe4f26f-2f81-4d9a-9c8b-59a1daee3db5", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e48934a1-004a-4ac9-ad9b-19319cabb503", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c928ca5e-171c-4142-a213-d297119316f9", "evidence": "Kevin Wilson (CEO); also Chairman Humphrey, CFO, Director Sveen, and auditor/Piper Sandler", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b804dfd6-a858-4f6b-ab1c-b2420c2eeb12", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "06144691-4e70-4537-9496-c8d92de7072e", "evidence": "The slide is titled 'Strong Sell Opinion / Heska Corp. | NASDAQ: HSKA' and has a cover slide layout.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.384363+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "33f32422-10b4-479c-87b5-e3b9aac4d4de", "evidence": "The slide is titled 'Executive Summary' and has an executive summary layout.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.555082+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d05604ba-7d54-4c3d-9418-8e5a563ddd0e", "evidence": "The slide is titled 'Heska is un-investable due to significant ESG concerns and poor governance, justifying a 50-60% downside.' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.62289+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9c0cb83d-7423-4890-aa3d-7d9930726afe", "evidence": "The slide presents a critical view of Heska Corp, highlighting its ESG concerns and poor governance.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:46.658198+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dccf44f9-9d92-40e8-ad66-92f8e7fa2c7e", "evidence": "The slide is titled 'We Find Heska's Financial Performance, Competitive Position, And Business Model Have Not Improved' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.761413+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ec30af4b-83c1-4390-8060-d7066e1c17a7", "evidence": "The slide is titled 'Heska’s Acquisitions Are Being Dramatically Overvalued. We See Up to 60% Downside Risk' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.865255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1ce6eefa-9721-4044-a0f9-389c4bcf74b3", "evidence": "The slide is titled 'Why We Believe Heska Has Experienced Little Organic Growth And Declining Margins' and serves as a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:03:46.933389+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a2248440-99c3-420a-9bde-dd6d602c98fd", "evidence": "No clear 2x2 matrix visible, but table/data suggests comparison across metrics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:03:38.225101+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 123, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "65a24767-778c-4580-8f84-b99603d60ca6", "evidence": "Chart/line: Heska Market Cap Since 1/1/20, suggesting focus on clear presentation of data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:38.324073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 125, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "ed8fca96-2dc6-45b8-8ba8-3a546547b244", "evidence": "Table/valuation: LumiraDx (LMDX) Valuation and Butterfly Network (BFLY) Valuation tables, suggesting clear presentation of data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:38.422442+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 127, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "15103e44-2acb-4dbb-866d-78b3317a6a20", "evidence": "The slide uses derogatory imagery to frame the target company as a villain/toxic entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" }, { "matchId": "fc2fe956-ef0a-4e52-8514-3e298b236eaf", "evidence": "The slide explicitly compares two investment cases (long vs short) to establish credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "comparison-frame" }, { "matchId": "8d5f95c8-b02c-4fa6-b5a6-3a29b43ff99c", "evidence": "The slide explicitly uses Environmental, Social, and Governance as the primary structure for its critique.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ESG" }, { "matchId": "0d95a1d6-21f8-442b-b252-7969b95c252f", "evidence": "The slide explicitly calls out management for mischaracterizing revenue and removing disclosures to hide business model realities.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" }, { "matchId": "b345a84b-d6d8-48af-a3f6-f88d8bc62d0c", "evidence": "The slide systematically attacks management's claims on innovation, product success, and business model viability.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "e3c3f86c-a4b5-4bff-8061-1666e7eb7d6d", "evidence": "Contrasting reporting styles to expose misleading organic growth claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "f754d2ae-d047-486d-a45b-a62d0a53c9a6", "evidence": "Contrasts management quote with actual organic revenue data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "6ec8b100-f405-4994-9807-3a863c8c867e", "evidence": "Exposing contradiction between valuation and segment performance", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "455ee1a8-1a58-4fda-a05f-c332e3e5de80", "evidence": "Exposing aggressive analyst models vs management guidance to suggest potential stock overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "d5583839-0fcd-4102-81f7-b33330c708cb", "evidence": "Contrasts management's optimistic quote with negative financial performance data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "d024ddce-3784-43e4-b19d-711a1a94adca", "evidence": "Exposing hidden costs (SBC) to contradict market perception of operating leverage.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" }, { "matchId": "ed5afda0-6f4c-4d1b-ae63-78a1d500690a", "evidence": "Direct comparison of three competitors across financial and operational metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "comparison_frame" }, { "matchId": "9f14377a-6b26-4948-b53a-6f542034541a", "evidence": "Direct comparison of test menu counts and capabilities between two competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" }, { "matchId": "55fec729-6700-45f2-b3b4-6228bb55a199", "evidence": "Directly contrasts management quotes with quantitative data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3e041c71-aef3-4506-a791-cb3527e488b0", "evidence": "Contrasts CEO/Management quotes with activist's counter-evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "36b9234e-f69c-4ffb-ace1-85678c8c6e66", "evidence": "Exposing contradiction between management narrative and SEC filings to justify lower valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "21d52865-29ca-4a28-8240-cf6b9e08021a", "evidence": "Visual side-by-side comparison of products to reveal rebranding", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "expose_contradiction" }, { "matchId": "1a392cf5-96a9-4537-82ec-090ab60d67b9", "evidence": "The slide explicitly frames the removal of disclosures as a deceptive practice to hide lack of innovation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" }, { "matchId": "c564f327-e5b0-410c-bb18-5399da8f83b1", "evidence": "Highlights the removal of specific disclosures to suggest misleading reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" }, { "matchId": "ecda3f32-58f5-4e52-bf44-e7b4f9012b48", "evidence": "Contrasts legal filing text with conference transcript quote to prove misrepresentation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "expose_contradiction" }, { "matchId": "a2897092-1997-42a3-a597-8483a9f3bc63", "evidence": "Direct comparison of financial metrics against peer groups to argue competitive weakness.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "comparison_frame" }, { "matchId": "6efad93b-6aeb-433f-88e4-6d64db74da69", "evidence": "Directly uses company's own 10-K disclosures to undermine the investment thesis/valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" }, { "matchId": "3eb0411d-cea3-473c-ac76-2dcda86c9ca9", "evidence": "Contrasting company disclosure against peer disclosure to highlight omission of material risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" }, { "matchId": "6fadf452-b361-49f6-8651-6b9b35a1e7cf", "evidence": "Frames Fujifilm as a threat/villain to the company's business model.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "antagonist-introduction" }, { "matchId": "385aac4f-5ecb-4e4b-b542-1ae7864ee0e5", "evidence": "Contrasts CEO quotes with 10-K disclosures to expose embellishment.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "5570cb15-7f83-4779-a78c-87ad2d8a6d88", "evidence": "Contradicts company claims with financial data to suggest misleading disclosures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "fraud-exposure" }, { "matchId": "19167dd8-2fe7-43b5-8303-93a3054759df", "evidence": "Exposing the lack of proprietary technology to contradict market hype.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" }, { "matchId": "8dba876a-d74c-4f8b-a8d2-53fef70e9268", "evidence": "Contrasting management's claim of transformation with historical product data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "107f03f4-5b3b-4970-9787-ef986b4af04b", "evidence": "Contrasting CEO conference call quotes with 10-K filing text.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "130f19c0-2696-4f77-b701-75b8d9f77de5", "evidence": "Contrasts management statements with financial data (capex).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "039fc2e6-31aa-41a0-9603-84bdec2c32a6", "evidence": "Contrasting CEO statement with competitor launch date", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "b5510830-3e9e-4a65-ad69-11786d55699b", "evidence": "The slide explicitly frames a potential counter-argument (in-clinic testing traction) and refutes it with competitive timing and validation data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "preempt_rebuttal" }, { "matchId": "1c5a3e36-c258-4f85-aeb3-a466a665f7ca", "evidence": "Contrasting CEO/EVP vague answers against analyst technical questions to expose lack of substance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "4061de46-3e59-4314-a6cd-69eddd17a206", "evidence": "Direct comparison of past vs present guidance to highlight management failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "expose_contradiction" }, { "matchId": "85e0a17c-ab5f-4032-a619-e333ed852900", "evidence": "Contrasting prepared remarks with Q&A responses to expose management inconsistency.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "c85d5157-b0e9-4e92-82a8-be34a44e77b0", "evidence": "Contrasts management quotes with analyst skepticism", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "5d0492ca-7f2d-42e7-8315-d84802efd70b", "evidence": "Contrasting executive statements with external facts to expose inconsistencies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "677a9de6-69fd-481a-a054-42525fc10a53", "evidence": "Contrasting management quotes with skeptical analysis of revenue and margin projections.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "0e0f1ade-a4ea-4a3b-a2d3-7865d744704e", "evidence": "The slide explicitly frames IDEXX as a dominant threat to Heska's business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "antagonist-introduction" }, { "matchId": "50546143-0ac4-42f9-9226-96a3bc94a7c0", "evidence": "The slide frames the company's business model as a source of risk and questionable disclosure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "antagonist-introduction" }, { "matchId": "d5fd886c-0210-4891-8471-812df6208abb", "evidence": "Uses company's own 10-K disclosures to contradict the market's SaaS valuation thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "d66864d5-01f3-4603-a393-81538cb2529a", "evidence": "Contrasts market narrative with SEC filings and internal revenue data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "expose_contradiction" }, { "matchId": "f410069d-e36e-47f1-ab4a-23cdc2e17538", "evidence": "Uses competitor's own disclosures to invalidate the uniqueness of the subject company's business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "expose_contradiction" }, { "matchId": "350dfe39-9769-49c9-a87c-56b1ca32895a", "evidence": "Directly juxtaposes CEO quote with analyst rebuttal", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "0c3917fa-aa0a-4f22-945c-a5ed862c9f2b", "evidence": "The slide explicitly points out lack of definitions and potential estimation issues in financial reporting to cast doubt on company claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" }, { "matchId": "5ad61c03-45af-41d6-892d-acde1e5435ed", "evidence": "The slide explicitly frames the company's disclosures as 'potentially misleading' and uses data to contradict the company's stated performance.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" }, { "matchId": "02faa25d-0e1e-4190-9950-71643d21891f", "evidence": "Contradicting company guidance with internal data analysis", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" }, { "matchId": "267286e0-6558-48e2-9c08-2c6117fc90e9", "evidence": "The slide explicitly frames the removal of a metric as a deceptive practice to hide poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "fraud-exposure" }, { "matchId": "771a5d8f-0c04-4372-96bc-e479cfaebe1d", "evidence": "The slide explicitly contrasts company disclosures with observed data trends to highlight a potential inconsistency.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "expose_contradiction" }, { "matchId": "f9f96e10-a4cd-443f-92d0-ceeefb3cff4d", "evidence": "Highlights inconsistencies in financial reporting to undermine management credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" }, { "matchId": "ddfbf6d0-77d6-4aa5-a082-c0d17705e888", "evidence": "Contrasts management earnings call quotes with historical financial filings.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3ca61767-4e8b-4cf8-bc6e-ce5e453a1084", "evidence": "The slide explicitly frames financial data to expose a contradiction in management's goodwill allocation and revenue guidance.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "fraud-exposure" }, { "matchId": "1c309b98-272d-45e3-8003-a66e543681f2", "evidence": "The slide uses financial data and company disclosures to contradict management's claims of operational excellence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "fraud-exposure" }, { "matchId": "1b08aa93-c681-4c12-8bc7-05a503cee52a", "evidence": "Contrasts past guidance with current reality to expose management failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "86a62273-0258-48a6-b2cd-b972773c48fb", "evidence": "Contrasting CEO statement with official financial disclosure", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "a801fbf0-ea66-4c59-8156-cacc99391a63", "evidence": "Frames management as empire-builders for self-aggrandizement", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "antagonist-introduction" }, { "matchId": "1b9d59ee-f928-471f-8842-6c755225f115", "evidence": "The slide frames CVM as a poor-quality acquisition to critique Heska's management.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "antagonist-introduction" }, { "matchId": "feb47086-6924-4cbd-ab9c-f467619872db", "evidence": "The slide explicitly contrasts company-disclosed drivers with the author's calculated drivers to expose a misleading narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "frameworkName": "fraud-exposure" }, { "matchId": "024b5db4-fe73-4c4b-bb32-1e4b3d7c7e57", "evidence": "Contrasting company press release claims with activist analysis of company size and history.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "expose_contradiction" }, { "matchId": "50124919-32e3-4f72-96cf-d9789dd22b0f", "evidence": "Contrasts the acquisition narrative with the reality of founder departures and dual employment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "055e4505-bce1-43aa-aee0-12cc5138e183", "evidence": "Directly compares corporate claims against verifiable public data to expose a lie.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" }, { "matchId": "9e6e1cbc-f4ea-4ae5-a607-5c037d6af1d2", "evidence": "The slide explicitly highlights a discrepancy between reported and actual employee counts to suggest fraudulent loan application behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "fraud-exposure" }, { "matchId": "cd8e1080-04e0-4a19-b8c5-91c9c91d82c2", "evidence": "Identifying red flags in acquisitions of distributors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 83, "frameworkName": "fraud-exposure" }, { "matchId": "38145968-8072-4625-a88d-db3f26af4540", "evidence": "Contrasting management guidance with actual financial data to prove inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "fraud-exposure" }, { "matchId": "01f3ee09-2f90-4f46-b822-49d017cf97fb", "evidence": "Side-by-side comparison of corporate claims vs. activist rebuttal", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "frameworkName": "expose_contradiction" }, { "matchId": "c6fe9017-4b3d-43ee-88c3-39f59b435a71", "evidence": "The slide systematically deconstructs the company's claims about its workforce size and quality to expose potential fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 86, "frameworkName": "fraud-exposure" }, { "matchId": "d8a70746-18b8-47c4-a0b5-471ee6b21852", "evidence": "Questioning the legitimacy and structure of a deal by exposing the seller's background and corporate network.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" }, { "matchId": "bcbec75e-25bf-4452-bcc6-c79fc0d86dcc", "evidence": "Highlighting lack of public presence to suggest company is not a 'global leader'", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 88, "frameworkName": "fraud-exposure" }, { "matchId": "7d6ca95a-11c0-4110-b2d1-4512c3563ae4", "evidence": "The slide explicitly frames a lack of disclosure as a point of contention regarding company operations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "fraud-exposure" }, { "matchId": "a3e001ba-a7de-474f-afb8-5643aa8f7c28", "evidence": "The slide uses public records to question the legitimacy of a business entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 90, "frameworkName": "fraud-exposure" }, { "matchId": "f87a4d2f-7a68-4620-a3ae-ce21f6c3b255", "evidence": "Direct comparison of company claims vs. activist findings", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "expose_contradiction" }, { "matchId": "6d6e4d38-cfa4-47c6-856a-2083cdc67c1a", "evidence": "Direct comparison of Heska vs IDEXX disclosure practices", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "comparison_frame" }, { "matchId": "0a45395d-044c-4ca6-ba8f-ed8067a7bcd5", "evidence": "Highlights lack of transparency as a signal of underlying business deterioration.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 94, "frameworkName": "fraud-exposure" }, { "matchId": "3669325e-cb4e-4a35-9116-2f19e701f70a", "evidence": "Contrasting CEO quotes from different conferences to expose inconsistency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 95, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "980839fc-a5cd-4508-ac5f-b0aaaede19cd", "evidence": "Highlights inconsistencies in financial disclosures to suggest potential manipulation or misleading reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 96, "frameworkName": "fraud-exposure" }, { "matchId": "26cb7848-45ca-4070-9b7d-6b5aed0fb316", "evidence": "Contrasts EPA filing data with company public policy statements.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 97, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "f924d135-b79e-4294-a4cc-19007c644f5f", "evidence": "Uses data to frame a company's legal but 'large' environmental impact as a potential hidden cost or liability.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 98, "frameworkName": "fraud-exposure" }, { "matchId": "2c7aa00e-d928-402e-95f4-637024e9957f", "evidence": "The slide highlights a discrepancy between deteriorating financial metrics (DSO) and lack of company disclosure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "frameworkName": "fraud-exposure" }, { "matchId": "817d2bd4-0087-4e71-b6a8-5d6e615efceb", "evidence": "The slide highlights a series of rapid, suspicious organizational changes to imply potential financial mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 100, "frameworkName": "fraud-exposure" }, { "matchId": "a872779c-0910-488e-8b43-13df81f7e12e", "evidence": "Linking an auditor to a company with known SEC violations to cast doubt on current audit quality.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 101, "frameworkName": "fraud-exposure" }, { "matchId": "05366732-6349-4b01-82a6-abb3b65b4691", "evidence": "Directly juxtaposes CEO quotes with critical commentary to undermine credibility.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 103, "frameworkName": "expose_contradiction" }, { "matchId": "2fb95555-be2c-4d45-8e16-98d3939d5e22", "evidence": "The slide explicitly frames a series of corporate transactions as evidence of 'conflicts and self-dealing'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "frameworkName": "fraud-exposure" }, { "matchId": "89648585-c56a-4db4-8039-b13320e80828", "evidence": "Contrasts policy text with actual disclosure of related party transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 105, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "e595322e-0c3f-49e5-a8c0-0c2cb3bec593", "evidence": "Highlights conflicts of interest and questionable transaction timing to expose potential corporate malfeasance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 106, "frameworkName": "fraud-exposure" }, { "matchId": "e081d155-0b9c-4c13-977f-ca3f945566e3", "evidence": "Contrasts 2014 vs 2021 employment contract language regarding CEO time allocation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 107, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "b11dbf09-2089-4010-984c-3fcc0fab6fae", "evidence": "Highlights missing regulatory filings to suggest potential malfeasance or lack of transparency.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 108, "frameworkName": "fraud-exposure" }, { "matchId": "d4f32571-0664-4804-a548-bddc47a704a4", "evidence": "The slide uses visual evidence to challenge the CEO's stated engagement levels.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 109, "frameworkName": "fraud-exposure" }, { "matchId": "c43134c6-bbcb-4908-96a3-003c7947d0b5", "evidence": "Exposing excessive compensation relative to performance and peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 110, "frameworkName": "fraud-exposure" }, { "matchId": "09e62ad9-5f7f-4dfe-a1f1-d799920672c8", "evidence": "The slide uses a red flag icon and suspicious narrative to link corporate formation to personal luxury asset acquisition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 111, "frameworkName": "fraud-exposure" }, { "matchId": "c2c3c1ad-2429-4958-b6f4-17bbccd93563", "evidence": "Exposing undisclosed conflicts of interest between corporate insiders and financial intermediaries.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 112, "frameworkName": "fraud-exposure" }, { "matchId": "68101c8e-4938-4edf-8a76-e577e6b39814", "evidence": "Exposing potential nepotism and overcompensation as a governance failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 113, "frameworkName": "fraud-exposure" }, { "matchId": "172a1f06-fdac-4e81-9aeb-3f8480bdb91c", "evidence": "The slide systematically dismantles the company's claims using public records and investigative calls.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 114, "frameworkName": "fraud-exposure" }, { "matchId": "6f181bb7-a4c4-4b43-92d2-ef084e2b5e14", "evidence": "Contrasting official proxy filing text with LinkedIn profile claims to expose lack of disclosure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 115, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "f46782c5-e987-42a8-96e1-02da0b4f108e", "evidence": "The slide explicitly questions the independence of a contractor to expose a potential conflict of interest.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 116, "frameworkName": "fraud-exposure" }, { "matchId": "8acd8364-62c2-4273-ad02-72740b33df39", "evidence": "Highlights disciplinary record and financial reporting errors to question management integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 117, "frameworkName": "fraud-exposure" }, { "matchId": "be8b604f-2f0e-4a30-90ff-eb65f4336d38", "evidence": "The slide frames the company's financial management as the 'villain' through the lens of a disgruntled employee.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 118, "frameworkName": "antagonist-introduction" }, { "matchId": "86749cfb-2ff9-4386-a19a-7fcd516cd48b", "evidence": "The slide frames the appointees as unqualified and potentially conflicted, serving as the 'villain' in the activist narrative.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 119, "frameworkName": "antagonist-introduction" }, { "matchId": "2675d8fd-f7f3-4d7a-9fdd-01028eac791c", "evidence": "Highlighting insider selling as a negative signal of management confidence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 120, "frameworkName": "fraud-exposure" }, { "matchId": "87ba1c62-0ec0-4f21-801a-41f0470d1d50", "evidence": "The slide compares Heska's financial metrics and valuation against a peer group to argue for overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 123, "frameworkName": "comparison_frame" }, { "matchId": "b1cf8638-0e23-4e90-81f5-4c3712bf2278", "evidence": "Contrasts market valuation (multiple expansion) with internal business performance (modest changes).", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 124, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7c39be3b-4b55-477b-9a99-7f9ec9236498", "evidence": "The slide explicitly highlights a contradiction between market valuation and fundamental business performance to suggest irrational or fraudulent pricing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 125, "frameworkName": "fraud-exposure" }, { "matchId": "3f9516c7-7bf1-4f03-a87a-6c8c2d5da3b8", "evidence": "The slide calculates the 'Core' Heska value by subtracting acquisition costs and revenue from the total market cap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 126, "frameworkName": "valuation-bridge" }, { "matchId": "6f19d380-f040-4e48-8430-e5a34506f44a", "evidence": "Direct valuation comparison between Heska and two peers (LMDX, BFLY)", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 127, "frameworkName": "comparison_frame" }, { "matchId": "96ec4cc8-23a6-430e-a9bc-3795b02bf099", "evidence": "Sum-of-the-parts valuation table showing bridge from revenue to equity value and downside.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 128, "frameworkName": "valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic long-form Spruce Point short report (128 pages). Memorable cover: white cat in blue litter box with skull-and-crossbones and fleeing rat, captioned 'Scoop This Poop From Your Portfolio'. Opens with a track-record comparison slide (PetIQ short vs. Henry Schein long) to establish credibility in animal-health sector — a signature Spruce Point framing device. Deck blends forensic accounting (organic-growth reconstruction on p.13), governance red-flag cataloging (Cuattro relationships, nepotism, auditor ties), ESG attack (mercury disposal), and peer-multiple plus sum-of-the-parts valuation. Author_name null: cover and disclaimer credit only 'Spruce Point Capital Management LLC'; founder Ben Axler is not named on cover.", "kpisCited": [ { "detail": "-1.2% (vs. IDEXX +11% CAGR)", "metric": "Organic revenue CAGR 2017-2020" }, { "detail": "Shrank from 20% to 8% between 2017 and 2019", "metric": "Adjusted EBITDA margin" }, { "detail": "Declined from 12% to 2%", "metric": "Non-GAAP net income margin" }, { "detail": "9.3x — in line with SaaS and IDEXX (15.8x) despite inferior fundamentals", "metric": "EV / 2022E Revenue" }, { "detail": "77.5x vs. peer medians of 16-23x", "metric": "EV / 2022E EBITDA" }, { "detail": "Grew 282% in eight months post-close with no change to 2021E EBITDA estimates", "metric": "Implied value of scil + CVM acquisitions" }, { "detail": "17.5x 2021E — in-line with dominant leader IDEXX (17.6x)", "metric": "Core Heska (ex-scil/CVM) EV/Revenue" }, { "detail": "Kevin Wilson sold ~$18m of stock over the past eight years", "metric": "CEO insider selling" }, { "detail": "Capex below $1m/year; R&D materially lags peers", "metric": "R&D spend and capex" }, { "detail": "6 deals at 1.4x LTM revenues; largest was scil at $110m", "metric": "Acquisitions completed" }, { "detail": "Estimated 15-30% of revenues (vs. management's emphasis)", "metric": "Subscription revenue share" }, { "detail": "Stock grant equal to 1.5x net income generated by Heska since Wilson joined", "metric": "CEO comp" }, { "detail": "~$15m of returned Tri-Heart product allegedly not impaired/disclosed", "metric": "Mercury disposal incident" } ], "closingAsk": "We humbly suggest investors take profits before the truth about Heska is revealed over time.", "extraction": { "at": "2026-04-22 21:32:02+00", "model": "unknown-legacy", "runId": null, "seconds": 161.98706, "promptVersion": null }, "scqaReward": "Spruce Point's sum-of-the-parts model values Heska at $90-$115 per share, implying approximately 50-60% downside from the $228.86 price on 10/22/2021.", "thesisTypes": [ "fraud_exposure", "multiple_rerating", "governance_board" ], "top3Reasons": [ "Heska's 'organic growth' is an illusion: real 2017-2020 CAGR was -1.2%, margins collapsed from 20% to 8%", "Distributor priced like SaaS at 9x 2022E sales; ex-acquisitions, core Heska trades at 17.5x — in-line with vastly superior IDEXX", "CEO Wilson: $18m insider selling, brother on payroll, egregious comp, Cuattro conflicts, and undisclosed mercury ESG incident" ], "scqaSituation": "Heska Corporation is a $2.8bn animal-health equipment company marketed to investors as a transformed innovator and market-share gainer in the booming companion-animal diagnostics space.", "thesisSummary": "Spruce Point argues Heska, a $2.8bn-market-cap animal health equipment company, has quietly repackaged itself from a stagnant distributor into an 'innovator' narrative through six low-quality acquisitions and aggressive promotion. Their forensic analysis finds organic revenue actually declined at a -1.2% CAGR from 2017-2020, adjusted EBITDA margins collapsed from 20% to 8%, and CEO Kevin Wilson's growth story masks material governance red flags — egregious compensation, related-party dealings with Wilson-owned Cuattro, nepotism (brother on payroll), and $18m of insider selling. Yet the stock trades at 9x 2022E sales, in line with SaaS peers and dominant leader IDEXX, despite Heska lacking IDEXX's margins, scale, and IP. Spruce Point's sum-of-the-parts analysis pegs fair value at $90-$115, implying 50-60% downside, and flags ESG concerns including an undisclosed mercury disposal incident.", "primaryDemands": [ "Sell Heska shares (Strong Sell opinion)", "Re-rate stock to reflect distributor-like economics rather than SaaS/innovator multiple", "Revoke Piper Sandler research coverage for conflicted underwriter relationship", "Scrutinize CEO Kevin Wilson's conflicts, compensation, and related-party dealings" ], "scqaResolution": "Spruce Point urges investors to sell Heska, recognize that its 9x-sales valuation is irrational for a distributor, and re-rate the stock to reflect its true distributor-like economics.", "thesisOneLiner": "Heska is a low-growth animal-health distributor — not the innovator management claims — masquerading at a 9x-sales SaaS multiple; Spruce Point sees 50-60% downside to $90-$115.", "precedentsCited": [ "Spruce Point's July 2019 PetIQ short (animal-health track record)", "Spruce Point's September 2018 Henry Schein/Covetrus long (animal-health track record)", "MusclePharm SEC case (same auditor connection)" ], "scqaComplication": "Forensic analysis shows organic revenue declined -1.2% CAGR 2017-2020, margins collapsed, and the 'growth' is acquisition-fueled financial engineering obscured by CEO Wilson's conflicts, insider selling, and ESG red flags.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 10, 13, 123, 128 ], "peerCompaniesCited": [ "IDEXX Laboratories", "Zoetis", "Agilent Technologies", "Waters Corp", "Bio-Rad Laboratories", "PerkinElmer", "Hologic", "QIAGEN", "Bruker Corp", "Neogen Corp", "Elanco Animal Health", "Virbac", "Vetoquinol", "Henry Schein", "Patterson Companies", "Covetrus", "Owens & Minor", "PetIQ", "PetMed Express", "Catalent", "LumiraDx", "Butterfly Network", "Chewy" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses aggressive, derogatory imagery (cat in litter box, rat, cockroach) to frame the target company as 'filth' or a 'toxic' investment.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/D04UM8NlDwgLver15a5DkegmUBtj_yP5KnzAxugHLB0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jY2U4NjI2ODBkNGYvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 5, "textChars": 239, "nDataPoints": 0, "notes": "The slide uses aggressive, derogatory imagery (cat in litter box, rat, cockroach) to frame the target company as 'filth' or a 'toxic' investment.", "elementsJson": [ "photo", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.135+00", "seconds": 5.296, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/1", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "SCOOP THIS POOP FROM YOUR PORTFOLIO", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-b74fe57a6fe9", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": "Cat in litter box with skull and crossbones, rat, and cockroach", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad432da5-4521-4df8-b13b-3c3ca3783421", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.24, "x": 0.09, "y": 0.81 }, "kind": "image", "text": "Spruce Point Capital Management Investment Research Report", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad43ccf8-476e-4dff-9928-e201f982968a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.28, "x": 0.07, "y": 0.67 }, "kind": "title", "text": "Scoop This Poop From Your Portfolio", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7821e8e1-0d49-4eae-a7bf-62811425d4d1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.28, "x": 0.07, "y": 0.73 }, "kind": "title", "text": "STRONG SELL OPINION / Heska Corp. | NASDAQ: HSKA", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c35af861-42ae-4438-bb21-ba84c58db064", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "06144691-4e70-4537-9496-c8d92de7072e", "evidence": "The slide is titled 'Strong Sell Opinion / Heska Corp. | NASDAQ: HSKA' and has a cover slide layout.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.384363+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "15103e44-2acb-4dbb-866d-78b3317a6a20", "evidence": "The slide uses derogatory imagery to frame the target company as a villain/toxic entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.135+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/yojRp5JlwZfXHQginWWUecHolEeyejV_whTA2Lsi4QA/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jY2U4NjI2ODBkNGYvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/DgPvYJ-dgqy3hVhZ1rubmmErgHHc4T7udYepDEvnHhk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jY2U4NjI2ODBkNGYvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/lOQpHG4l5MCtfKKzhaHB3RyUQ_QOma23bN_ORE2g6dw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jY2U4NjI2ODBkNGYvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 5, "textChars": 4766, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.8+00", "seconds": 10.89, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/2", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "This report's estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific security, and is not expressed as, or implied as, assessments of the quality of a security, a summary of past performance, or an actionable investment strategy for an investor. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from Spruce Point Capital Management LLC. Spruce Point Capital Management LLC is not registered as a broker/dealer or accounting firm.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8ebdf6-dbe2-4aad-af42-f0ffe4d0f3fa", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly available information, and all of which are set out in this research presentation. Any investment involves substantial risks, including complete loss of capital. There can be no assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC's control. This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC's research is at your own risk. You should do your own research and due diligence, with assistance from professional financial, legal and tax experts, before making any investment decision with respect to securities covered herein. All figures assumed to be in US Dollars, unless specified otherwise.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "604fd30c-ad84-43a1-ac7c-dee8838746f8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Heska Corporation (\"HSKA\") therefore stand to realize significant gains in the event that the price of either stock declines. Following publication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. All expressions of opinion are subject to change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. Spruce Point Capital Management, subscribers and/or consultants shall have no obligation to inform any investor or viewer of this report about their historical, current, and future trading activities.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bcff727-3eca-4723-bb41-4b236af89d46", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "disclaimer", "text": "To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and does not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of HSKA or other insiders of HSKA that has not been publicly disclosed by HSKA. Therefore, such information contained herein is presented \"as is,\" without warranty of any kind - whether express or implied. Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9427e49-4776-4095-96a9-63b2a5663279", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60e3634b-bda0-4b44-9d04-59a8c800fbc0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide uses a comparison table to validate the firm's track record by contrasting a short position (PETQ) with a long position (HSIC/CVET).", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 5, "textChars": 1158, "nDataPoints": 12, "notes": "The slide uses a comparison table to validate the firm's track record by contrasting a short position (PETQ) with a long position (HSIC/CVET).", "elementsJson": [ "headline_text", "comparison_table", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:12.671+00", "seconds": 3.218, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/3", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point has taken a balanced view when analyzing the animal health sector, having identified what we believe is both an over-hyped low-quality company as a short opportunity (PetIQ: PETQ) and a well-positioned beneficiary of a corporate restructuring transaction presenting a long opportunity (Henry Schein: HSIC spin-off of Covetrus: CVET).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-7047930eaf2c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "disclaimer", "text": "Past performance is no guarantee of future success. Please read our disclaimer at the front of this presentation. The reports shown above are not intended to be exhaustive. A full list of all research reports produced over the past twelve months can be found on our website", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7693ff5d-7839-439a-98c8-a570e145424e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Spruce Point has taken a balanced view when analyzing the animal health sector, having identified what we believe is both an over-hyped low-quality company as a short opportunity (PetIQ: PETQ) and a well-positioned beneficiary of a corporate restructuring transaction presenting a long opportunity (Henry Schein: HSIC spin-off of Covetrus: CVET).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f22fc044-25d7-4add-bc2d-25e8baecdcdb", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "table", "text": "Comparison table of PetIQ vs Henry Schein/Covetrus across Date, EV, Situation, Analysis, and Outcome.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4194215b-b1d8-4816-a667-ec1b1e654e4b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Spruce Point Has A Track Record of Objectivity and Success Analyzing Animal Health Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cccf843b-9e03-4cde-af68-89481a03a34b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fc2fe956-ef0a-4e52-8514-3e298b236eaf", "evidence": "The slide explicitly compares two investment cases (long vs short) to establish credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:12.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 2, "textChars": 737, "nDataPoints": 1, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:12.224+00", "seconds": 2.733, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/4", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.575, "w": 0.924, "x": 0.038, "y": 0.248 }, "kind": "table", "text": "1 Executive Summary 2 Why We Believe Heska Has Experienced Little Organic Growth And Declining Margins 3 We Believe Heska Is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims 4 Our View That Heska is a Distributor That Has Made Minimal Investment In Innovation And Growth 5 Heska’s Product Roadmap Is Likely To Disappoint 6 We Believe Heska’s Subscription Business Disclosure Is Troubling 7 Our Analysis of Heska’s M&A Deals Raises Many Concerns 8 We Identified Several Disclosure Issues In Heska’s Financial Reporting 9 Heska’s CEO Has A History of Related-Party Transactions And A Weak Supporting Cast 10 Heska’s Valuation Is Irrational: Our Normalized Analysis Suggests 50%-60% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3962eef9-5a14-47db-a678-0add58eb5b69", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.233, "x": 0.309, "y": 0.058 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45c5bc14-fba6-42dc-af07-0c6ce2906a60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Includes Spruce Point Capital Management logo and confidentiality disclaimer.", "function": "front_matter", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 174, "nDataPoints": 0, "notes": "Includes Spruce Point Capital Management logo and confidentiality disclaimer.", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:11.888+00", "seconds": 2.23, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/5", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:11.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb0113a6-e29e-4547-a3de-bc564289bff4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.073, "y": 0.306 }, "kind": "image", "text": "Spruce Point Capital Management tree logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:11.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05aaae81-bccc-4b4a-b5fd-1fe51028394f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.375, "y": 0.465 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:11.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1ee2aef-4ab5-4883-b0c9-ae4bf9a56f20", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "33f32422-10b4-479c-87b5-e3b9aac4d4de", "evidence": "The slide is titled 'Executive Summary' and has an executive summary layout.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.555082+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "This is a classic activist short-seller thesis slide, structured around the ESG framework to highlight specific governance and operational failures.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 8, "textChars": 2630, "nDataPoints": 6, "notes": "This is a classic activist short-seller thesis slide, structured around the ESG framework to highlight specific governance and operational failures.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.354+00", "seconds": 9.547, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/6", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.36 }, "kind": "callout", "text": "We believe Heska is un-investable for any funds with an Environmental, Social, and Governance (“ESG”) focus", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66548b08-7280-448a-9612-f1df8e63e827", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes Heska Corp (Nasdaq: HSKA or “the Company”), a $2.8 billion market cap animal health equipment distributor, has been struggling to grow organically and has been using low-quality acquisitions as a means to deflect market share loss and margin erosion and to generate investor enthusiasm.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-ec0f4c7874eb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "list", "text": "Governance: Heska’s CEO Kevin Wilson has been the source of a long history of conflicts of interest and poor governance, and we believe investors are overlooking these facts surrounding both him and the Board", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3901f9ee-71b8-4230-85bc-0342c35e5f7d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Environmental: We believe Heska failed to disclose to investors a massive mercury chemical disposal related to its Tri-Heart business. This incident involved a large product return from a major customer. As such, we question if Heska avoided a large asset impairment related to nearly $15 million of returned product. Of note, Heska has says it generally does not accept returns", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cf99899-1f22-42b1-a46e-16e8680568c1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "list", "text": "Social: We believe Heska misportrays itself to the public as an innovative developer of new products, when in reality, it is largely a distributor of others’ products. We view Heska’s level of financial disclosure, particularly as it relates to its recent acquisition spree, to be inadequate compared with industry norms. We are uncomfortable with Heska’s historical auditor, who also served as audit partner of MusclePharm, an SEC-charged company. A new auditor appointment is coincident with a major acquisition and a change in segment reporting. Heska’s CFO has a prior disciplinary record with the Colorado State Board of Accountancy and has already made reporting errors. Heska has inexplicably elevated two lawyers with no operating or domain expertise to key operating roles. Management was actively selling stock before its recent run, and sales have continued", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b988aab4-d445-40d3-8340-f0432ca5e181", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 50% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-f37bb1dee9ee", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "Spruce Point believes Heska Corp (Nasdaq: HSKA or “the Company”), a $2.8 billion market cap animal health equipment distributor, has been struggling to grow organically and has been using low-quality acquisitions as a means to deflect market share loss and margin erosion and to generate investor enthusiasm. Our forensic financial investigation into the Company reveals a broad range of environmental, social, and governance (“ESG”) concerns that make it difficult for us to justify its industry premium 9x 2022E sales multiple. We see 50% - 60% downside risk (to $90 - $115 per share).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "085c705b-74bf-4051-b98c-e05a9051f1eb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "CEO Wilson Wants Investors To Believe Heska Is An Innovative And Transformed Company With Upside: Our Polar Opposite View Points To 50% - 60% Downside", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d670d5d-df2f-4d6c-ae3f-bb5382ac3b1e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d05604ba-7d54-4c3d-9418-8e5a563ddd0e", "evidence": "The slide is titled 'Heska is un-investable due to significant ESG concerns and poor governance, justifying a 50-60% downside.' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.62289+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "9c0cb83d-7423-4890-aa3d-7d9930726afe", "evidence": "The slide presents a critical view of Heska Corp, highlighting its ESG concerns and poor governance.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:46.658198+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "8d5f95c8-b02c-4fa6-b5a6-3a29b43ff99c", "evidence": "The slide explicitly uses Environmental, Social, and Governance as the primary structure for its critique.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:19.354+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ESG" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "This is a classic 'villain critique' slide, establishing the target's poor fundamentals and manipulative behavior.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 8, "textChars": 1409, "nDataPoints": 6, "notes": "This is a classic 'villain critique' slide, establishing the target's poor fundamentals and manipulative behavior.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:13.296+00", "seconds": 3.401, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/7", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Facing a stagnant business, challenged competitive position, and arguably few (if any) strategic advantages, we believe Heska embarked on the well-worn path of low-quality acquisitions, promotion, and financial obfuscation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-a1673c80d35f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Facing a stagnant business, challenged competitive position, and arguably few (if any) strategic advantages, we believe Heska embarked on the well-worn path of low-quality acquisitions, promotion, and financial obfuscation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "333a14a6-67ab-4651-96dd-762e59197e00", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "Heska's financial performance from 2017 through 2019 was unimpressive during a period of industry growth. We estimate organic revenue growth was negative (-4% CAGR) versus an 11% CAGR for sector leader IDEXX Labs. All major profit measures declined markedly.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "635fce81-f70a-43a6-9943-cbd9a04e9d26", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "list", "text": "We believe the market feedback loop only reinforced Heska's unsubstantiated narrative. Sell-side analysts, seeking a fresh idea to pitch, appear to endorse management's claims without a robust forensic analysis.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5743f1e-1489-4b6e-935b-2e54daec7660", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "list", "text": "At the same time, companion animal expenditure became a hot investment theme, particularly in early 2020 due to the pandemic amidst indications of growth in pet ownership.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eee66ec3-77bf-4021-8091-9101b3ed95ec", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "organic revenue growth: -4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-a5b07cc1360f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "As a result, Heska shares have rallied nearly 140% since the end of 2019, and the Company is effectively trading in-line with dominant sector leader IDEXX Labs; we believe little about Heska has changed, at least for the better", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83f54e4d-8b33-4a3e-b4a0-8b6003e5a14b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe Heska Has Been Struggling, And Resorting To Low-Quality M&A", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "917d81ed-0fb0-417c-9cf3-46bf3b127376", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "This is a classic activist short thesis summary slide, structured into three thematic pillars.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 554, "nDataPoints": 6, "notes": "This is a classic activist short thesis summary slide, structured into three thematic pillars.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.382+00", "seconds": 4.482, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/8", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We view Heska primarily as a distributor, despite management's attempts to position itself otherwise", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-90245fe8d1fa", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "Beginning in 2020, management began touting Heska as a growth company, repeatedly characterizing revenue added through acquisitions as organic growth", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dcf749e-975c-4673-a35c-a5abce4581fa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.43 }, "kind": "list", "text": "We believe Heska remains poorly positioned in the diagnostic equipment market, and lost market share in 2020", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5465883c-fdfc-49d1-9340-4bae6d5b26b1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.65 }, "kind": "list", "text": "We view Heska primarily as a distributor, despite management's attempts to position itself otherwise", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab5eaa62-4419-48b2-a739-db641088c782", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Find Heska's Financial Performance, Competitive Position, And Business Model Have Not Improved", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7879b1e5-dada-4317-807c-7efe182563fd", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dccf44f9-9d92-40e8-ad66-92f8e7fa2c7e", "evidence": "The slide is titled 'We Find Heska's Financial Performance, Competitive Position, And Business Model Have Not Improved' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.761413+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "0d95a1d6-21f8-442b-b252-7969b95c252f", "evidence": "The slide explicitly calls out management for mischaracterizing revenue and removing disclosures to hide business model realities.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:14.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "This is a classic activist short-seller slide designed to dismantle management's narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 18, "textChars": 3149, "nDataPoints": 1, "notes": "This is a classic activist short-seller slide designed to dismantle management's narrative.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:15.981+00", "seconds": 6.037, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/9", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Heska says it has dramatically increased its level of innovation and product development and frequently embellishes its capabilities, but the evidence we’ve reviewed does not support these claims", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-c6aab23c3d68", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.44 }, "kind": "list", "text": "Similarly, Heska's capital expenditures have declined to well below $1 million per year, so we fail to understand how it can be ramping capacity at what likely constitutes an entirely new facility", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cb36f15-cc68-46c1-aaa2-b965dd5995e3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.22 }, "kind": "list", "text": "Management has focused investor attention on several new product introductions, most prominently the Element AIM, a new fecal/urine analyzer the Company claims it has developed and will manufacture itself", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1453d488-877f-4c5f-a965-c0e885fe2ca4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "list", "text": "Heska's oft-touted European subscription opportunity opens the Company up to increased competition", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2095d3dc-c795-4f0d-97fa-56396eea0fe8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.87 }, "kind": "list", "text": "Not all consumables are sold under subscriptions, and we estimate those that are account for only 15% - 30% revenues", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d9f1372-9ee5-41a9-b32a-f87b09cf0a63", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "list", "text": "Heska says it has dramatically increased its level of innovation and product development and frequently embellishes its capabilities, but the evidence we've reviewed does not support these claims", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65cb9433-8695-43a5-b328-71091eb2847c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.54 }, "kind": "list", "text": "Our conversations with vets indicate that they were happy to continue using reference lab services for fecal/urine testing as opposed to adding an additional piece of equipment to their practice and further taxing overburdened personnel", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7da20620-5587-4fe9-99d9-251680d4ac4d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.68 }, "kind": "list", "text": "In fact, we are highly suspicious of management comments surrounding timing, supply chain issues, manufacturing, and customer pre-orders (something we don't believe is common or even logical given the product's status)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86d6e560-7c72-4af5-9297-060281dc453a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.9 }, "kind": "list", "text": "Heska's disclosure regarding its subscription business contains numerous errors, inconsistencies, and unfavorable trends, such as slowing growth in subscriptions and declining contract value per month and contract value per subscriber per month", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d7a44b0-d2f0-4cd5-b726-2a6f1eeba86e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.6 }, "kind": "list", "text": "Heska has already missed its original launch timeline for Element AIM and has been beaten to market by Zoetis, which launched its VetScan Imagyst machine in September 2020", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75f9853-cfd3-4012-b07c-459052ea9210", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.75 }, "kind": "list", "text": "We believe investor excitement about Heska's subscription consumables business is misplaced", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b85e6029-9b8e-4d14-ba5b-ebaa9410f96f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.78 }, "kind": "list", "text": "The Company has been offering subscriptions since 2014, so what exactly is new or differentiated?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c34316e6-324d-44b0-a074-4181d43873f5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.81 }, "kind": "list", "text": "Heska consumables are not proprietary or exclusive, and they require a machine placement (for which the Company appears to be poorly positioned), thus in some cases requiring Heska to give the equipment away for a nominal fee", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c64dce52-163e-4f7d-8af9-602dc8885693", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.65 }, "kind": "list", "text": "Investors have repeatedly overlooked Heska's unjustified bravado and inconsistent statements regarding the Element AIM", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9320911-3a9f-4255-b44a-579a2eca2b2b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "list", "text": "In fact, Heska R&D not only dramatically lags its peers in both absolute and relative terms, but we believe the slight increase over the past few years is barely enough to add minimal incremental functionality to existing machines, much less develop whole new platforms like the Element AIM", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db4a8ac4-d607-4dea-85a0-0a2288c30943", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "list", "text": "Heska already disclosed it was working with an external OEM supplier on the Element AIM in its 2019 10-K (but deleted the reference in 2020), and other new products can be traced to third parties, so we don't understand management's insistence that Heska is suddenly an innovative company developing numerous new products", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebce96d0-3a01-415b-ab28-6535f665c49f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.51 }, "kind": "list", "text": "We believe the Element AIM will fail to meet investor expectations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbc166d0-3c60-4ca1-9de0-82c29d445ba9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe Heska Has Gone To Extreme Lengths To Promote Its Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7b9cd09-51d5-409f-9aff-5ad4e333a623", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b345a84b-d6d8-48af-a3f6-f88d8bc62d0c", "evidence": "The slide systematically attacks management's claims on innovation, product success, and business model viability.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses a strong, accusatory tone typical of activist short-seller reports.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 8, "textChars": 2420, "nDataPoints": 8, "notes": "The slide uses a strong, accusatory tone typical of activist short-seller reports.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.208+00", "seconds": 3.968, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/10", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.82 }, "kind": "callout", "text": "At best, we view Heska as a low-growth, low-margin distributor with a conflicted, sloppy management team and a track record of hyper promotion and poor financial reporting. We humbly suggest investors take profits before the truth about Heska is revealed over time.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f5dcaf9-8a44-46e8-ac5c-7b3099b2934d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "At best, we view Heska as a low-growth, low-margin distributor with a conflicted, sloppy management team and a track record of hyper promotion and poor financial reporting.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-0174f027ffaf", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "list", "text": "Heska paid only 1.4x LTM revenues for assets we view as low-quality, but the market is now valuing these companies, which comprise 40% of revenues, at 11x just 1.5 years later. The largest deal, scil animal care, is a low-growth, very low-margin European distributor that suffered a major customer loss right before the deal, and we have identified several inconsistencies with Heska's disclosures related to scil. Lacuna Diagnostics has already lost numerous employees and may have embellished its success. Biotech Laboratories is a tiny operation that produces assay tests of questionable quality that cannot be sold in the U.S.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "343d6770-2256-4b75-8664-cbaafb5e5c1b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.46 }, "kind": "list", "text": "Heska is trading at 9x 2022E revenue, a lofty multiple most often ascribed to a proprietary technology or SaaS company. The Company is trading at multiples nearly double its historical trading range despite virtually no change in the Company's business. The rise in Heska shares in 2020 implied a 282% increase in the value of acquisitions scil and CVM in just eight months, and the stock has doubled again since then. If we value scil and CVM at their acquisition value, which we believe is justifiable given the little time that has elapsed, it implies that the rest of Heska, largely its core North American business, is trading at 17.5x revenues, which is in-line with industry leader and vastly superior company IDEXX. Heska is even trading at a premium or only slight discount to two recent hyper-growth diagnostic testing SPACs. Based on our sum-of-the-parts analysis, we believe Heska shares should be valued at between $90 and $115 per share, representing approximately 50% - 60% downside from current levels", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59a37ed1-b38d-4434-a25a-a90f2eb15668", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-0637f92ed2ee", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "We believe Heska's six recent acquisitions raise serious concerns and represent a lackluster attempt by Heska management to assemble the similar key businesses operated by IDEXX and Zoetis", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "749205f9-5cdf-48e8-bd10-859e9cd7eaf5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "Heska is richly overvalued at current levels", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6ac1d38-3167-4b00-ad00-bfca3824cdfa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Heska's Acquisitions Are Being Dramatically Overvalued. We See Up to 60% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.208+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2871bf4a-1a54-41d3-a44b-c440fed3e41f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ec30af4b-83c1-4390-8060-d7066e1c17a7", "evidence": "The slide is titled 'Heska’s Acquisitions Are Being Dramatically Overvalued. We See Up to 60% Downside Risk' and contains a list of bullet points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:03:46.865255+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "02d08b6d-6a39-4f06-8213-3bc9ac6a7ce5", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "setup", "title": "The slide features the Spruce Point Capital Management logo (the tree).", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 196, "nDataPoints": 0, "notes": "The slide features the Spruce Point Capital Management logo (the tree).", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:12.958+00", "seconds": 2.124, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/11", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bfeaae8-7b03-4848-97a9-6f3e5a6a2caf", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e08b96aa-3f21-4e59-bc81-ddda536e7359", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.55, "x": 0.37, "y": 0.4 }, "kind": "title", "text": "Why We Believe Heska Has Experienced Little Organic Growth And Declining Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:12.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fd61501-ad84-4801-8500-50efaeca2279", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1ce6eefa-9721-4044-a0f9-389c4bcf74b3", "evidence": "The slide is titled 'Why We Believe Heska Has Experienced Little Organic Growth And Declining Margins' and serves as a section divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:03:46.933389+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "Uses screenshots of press releases to highlight the discrepancy in reporting standards.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 6, "textChars": 546, "nDataPoints": 0, "notes": "Uses screenshots of press releases to highlight the discrepancy in reporting standards.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:13.655+00", "seconds": 2.802, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/12", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Examining the earnings press releases of Heska and IDEXX presents a study in contrasts. Heska lets readers believe that its strong growth in 2020 was organic, while IDEXX quotes both historical and projected metrics in both as reported and organic growth terms.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3717273f-c4dd-47f9-8163-bf6a9436749a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.3, "x": 0.12, "y": 0.88 }, "kind": "callout", "text": "Heska grew just 5% in 2020 after adjusting for scil and CVM", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eda6958a-cd21-4a33-a5a0-2b49e29055f0", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.56, "x": 0.42, "y": 0.78 }, "kind": "image", "text": "IDEXX Q2 2021 Earnings Press Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75c56df-809a-4237-90b7-f2264bcb31aa", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Heska Q1 2021 Earnings Press Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4daf692-0eba-432a-aaf6-b2444a7d084a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.47, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press releases dated 2/23/21, IDEXX earnings press release dated 7/30/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e98e04d2-d52e-4ab4-9bdc-8312a8913d0e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Has A Habit Of Representing Itself Has A Strong Organic Grower", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "289c6697-7fe8-4bb1-8cec-84b4d4f1b399", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e3c3f86c-a4b5-4bff-8061-1666e7eb7d6d", "evidence": "Contrasting reporting styles to expose misleading organic growth claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:13.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction. Includes specific 10-K disclosure callouts to challenge organic growth claims.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 8, "textChars": 747, "nDataPoints": 12, "notes": "Uses a red flag icon to signal a warning/contradiction. Includes specific 10-K disclosure callouts to challenge organic growth claims.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "bar_chart_stacked", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.115+00", "seconds": 3.141, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/13", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "We struggle to understand the market's perception of Heska as a growth company when the Company has such a poor track record of organic growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d18cfbcd-af54-4254-851e-f77c5af8ca36", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.0034 }, "kind": "chart", "text": "Heska Organic Revenue vs Acquisitions 2015-2020", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c1a0a16-90e5-46c7-a546-03307d537c7c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0073 }, "kind": "list", "text": "2016, 2019, and 2020 organic revenue growth disclosures and exclusions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7c909b3-a679-4aa1-b5d7-d01c1a521a02", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Organic Revenue CAGR: -1.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-6d77129da62a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.0028 }, "kind": "quote", "text": "In terms of key metrics and performance, we've had very good compound annual growth rates over the last several years.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c6be96a-3556-44c6-af64-05304f8d7b5a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In terms of key metrics and performance, we've had very good compound annual growth rates over the last several years. — Wilson at Jefferies Conference June 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-686a6cce0e80", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Spruce Point Analysis, Heska 2016 10-K, Heska 2020 10-K, Heska 8-K filed 2/26/19", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74bc2c5f-88ea-4121-ae13-fedbbe28e731", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "You Can't Just Say It To Make It True; Evidence Suggests Heska Has Not Been A Growth Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "446510ee-fa75-417d-81da-df588dce9f91", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f754d2ae-d047-486d-a45b-a62d0a53c9a6", "evidence": "Contrasts management quote with actual organic revenue data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:14.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "Uses a red box to highlight negative CAGR in the table.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 1163, "nDataPoints": 16, "notes": "Uses a red box to highlight negative CAGR in the table.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.576+00", "seconds": 3.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/14", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "Heska's rich 9x revenue multiple is being applied to all revenues. However, three segments that comprise nearly half of the Company's revenues are clearly not growing. In addition, management has provided subdued guidance regarding their future growth prospects.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e74f7de6-65ae-4187-85ea-14363394d484", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska's rich 9x revenue multiple is being applied to all revenues. However, three segments that comprise nearly half of the Company's revenues are clearly not growing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-d6f54cd15189", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "3-Year CAGR: -7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-dceadf762f32", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.11, "y": 0.0086 }, "kind": "paragraph", "text": "Do these businesses really deserve a 17.5x revenue multiple? (see: implied valuation analysis)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76f1aae1-a382-406c-8eb5-213a845dd3bf", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.25, "y": 0.0077 }, "kind": "quote", "text": "And we've de-emphasized our contract manufacturing and vaccines and pharmaceuticals.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ae45ea8-5e88-4487-97a5-eb2dff12c09e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.25, "y": 0.0067 }, "kind": "quote", "text": "At this time, modest growth year-over-year [in Imaging] is expected after 2021.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac28d962-7003-4241-ad76-6be61e914093", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“At this time, modest growth year-over-year [in Imaging] is expected after 2021.” — Grassman at Investor Day November 2020; “And we've de-emphasized our contract manufacturing and vaccines and pharmaceuticals.” — Wilson at Stifel Conference June 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a4-d8742ef6e01f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Bloomberg transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b22ae8b3-193f-44e9-b556-94a8cf628dea", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.64, "x": 0.18, "y": 0.0036 }, "kind": "table", "text": "Analysis of Heska North America POC Imaging, PVD, and OVP Revenue Trends", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b6c375a-128e-4f72-8110-0eba27e82024", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Segment Analysis Suggests Nearly Half of Heska's Revenue Base Has Modest Prospects For Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4be6e82-d5cc-4dcf-91bf-7c03ce15af1e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6ec8b100-f405-4994-9807-3a863c8c867e", "evidence": "Exposing contradiction between valuation and segment performance", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses a screenshot of a Piper Sandler financial model to point out specific growth projections for 'Imaging' and 'OVP' segments.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 7, "textChars": 863, "nDataPoints": 12, "notes": "The slide uses a screenshot of a Piper Sandler financial model to point out specific growth projections for 'Imaging' and 'OVP' segments.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.327+00", "seconds": 3.285, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/15", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Piper Sandler – which has recently employed the CEO’s two sons – is currently modeling 24% YoY revenue growth in Imaging in 2022, which is on top of a tough comp, an estimated 38% growth in 2021. Similarly, they forecast 3% YoY revenue growth in PVD in 2022 after an estimated 29% growth in 2021. OVP is estimated to grow 9% in 2022. We believe those are highly aggressive growth rates for product segments that Heska management says it is either expecting modest growth or de-emphasizing. We believe this sets Heska up to disappoint investors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "517eb1bf-a883-4c34-bf25-d4702116784e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.55, "x": 0.4, "y": 0.007 }, "kind": "callout", "text": "Why the high growth rates given Heska management’s guidance?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94b8de34-0a72-4bdb-b229-a5b92ddcc6ff", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.02, "y": 0.008199999999999999 }, "kind": "callout", "text": "We believe high Street growth expectations are setting up investors for disappointment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c83a5ffe-5c98-4e45-8c3f-775ba80ce5c5", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.98, "x": 0.02, "y": 0.0039 }, "kind": "image", "text": "Piper Sandler Model for Heska Dated 8-3-21", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c336918-c4a4-4c87-b211-b48377eb6f8e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY revenue growth: 24%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-18f33e26045a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.0095 }, "kind": "source-note", "text": "Source: Piper Sandler", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a24d268-e279-438d-a171-91cc36632bc6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Shouldn't Investors Be Concerned That Analysts Are Modeling Growth For Those Segments?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e327cfcb-ae4c-4b88-944c-16c2cb31324e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "455ee1a8-1a58-4fda-a05f-c332e3e5de80", "evidence": "Exposing aggressive analyst models vs management guidance to suggest potential stock overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:14.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "tension", "title": "Includes a Google Trends chart comparing Tri-Heart vs HeartGard and a quote from Heska regarding their manufacturing facility.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 1699, "nDataPoints": 3, "notes": "Includes a Google Trends chart comparing Tri-Heart vs HeartGard and a quote from Heska regarding their manufacturing facility.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "screenshot", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.977+00", "seconds": 7.639, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/16", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.56, "x": 0.42, "y": 0.795 }, "kind": "callout", "text": "“We view this facility as an asset which could allow us to control our cost of goods on any pharmaceuticals and vaccines that we may commercialize in the future.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e17a7bf4-c967-4536-b948-f8fa215955ad", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the PVD and OVP segments are worth little because they are sub-scale, major product Tri-Heart has minor share and has been de-emphasized by Merck, and because another large drug targets bovine as opposed to companion animal applications.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-81fc7094e1ec", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.43, "y": 0.445 }, "kind": "chart", "text": "Google Trends comparison of Tri-Heart vs HeartGard", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40d00441-35d5-4ca5-b81f-41e3ce4f454f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.1, "y": 0.445 }, "kind": "list", "text": "Tri-Heart seems to have minimal mindshare compared to HeartGard; Why does this deserve a “companion animal” multiple?; What new drugs has Heska developed in the past five years?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa70167e-fbc8-471a-9392-71559524232f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "paragraph", "text": "Heska's Pharmaceuticals, Vaccines and Diagnostic (“PVD”) and Other Vaccines and Pharmaceuticals (“OVP”) business segments manufacture an odd mix of drugs largely for others, including a bovine drug for Elanco and Tri-Heart heartworm chewables for Merck. Most PVD and all OVP products are manufactured at Heska's Des Moines, IA facility, which is listed as Diamond Animal Health in most state and federal records. We believe the PVD and OVP segments are worth little because they are sub-scale, major product Tri-Heart has minor share and has been de-emphasized by Merck, and because another large drug targets bovine as opposed to companion animal applications. Comparables with greater scale and better products trade a material discount to Heska multiples.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2ef16f8-db03-4c55-b16d-0d8b2938c989", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We view this facility as an asset which could allow us to control our cost of goods on any pharmaceuticals and vaccines that we may commercialize in the future. — Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-861edfc50017", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Google Trends, Heska website, Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f3e6ae7-cc70-4d17-b6a0-2fe050a8718d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "The Value of Heska's PVD And OVP Businesses Are Particularly Questionable", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.977+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8de0278-04f8-420d-b191-e7e4cbe5bbe2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "tension", "title": "Uses a red flag icon to denote a warning/critique.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 1091, "nDataPoints": 20, "notes": "Uses a red flag icon to denote a warning/critique.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:15.203+00", "seconds": 3.508, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/17", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Not only has Heska had challenges growing organically, but the Company's profit margins have declined materially since peaking in 2017. Both absolute margins and margin expansion since 2019 trail IDEXX Labs by a wide margin. Investors should be concerned that margins are not expected to improve for several years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "455fb854-9c41-46cd-82c9-8b58b4dac0df", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.51, "y": 0.0034 }, "kind": "chart", "text": "Non-GAAP Net Income Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fc1e368-6b74-49fa-9420-d1b0d6c74951", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.02, "y": 0.0034 }, "kind": "chart", "text": "Adjusted EBITDA Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa2c5472-a414-4df3-b25b-c074703e0d33", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBITDA Margin", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-458a929f207d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.25, "y": 0.0075 }, "kind": "quote", "text": "There is certainly opportunity for operating margin expansion beyond '23, as we begin to leverage those operating costs more, but we'll still likely be based on where we're at today and closer to those single -- to close to double digit operating margin metrics.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "063aa99b-1502-4c48-b14e-3095be93b75a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "There is certainly opportunity for operating margin expansion beyond '23, as we begin to leverage those operating costs more, but we'll still likely be based on where we're at today and closer to those single -- to close to double digit operating margin metrics. — Wilson at Investor Day November 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-410f9037b1e6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Heska and IDEXX SEC filings, Bloomberg transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fa07620-79e4-4805-85ad-e3ece2326034", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska's Profitability Deteriorated Sharply After 2017 And Trails IDEXX By A Wide Margin", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68a0d60f-f69e-40c4-9d55-4884263c5591", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d5583839-0fcd-4102-81f7-b33330c708cb", "evidence": "Contrasts management's optimistic quote with negative financial performance data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:15.203+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "tension", "title": "Uses a 'scil' acquisition as a benchmark to derive implied North American operating expenses.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 1068, "nDataPoints": 32, "notes": "Uses a 'scil' acquisition as a benchmark to derive implied North American operating expenses.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.78+00", "seconds": 7.05, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/18", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.35, "x": 0.62, "y": 0.485 }, "kind": "callout", "text": "Based on scil's 2018 and 2019 financials, the Company spent an average of 30% of revenue on operating expenses with little variability. If we apply that same 30% to Heska's LTM international revenue, which we know is predominantly scil, then we can calculate implied North American operating expenses.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ca67899-5884-4000-8e58-366c1ca9ead1", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.87, "x": 0.09, "y": 0.17 }, "kind": "callout", "text": "Some analysts have been encouraged by what has been perceived as modest operating leverage at Heska over the past year. However, we show that implied North America operating expense as a percent of revenue has actually increased when stock based compensation is included.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1c8fa69-a83f-42e8-aa07-1417cb5f8332", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.35, "x": 0.62, "y": 0.77 }, "kind": "callout", "text": "Our North American operating expense estimate including SBC represents 45.4% of revenue, and thus an increase of over 180 basis points over pre-scil expense levels in 2019.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8f6644f-71e4-4d89-a374-2b1416072820", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating expense as a percent of revenue: 45.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-9ce78be3bd0e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska SEC filings and scil financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "383ac1bd-26d7-48d1-9190-44c4ea989048", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.58, "x": 0.15, "y": 0.42 }, "kind": "table", "text": "Heska Operating Expense Analysis table showing Revenue, S&M, R&D, G&A, SBC, Acquisition costs, and totals for 2019, LTM, International, and Implied North America.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54600d9f-22dd-4dd1-9e20-dea2d35ca39a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Find That Heska's Recent Operating Leverage Is Not What It Appears", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2de71f18-a17a-4972-889d-df8002b58b3c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d024ddce-3784-43e4-b19d-711a1a94adca", "evidence": "Exposing hidden costs (SBC) to contradict market perception of operating leverage.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:18.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "setup", "title": "Spruce Point Capital Management branding (tree logo).", "function": "expose_contradiction", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 328, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (tree logo).", "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.071+00", "seconds": 2.325, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/19", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Believe Heska is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-544bd27b3836", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.54, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.071+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e84707-5a30-4db6-b0ad-64ba19dae193", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.26, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point tree logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.071+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52d439fc-dc4f-4d04-8618-6c26d5212feb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.34, "y": 0.4 }, "kind": "title", "text": "We Believe Heska is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.071+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a078891-ffc0-41f1-b160-1b735f636dc7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "tension", "title": "Uses a red flag icon to signal warning/risk.", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1129, "nDataPoints": 0, "notes": "Uses a red flag icon to signal warning/risk.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.817+00", "seconds": 6.879, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/20", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "Not only is Heska ill-equipped to compete against larger players, but we believe several market forces will create headwinds for Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87e66968-2c03-4196-9402-3e9c20772e8a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.02, "y": 0.0091 }, "kind": "list", "text": "While we acknowledge that international markets represent an opportunity for the U.S. players, any discussion with IDEXX or Zoetis will confirm that they are laser focused on those accounts", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01dc3ed5-d0eb-4c28-ae77-e04d8aed1373", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.02, "y": 0.007 }, "kind": "list", "text": "Market dynamics do not favor smaller suppliers: Acquirers like Mars/VCA are consolidating the market, buyer collectives are influential, and vets prefer single-supplier relationships.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3540af02-eb8e-419e-94ce-12ef4c69d5bf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.02, "y": 0.0035 }, "kind": "list", "text": "Vets are stressed by COVID-related demand surges, making them a more difficult sales target. We acknowledge the increase in pet ownership during the pandemic, but we believe the market has overlooked the negative impact on diagnostic equipment sales processes.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80b3e867-2b70-45e3-877b-ba7607b0c5af", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.95, "x": 0.02, "y": 0.0048 }, "kind": "list", "text": "While the long-term trend has been for certain diagnostic activities to migrate to the vet (the “point of care”), there are practical limitations: Veterinary technicians lack bandwidth/expertise, tests may be less accurate, and space is limited.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4081711-1059-4047-83ed-f044d5300c0e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "The Companion Animal Diagnostics Market Landscape Is Becoming More Challenging", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bfa7781-490f-4e94-a3d3-d792f274e87e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.00285 }, "kind": "title", "text": "Companion Animal Market Risks for Heska", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dabef2ec-1d71-4d7c-97c6-077a72343786", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 10, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "517ff98c-ed8e-4fec-ac62-b959b2ccb136", "evidence": "The deck presents several contradictions and inconsistencies in Heska Corp.'s financial reporting and business model.", "position": 0, "objective": "The company's financial performance and business model are not as strong as claimed.", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:18.300573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "setup", "title": "Includes a sarcastic callout regarding Heska's CEO statement.", "function": "compare_peers", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 1731, "nDataPoints": 9, "notes": "Includes a sarcastic callout regarding Heska's CEO statement.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "quote_block", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:15.469+00", "seconds": 3.486, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/21", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.29, "x": 0.69, "y": 0.7 }, "kind": "callout", "text": "Sounds like a detailed plan; good luck with that.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d69cd56a-6d05-4df5-9f2e-365ff8dd1eed", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find few reasons for a vet to use Heska other than price, and even Heska management struggles to explain how it will compete with the industry's leaders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-35d6fd0ea90e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "LTM Sales: $246 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-3cdb8912fd5f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Heska faces formidable competition from larger companies that have vastly superior scale, share, breath of products and services, and intellectual property portfolios. IDEXX is the industry gold standard...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fe7d80d-7d96-4c04-aa0a-7623546fe75d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.97, "x": 0.02, "y": 0.87 }, "kind": "quote", "text": "IDEXX, which in my mind, has always been like the, for want of a better expression, like the white shoe player in the space...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc38d5fd-2ce3-4f84-a5dd-30735b22e8fb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.97, "x": 0.02, "y": 0.78 }, "kind": "quote", "text": "But I mean, honestly, it's hard to get out of IDEXX, and it's hard to steal an IDEXX customer...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2935baf-c6d1-410d-9f76-7e4de2af37ad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I think IDEXX is a brilliant company... I think we can out execute [them] going forward.\" — CEO Wilson at BAML conference in February 2021. \"But I mean, honestly, it's hard to get out of IDEXX, and it's hard to steal an IDEXX customer. They just have done a really good job of locking customers in. They'll pay whatever money they need to keep a customer. They'll do a lot of things to keep this revenue going. So they're definitely not easy to break.\" — Former Sales and Ops Heska Employee. \"IDEXX, which in my mind, has always been like the, for want of a better expression, like the white shoe player in the space, [with] the integration of all of the major elements and the ability to bundle them, the integration of the reference labs, of the in-office equipment and analyzers and the point-of-care rapid test.\" — Former Senior Vice President, Zoetis", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-38e79250a20c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Tegus, Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4f501da-2424-4911-a15f-2acb7c0de0c2", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.97, "x": 0.02, "y": 0.41 }, "kind": "table", "text": "Comparison table of LTM Sales, LTM R&D, Employees, and Advantages for IDEXX, Zoetis, and Heska.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c212c566-179f-445a-9c89-6aa059687d1f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe Heska Is A Minor Player In The Animal Health Point of Care Diagnostics Market", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de015d18-83e2-4f4d-9b08-0798bc49724e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ed5afda0-6f4c-4d1b-ae63-78a1d500690a", "evidence": "Direct comparison of three competitors across financial and operational metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.469+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "setup", "title": "Uses a red flag callout to highlight the competitive disadvantage.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 10, "textChars": 1095, "nDataPoints": 2, "notes": "Uses a red flag callout to highlight the competitive disadvantage.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "big_number", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:15.234+00", "seconds": 3.183, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/22", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.0017 }, "kind": "callout", "text": "IDEXX's Catalyst One analyzer can perform 36% more tests than Heska's Element Series analyzer. As IDEXX notes in its 2020 10-K, the ability to process more tests results in higher consumables revenue per installed instrument.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdcee10e-bed9-40bc-a491-aed56c4f938c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "IDEXX's Catalyst One analyzer can perform 36% more tests than Heska's Element Series analyzer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-0187c74bb1fb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.18, "y": 0.0077 }, "kind": "metric", "text": "25 Tests", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22be6da8-86b8-4208-b5ab-511642cd3fa1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.68, "y": 0.0077 }, "kind": "metric", "text": "34 Tests", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42acfaab-ac55-458f-ae49-44435ea1fcfa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "test menu count: 34", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-09cee2c2cf21", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.008400000000000001 }, "kind": "paragraph", "text": "IDEXX: \"We have found that the consumables revenues increase when a customer upgrades from a VetTest analyzer to a Catalyst analyzer due to the superior test menu capability, flexibility, and ease of use of the Catalyst analyzers.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "327b4453-fe7e-4592-8a2e-20e423092589", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We have found that the consumables revenues increase when a customer upgrades from a VetTest analyzer to a Catalyst analyzer due to the superior test menu capability, flexibility, and ease of use of the Catalyst analyzers, which leads to additional testing by the customer.” — IDEXX 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-054a1b2eaf78", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Heska Element Series Sell Sheet, IDEXX website, IDEXX 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37fc760e-e372-45c8-8acb-fe29f8911e8e", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.96, "x": 0.02, "y": 0.0028 }, "kind": "table", "text": "Heska Element Test Menu vs IDEXX Catalyst One Test Menu", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "555e0fb2-b611-4fd2-a799-0e5167f6a894", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Several Heska Products Underperform Those of Peers, Resulting In Lower Consumables Leverage", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73ac0997-24c1-4d88-868b-f4ff693103d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9f14377a-6b26-4948-b53a-6f542034541a", "evidence": "Direct comparison of test menu counts and capabilities between two competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "Uses direct quotes from BAML and Barclays conferences to frame the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 1602, "nDataPoints": 24, "notes": "Uses direct quotes from BAML and Barclays conferences to frame the contradiction.", "elementsJson": [ "headline_text", "subtitle_text", "callout_box", "comparison_table", "footnote", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:16.045+00", "seconds": 3.91, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/23", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.91, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Wilson stated that Heska must have gained share given its 25% subscriber growth in 2020. However, this number includes the impact of the scil transaction; North American (“NA”) subscriber growth was only 11%. We show that Heska NA total POC and consumables revenue underperformed its peers in 2020. Furthermore, we believe Heska’s oft-cited market share gains from 2013 to 2020 are incorrect, at least in terms of share relative to IDEXX and Zoetis.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fd1d65b-0e46-41bc-b24a-14572a55fc60", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.1, "x": 0.85, "y": 0.55 }, "kind": "callout", "text": "Heska has gained little share against market leaders since 2013.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "334d7506-2941-450b-940d-a0f0558d5488", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.44, "x": 0.05, "y": 0.83 }, "kind": "callout", "text": "Heska's North American POC business, both in total and consumables only, underperformed its peers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b319ac32-82e7-4f1e-9574-a9b2a07b40c2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "market share: 7.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-af80df31259f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And I do know that when subscriptions grow 25% in a year, it's reasonably safe to say that we did in fact gain share, but that's how we count share.\" — BAML Conference February 2021; \"Yeah. So in 2013, which is where we marked the beginning of our -- what we call Act 1, we do our work in five-year buckets. We were about a 3% market share holder in the North American market. We've grown that a couple of hundred basis points a year since 2013. And so we think we're sitting at about 13%, 14% as we enter 2021.\" — Barclays Conference March 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-aa5fdf6d5d67", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Spruce Point Analysis. Heska 2013 10-K and 2020 10-K, IDEXX 2013 10-K and 2020 10-K, Abaxis fiscal (3/31) 2014 10-K and Zoetis 2020 10-K, Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56a28262-6336-4283-b2be-e04fd4427e2f", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.44, "x": 0.05, "y": 0.48 }, "kind": "table", "text": "2020 North American Revenue Growth table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "334511b7-48c3-4e83-a62e-9e2c1a3ec2cf", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.91, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "BAML Conference February 2021 quote and Barclays Conference March 2021 quote.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58743c8a-7461-4ae8-92f3-126da4171782", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.44, "x": 0.51, "y": 0.48 }, "kind": "table", "text": "2013 vs 2020 North American Market Share table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb014797-cad8-4b40-b513-aca266c2f731", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Our Analysis Contradicts Key Heska Statements Regarding Its Market Share; Actual Trends Are Worse", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e86fddcb-6347-4a3b-b150-f1b9d74cbd6a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "55fec729-6700-45f2-b3b4-6228bb55a199", "evidence": "Directly contrasts management quotes with quantitative data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:16.045+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "The slide uses a spruce tree icon, likely a branding element for Spruce Point Capital Management.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 304, "nDataPoints": 0, "notes": "The slide uses a spruce tree icon, likely a branding element for Spruce Point Capital Management.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:14.88+00", "seconds": 2.56, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/24", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our View That Heska Is A Distributor That Has Made Minimal Investment In Innovation And Growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-b395e55a5c69", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "949ec1ed-c2ff-4267-927f-825acfb14cba", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.26, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26c2ab95-ff37-4b2a-a132-88c1d86538b0", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Our View That Heska Is A Distributor That Has Made Minimal Investment In Innovation And Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:14.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8776b0dd-e135-4f8c-8cb1-b4ef13a59a77", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1561, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:16.214+00", "seconds": 3.86, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/25", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.115, "w": 0.885, "x": 0.107, "y": 0.00171 }, "kind": "callout", "text": "Starting in 2020, Heska began representing itself as transformed company, suddenly able to drive never before seen innovation and bring numerous new, internally developed products to market, thus fundamentally changing Heska's business model and heavy reliance on third-party suppliers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6d5c1a6-0cda-46ac-9b51-f3ddfce94e9d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Despite Heska’s efforts to paint a picture of a transformed company, we believe the evidence (including SEC filings, supplier contracts, legal discovery, reported financials, R&D spend, capital investment, business practices, and actual product shipping in the market) indicates that Heska’s business has changed very little, if at all.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-8cf207978e49", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.86, "x": 0.13, "y": 0.006 }, "kind": "paragraph", "text": "Despite Heska's efforts to paint a picture of a transformed company, we believe the evidence (including SEC filings, supplier contracts, legal discovery, reported financials, R&D spend, capital investment, business practices, and actual product shipping in the market) indicates that Heska's business has changed very little, if at all.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea4e91c6-912a-44b6-a8c6-e797b8462c42", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Heska's climbed to the top of the innovation and value creation chain. Heska now leads in product breadth, features, benefits, competitiveness and satisfaction.\" — Wilson at Investor Day November 2020; \"Our reliance on less controllable third-party engaged lines is now greatly reduced in relative impact. We control our own performance through our own good work.\" — Wilson at Investor Day November 2020; \"We are a fully transformed company...\" — Q4 2020 Earnings Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-92c7fbc14845", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.34, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg Transcript, Heska Q4 2020 earnings release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfd5283f-82f8-4616-94b0-2e31d2ae12a4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.13, "y": 0.0033 }, "kind": "table", "text": "Wilson Comments on the \"New\" Heska", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28705146-0d26-45f6-bf82-98fadd2b689b", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.36, "x": 0.318, "y": 0.055 }, "kind": "title", "text": "We Believe Heska Is Baiting Investors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8431a929-dd25-4eb4-b9b8-466ea86cb925", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3e041c71-aef3-4506-a791-cb3527e488b0", "evidence": "Contrasts CEO/Management quotes with activist's counter-evidence.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:16.214+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide uses a red flag icon to highlight the contradiction between management's narrative and SEC filings.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 1209, "nDataPoints": 0, "notes": "The slide uses a red flag icon to highlight the contradiction between management's narrative and SEC filings.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:16.526+00", "seconds": 4.099, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/26", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Nearly all Heska products are designed and manufactured by other OEMs. In fact, Heska's two most important supplier agreements specifically refer to Heska's role as \"distributor\" (FUJIFILM, Mindray).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1fdf297-35be-48cd-9541-62dca967007f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-4e3778fac6d1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.97, "x": 0.02, "y": 0.85 }, "kind": "paragraph", "text": "Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7aa5bcdc-8ce3-48ea-97a8-3fdb6bb25d13", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"All of our Point of Care laboratory and other non-imaging instruments and consumables are supplied by third parties, who typically own the product rights and supply the product to us under marketing and/or distribution agreements.\" — Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-5391b8b99483", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Heska 2019 10-K, Heska 2018 10-K, Heska 2016 10-K, scil animal care company GmbH 2019 annual financial filing with Unternehmensregister, Siemens Healthineers press release dated 7/21/17", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30f2b52d-6163-4258-a694-c525db30542c", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.97, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Heska Product Sources table listing product areas and corresponding disclosures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "169b15c8-0a6a-4615-ab81-6eb6c502788e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Despite Management's Story of Transformation, We Believe Heska Is Still Simply A Distributor", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6025422c-02cf-4f19-8308-1fede939a3a3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "36b9234e-f69c-4ffb-ace1-85678c8c6e66", "evidence": "Exposing contradiction between management narrative and SEC filings to justify lower valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.526+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "Uses a visual comparison to undermine the company's claim of proprietary technology.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 4, "textChars": 251, "nDataPoints": 0, "notes": "Uses a visual comparison to undermine the company's claim of proprietary technology.", "elementsJson": [ "headline_text", "comparison_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:15.362+00", "seconds": 2.825, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/27", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.25, "x": 0.02, "y": 0.02 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2fb01e9-3c16-4c31-b5a3-5313ca0df1bf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska website, Siemens Healthineers website, FUJIFILM website, Mindray website, LightDeck website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5f05667-1297-4509-af3c-d31bf99e4a75", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "table", "text": "Comparison table of Heska products vs OEM sources", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6383ee77-a72f-4d41-9188-ba0c814fd44d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Point of Care (POC) Diagnostic Products: Look Familiar?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64381152-68c1-4d99-9e90-3e540a098dda", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "21d52865-29ca-4a28-8240-cf6b9e08021a", "evidence": "Visual side-by-side comparison of products to reveal rebranding", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:15.362+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 650, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:16.102+00", "seconds": 3.092, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/28", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.82, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Comparing the Company's supplier disclosure between its 2019 and 2020 10-K Annual Report, Heska eliminated references to four external suppliers despite the fact that either current product sheets pre-date the change or the products remain the same, meaning no actual change in supplier relationship has occurred.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "873b9c48-a686-43c3-ac56-58b4d88b21b2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Heska 2019 10-K, Heska 2018 10-K, Heska Product website pages, Wayback Machine, Veterinary Practice News", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4200c932-65e6-49c1-abfe-0a614f1f6e0a", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "Comparison of 2018/19 vs 2020 supplier disclosures for HemaTrue, Element POC, Element COAG, and Heartworm tests.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9648ad8c-f5f8-408b-979c-7e4c2d9c77d6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska Isn't Innovating More; They Are Simply Reducing Disclosure of OEM Relationships", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17b7100c-e1fb-4ea8-a0b9-24f7cb63cf6e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1a392cf5-96a9-4537-82ec-090ab60d67b9", "evidence": "The slide explicitly frames the removal of disclosures as a deceptive practice to hide lack of innovation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.102+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "Uses a red box to highlight the removed list of suppliers between the 2019 and 2020 10-K excerpts.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 712, "nDataPoints": 0, "notes": "Uses a red box to highlight the removed list of suppliers between the 2019 and 2020 10-K excerpts.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:16.3+00", "seconds": 3.099, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/29", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.23, "x": 0.75, "y": 0.615 }, "kind": "callout", "text": "Heska deleted the list of suppliers in its 2020 10-K despite our belief it had virtually zero change in its dependence on these external companies", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a690726-cc1e-451e-a5df-7c60669943c0", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.88, "x": 0.108, "y": 0.17 }, "kind": "callout", "text": "Prior to 2020, Heska explicitly disclosed that it relied on others almost exclusively for product development. In these relationships, we believe “collaboration” meant that Heska told the source OEM which capabilities they wanted the equipment to have. We believe Heska's removal of this disclosure in its 2020 10-K is potentially misleading.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f892a84-cd69-4e29-a2fd-e4f6329e49a4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.965, "x": 0.018, "y": 0.7 }, "kind": "image", "text": "Heska Disclosure on Product Development in 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d04aa15-d6d5-4022-aef4-0771d0cb63ea", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.965, "x": 0.018, "y": 0.28 }, "kind": "image", "text": "Heska Disclosure on Product Development in 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "613ecf46-4c4f-4d6b-bebd-b603154fe782", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.018, "y": 0.955 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed1d93e5-7f62-4764-bcc6-4343a0f3c1f7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.315, "y": 0.015 }, "kind": "title", "text": "Heska Formerly Disclosed A Clearer Picture of Its Product Development Activities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b38d087-0ee2-4eee-ad3c-698c03e75ef5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c564f327-e5b0-410c-bb18-5399da8f83b1", "evidence": "Highlights the removal of specific disclosures to suggest misleading reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:16.3+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "Uses a red flag icon to denote a warning/contradiction. Includes a direct quote from a conference as a counterpoint to the legal filing.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1119, "nDataPoints": 0, "notes": "Uses a red flag icon to denote a warning/contradiction. Includes a direct quote from a conference as a counterpoint to the legal filing.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:17.459+00", "seconds": 3.794, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/30", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Beyond its heavy reliance on external suppliers for product innovation, Heska has occasionally invested in questionable private companies... Heska explicitly states that they are solely a distributor, which conflicts with the Company's characterization.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ababd15f-c4b3-40c4-aff8-0ec283b1b205", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In Heska's response to Qorvo arguing that such information should not be made available, the Company explicitly states that they are solely a distributor, which conflicts with the Company's characterization of its development activities.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-bf9bcc4d4c6e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "Excerpts from legal filings showing Heska claiming to be a distributor for Element i and Element i+ products, contrasting with their public statements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b57c162-884e-449c-8e6b-3abc8f4dbc31", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "Heska Response to Qorvo Discovery Request Submitted 7/6/21", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75919d8b-fcde-4b93-b532-eb9af5ef2d70", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.38, "x": 0.61, "y": 0.84 }, "kind": "quote", "text": "And then Element i+. This is a product that we've been working on now for several years.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4614eb33-eee4-40fc-bd2b-3341a60e9abf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And then Element i+. This is a product that we've been working on now for several years.\" — Wilson at JPMorgan Conference January 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a5-c2a1efcfe5cd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Case 1:19-cv-01108-LCB-JLW - red underline is Spruce Point emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a414f1c-e736-410f-aa96-85609a46077e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.52, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa18ab5d-64cf-4443-b786-3edecfcbaa1e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Admits It is Just a Distributor, Just Not in Its SEC Filings Or Conference Presentations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e78c3897-28c6-402f-8561-e0f4014f6b3e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ecda3f32-58f5-4e52-bf44-e7b4f9012b48", "evidence": "Contrasts legal filing text with conference transcript quote to prove misrepresentation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:17.459+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "setup", "title": "The slide uses a red bar for Heska to highlight its underperformance relative to peers.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 504, "nDataPoints": 34, "notes": "The slide uses a red bar for Heska to highlight its underperformance relative to peers.", "elementsJson": [ "headline_text", "callout_box", "bar_chart_horizontal", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:17.251+00", "seconds": 3.169, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/31", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska's gross margins generally fall between those of high value-added diagnostic equipment companies and pure animal health distributors. Heska's EBITDA margins fall below those of nearly all possible comparable companies. We believe this is indicative of Heska's lack of proprietary technology and poor competitive position.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f27e57a-4904-4fb1-a6d0-beaf7356dbf6", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.48, "x": 0.02, "y": 0.28 }, "kind": "chart", "text": "LTM Gross Margin Comparison", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3040e470-85a0-4692-854b-c486e5890545", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.48, "x": 0.51, "y": 0.28 }, "kind": "chart", "text": "LTM Adjusted EBITDA Margin Comparison", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65cdfb45-8b1e-46df-8a61-10afb350695e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA margin: 8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-2368e17a5322", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad019362-d12a-4e3f-9690-d5335a8b4fd9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska's Business Model Is Evident In Its Low Gross And EBITDA Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bae86327-4ef5-4752-92fd-0abbd2966dbe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a2897092-1997-42a3-a597-8483a9f3bc63", "evidence": "Direct comparison of financial metrics against peer groups to argue competitive weakness.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:17.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "Uses a red flag icon to signal warning/risk. The table structure directly maps company risk disclosures to specific business model critiques.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 726, "nDataPoints": 0, "notes": "Uses a red flag icon to signal warning/risk. The table structure directly maps company risk disclosures to specific business model critiques.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:20.367+00", "seconds": 6.009, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/32", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.85, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "As a distributor, or at best white label supplier, Heska does not control its own product destiny. While white labeling is an accepted business model, it seems wildly inappropriate to ascribe it a 9x revenue multiple since it is questionable that the Company has any sustainable competitive advantage.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0efac2f-77f7-4d86-b25f-b15ab3111aae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We often purchase products from our suppliers under agreements that are of limited duration or potentially can be terminated on short notice subsequent to unfavorable legal action... Current agreements, or agreements we may negotiate in the future, may commit us to certain minimum purchase or other spending obligations. — Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-31fb10be2065", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48997e89-ec34-4032-9db3-8f55053034e3", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Heska's Disclosure on Product Risks", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "634ee40d-e555-4a2b-b1e7-4718b98360ff", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.315, "y": 0.04 }, "kind": "title", "text": "What Does Heska Really Have?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b68646c-13e5-4649-8866-292ca1e15dc0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6efad93b-6aeb-433f-88e4-6d64db74da69", "evidence": "Directly uses company's own 10-K disclosures to undermine the investment thesis/valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.367+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "The slide uses a 'before-after' or 'contrast' structure to highlight the gap between Heska's disclosure and industry reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 1983, "nDataPoints": 0, "notes": "The slide uses a 'before-after' or 'contrast' structure to highlight the gap between Heska's disclosure and industry reality.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.274+00", "seconds": 3.787, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/33", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska. Moreover, Heska doesn't acknowledge important changes in the competitive landscape, such as OEMs bypassing distributors such as Heska to sell direct and the emergence of low-cost Asian competitors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78b0060c-a43c-47ff-8718-4adc9ada858b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-04057866d5d4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "paragraph", "text": "Heska's Competition Disclosure Hasn't Changed Much Over The Past Five Years", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "417dc19d-67ed-4f91-8c8d-8791639e489d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "Our market is intensely competitive. Our competitors include independent animal health companies and major pharmaceutical companies that have animal health divisions. We also compete with independent third party distributors, including distributors who sell products under their own private labels. In the Point of Care diagnostic testing market, our major competitors include IDEXX Laboratories, Inc. (\"IDEXX\") and Zoetis Inc. (\"Zoetis\"). Idexx has a larger veterinary product and service offering than we do and a large sales infrastructure network and a well-established brand name. Zoetis also has a large sales infrastructure network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f46a2ad-cb70-46da-8bf3-b0c94a36c651", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "paragraph", "text": "IDEXX and scil (now part of Heska) Disclose a Broader Array of Competitors and Potential Risks", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c462b8ac-876f-4df0-9fce-88b74ef15a88", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our major competitors in most geographic locations in North America are Antech Diagnostics, a unit of VCA Inc., a division of Mars, Incorporated; Zoetis Inc. (including its wholly-owned subsidiary Abaxis, Inc.); Heska Corporation; Samsung Electronics Co., Ltd., and FUJIFILM North America Corporation. We also compete in certain international markets with Zoetis, FUJIFILM Holdings Corporation, Samsung Electronics, Arkray, Inc., Heska, Mindray and BioNote, Inc. — IDEXX 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-0bcc43cd388d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, IDEXX 2020 10-K, scil animal care company GmbH 2019 annual financial filing with Unternehmensregister", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26176587-b8d6-4eaa-aa30-12b6b0153733", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "table", "text": "Comparison of disclosure content between IDEXX/scil and Heska", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd8df809-4bd5-4f1c-9785-4bcf2cc75605", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "We Believe Heska Understates The Competitive Risks Of Its Business Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aacd24c9-2e0f-4b83-b1ff-ddeffea37ce5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3eb0411d-cea3-473c-ac76-2dcda86c9ca9", "evidence": "Contrasting company disclosure against peer disclosure to highlight omission of material risk.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:18.274+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "setup", "title": "Includes a red flag icon as a visual metaphor for risk.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2234, "nDataPoints": 0, "notes": "Includes a red flag icon as a visual metaphor for risk.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.018+00", "seconds": 4.464, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/34", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe the risk of a major OEM going direct is real.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-66106c89ada8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.09, "x": 0.01, "y": 0.17 }, "kind": "image", "text": "Red flag icon", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1baa78fd-3e33-40f7-88eb-63dc0dd92c0b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "We believe the risk of a major OEM going direct is real. Not only did this occur to scil in Europe prior to its acquisition by Heska, but we believe there is a meaningful risk that FUJIFILM, one of Heska's two largest suppliers, may eventually go direct in the U.S. market. FUJIFILM has made clear that its Healthcare segment is highly strategic and expected to be a key future growth driver, particularly relative to other segments such as Business Innovation (copiers and printers for corporate offices) and Imaging (cameras and projectors). Furthermore, in a relatively rare move for a Japanese company, Fuji has made two billion dollar acquisitions in the U.S. to bolster its healthcare business specifically in this market, Hitachi Medical Systems and Sonosite. As part of our research, we spoke with several Fuji healthcare products distributors in the U.S., and at least one acknowledged the possibility of FUJIFILM switching to direct sales to bypass Heska. We believe Heska investors fail to acknowledge this risk, which we believe would have a material adverse impact on Heska should it occur.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82bacb66-26cc-4c4c-bf0e-15496a6dda6c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Fuji has acquired Hitachi Medical Systems and Sonosite in the U.S., each for a billion dollars or more. They are very serious about the U.S. market. They have the diagnostic expertise, and they find the veterinary market very interesting. It wouldn't surprise me if they decided to go direct in the U.S. That kind of thing happens in this industry.” — FUJIFILM Medical Products Distributor", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-6b082cb2ac43", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.04, "y": 0.76 }, "kind": "source-note", "text": "Source: Interview", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7a0c8a4-b900-40bc-bcc8-cd3b5d35aa2c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.98, "x": 0.02, "y": 0.49 }, "kind": "table", "text": "Could FUJIFILM Bypass Heska and Go Direct? Spruce Point: \"Do you believe FUJIFILM would consider transitioning to direct sales for veterinary products in the US?\" FUJIFILM Medical Products Distributor: \"Fuji has acquired Hitachi Medical Systems and Sonosite in the U.S., each for a billion dollars or more. They are very serious about the U.S. market. They have the diagnostic expertise, and they find the veterinary market very interesting. It wouldn't surprise me if they decided to go direct in the U.S. That kind of thing happens in this industry.\"", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e9993b6-fc0c-479f-a9c9-a7dd617856fe", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "We Believe There Is A Real Risk That FUJIFILM, A Major Supplier, Could Move To Direct Sales In The U.S.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de066ad4-7237-4295-81ec-6884257c0219", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6fadf452-b361-49f6-8651-6b9b35a1e7cf", "evidence": "Frames Fujifilm as a threat/villain to the company's business model.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:19.018+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "tension", "title": "Uses red callouts and arrows to highlight specific claims and pose rhetorical questions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 10, "textChars": 1048, "nDataPoints": 0, "notes": "Uses red callouts and arrows to highlight specific claims and pose rhetorical questions.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.247+00", "seconds": 3.673, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/35", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.15, "x": 0.78, "y": 0.77 }, "kind": "callout", "text": "Bold statement", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c9f4ca7-6e4d-4328-84f1-517c14012224", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Either Wilson does not understand the meaning of the pronoun “we”, or the Company is embellishing its product development efforts. Heska gives the impression that it has developed numerous new products over the past two years and has become a leader in terms of innovation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50846ec7-93e4-4193-a985-e89613c6f4d2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.43, "y": 0.77 }, "kind": "callout", "text": "Is this a good thing?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b130454c-d4c3-47a7-83fc-e58b38e6d8c1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.05, "y": 0.87 }, "kind": "callout", "text": "Heska already disclosed that it was sourcing the Element AIM (formerly “UF”) from a supplier. Why embellish?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbfc989a-0876-4fae-8795-d7f4c81f55e2", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Either Wilson does not understand the meaning of the pronoun “we”, or the Company is embellishing its product development efforts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-ecb8c776c3c7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.95, "x": 0.05, "y": 0.83 }, "kind": "paragraph", "text": "Heska 2019 10-K: “Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a52bc7d-ad05-46db-91bf-453f08bbc8bd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Element i+ is now shipping the full commercial quantities this quarter and we are working to quickly expand Element i+'s very exciting menu.” — CEO Wilson, Q2 2020 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-f3a8d1e49fc5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg Transcript, Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a17347c1-a891-434c-9a69-801ea2c94ea5", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.95, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "CEO Wilson Comments on Product Development Activities", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17cc5bff-3229-4e60-b490-64538f71d95f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Gives Investors The Impression It Is Developing Numerous New Products And Technologies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3904fd3-da89-4dc4-a640-093d9242dd69", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "385aac4f-5ecb-4e4b-b542-1ae7864ee0e5", "evidence": "Contrasts CEO quotes with 10-K disclosures to expose embellishment.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:18.247+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction. Highlights Heska's low R&D spend relative to peers.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 10, "textChars": 1332, "nDataPoints": 24, "notes": "Uses a red flag icon to signal a warning/contradiction. Highlights Heska's low R&D spend relative to peers.", "elementsJson": [ "headline_text", "callout_box", "data_table", "comparison_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.628+00", "seconds": 3.923, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/36", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska has spent $12.4 million more on R&D in over the past two years relative to its previous four-year average. However, given Heska's oft-cited guidance on development costs, this implies minimal improvement in its product portfolio. In fact, Heska R&D spend is underwhelming compared to leader IDEXX and comparable companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c28337bb-e7bf-4a77-ad5a-0cb3e3704ca7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska is being outspent almost 20-to-1 by IDEXX, the animal health diagnostic equipment leader.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-ca74404251df", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "R&D / Revenue: 4.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-d32c205e1890", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.48, "x": 0.02, "y": 0.75 }, "kind": "paragraph", "text": "Examining incremental R&D spend since 2019 suggests Heska has been able to add just 6 new features / menus to its products. More importantly, how has Heska funded the development cost of the Element AIM, a new product the Company claims has been entirely developed internally? We believe this raises serious questions about Heska's Element AIM disclosures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62a2b5a7-fb78-41d6-a7e6-4fe6ad53f70d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.48, "x": 0.51, "y": 0.85 }, "kind": "paragraph", "text": "Heska is being outspent almost 20-to-1 by IDEXX, the animal health diagnostic equipment leader.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da0789d9-d0b0-4e53-8312-31d8eba5e262", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The addition of major features and menu expansions to existing platforms often requires between $1 million and $3 million of investment and one to two years of time to reach our markets.\" — Wilson at Investor Day November 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a6-cee0442370af", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "120dbffb-78db-4553-95c3-c23bccdf1d0e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Heska R&D Disclosure and Historic Spend Analysis", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "753b5e0b-a405-468e-bb50-bf64c6419b7f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.51, "y": 0.28 }, "kind": "table", "text": "Comparable Company R&D Spending Comparison", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93e035fb-155b-4fe7-9a39-57127d84e64b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Find It Hard To Understand How Heska Has Accomplished All This With Minimal R&D Spend", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6f90cde-1741-428e-bfc9-6be1adb8cd03", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5570cb15-7f83-4779-a78c-87ad2d8a6d88", "evidence": "Contradicts company claims with financial data to suggest misleading disclosures.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:18.628+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "tension", "title": "Uses a red flag icon to highlight the contradiction between market perception and reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 986, "nDataPoints": 0, "notes": "Uses a red flag icon to highlight the contradiction between market perception and reality.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:17.864+00", "seconds": 3.076, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/37", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Heska has a modest IP portfolio of five patents, including several very old Cuattro patents related to radiography for equine applications. Heska shares recently jumped when the Company filed for a patent presumably related to a new product. However, it was only for a cartridge design, and the inventor doesn't even work for Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d4a77a7-79d8-4053-99bb-528d98ebf51b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.67, "x": 0.32, "y": 0.0034500000000000004 }, "kind": "image", "text": "Patent application screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70833797-a41f-42a3-87a4-401d22a840cf", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.3, "x": 0.02, "y": 0.00365 }, "kind": "paragraph", "text": "Our issued patent portfolios primarily relate to allergy, diagnostic and detection tests, and vaccine delivery technologies. As of December 31, 2020, we owned, co-owned or had rights to 5 issued U.S. patents expiring at various dates from April 2021 to April 2024 and had 2 pending U.S. patent application. Our corresponding foreign patent portfolio as of December 31, 2020 included 7 issued patents in various foreign countries expiring at various dates from February 2021 to August 2024 and no pending applications.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "210710da-f6b0-4101-bc5d-9198752ca4cf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, USPTO, LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63442bae-c4e2-4205-a71f-990107757899", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Appears To Have Little Proprietary Technology After Our Review", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f866a4e-6ef9-4f51-a3cc-693c60f4ad0a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "19167dd8-2fe7-43b5-8303-93a3054759df", "evidence": "Exposing the lack of proprietary technology to contradict market hype.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:17.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "Uses a 'before and after' comparison to undermine a CEO quote.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 9, "textChars": 1093, "nDataPoints": 0, "notes": "Uses a 'before and after' comparison to undermine a CEO quote.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.784+00", "seconds": 3.991, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/38", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.32, "x": 0.64, "y": 0.86 }, "kind": "callout", "text": "Three \"new\" products, all developed by others.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69dab60e-9d3d-4d33-b91e-911d5bc823b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.22, "x": 0.64, "y": 0.78 }, "kind": "callout", "text": "Look familiar? They are 8 years old.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a60f589-d4d1-40ad-a765-fef497c6a815", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska wants investors to believe that it is a fundamentally different company today. However, not surprisingly given the Company's modest level of investment, it is largely selling the same diagnostic products it did in 2013. Furthermore, the imaging product lineup it acquired from Cuattro in 2013/17 has changed little as well.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "967799fa-cea9-4018-95ac-34dc238593ea", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.51, "y": 0.58 }, "kind": "image", "text": "Heska Lab Systems as of 8/28/21", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec4174b9-bb9e-4294-9826-e93cc9397865", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.31, "x": 0.17, "y": 0.58 }, "kind": "image", "text": "Heska Lab Systems as of 12/24/13", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f239e766-6e09-422c-9cf9-8ad3e265e747", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.74, "x": 0.25, "y": 0.28 }, "kind": "quote", "text": "To set the stage, let's recall where we began. In 2013, Heska was not well positioned for the next 15 years... And I am proud to say that this Heska team made the needed fix to each and every one of these circa 2013 criticisms.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a4d153a-6428-4798-bbad-a9a5cd05eb05", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"To set the stage, let's recall where we began. In 2013, Heska was not well positioned for the next 15 years... And I am proud to say that this Heska team made the needed fix to each and every one of these circa 2013 criticisms.\" — Wilson at Investor Day November 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-7ad0889cd307", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Wayback Machine, Heska website, Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d0cdc6a-a91a-43e9-b98a-fd40ff793da4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska's Product Line Has Changed Little Over the Past Five Years", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0b08f27-1647-4c74-82d6-f3e6a6d3a4ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8dba876a-d74c-4f8b-a8d2-53fef70e9268", "evidence": "Contrasting management's claim of transformation with historical product data.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:18.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "Uses a red flag icon to denote a warning or contradiction. The slide structure uses a table to contrast CEO quotes with a regulatory filing.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 2821, "nDataPoints": 0, "notes": "Uses a red flag icon to denote a warning or contradiction. The slide structure uses a table to contrast CEO quotes with a regulatory filing.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:18.827+00", "seconds": 3.741, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/39", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.76 }, "kind": "callout", "text": "Heska 2019 10-K: \"Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5533939b-0f31-4483-8069-34fdaa5e7590", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Heska has repeatedly stated or implied that the Element AIM product has been developed and is being manufactured internally. Of note, Heska's only disclosed manufacturing facility, which largely produces pharmaceuticals for others on a contract basis, is located in Des Moines, Iowa.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce2c256d-fac9-4a7e-9735-32fa6b44cb58", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it troubling that investors have not gotten a straight answer from Heska management regarding something that represents a material shift in strategy and operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-64ef75647f83", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "paragraph", "text": "We find it troubling that investors have not gotten a straight answer from Heska management regarding something that represents a material shift in strategy and operations. How can Heska manufacture the Element AIM on the East Coast when it has never disclosed the existence of a facility there? How can Heska represent that fecal testing expertise and technology “doesn’t exist” when fecal flotation has been performed for years for animals and stool tests have been used for humans for decades? If Heska abandoned a previous supplier, that should have been disclosed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8f82f51-14ef-47ad-afcd-d9b06e6a7ae9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We think point-of-care fecal combined with urine product is unique, its innovative. It's something that we've done internally. We haven't partnered with outside people because we don't think it exists out there on the human side, just veterinary eyes it. So we designed a kind of a purpose fit product for that.\" — CEO Kevin Wilson (Stifel Conference June 2021); \"And then the big innovation that investors who have followed us for a while, we worked on this product for the last three or four years, is an in-house innovation. We think we've invented some very unique things here to tackle what we consider to be one of the largest problems of veterinary healthcare, which of course, would be analyzing urine, but more importantly, analyzing fecal. And so, we've invented the Element AIM. It is in the process of being launched this quarter after several years of research and development. We're manufacturing this product in the United States, up in New England and that's underway.\" — CEO Kevin Wilson (Jefferies Conference June 2021); \"We did experience some supply chain disruption and delays for things like advanced computer chips...I'm sure my R&D and operations teams are thrilled that you ask, because they live it every day...I think, we've secured the major components.\" — CEO Kevin Wilson (Q2 2021 Earnings Call); \"Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers.\" — Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-6b1a5210a3a9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts, Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "690dfa6b-62b0-488e-8de5-94f132aceff1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "CEO Wilson Comments on Element AIM Development and Production", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb36b7a8-179f-4003-b73a-89f0f824d4fa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Similarly, Heska Continually Suggests That They Are Manufacturing The New Element AIM Product", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48b0dfc7-d6b6-4e9c-8201-031e9e3a1e2e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "107f03f4-5b3b-4970-9787-ef986b4af04b", "evidence": "Contrasting CEO conference call quotes with 10-K filing text.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:18.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses a red flag icon to denote a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 9, "textChars": 1170, "nDataPoints": 24, "notes": "Uses a red flag icon to denote a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "bar_chart_vertical", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.043+00", "seconds": 3.874, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/40", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.48, "x": 0.02, "y": 0.76 }, "kind": "callout", "text": "Heska's capex spend has declined to minimal levels in recent years. Once again, this disclosure forces us to seriously question management's comments regarding its role in the production of the Element AIM.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b869d2-df23-4ef3-8666-35d2ef04ec80", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.51, "y": 0.76 }, "kind": "callout", "text": "Historical capex spend for IDEXX makes a lot more sense: increasing as revenues scale and within a consistent range as a percent of revenue. If Heska is really \"like\" IDEXX, shouldn't they be similar?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ac3ebc6-8190-463b-92d0-52fb7093847b", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.16 }, "kind": "callout", "text": "Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM. Moreover, we show that such capex levels are far more indicative of a distributor than a company driving any level of innovation or organic growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97d9a45b-3fb3-40b2-9ebe-44a22e3d8b70", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-7fb5833e1858", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.28 }, "kind": "chart", "text": "Heska Historical Capital Expenditure ($M)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b1036a7-a19c-4235-8d39-4af3251b3952", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.51, "y": 0.28 }, "kind": "chart", "text": "IDEXX Historical Capital Expenditure ($M)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3adac8b-1aa2-4276-a108-e5d548c2e355", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Capital Expenditure: $2 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-81d15dc0d2b6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6e7d4d2-5bf6-49e1-8578-b8f70675a318", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska's Statements Regarding Element AIM Are Inconsistent With Its Declining And Minimal Capex", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b627f379-262d-4ba2-aabc-7484d4e30786", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "130f19c0-2696-4f77-b701-75b8d9f77de5", "evidence": "Contrasts management statements with financial data (capex).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:19.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 41, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 163, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:17.566+00", "seconds": 1.864, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/41", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.566+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54bd82a0-7ed7-4861-9ef3-dc00c40af8a1", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.26, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.566+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "736efd7e-b903-484f-b0f9-565215c1b2cd", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Heska's Product Roadmap Is Likely To Disappoint", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:17.566+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d68cfec-a9b9-4cf0-a17c-cfd203be4bec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 42, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1328, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.116+00", "seconds": 7.409, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/42", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.97, "x": 0.02, "y": 0.92 }, "kind": "callout", "text": "Competitor Zoetis released a competitive product three months before this statement (see slide 46).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10787266-1983-4c6e-b7fe-e43cdfcf1b0d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska has repeatedly touted the prospects for its new urine and fecal analyzer, the Element AIM. However, we seriously question Heska's disclosures related to the product and the Element AIM's prospects for success.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4e9d32c-0ebd-4b0a-b510-14645044708d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.95, "x": 0.02, "y": 0.35 }, "kind": "list", "text": "In the previous section, we noted several concerns about the Element AIM, including: Inadequate R&D spend; lack of IP; low capital expenditures.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45fe05c4-37f7-42c8-8aca-1cd0ea4ffd09", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.95, "x": 0.02, "y": 0.51 }, "kind": "list", "text": "In this section, we focus on Heska's statements regarding timing, market receptivity, and competitiveness of the Element AIM and find that: Friction in adoption; competitors beat them to market; suspect disclosures; delays; questionable pre-orders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "645223c4-6c7d-48be-bb98-ee21708cb450", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "paragraph", "text": "Spruce Point Concerns About Element AIM", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f40ee8c-96fc-4efa-a4ef-c6fe4128712c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.97, "x": 0.02, "y": 0.83 }, "kind": "quote", "text": "CEO Wilson at Investor Day November 2020: At launch in 2021, Element AIM will be the world's first and only analyzer designed specifically for veterinary medicine to do both fecal and urine imaging...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f84bf196-4bb3-4ba3-94fd-cf696f54cf5b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "At launch in 2021, Element AIM will be the world's first and only analyzer designed specifically for veterinary medicine to do both fecal and urine imaging in a fully automated manner that is supported by AI for the best user accuracy and efficiency — CEO Wilson at Investor Day, November 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-fa81c257046b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Research Calls Into Question Heska's Claims Regarding the Upcoming Element AIM Product", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81283c52-4b15-424f-afa1-fe59c2ed6b51", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "039fc2e6-31aa-41a0-9603-84bdec2c32a6", "evidence": "Contrasting CEO statement with competitor launch date", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:23.116+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 43, "type": "setup", "title": "This is an activist short-seller report slide challenging the technological value proposition of a company's new diagnostic equipment.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 7, "textChars": 3273, "nDataPoints": 0, "notes": "This is an activist short-seller report slide challenging the technological value proposition of a company's new diagnostic equipment.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.431+00", "seconds": 3.704, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/43", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Practically speaking, we believe it is a stretch to call the new fecal analyzers a new piece of diagnostic equipment. In reality, the veterinary staff are still required to undergo a sample preparation process that must be done correctly to ensure accurate test results, and the equipment is actually just an automated microscope that uses algorithms to scan the slide for pre-determined image evidence of parasites.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-1f2941afa899", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.44 }, "kind": "paragraph", "text": "Therefore, the second and more common practice is to send pet fecal samples to a centralized animal health reference lab. Given the use of more accurate diagnostic equipment, the use of additional testing protocols (such as antigen testing, which can identify eggs in earlier stages of growth), and greater laboratory personnel expertise, this is widely considered the most accurate diagnostic process. For this reason, the CPAC recommends that antigen testing be combined with microscopic examination. The only drawback is that the results of such tests are usually not available until early the following day.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22f942f6-dd17-49a1-9b9b-bf2955e8bdef", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.27 }, "kind": "paragraph", "text": "Currently, pet fecal testing is performed one of two ways. First, in-clinic analysis can be performed using a variety of methodologies that vary in accuracy depending on type and personnel expertise. Most common is fecal floatation, which involves the physical preparation of the sample followed by analysis with a microscope. There are also a number of low cost disposable tests for certain applications. Fecal floatation has numerous potential limitations including misidentification given other debris in the sample, varying egg density, and varying stages of egg growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "285f3f56-854f-4087-be42-fbed0f8d7cd3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "We acknowledge that fecal testing can be an important treatment protocol for assessing the health of companion animals for the identification of the presence of roundworms, hookworms, and whipworms. In fact, the Companion Animal Parasite Council (CAPC) recommends two fecal screenings per year for adult dogs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40655d82-ce65-4ac3-a430-a14fbccee61c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.78 }, "kind": "paragraph", "text": "Finally, it is important to highlight exactly what functions the new point of care machines are performing. Practically speaking, we believe it is a stretch to call the new fecal analyzers a new piece of diagnostic equipment. In reality, the veterinary staff are still required to undergo a sample preparation process that must be done correctly to ensure accurate test results, and the equipment is actually just an automated microscope that uses algorithms to scan the slide for pre-determined image evidence of parasites.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a048132-ee6a-4ddf-aeef-332f5f95cec3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.61 }, "kind": "paragraph", "text": "Practically speaking, this sub-24 hour turnaround time is adequate for a large portion of total testing activity and is most cost effective for the vet as it saves on the capital cost of an additional piece of diagnostic equipment and related consumables and reduces the burden on veterinary staff. Another typical argument against the use of reference labs is that the testing delay may require the pet owner to drive back to the vet following, but we note that (1) most people visit vets close to their home, and (2) a return trip doesn't seem too much to ask given how pets are being treated with greater care, and (3) a return visit isn't always required for treatment next steps, if any.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0de41b2-65d2-45fe-8299-e8473bb93aac", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Fecal Testing Background: Currently Performed by Reference Labs; Timing Issues And Point of Care Solution Capabilities Seem Embellished In Our View", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb189728-0ba1-45c7-ba83-5700aae4fd65", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 44, "type": "setup", "title": "The slide uses screenshots of a scientific study and a retail product page to provide evidence for the claim.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1206, "nDataPoints": 2, "notes": "The slide uses screenshots of a scientific study and a retail product page to provide evidence for the claim.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.068+00", "seconds": 3.141, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/44", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As stated, there are numerous disposable fecal analysis tests that can be performed in-clinic for certain applications. These tests, supplied by competitors IDEXX, Zoetis and BioNote and not by Heska, are inexpensive, sufficiently accurate, and relatively easy to use.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-9a717c3fb697", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.46, "x": 0.52, "y": 0.33 }, "kind": "image", "text": "Screenshot of a product page showing pricing for a Giardia test kit.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c51e3620-909d-43e5-9566-2593be6bc2ec", "parentComponentId": null }, { "bbox": { "h": 0.61, "w": 0.48, "x": 0.02, "y": 0.33 }, "kind": "image", "text": "Screenshot of a scientific study abstract regarding Giardia test performance.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e325f74b-6ccc-4d7f-a459-f3e36282e865", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "As stated, there are numerous disposable fecal analysis tests that can be performed in-clinic for certain applications. These tests, supplied by competitors IDEXX, Zoetis and BioNote and not by Heska, are inexpensive, sufficiently accurate, and relatively easy to use.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f9fb152-ce47-4771-acd4-45518f0847a1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Evaluated were four in-clinic antigen test kits: VetScan® Canine Giardia Rapid Test (Abaxis), Anigen® Rapid CPV-CCV-Giardia Antigen Test (BioNote), SNAP® Giardia Test (IDEXX) and Witness® Giardia Test (Zoetis). In the comparison of the in-clinic tests to the DFA standard test sensitivity ranged between 70.0-87.1%, and specificity ranged between 71.1-93.4%. — Parasit Vectors, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-9dc39e657232", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: National Center for Biotechnology Information, Walmart", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1605a90-8930-466b-8e1a-a3853bc0b89c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Cheap And Easy Disposable Fecal Tests Are Widely Available For Many Health Issues", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98253ef4-eb3e-47de-9cdc-ea5bcb8b0e7a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 45, "type": "analysis", "title": "Uses a red flag icon to signal a warning or negative indicator regarding market demand.", "function": "diagnose_problem", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 7, "textChars": 2204, "nDataPoints": 1, "notes": "Uses a red flag icon to signal a warning or negative indicator regarding market demand.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.5-flash", "runId": null, "at": "2026-07-17 03:52:13.407+00", "seconds": 5.435, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/45", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.87, "x": 0.108, "y": 0.174 }, "kind": "callout", "text": "We spoke with over 30 veterinarians about their views on point of care fecal testing. Not only did they generally prefer to continue using reference labs for such tests, but they also indicated a lack of willingness to try new equipment from a supplier other than their current vendor, which doesn't bode well for Heska given its minimal market share.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:52:13.407+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96f7619f-22b1-42a8-a2bc-fd9b6a1a4e81", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We spoke with over 30 veterinarians about their views on point of care fecal testing. Not only did they generally prefer to continue using reference labs for such tests, but they also indicated a lack of willingness to try new equipment from a supplier other than their current vendor, which doesn't bode well for Heska given its minimal market share.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-c5fc6b28ace7", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.09, "x": 0.01, "y": 0.18 }, "kind": "image", "text": "Red flag icon", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:52:13.407+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b37cd746-8e0d-4944-bf58-26b172884b88", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.22, "x": 0.02, "y": 0.3 }, "kind": "list", "text": "Feedback From Spruce Point Calls With Veterinarians Regarding Point of Care Fecal Testing", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:52:13.407+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6baba884-a6b3-4ef0-956e-a3e9acc96a21", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.74, "x": 0.24, "y": 0.3 }, "kind": "quote", "text": "\"Since fecal tests are most often used for general wellness exams, there is no need for a rapid result. One day turnaround is fine.\"\n\"Point of care fecal testing does not use the same antigen technology used in the reference labs, so the accuracy you get from the reference lab is much better.\"\n\"Fecal testing is a hassle and requires some expertise, so we prefer to use the reference lab.\"\n\"We do the easy stuff in house, but I don't see fecal migrating to the point of care.\"\n\"I'm happy letting the reference lab do everything related to the handling of fecal matter.\"\n\"The last thing I need is for my staff to run an additional test. They are overworked as it is.\"\n\"We simply don't have any additional space in our lab for another piece of equipment. Like many vets, we are pretty small.\"\n\"Our equipment supplier [IDEXX] also operates a reference lab, so there are efficiencies in just sending samples out to them.\"\n\"There is zero chance I will use a single new piece of equipment if it isn't offered from my current supplier. It just doesn't make any sense.\"\n\"Like most vets I know, we are an IDEXX practice, so incorporating others' machines is a hassle.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:52:13.407+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbf59738-57d7-4ed9-bdcb-4ab175906341", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Since fecal tests are most often used for general wellness exams, there is no need for a rapid result. One day turnaround is fine. — Veterinarian", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-cab51478a4c8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.64, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Conversations With Vets Indicate Minimal Interest In Point of Care Fecal Diagnostic Testing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:52:13.407+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e197d93-5570-44f9-a06d-aada5d11d954", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 46, "type": "setup", "title": "Uses screenshots of a press release and a scientific study to establish a competitive timeline and validation gap.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 773, "nDataPoints": 4, "notes": "Uses screenshots of a press release and a scientific study to establish a competitive timeline and validation gap.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.763+00", "seconds": 3.184, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/46", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "callout", "text": "Zoetis launched its fecal analyzer product, the VETSCAN IMAGYST, in September 2020. Thus, based on its current launch timing, Heska will come to market over a year after a top competitor. Moreover, notice that Zoetis released real research three months prior to product release on the capabilities of the machine. Heska has said very little.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a65200b7-981d-4842-9219-0ebcd0192b16", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Zoetis launched its fecal analyzer product, the VETSCAN IMAGYST, in September 2020. Thus, based on its current launch timing, Heska will come to market over a year after a top competitor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-d4078223d022", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.4, "x": 0.1, "y": 0.3 }, "kind": "image", "text": "Zoetis VETSCAN IMAGYST Press Release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5735088f-8d52-4bc6-b97d-316bf2ebd969", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.4, "x": 0.52, "y": 0.3 }, "kind": "image", "text": "Study Confirming Performance of VETSCAN IMAGYST", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d39d0e66-840c-4dce-8095-e5d2a74d4b59", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Zoetis press release dated 9/9/20, Parasites & Vectors article", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a11cba33-5b7f-4add-9d8c-18febad90c85", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.35, "y": 0.05 }, "kind": "title", "text": "Even If In-Clinic Fecal Testing Gains Some Traction, We View Heska As Already Late To Market", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d57d6ea9-b648-42fc-aa22-4529421358d6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b5510830-3e9e-4a65-ad69-11786d55699b", "evidence": "The slide explicitly frames a potential counter-argument (in-clinic testing traction) and refutes it with competitive timing and validation data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:19.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 47, "type": "tension", "title": "Uses a 'red flag' icon to signal warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 12, "textChars": 1791, "nDataPoints": 0, "notes": "Uses a 'red flag' icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:20.989+00", "seconds": 4.406, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/47", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.00175 }, "kind": "callout", "text": "In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM. We believe the exchange below between analyst Ben Haynor and both Wilson and EVP Nancy Wisniewski at Heska's November 2020 Investor Day perfectly captures the generalities put forth by the Company. This is by far the most detailed disclosure by Heska, and it only came after repeated probing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bbaceb4-e66a-4910-b82a-7cf77b51a55f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.59, "x": 0.39, "y": 0.66 }, "kind": "callout", "text": "Our Take: Long-winded answer, then defers question", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f0907b1-e944-46b3-87d3-ca14129632b3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.59, "x": 0.39, "y": 0.41 }, "kind": "callout", "text": "Our Take: Technical question receives jumbled answer", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad9373fc-b998-46f6-acd7-bc0b9ae24305", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.48, "x": 0.5, "y": 0.78 }, "kind": "callout", "text": "Our Take: Sure, it's whatever Heska says", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6da5424-b572-439c-be0d-ec335400d2e4", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-1fb09b2d39eb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.96, "x": 0.02, "y": 0.45 }, "kind": "paragraph", "text": "Kevin Wilson, CEO: \"So, it's a great question. So I'll take it in the order that you asked it. So there are two things with sample size...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19b59110-880f-4ae5-b487-0f67cb0680a4", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.7 }, "kind": "paragraph", "text": "Ben Haynor, Alliance Global: \"I guess it was a little bit more technical...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4152e622-d63c-4357-9aac-adb4df66ac62", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.82 }, "kind": "paragraph", "text": "Wilson defers to Nancy Wisniewski, Executive Vice President: \"So, it's actually, it's all the things you've mentioned...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "661ba4ee-00cd-4a92-b6c0-34801f2b1ea6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "paragraph", "text": "Ben Haynor, Alliance Global: \"And then I think I heard you mention that there is something like five times more imaging per sample...\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1ed5783-0747-4cae-a592-b88cc5c8bbfe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So, it's a great question. So I'll take it in the order that you asked it. So there are two things with sample size... And that's why just a raw sample size matters, and so compared to the competition in the devices out there, broadly, we think we look at more samples. We know we look at more sample size, there's just more urine, there's just more fecal material prepared to look at. So I think that's good. The second part of your question. And I'm sorry, I just forgot. — Kevin Wilson, CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-2024f75ff92c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4deb4f94-6adf-406e-80b9-8a0c1c7732a2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Detailed Questions Regarding Element AIM Have Been Meet With Simplistic Analogies and Word Salads", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "743d4f82-f6ce-42cd-8846-22124e630b53", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1c5a3e36-c258-4f85-aeb3-a466a665f7ca", "evidence": "Contrasting CEO/EVP vague answers against analyst technical questions to expose lack of substance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "Uses a red flag icon to signal a warning/red flag in the activist thesis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 754, "nDataPoints": 2, "notes": "Uses a red flag icon to signal a warning/red flag in the activist thesis.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.117+00", "seconds": 6.462, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/48", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "We didn't have to look hard to find that Heska dramatically missed the launch guidance it provided in early 2020. Heska's timeline a year later was pushed out 4-6 quarters and doesn't anticipate general availability until Q1 2022.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47076334-e528-4e09-b4db-ebd367010c63", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.16, "x": 0.83, "y": 0.004 }, "kind": "callout", "text": "Maybe name change will hide timeline slippage?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b427e334-2cd2-44a2-8f02-fd86ea3be9cd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We don't understand how the market can shrug off this poor execution when this is supposedly the biggest, and perhaps only, product development challenge Heska has ever faced.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-b36f00156ae8", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.55, "x": 0.4, "y": 0.0037 }, "kind": "image", "text": "Comparison of product slides from 2020 and 2021 presentations", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "874a98fe-e72e-4fa4-a9ea-47694f66591c", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.11, "y": 0.00375 }, "kind": "list", "text": "January 2020: Commercial Release in Q3 2020 vs January 2021: General Release in Q1 2022", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2afb71fb-35ae-4943-9323-99004f772866", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska January 2021 JPMorgan Conference Presentation and 2020 Conference Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d895430c-58ea-438d-89ec-6f629f5f8dcf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Element AIM Timeline Has Already Been Pushed Back Substantially", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11ce2184-f0af-415e-beb5-530114d60edc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4061de46-3e59-4314-a6cd-69eddd17a206", "evidence": "Direct comparison of past vs present guidance to highlight management failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 49, "type": "tension", "title": "Uses a red flag icon to signal a warning or contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 2263, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning or contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.87+00", "seconds": 3.193, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/49", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed \"by a few weeks.\" Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-1613345a6e24", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.87, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed \"by a few weeks.\" Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4511318f-a864-4d20-8b3f-dffeab84602f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Element AIM continues to make solid progress for manufacturing at scale and for installation of general release to our anxiously awaiting subscribers on schedule in the fourth quarter... While we did experience some supply chain disruption and delays for things like advanced computer chips and displays and general freight delays, which moved out our installation volume ramp....we did meet our goal of putting analyzer in a third-party clinical environment by the end of the quarter. But in all candor, just barely. And so again, I think we're probably delayed on that by a few weeks, but we've got a handful operating and running samples and we think the results support our forecast that we'll be at manufacturing release by the fourth quarter.\" — CEO Wilson, Q2 2021 Earnings Call Prepared Remarks. \"We've managed through it so far, we've lost weeks that may add up to a month or two, and I've called that out, really, the net effect, what we think is we'll probably be able to install fewer Element AIMs in the October, November, December period, largely just as a constraint of ramping up the volume, and then running them through the initial installation and volume process... I think, we've secured the major components. But gosh, you could be delayed by a minor component. You just simply can't ship because screw number 212 is sitting on a freighter somewhere. There's always that possibility, but we're really not thinking that's where we are right now. I think I answered the question.\" — CEO Wilson, Q2 2021 Earnings Call Response to Question About Supply Constraints.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-182462d7a730", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "538578ae-5be0-4ec0-af1e-db30940aff18", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "table", "text": "CEO Wilson Comments on Element AIM Timing and Supply Chain Issues", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78e66585-f99f-40b5-8adb-11fc79b44141", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe Heska Can't Keep Its Story Straight, Even On The Same Earnings Call", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2fa7698-7286-4551-997b-68284a9d51d0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "85e0a17c-ab5f-4032-a619-e333ed852900", "evidence": "Contrasting prepared remarks with Q&A responses to expose management inconsistency.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:19.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 50, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 6, "textChars": 1430, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:19.175+00", "seconds": 2.332, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/50", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In short, we simply don't believe it. Moreover, the Company hasn't even made clear how it is going to market with Element AIM. Specifically, are they even charging for the machine or simply placing it for free to capture the consumables stream?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-626a09480087", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.88, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "Heska has repeatedly stated that customer demand for the Element AIM is strong, but we find that hard to square with how these systems are sold, or, in the case of Heska, \"placed.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c22f5d62-d24d-4962-a213-51b85973ebdb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Yeah, we just can't go fast enough. So, we continue to build backlog, every quarter goes by we're confident that demand is more than there to get to where we want to be.\" — CEO Wilson, Q4 2020 Earnings Call; \"I think we're solidly in the second quarter. And we also have really good pre-subscription demand for that product.\" — CEO Wilson, Q1 2021 Earnings Call; \"In fact, in terms of our product launch, we've got pre-orders, we've got pre subscriptions, we go to market on six years subscriptions, but we've got pre-subscriptions for our Element AIM product that fill out our demand for 2021, and we're now well into filling out 2022.\" — CEO Wilson, Jefferies Conference June 2021; \"So preorder trends, I think it's fair to say we have more preorders than we can manufacture at scale and deliver in the fourth quarter.\" — CEO Wilson, Q2 2021 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-65fcdd927cc7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8983d729-4dcc-48a7-8d78-a5cfae932ca6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.97, "x": 0.02, "y": 0.49 }, "kind": "table", "text": "CEO Wilson Comments on Element AIM Demand", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dfd895c-d865-456c-8753-1f973034df9f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Don't Believe Heska's Repeated Comments About Element AIM Demand Make Sense", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fbb8074-b855-4103-8f47-359949e08a93", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c85d5157-b0e9-4e92-82a8-be34a44e77b0", "evidence": "Contrasts management quotes with analyst skepticism", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:19.175+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 50, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 11, "name": "The Struggle", "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 51, "type": "tension", "title": "Uses a red flag icon to signal a warning or contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 2190, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning or contradiction.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:20.794+00", "seconds": 3.851, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/51", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.87, "x": 0.115, "y": 0.17 }, "kind": "callout", "text": "We never cease to be surprised by what Wilson says. At the Stifel Conference in June 2021, Wilson claimed regarding the Element AIM, \"we're not changing veterinarian behavior.\" We find this surprising, since we believe doing more point of care fecal testing AND buying from Heska would both be material changes in vet behavior. Wilson has stacked up other comments that are hard to support.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "525dc199-127d-4a69-9ec3-c40beab09542", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We never cease to be surprised by what Wilson says. At the Stifel Conference in June 2021, Wilson claimed regarding the Element AIM, \"we're not changing veterinarian behavior.\" We find this surprising, since we believe doing more point of care fecal testing AND buying from Heska would both be material changes in vet behavior.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-2daf7c27080c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.97, "x": 0.015, "y": 0.445 }, "kind": "paragraph", "text": "Isn't logistics a feature as opposed to a bug for businesses like Amazon, Postmates, DoorDash, and many others?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34ee4e25-3a49-4d09-8854-cdfc250d1b4f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.97, "x": 0.015, "y": 0.755 }, "kind": "paragraph", "text": "Zoetis started shipping its fecal analyzer in 2020. Moreover, in the Company's 2019 annual financial report in Germany, scil noted that it started selling a new urine analyzer that year. Fecal testing has been done at reference labs for years. How can he say the technology doesn't exist?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5877838e-f804-43c9-a3fb-5acff5ab5c14", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.97, "x": 0.015, "y": 0.6 }, "kind": "paragraph", "text": "Our research found that vets rarely mix and match equipment from different vendors, especially if they use IDEXX.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "747f54bb-3238-4a9d-9c03-6166a840b329", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It's inefficient to take a slide or sample and drop in an envelope and have somebody drive a car to pick it up, drive the car to the airport, drop it into a box, put it on an airplane, fly to Los Angeles or New York and drive it from the airport to a Central Lab and then have it looked at. We think that's -- it's not green, it's not efficient and we think technology can make the experience better for the pet, the pet owner and the veterinarians.\" — Kevin Wilson, Q4 2020 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-30fb8594bfd6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.015, "y": 0.965 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts, scil animal care company GmbH 2019 filing with Unternehmensregister", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcfbdcc0-f7f2-42e1-9d36-b2469329e855", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.97, "x": 0.015, "y": 0.295 }, "kind": "table", "text": "Q4 2020 Earnings Call: It's inefficient to take a slide or sample and drop in an envelope... Stifel Conference June 2021: We don't have to displace the blood and plasma relationship... Stifel Conference June 2021: We think point-of-care fecal combined with urine product is unique...", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3a39acb-a0a5-4786-b0af-429a4161c4c2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.67, "x": 0.315, "y": 0.015 }, "kind": "title", "text": "We Believe Wilson Has Made Other Statements Regarding The Element AIM That Don't Make Sense", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca48c158-bef4-457c-82e0-d666e3e8ac0c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5d0492ca-7f2d-42e7-8315-d84802efd70b", "evidence": "Contrasting executive statements with external facts to expose inconsistencies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:20.794+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 52, "type": "tension", "title": "Uses a red flag icon to denote a warning or skepticism.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 2865, "nDataPoints": 4, "notes": "Uses a red flag icon to denote a warning or skepticism.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:22.364+00", "seconds": 4.68, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/52", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical. We note that such revenue contribution represents 31% of LTM North America POC Instruments and Consumables revenue, which took a decade to achieve.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39fd9d4d-9915-4225-83fd-a2bfdaaae06a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-452b069f31fd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue contribution: $24-$27 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-4f829764a49b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.05, "y": 0.44 }, "kind": "paragraph", "text": "Wilson said that Element AIM will account for over 10% of revenue in 2022. Depending on whether you reference LTM revenues or Street consensus, that implies Element AIM revenues of at least $24-$27 million. Given that current LTM North American POC Lab Instrument and Consumables account for $83 million, and that took over a decade to achieve, we are highly skeptical of this forecast, especially since it has yet to ship.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "559f6c1b-b920-418b-8329-4a38641de449", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.05, "y": 0.67 }, "kind": "paragraph", "text": "Heska has repeatedly said that there is nothing in the world like the Element AIM and suggests that it is a truly revolutionary machine with customers pre-ordering. If that is true, then why will Element AIM gross margins be lower than the corporate average, which includes a lot of low-margin revenue from older products and contract manufacturing of vaccines and pharmaceuticals? Don't companies with innovative products usually see pricing power? Apparently, this does not exist in Heska's case.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfa70a87-02e0-493e-bc25-1918d7e2c8ea", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The timing and acceptance of Element AIM is a key assumption in our model...I could tell you that it's about less than 5% of our total revenue projected for 2021. As we move into a global launch in '22 and '23, we're still targeting about a 10% annual installed base, but on our global customer profile, and obviously, with that would come a significant contribution to revenue in those two years, exceeding 10% and exceeding 15% just based on those targeted percentages.\" — Wilson (Investor Day, November 2020)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-49bf248e59eb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a992a66f-5283-4789-8fcf-0e3773543e91", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.05, "y": 0.29 }, "kind": "table", "text": "Investor Day November 2020: The timing and acceptance of Element AIM is a key assumption in our model...I could tell you that it's about less than 5% of our total revenue projected for 2021. As we move into a global launch in '22 and '23, we're still targeting about a 10% annual installed base, but on our global customer profile, and obviously, with that would come a significant contribution to revenue in those two years, exceeding 10% and exceeding 15% just based on those targeted percentages.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e29d054-227f-4bc6-8251-be986573b3dd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.05, "y": 0.57 }, "kind": "table", "text": "Investor Day November 2020: Increasing consumable sales, which are higher margin, will be offset by international reset subscription program transition and the continuation of product rationalization and higher instrument revenue recognition relating to Element AIM in North America.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bd8a0df-983a-4673-9429-aa0c74052903", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Wilson's Comments About Element AIM's Future Financial Contribution Are Non-Sensical", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "592cdd96-ded6-4e09-a042-ec7b4192f17a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "677a9de6-69fd-481a-a054-42525fc10a53", "evidence": "Contrasting management quotes with skeptical analysis of revenue and margin projections.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.364+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 53, "type": "tension", "title": "The slide uses a red flag icon to signal a warning/threat to the target company (Heska).", "function": "name_villain", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 706, "nDataPoints": 18, "notes": "The slide uses a red flag icon to signal a warning/threat to the target company (Heska).", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.718+00", "seconds": 6.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/53", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.95, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "IDEXX has dominant 55-60% market share in diagnostic equipment, the best selling disposable fecal test (SNAP), and operates one of the leading reference labs in the world. IDEXX also has more fecal-related patents than Heska has total patents. We imagine they understand the market's demand for such testing and the technology required to do it better than Heska. We believe their entry into the point of care market would be a material negative for Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06ce690f-5eda-49db-87ba-fb69ea61907b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.44, "x": 0.28, "y": 0.87 }, "kind": "callout", "text": "There are five more, but we trust you get the point.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "400fba80-cd8b-4a62-85f3-acbd7d4c15ef", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Ipowner search for IDEXX and the word \"fecal\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4868612-3241-4d8d-b750-df6385d98434", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.95, "x": 0.05, "y": 0.31 }, "kind": "table", "text": "IDEXX Fecal Analysis Patents list", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f22532e-bd24-44af-8dbc-b6e614d8cfe3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.08 }, "kind": "title", "text": "We Note That Industry Leader IDEXX Has More Fecal Analysis-Related Patents (18) Than Heska Has Total Patents (5)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c27521e6-2a8a-4881-9b82-5e3a3d3dd1aa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0e0f1ade-a4ea-4a3b-a2d3-7865d744704e", "evidence": "The slide explicitly frames IDEXX as a dominant threat to Heska's business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 54, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 4, "textChars": 244, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:20.481+00", "seconds": 2.552, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/54", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Believe Heska's Subscription Business Disclosure is Troubling", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a7-e708886933da", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd3baaf5-2d9d-423b-b080-28707dafc5fc", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d515a48-0e73-4624-8757-b621c919c7d4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.55, "x": 0.37, "y": 0.43 }, "kind": "title", "text": "We Believe Heska's Subscription Business Disclosure is Troubling", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:20.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f63d70d-6434-4eff-87d8-e735b3e72090", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 55, "type": "tension", "title": "Includes a red flag callout box, a common Spruce Point visual trope.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 5, "textChars": 1987, "nDataPoints": 1, "notes": "Includes a red flag callout box, a common Spruce Point visual trope.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.309+00", "seconds": 8.095, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/55", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "callout", "text": "In contrast to the market's predilection for ascribing tremendous value to anything that looks remotely like a \"subscription\", we believe investors are wrong to point to Heska's subscription consumables business as a unique source of value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "992a4ab8-7f66-4171-8dcb-70a47552dabd", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "list", "text": "Heska consumables are not proprietary and are supplied by third parties, thus creating a supply risk that diminishes the value of its subscription agreements\nDespite being a headline bull thesis point around Heska's stock, the Company has been pursuing consumables subscription agreements as far back as 2014, and we believe these agreements only contribute 15%-30% of Heska total revenue\nHeska's consumables subscription agreements still depend on Company equipment placements, an area where we believe Heska has little differentiation, no proprietary technology, and a massive scale disadvantage\nWe believe Heska consumables subscription trends do not warrant optimism\nWe have identified numerous troubling mistakes and inconsistencies with Heska's subscription disclosures", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4458cf21-a356-4b1b-87bf-3498376cf38a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Heska's business model is that it places instruments at vets for free, or at very low cost, and then signs the vet to a subscription agreement to purchase minimum quantities of the consumables required to operate the instruments. The standard length of these agreements is six years. Given this term length, the instrument portion of these sales is accounted for as a sales-type lease, which results in revenue recognition up front upon placement. The value of the consumables contracts are captured in a remaining purchase obligation that Heska discloses in its financial footnotes. In addition, Heska has disclosed detailed subscription trend information on an annual basis as part of its Q4 earnings report. This information does not appear in its 10-K or 10-Q filings.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76be1043-460f-4592-938a-4cf93a9687a0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe The Market Is Ignoring Underlying Risks And Questionable Disclosures Related To Heska's Subscription Consumables Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0289d366-82bb-4ae0-beb1-f77fd3b19c26", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "title", "text": "Issues We Believe Exist With Heska Subscription Consumables Business", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f64cf8d-11c1-49d8-ac64-42f83a2e7f86", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "50546143-0ac4-42f9-9226-96a3bc94a7c0", "evidence": "The slide frames the company's business model as a source of risk and questionable disclosure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:26.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 56, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction. Directly quotes 10-K disclosures to undermine the company's narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1776, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction. Directly quotes 10-K disclosures to undermine the company's narrative.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.641+00", "seconds": 7.907, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/56", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "As a distributor and white label reseller, Heska does not control its own product destiny. Moreover, Heska’s consumables subscription growth depends upon the placement of instruments and ancillary services, where we believe the Company is poorly positioned.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cd11ada-e223-4459-a7cb-ec2933a3654b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Moreover, we struggle to comprehend the market's willingness to ascribe a SaaS revenue multiple to a company that neither developed or owns the product it is selling.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-a9e01bcd72f9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.62 }, "kind": "paragraph", "text": "Heska’s consumables revenue depends upon its ability to place instruments, which requires product differentiation and effective sales reach. However, we believe that Heska is purely a distributor and has minimal scale and sales firepower relative to industry leader IDEXX Labs. Moreover, we struggle to comprehend the market’s willingness to ascribe a SaaS revenue multiple to a company that neither developed or owns the product it is selling. This type of risk, and the implications for a disrupted revenue stream, is exactly why SaaS companies achieve higher multiples.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb3ec399-d3c2-4d8b-978f-c2af65237c36", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "All of our Point of Care laboratory and other non-imaging instruments and consumables are supplied by third parties, who typically own the product rights and supply the product to us under marketing and/or distribution agreements...A loss of, or disruption in, the supply of consumables we are selling to an installed base of instruments could substantially harm our business. — Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-ac8e3a8354f5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baa8a4f0-cf62-4add-a316-482fed048db7", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "Not Developed Internally: All of our Point of Care laboratory and other non-imaging instruments and consumables are supplied by third parties... Dependent on Instrument Placements: Unless we are able to find an alternate supply...", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12b6db1e-732b-4a65-840a-844bcb1eba58", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Investors Want To Believe Heska’s Consumables Business Is SaaS-Like; We Believe It’s Not", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d4184db-1818-42ad-abf6-4103cd817b8a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "title", "text": "Heska’s Disclosure on Subscription Consumables", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cff6f65-e1c0-4d9b-8e54-de50f7dfb093", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d5fd886c-0210-4891-8471-812df6208abb", "evidence": "Uses company's own 10-K disclosures to contradict the market's SaaS valuation thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.641+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 57, "type": "tension", "title": "Uses SEC correspondence and financial data to debunk the 'disruptive' narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 11, "textChars": 1654, "nDataPoints": 20, "notes": "Uses SEC correspondence and financial data to debunk the 'disruptive' narrative.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:22.49+00", "seconds": 3.701, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/57", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.85, "x": 0.12, "y": 0.0017 }, "kind": "callout", "text": "We believe the market is overly excited about Heska's consumables subscription opportunity... In reality, sector leaders IDEXX and Zoetis offer the same type of customer arrangement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "169e9ea7-16da-4fba-b9d1-5c7134e14764", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.53, "x": 0.45, "y": 0.0045 }, "kind": "callout", "text": "Subscription placement is the majority of our Point of Care laboratory transactions while outright sales to customers are the majority of both Point of Care imaging diagnostic transactions...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71be3ab7-db48-4240-8175-3f3d6916a6d5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.53, "x": 0.45, "y": 0.0062 }, "kind": "callout", "text": "Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements... we believe sustainable subscription consumables only represent between 15%-30% of Heska total revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e69a6f84-5c62-41c2-894d-0cfe1892830e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-c168e92bd382", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "subscription revenue: 15%-30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-c819c6e2e2b5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.0028 }, "kind": "paragraph", "text": "Heska Has Been Offering Consumables Subscription Deals Since 2014", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "400e90dc-f2f7-4802-9acd-f5a24ef27dc5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.0035 }, "kind": "quote", "text": "the Company believes that it is important for context to advise the Staff that it began in 2014 to offer broadly to its customers the choice to use its blood diagnostic equipment...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0231e6f-d181-43e8-aa4b-7107eea3a258", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"the Company believes that it is important for context to advise the Staff that it began in 2014 to offer broadly to its customers the choice to use its blood diagnostic equipment and associated consumables pursuant to subscription agreements providing for a five-year term, in lieu of obligating its customers to purchase outright the Company's blood diagnostics equipment at the inception of the arrangement.\" — Heska SEC Correspondence Letter Dated 11/18/17", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-c5de34a1c153", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Heska SEC Correspondence Letter Dated 11/18/17, Heska 2020 10-K, Heska Q2 2021 10-Q", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8348c59c-874a-451a-8db0-ca2a4b1dc814", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.02, "y": 0.004900000000000001 }, "kind": "table", "text": "Revenue breakdown table by region and segment", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3837d13-c94c-4028-b093-8172be7592d5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska's Subscription Agreements Are Not New, And They Remain A Small Portion Of Revenue", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4c52ff1-2964-4a4f-ae0e-7f55020056ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d66864d5-01f3-4603-a393-81538cb2529a", "evidence": "Contrasts market narrative with SEC filings and internal revenue data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.49+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 58, "type": "tension", "title": "Uses IDEXX's own 10-K language to undermine the uniqueness of Heska's business model.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1410, "nDataPoints": 1, "notes": "Uses IDEXX's own 10-K language to undermine the uniqueness of Heska's business model.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:22.885+00", "seconds": 3.755, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/58", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.12, "y": 0.00175 }, "kind": "callout", "text": "Sector leader IDEXX actually innovated the subscription model and offers a range of similar purchase options, as well as a much broader range of products and services. Moreover, IDEXX lab diagnostics consumables account for 78% of total revenue.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6325071a-2199-4de3-b197-85416be804ba", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.35, "y": 0.0062 }, "kind": "image", "text": "IDEXX 360 program feature icons", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51aaf32b-40f1-4c5d-b6e4-19919f41a845", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "recurring diagnostic revenue: 78%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-96a5491b14ec", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.0035 }, "kind": "paragraph", "text": "Volume Commitment Programs. Our volume commitment programs, such as our IDEXX 360 program, provide customers with a free or discounted instrument or system upon entering into multi-year agreements to purchase annual minimum amounts of products and services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51a92335-02a6-459f-8760-de407c4e6ca6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.0045 }, "kind": "paragraph", "text": "Recurring Diagnostic Revenue. Revenues from our proprietary IDEXX VetLab consumable products, our SNAP rapid assay test kits, outside reference laboratory and consulting services, and extended maintenance agreements and accessories related to our CAG Diagnostics instruments are considered recurring in nature. For the year ended December 31, 2020, recurring diagnostic revenue, which is both highly durable and profitable, accounted for approximately 78% of our consolidated revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d58ee3fc-4060-4c0c-af0c-e96c4f911cdf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Volume Commitment Programs. Our volume commitment programs, such as our IDEXX 360 program, provide customers with a free or discounted instrument or system upon entering into multi-year agreements to purchase annual minimum amounts of products and services. — IDEXX 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-92dbd6facd3e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: IDEXX 2020 10-K, IDEXX website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4837f390-cbd7-4fc7-afde-7aaf65203f78", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Nor Are Consumables Commitments Unique To Heska", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "516f6032-b12b-491f-9dd5-df47f5ab4ca6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f410069d-e36e-47f1-ab4a-23cdc2e17538", "evidence": "Uses competitor's own disclosures to invalidate the uniqueness of the subject company's business model.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 59, "type": "tension", "title": "Uses a 'quote-rebuttal' structure to highlight management inconsistency.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1871, "nDataPoints": 0, "notes": "Uses a 'quote-rebuttal' structure to highlight management inconsistency.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "icon_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:36.328+00", "seconds": 17.17, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/59", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "We have identified a number of errors, inconsistencies, and evidence of deterioration in Heska's subscription disclosures. Before we review them, we thought it best to let Heska's Wilson give us his perspective on how to interpret these metrics. None of these metrics, alone, answers the questions Wilson poses.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30ad9639-78dc-47fe-bee9-ad41715f1726", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We have identified a number of errors, inconsistencies, and evidence of deterioration in Heska's subscription disclosures.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-44b054071847", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "paragraph", "text": "CEO Wilson Comments on Q4 2020 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b51f7f19-c4a5-4dd6-b949-1129323902de", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.97, "x": 0.02, "y": 0.32 }, "kind": "quote", "text": "Ben Hanyor, Alliance Global: 'What's going to give us the best evidence that you guys are kind of executing to plan?' Kevin Wilson, Heska CEO: 'No, it's a great question... Active subscriptions leads me to look to retention... Months under subscription leads me to say are we achieving our main goal... And then minimum CSV for me is more about just a check to make sure that we're not giving a dollar away for $0.90...'", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86a4cc2b-e869-4599-b02b-40f8e93e13f2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "No, it's a great question. So here's kind of how I roughly look at it. Active subscriptions leads me to look to retention and market share... And so months under subscription gives me a little snapshot there to say are we meeting that mission of having long-term proximity being closest to the veterinarian. And so that's how I look at that metric and that's a key success metric. — Kevin Wilson, Heska CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-4b9e564f75c3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5884bbe1-902a-4402-ac9a-7cb189321614", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.97, "x": 0.02, "y": 0.77 }, "kind": "table", "text": "Subscriptions: Says nothing directly about retention, and Heska doesn't disclose churn. YoY Growth Declining Until 2020, Churn Likely Higher. Months Under Subscription: Says nothing about average term, testing volumes per vet, or being close to the vet. Disclosure Conflicts re: Terms, Average Terms Have Been Variable. Minimum CSV: Says nothing about pricing or actual usage levels unless normalized. Declines in both CSV / month and CSV / subscription / month", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f26e55b8-5a6e-4c82-bf8d-84cf23484d31", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Wilson's Explanation of Heska's Subscription Business Is Incoherent", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81f0561f-b0da-406a-bb48-5a296c9af4a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "350dfe39-9769-49c9-a87c-56b1ca32895a", "evidence": "Directly juxtaposes CEO quote with analyst rebuttal", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:36.328+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 60, "type": "tension", "title": "The slide uses red boxes and arrows to annotate specific cells in a financial table to point out inconsistencies and lack of clarity in company reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1206, "nDataPoints": 48, "notes": "The slide uses red boxes and arrows to annotate specific cells in a financial table to point out inconsistencies and lack of clarity in company reporting.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:22.698+00", "seconds": 3.49, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/60", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics. And of course, the only key metric definition the Company provides only raises more questions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf2bb751-e7df-4749-b082-df2aace678e3", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-a76afcf0dbc6", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.28, "x": 0.71, "y": 0.35 }, "kind": "list", "text": "Undefined Term: Heska does not define “active subscriptions”\nInadequate Disclosure: Heska consistently references >95% retention but does not provide annual figures\nNegative Trend: YoY subscription growth is declining dramatically.\nUndefined Term: What does this mean? “Corporate sites active” is being estimated? Does that relate to “active” subscriptions or to CSV as footnoted? If the former, is Heska’s subscription figure just an estimate?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd0d2876-b0a9-4d7d-a8bb-092df5fff3e5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "subscription growth", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-a8d59951eff1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press release dated 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38ef7b40-b100-468f-bc83-a3493c1a555c", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.68, "x": 0.02, "y": 0.46 }, "kind": "table", "text": "Subscription performance table showing years 2013-2021 with columns for Active Subscriptions, % Growth, Months Under Subscription, Min CSV (Million), and % Growth.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18290500-1485-4181-822a-2820073b9c47", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Heska Subscription Trends Raise Concerns", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "676ff2f4-3477-4da2-9909-9ce405dd2c8d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0c3917fa-aa0a-4f22-945c-a5ed862c9f2b", "evidence": "The slide explicitly points out lack of definitions and potential estimation issues in financial reporting to cast doubt on company claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:22.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 61, "type": "tension", "title": "The slide uses red boxes to highlight specific data points in the table that contradict the company's narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 7, "textChars": 1223, "nDataPoints": 40, "notes": "The slide uses red boxes to highlight specific data points in the table that contradict the company's narrative.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:22.984+00", "seconds": 3.704, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/61", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.12, "y": 0.17 }, "kind": "callout", "text": "We believe Heska's assertion that its 2020 subscription performance outperformed its outlook appears to be incorrect. Furthermore, we believe the Company embellishes its North American subscription growth metric by not properly disclosing the potential contribution of scil's Canadian business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78583671-3b29-4b76-ac6e-9aeeb12113e7", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.28, "x": 0.71, "y": 0.62 }, "kind": "callout", "text": "Potentially Misleading Disclosure: We know from its historical financials and locations that scil had a Canadian business. Therefore, if scil contributed to Canadian, and thus North American, revenues and subscriptions in 2020, then Heska North American subscription growth was even lower than 11%, and perhaps further deteriorated consistent with the multi-year trend.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a89aba79-d2b1-471b-8c4b-f043a0aa3767", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.28, "x": 0.71, "y": 0.35 }, "kind": "callout", "text": "Potentially Misleading Disclosure: Really? The outlook for 2020 was 14% growth excluding scil and CVM. Since international was practically immaterial before those deals, this outlook is essentially for North America. However, North America only grew 11% in 2020.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1ffbe7f-330b-4dd4-88bd-de6928567af9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "subscription growth: 11%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-e03cee4fbcff", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press release dated 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c7cfc02-3bec-4301-967a-6f1bbf94f700", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.7, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "Subscription performance table showing years 2013-2021 with metrics for Active Subscriptions, % Growth, Months Under Subscription, and Min CSV.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0eeca8f-c97b-47c3-a120-d5522fea89da", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.03 }, "kind": "title", "text": "We Believe Heska Provided Potentially Misleading 2020 Subscription Performance And Figures", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b72d101b-9bad-44ae-bc44-ec72d25ca688", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5ad61c03-45af-41d6-892d-acde1e5435ed", "evidence": "The slide explicitly frames the company's disclosures as 'potentially misleading' and uses data to contradict the company's stated performance.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:22.984+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 62, "type": "tension", "title": "Uses a red flag icon to highlight the contradiction in data. Includes a detailed cohort analysis table and a summary comparison table.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 9, "textChars": 1208, "nDataPoints": 150, "notes": "Uses a red flag icon to highlight the contradiction in data. Includes a detailed cohort analysis table and a summary comparison table.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "data_table", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.236+00", "seconds": 3.94, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/62", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.24, "x": 0.75, "y": 0.75 }, "kind": "callout", "text": "Conflicting Analysis: By calculating predicted subscription months assuming 0% and 100% cohort renewals versus actuals, we estimate that Heska retention rates were materially lower than the \">95%\" the Company quotes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c3326ef-33bb-4d88-8285-4924b02a60a1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.12, "y": 0.17 }, "kind": "callout", "text": "Heska has repeatedly stated that subscription renewal rates are greater than 95%. However, based on our analysis of predicted subscription month growth under 0% and 100% renewal scenarios for cohorts rolling off existing plans, we believe Heska subscription retention is materially lower than Company guidance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd0f1102-46d8-4c35-883d-3d72f54db90d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "By calculating predicted subscription months assuming 0% and 100% cohort renewals versus actuals, we estimate that Heska retention rates were materially lower than the “>95%” the Company quotes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-5dac95bdcef3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "retention rate: 77%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-6003e475534d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "paragraph", "text": "Since Heska does not disclose subscription retention by year, we attempted to infer renewal rates by analyzing predicted subscription months under 0% and 100% renewal scenarios.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e86066c1-c9e2-4a3d-bb8c-4ed2865e914b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press releases dated 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22b4b61e-5b74-43c1-9e07-2f721cc6e5dd", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.02, "y": 0.75 }, "kind": "table", "text": "Comparison table of predicted vs actual subscription months and implied renewal rates.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66c53d8c-941d-4090-8c6f-fe4439a1f426", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "table", "text": "Cohort analysis table showing active subs, growth, and subscription months by year.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa7bd7bb-24e8-4bb7-9629-75613d49f89d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.32, "y": 0.03 }, "kind": "title", "text": "Heska's Subscription Data Suggests Retention Rates Materially Lower Than Guidance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48c3672f-9772-4d58-a101-c621e643b0af", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "02faa25d-0e1e-4190-9950-71643d21891f", "evidence": "Contradicting company guidance with internal data analysis", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:23.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 63, "type": "tension", "title": "The slide uses a 'before and after' comparison of earnings release tables to demonstrate the removal of a metric.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 12, "textChars": 1017, "nDataPoints": 24, "notes": "The slide uses a 'before and after' comparison of earnings release tables to demonstrate the removal of a metric.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.55+00", "seconds": 4.2, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/63", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.28, "x": 0.71, "y": 0.47 }, "kind": "callout", "text": "Reduced Disclosure: Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02d0536a-3bb6-43f1-9361-781e52137b7d", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.18, "x": 0.81, "y": 0.34 }, "kind": "callout", "text": "Miscalculation: $38,000,000 / 54,200 = $701?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23ac8d9e-6f5d-4ffb-8b30-34533030e352", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.15, "x": 0.41, "y": 0.84 }, "kind": "callout", "text": "Negative Trend: Missed by 11%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91dd83bc-5ea9-46ba-998c-9eaacfb65d27", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.13, "x": 0.86, "y": 0.84 }, "kind": "callout", "text": "Negative Trend: First YoY decline?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d978179c-496d-45fc-bb80-5c29443ef452", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-2d167d6f95b8", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Table from Q4 2019 earnings release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0436b7df-ff97-403e-a9c2-d961b86c17cc", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.52, "x": 0.02, "y": 0.68 }, "kind": "image", "text": "Table from Q4 2020 earnings release", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4a566ef-41bc-4010-bfa8-39b2c3fe3927", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Monthly CSV", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-32a3d6c577fa", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.85, "x": 0.12, "y": 0.17 }, "kind": "paragraph", "text": "Heska's 2019 subscription disclosure contained a calculation of Monthly CSV (min CSV / months under subscription). However, that calculation was removed for 2020, we believe because Monthly CSV in 2020 both missed the Company's outlook and because Heska is projecting future declines.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b46f8a3-e20d-49db-a159-50449ce6d2e3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press releases dated 2/25/20 and 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7db5765-0c50-4603-b994-0375975ce9cc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.58, "y": 0.68 }, "kind": "table", "text": "Reconstructed table showing Min CSV / Sub Mos and YoY Change", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b7707ae-a7c7-4f07-8405-07c7a6ad31d8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.02 }, "kind": "title", "text": "Appears That Heska Ceased Disclosing The Calculation of Min CSV Per Subscription When The Metric Started To Lag", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0317223-3835-492c-9768-47e597d71bc3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "267286e0-6558-48e2-9c08-2c6117fc90e9", "evidence": "The slide explicitly frames the removal of a metric as a deceptive practice to hide poor performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 64, "type": "tension", "title": "The slide uses a red flag icon to highlight a 'troubling' finding and red boxes to emphasize specific data points and contradictions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 8, "textChars": 1414, "nDataPoints": 30, "notes": "The slide uses a red flag icon to highlight a 'troubling' finding and red boxes to emphasize specific data points and contradictions.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.111+00", "seconds": 3.625, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/64", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.47, "x": 0.03, "y": 0.69 }, "kind": "callout", "text": "Negative Trend: 2020 saw a material decline in Min CSV per subscription per month with an accelerating decline expected in 2021. While some of this decline may be due to smaller vet practices in Europe, the metric has seen large domestic declines in the past, and we note that Heska expects Min CSV / month to decline only 6% in 2021 (see previous page).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e5691f7-3d68-4238-8f2f-b5be4d962351", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.47, "x": 0.52, "y": 0.69 }, "kind": "callout", "text": "Conflicting Analysis: Heska has disclosed that five-year terms were standard until a switch to six-year terms in 2016. Therefore, we find it hard to find an explanation for the consistency in months per subscription given the significant change in the number of new subscriptions as a percent of total (ie, the percent of subscriptions contributing a full term of months).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ac5fda8-0e4c-40ae-90ca-8ec79690e5c0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "We find it troubling that Heska Min CSV per Subscription per Month declined materially in 2020 and is expected to decline again in 2021. Furthermore, our analysis of average months per subscription yields a relatively consistent range of values when the declining mix of new subscriptions in recent years should result in more variability.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5131d50-c833-41b8-bad9-061536b176d1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it troubling that Heska Min CSV per Subscription per Month declined materially in 2020 and is expected to decline again in 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-47070ad09c8b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Min CSV / Sub / Month: -24%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-4b8cedeed157", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska press releases dated 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc6ab7a9-b248-4452-965b-ac6b388e4172", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.03, "y": 0.35 }, "kind": "table", "text": "Analysis of Heska Min CSV and Subscription Months", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d4ad52a-9b9f-4673-b825-133dc3f3a25c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Analysis of Min CSV / Sub / Month Shows Rapid Deterioration And Sub Months Don't Make Sense", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd0909f2-1c71-460c-bc5c-5ec00440b947", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "771a5d8f-0c04-4372-96bc-e479cfaebe1d", "evidence": "The slide explicitly contrasts company disclosures with observed data trends to highlight a potential inconsistency.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:23.111+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 65, "type": "tension", "title": "Uses red boxes and arrows to visually link contradictory data points between two different source documents.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 9, "textChars": 876, "nDataPoints": 24, "notes": "Uses red boxes and arrows to visually link contradictory data points between two different source documents.", "elementsJson": [ "headline_text", "callout_box", "data_table", "bar_chart_vertical" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.911+00", "seconds": 7.397, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/65", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.48, "x": 0.02, "y": 0.77 }, "kind": "callout", "text": "Miscalculation: $101.6 million / 100,249 = $1,013?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42cd88f0-4b3a-4533-adb4-62f26c8112e4", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.48, "x": 0.02, "y": 0.82 }, "kind": "callout", "text": "Potentially Misleading Disclosure: Is active subscriptions a period average or as of year end? Since international revenue grew by 815% in 2020 due to the scil and CVM deals, the international growth outlook percentage appears wildly exaggerated and not qualified by Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eba0aa92-563c-444a-acdf-e38e6b8f9a4e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.11, "y": 0.18 }, "kind": "callout", "text": "We find it hard to have confidence in Heska's subscription data given the number of inconsistencies and mistakes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecd78d4c-8ec6-419f-8733-7103f4f19c29", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it hard to have confidence in Heska’s subscription data given the number of inconsistencies and mistakes.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-f53394fc6758", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.45, "x": 0.03, "y": 0.34 }, "kind": "chart", "text": "Minimum contract subscription value ($MM)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a6e380d-caed-43ff-b299-c02597e02d2a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Active Subscriptions: 101.6 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a8-f92adf1a1bb3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Heska January 2021 JPMorgan Conference Presentation, Heska press releases dated 2/23/21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56de3b70-3449-425d-988a-3e7435cec918", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.51, "y": 0.34 }, "kind": "table", "text": "Subscription Performance table from Q4 2020 Earnings Press Release", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55637c74-f8bd-4ea3-b78e-ae90aef5c6b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Some Numbers Corrected, While Others Are Now Incorrect? Lack of Clarity With International", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90116d41-d5e7-4fe0-b1df-49802610a0c0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f9f96e10-a4cd-443f-92d0-ceeefb3cff4d", "evidence": "Highlights inconsistencies in financial reporting to undermine management credibility.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 66, "type": "tension", "title": "Uses a red flag icon to denote a critical point of contention.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 1690, "nDataPoints": 4, "notes": "Uses a red flag icon to denote a critical point of contention.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.142+00", "seconds": 3.497, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/66", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.97, "x": 0.03, "y": 0.17 }, "kind": "callout", "text": "Heska has stated on numerous occasions that it sees an opportunity to convert existing scil customers in Europe to subscription programs... However, our research makes us skeptical...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03ca35a1-9de3-49fc-a2ba-310996284e9d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.97, "x": 0.03, "y": 0.83 }, "kind": "callout", "text": "We believe IDEXX is very focused on the Europe opportunity and that the scil transaction has put a large number of customers in play. We believe this does not bode well for Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91a4682c-890f-40b0-80a5-11c77a5b280a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska has stated on numerous occasions that it sees an opportunity to convert existing scil customers in Europe to subscription programs, replicating its efforts with US customers that began in 2013. However, our research makes us skeptical, since (1) scil already offered subscriptions, so Heska’s year end 2020 figure is not indicative of recent conversions, and (2) IDEXX and Zoetis are laser focused on the European opportunity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-79ddeade8f80", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.97, "x": 0.03, "y": 0.66 }, "kind": "paragraph", "text": "On numerous occasions, Wilson has implied that the subscription opportunity is so great because scil has not been offering subscriptions... However, that doesn't appear accurate.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c0684c6-19ad-4010-8fc1-87de1e5b325a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We also continue to see a clear path to subscriptions conversion in our international installed base at a rate that is faster than our experience in North America circa 2013 through 2015.\" — Kevin Wilson, Q4 2020 Earnings Call; \"The diagnostic devices are sold to customers, rented as well as placed free of charge against a contractually guaranteed minimum turnover of consumables.\" — scil 2019 Annual Financial Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-7eb9f4a788e3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts, scil animal care company GmbH 2017, 2018, 2019 filings with Unternehmensregister, CVM deal press release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef2e28c1-231e-4993-b7ea-3c667f5996de", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.97, "x": 0.03, "y": 0.3 }, "kind": "table", "text": "Wilson Comments on Europe Subscription Opportunity: Q4 2020 Earnings Call transcript excerpt.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c616262d-5817-4b38-afb7-d6b7978f0f82", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska Has Over-Hyped The Subscription Opportunity in Europe", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e3c8197-3ff9-49f0-9364-d85a16b5687a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ddfbf6d0-77d6-4aa5-a082-c0d17705e888", "evidence": "Contrasts management earnings call quotes with historical financial filings.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:23.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 67, "type": "tension", "title": "The slide uses a red flag icon to signal a warning or 'red flag' regarding business practices.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1621, "nDataPoints": 0, "notes": "The slide uses a red flag icon to signal a warning or 'red flag' regarding business practices.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.887+00", "seconds": 4.139, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/67", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.17 }, "kind": "callout", "text": "Heska didn't invent the consumables subscription model. However, it has innovated a special brand of it that seems to create a lot of friction with customers. Although Heska's primary sales pitch espouses the benefits of working with a smaller supplier rather than an 800 pound gorilla like IDEXX, our research leads us to believe that Heska is known for having onerous and restrictive contract terms.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f37b31c-2d3c-47c5-b340-3ffbec9eeaa7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska didn't invent the consumables subscription model. However, it has innovated a special brand of it that seems to create a lot of friction with customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-91809b3e7752", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.38 }, "kind": "list", "text": "Heska has gained a clear reputation for strictly enforcing subscription contract terms, even when there are extenuating circumstances. There are examples of vets who have faced financial hardships as a result of Heska contracts. In an environment when many vet practices owned by older practitioners are being consolidated, there is not much allure to a long-term contract. Heska talks at length about the desire to expand testing menus for its diagnostic equipment so that its customers can run more tests in-house and thus generate more fee revenue. However, Heska contract terms are not favorable to the vet for this objective. Heska subscription agreements generally contain minimum consumables purchase thresholds. We contrast Heska's practices and contracts with those of Zoetis, which is clearly positioning itself as the kinder and gentler supplier.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6501c674-67e6-45eb-b55e-c8ef8642cf2b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "Based On Our Primary Research, Heska's Subscription Terms Are Unpopular", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50b37976-3c91-4209-8ad9-bd040062532f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"the worst decision of my professional career\" — Anonymous Vet", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-954795274707", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Research Shows Many Vets Are Not Happy With Heska Subscription Terms", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.887+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e97246fa-1e35-459e-9d44-7ce1d60a0c27", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 68, "type": "setup", "title": "Includes Spruce Point Capital Management logo (pine tree) and standard disclaimer.", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 206, "nDataPoints": 0, "notes": "Includes Spruce Point Capital Management logo (pine tree) and standard disclaimer.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.097+00", "seconds": 4.291, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/68", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.5, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb8416f0-67a3-4032-aa1c-11969db201ae", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.072, "y": 0.305 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1217f08-ac87-4481-87d9-64a128e3fef6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.55, "x": 0.375, "y": 0.435 }, "kind": "title", "text": "Our Analysis of Heska's M&A Deals Raises Many Concerns", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fba3976e-fc82-477f-9493-02fc01cfcbb9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 69, "type": "setup", "title": "The slide uses a 'shocking' framing to contrast acquisition multiples (1.4x) with current market valuation (9x).", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 990, "nDataPoints": 15, "notes": "The slide uses a 'shocking' framing to contrast acquisition multiples (1.4x) with current market valuation (9x).", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.428+00", "seconds": 3.583, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/69", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.75 }, "kind": "callout", "text": "Heska paid approximately 1.4x LTM revenues, in aggregate, for these six companies. We find it shocking to note that the market is currently valuing these revenues, which comprise well over one-third of Heska's LTM revenues, at 9x only 1 to 1.5 years later despite questionable recent results.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "609dae36-c3b5-4bd9-ac2b-b4997cdafa78", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska paid approximately 1.4x LTM revenues, in aggregate, for these six companies. We find it shocking to note that the market is currently valuing these revenues, which comprise well over one-third of Heska’s LTM revenues, at 9x only 1 to 1.5 years later despite questionable recent results.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-bf22a37bd8e9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TV / LTM Revenue: 1.4x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-c2e986fa10c3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Heska's six recent M&A transactions generated approximately $94 million in LTM revenue at announcement in aggregate. This total represents 38% of Heska LTM revenues as of Q2 2021.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8856792-978a-4405-a442-39d4efa5b6fa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Heska press releases, ZoomInfo, Heska 8-K filed 2/26/19", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d4bad70-5200-4cd7-adbe-b9c6bd61a0ec", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "table", "text": "Recent Heska M&A Transactions table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "541cc490-ff0e-4d45-b5a2-ffff355af4a7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Has Acquired Six Companies in the Past Two Years, The Largest Being scil animal care", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.428+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ef83360-b995-44ac-b182-8eafba82226e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 70, "type": "tension", "title": "The slide uses a combination of financial data and excerpts from SEC filings to undermine the strategic rationale of the acquisition.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 2140, "nDataPoints": 8, "notes": "The slide uses a combination of financial data and excerpts from SEC filings to undermine the strategic rationale of the acquisition.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "screenshot", "infographic" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.028+00", "seconds": 3.899, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/70", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.86 }, "kind": "callout", "text": "scil was actually a distributor for Abaxis, the animal health diagnostic equipment company acquired by Zoetis in 2018 and now a major Heska competitor.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b920891-f6fd-4edf-a42d-4745c3946d06", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.27 }, "kind": "callout", "text": "Our research and analysis indicates scil has a poor track record of growth, operates at very low gross margins, and suffered the loss of a major customer shortly before the deal closed. Although these issues are seemingly priced in (at 1.4x revenues after a $15 million post-announce price cut), we question the strategic logic and financial impacts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51b52471-cbec-4a13-baf4-b9d63b1264d1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.37, "x": 0.61, "y": 0.45 }, "kind": "callout", "text": "scil revenue declined at a -1% CAGR from 2014 to 2019 during its ownership by Henry Schein and Covetrus. Moreover, the business only grew 1% in 2020 despite the supposed trend toward Covid-driven pet ownership.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c53a318f-52e2-498c-83aa-0b2e0948bcba", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "CAGR: -1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-dd290276a52e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.79 }, "kind": "paragraph", "text": "Excerpt from scil Transaction Definitive Agreement: Key Supplier(s) means GE Healthcare, Fujifilm, [***], Horiba ABX, Samsung, [***], Siemens Healthcare, [***], Anvajo, [***] and Abaxis (in each case, including their Affiliates and subsidiaries).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2df36173-fc8a-4f9b-b5b3-44afed214453", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "scil animal care GmbH is a German-domiciled equipment distributor with operations in France, Spain, Italy, and Canada that was acquired from Covetrus (CVET), the animal health spin-off from Henry Schein as part of a Reverse Morris Trust transaction with Vets First Choice in 2019. scil was previously acquired by Henry Schein in March 2015.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c45bc20f-d4db-4025-9049-0e11a430a0d4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.69 }, "kind": "paragraph", "text": "Excerpt from Henry Schein 2015 10-K: On March 31, 2015, we completed the acquisition of scil animal care company GmbH (\"scil\"), a specialty distributor of animal health laboratory and imaging diagnostic products and services to veterinarians primarily in North America and Europe. scil had annual sales in 2014 of approximately $83 million. As a result of this acquisition, we recorded $3.5 million of initial goodwill.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9a675f9-8046-4a21-a2bd-dcd94527d5b1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On March 31, 2015, we completed the acquisition of scil animal care company GmbH (\"scil\"), a specialty distributor of animal health laboeatory and imaging diagnostic products and services to veterinarians primarily in North America and Europe. scil had annual sales in 2014 of approximately $83 million.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-dbe74a958a94", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.58, "x": 0.02, "y": 0.45 }, "kind": "table", "text": "scil Historical and Implied Revenue Analysis", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d9b7ec5-3564-472c-a22a-8d1c62a97cd6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "scil animal care, The Largest Transaction, Raises Numerous Red Flags", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0585573e-5289-491d-92a4-8181c4ad206a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 70, "from": 50, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5757e4f8-7cdf-47a2-9b16-5ff0d9fc9db3", "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.", "position": 1, "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:00:18.34323+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 71, "type": "tension", "title": "The slide uses a red flag icon to highlight the negative revenue trend and a callout box to emphasize the contradiction in goodwill allocation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 10, "textChars": 2092, "nDataPoints": 25, "notes": "The slide uses a red flag icon to highlight the negative revenue trend and a callout box to emphasize the contradiction in goodwill allocation.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.352+00", "seconds": 9.208, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/71", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.97, "x": 0.02, "y": 0.83 }, "kind": "callout", "text": "Why did Heska allocate 19% of scil goodwill to its North America segment when we estimate that scil's Canada revenue was less than 15% of total revenues?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26912d5d-0cae-4a59-a8f6-11b228281de8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.37, "x": 0.62, "y": 0.35 }, "kind": "callout", "text": "We believe German entity revenues declined approximately 23% in 2020 based on disclosure in Heska's 2020 10-K. While German entity financials are not available for 2020, the following disclosure in their 2019 report telegraphed a material issue: \"For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2521906-e65c-4807-bdd1-5656a0f5820d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe German entity revenues declined approximately 23% in 2020 based on disclosure in Heska's 2020 10-K.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-2b0dc344307b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: 23%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-33e3b32acac3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.97, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "scil country subsidiary financial filings show little or negative revenue growth in recent years. More importantly, as of their 2019 annual financial filing in Germany, scil management provided guidance for a revenue decline in 2020 due to the loss of an OEM supplier that decided to bypass scil and sell direct to customers, a risk Heska downplays.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5d963df-859e-4a51-b72c-13afb8c7ce95", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.97, "x": 0.02, "y": 0.76 }, "kind": "quote", "text": "\"Of the goodwill acquired, $37.3 million is allocated to our International segment and $8.7 million is allocated to our North America segment.\" Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9899cd75-f672-4d41-b921-2b10c3b2b952", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly. — Heska 2019 Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-2c1c2d895938", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.97, "x": 0.02, "y": 0.92 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, scil animal care company GmbH 2017, 2018, 2019 filings with Unternehmensregister, SCIL ANIMAL CARE COMPANY FRANCE RAPPORT DU COMMISSAIRE AUX COMPTES SUR LES COMPTES ANNUELS 2018, 2019, 2020, scil animal care company S.R.L. 2020 filings in Italy, scil animal care company S.L. 2018, 2019, 2020 filings in Spain", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54145512-e688-47ff-8816-c5a9c319283e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.59, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "scil animal care Country Entity Revenue Analysis (millions)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "475fe804-f25b-43e8-b0d6-f585fbb0af9e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "scil Experienced Declining Revenue In 2020 In Every Country Subsidiary Except Canada", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56d9f5da-2c09-435a-b7d6-628846d610cd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3ca61767-4e8b-4cf8-bc6e-ce5e453a1084", "evidence": "The slide explicitly frames financial data to expose a contradiction in management's goodwill allocation and revenue guidance.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:29.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 72, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 7, "textChars": 1175, "nDataPoints": 14, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:23.921+00", "seconds": 3.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/72", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.03, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Scil generated 31% gross margins in 2018 and 2019, indicative of the Company's distribution business model. Of note, the Company was barely profitable on an operating basis despite scil management receiving Wilson's praise for their operational excellence.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1de1ac73-2a73-4777-a96b-e2913170ebfb", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.38, "x": 0.6, "y": 0.00385 }, "kind": "callout", "text": "Disclosure in the German entity's 2019 financial report provides a very clear picture of the Company's business: \"Research and Development. As a company specializing in sales and marketing, scil does not conduct its own research or development.\" [a risk factor] \"Delays in introducing new products to replace those from suppliers who have switched their sales model to direct sales.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45d94d0a-daf0-4d7f-8ba2-1b692e010515", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin: 31%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-631ce26a778f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Research and Development. As a company specializing in sales and marketing, scil does not conduct its own research or development. — German entity's 2019 financial report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-5f2382320167", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.74 }, "kind": "source-note", "text": "Source: scil financials", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72537388-073d-4a9c-9280-97d81abf482b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.56, "x": 0.03, "y": 0.00315 }, "kind": "table", "text": "scil animal care Summary Financials (Euro in Millions) 2018 2019 Revenue 70.4 72.5 Cost of Sales 48.3 50.0 Gross Profit 22.2 22.6 Sales and Marketing 20.6 22.1 Operating Income 1.5 0.5 Gross Margin 31% 31% Operating Margin 2% 1%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ccb63f3-83a1-4ecb-baf1-a9126b9b510c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "As A Pure Play Distributor, scil Generates Materially Lower Gross Margins Than Heska North America", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c98a4b76-f096-4b6d-8abe-58824569478a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1c309b98-272d-45e3-8003-a66e543681f2", "evidence": "The slide uses financial data and company disclosures to contradict management's claims of operational excellence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:23.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 73, "type": "tension", "title": "The slide uses red boxes to highlight the specific margin figures being compared.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 692, "nDataPoints": 4, "notes": "The slide uses red boxes to highlight the specific margin figures being compared.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.083+00", "seconds": 3.588, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/73", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-73", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.48, "x": 0.51, "y": 0.0073 }, "kind": "callout", "text": "A 750 bps downward revision in target gross margins isn't usually met with such shareholder enthusiasm?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8adc8b77-b219-4983-b8b4-57d464118a67", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.48, "x": 0.02, "y": 0.0073 }, "kind": "callout", "text": "Since the scil deal was signed on January 14, 2020, Heska was presumably negotiating with the gross margin-challenged scil when it provided this guidance?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae2bcc9d-3db2-4baf-8ea1-e10325a0cc3f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Less than two months before the scil transaction was announced, Heska told investors that it was targeting 2022 gross margins of 49.5%. The current plan is 42% at the midpoint.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baf62523-2c91-4d69-9d2a-f87563d29e39", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.0037 }, "kind": "image", "text": "Heska November 2019 Investor Presentation", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20d3b76f-934f-4296-9e9b-f8e2f871b2ac", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.51, "y": 0.0037 }, "kind": "image", "text": "Heska June 2021 Investor Presentation", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caafe983-49ba-4183-9355-7f23e8550895", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "gross margin: 49.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9a9-ffe8030354cd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Heska November 2019 Investor Presentation, Heska June 2021 Investor Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ccccaef-9e63-40e2-a65a-7587875845bb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "In Fact, The scil Acquisition Crushed Heska's Gross Margin Expansion Plans", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d431f3e-2123-42f1-94c4-437b2e7ae49d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1b08aa93-c681-4c12-8bc7-05a503cee52a", "evidence": "Contrasts past guidance with current reality to expose management failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.083+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 74, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 12, "textChars": 1906, "nDataPoints": 2, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.988+00", "seconds": 4.264, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/74", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Consistent with Heska's ongoing effort to create the appearance that the Company is pursuing product innovation, we believe Heska management blatantly overhyped the technical capabilities of scil after the deal. scil explicitly stated in its German annual financial reports that it does not conduct its own R&D.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1187f2a2-3503-42fd-a716-d964b2dce884", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.56, "x": 0.43, "y": 0.79 }, "kind": "callout", "text": "Our conclusion is further supported by a review of Heska R&D expenses, which are lower on an LTM basis (during which time Heska has supposedly been developing new products) than they were in 2019 before the scil transaction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43669c5c-ef5e-45a4-b574-83f966c2fd7d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Consistent with Heska's ongoing effort to create the appearance that the Company is pursuing product innovation, we believe Heska management blatantly overhyped the technical capabilities of scil after the deal.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-2bea248d1192", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Research and Development: $8.1", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-305d54446528", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.17, "y": 0.28 }, "kind": "paragraph", "text": "Disclosure in the scil animal care German Entity's 2019 Financial Report", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09a4d5c2-341c-453b-b9ff-0ab1871cc21f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.17, "y": 0.44 }, "kind": "paragraph", "text": "Wilson Comments on Heska Q1 2020 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b9b2bac-76f3-4207-9bd9-10dde0409c1d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.82, "x": 0.17, "y": 0.49 }, "kind": "quote", "text": "Ben Haynor, Alliance Global: \"...scil has quite a broad line of laboratory diagnostics... Is there any plan to bring some of these things to other geographies?\" Kevin Wilson, Heska CEO: \"Yes. So they do have good products. They also have a great internal R&D team...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83edaa0b-7554-404c-93f8-3865dd305ade", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.82, "x": 0.17, "y": 0.33 }, "kind": "quote", "text": "Research and Development. As a company specializing in sales and marketing, scil does not conduct its own research or development.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c668449f-13b8-40ce-86b7-69b708123b0a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Research and Development. As a company specializing in sales and marketing, scil does not conduct its own research or development. — scil animal care German Entity's 2019 Financial Report. Yes. So they do have good products. They also have a great internal R&D team. Their technical team is extraordinary. And they have some very nice projects in progress. — Kevin Wilson, Heska CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-2ce0a423cbbd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska SEC filings, scil animal care company GmbH 2019 filing with Unternehmensregister, Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17f45ad9-08b2-4cf6-afa1-6a45eeacef3c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.25, "x": 0.17, "y": 0.79 }, "kind": "table", "text": "Research and Development | Pre-Scil 2019: $8.2 | Post-Scil LTM: $8.1", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "621e5530-c66b-4067-b068-87a622bdf33d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Potentially Misrepresented The R&D Capabilities of scil", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70217ac7-b09e-46d5-8df8-93ca25ec4418", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "86a62273-0258-48a6-b2cd-b972773c48fb", "evidence": "Contrasting CEO statement with official financial disclosure", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 75, "type": "tension", "title": "Uses red underlines and a red arrow to draw attention to specific text in the proxy excerpt.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 10, "textChars": 1231, "nDataPoints": 6, "notes": "Uses red underlines and a red arrow to draw attention to specific text in the proxy excerpt.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:38.529+00", "seconds": 17.8, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/75", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-75", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "We believe Heska's scil transaction exemplifies a stereotypical case of management empire-building for the sole purpose of self aggrandizement. Management team members get raises, special bonuses, and stock grants for acquiring a troubled, no-growth asset with gross margins about 1500 basis points below the core business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31246643-719f-48a0-a3e2-f6278bbb61e3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.97, "x": 0.02, "y": 0.89 }, "kind": "callout", "text": "Wouldn't it have been more impressive to achieve \"record revenue\" through organic growth?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b43a84a9-f5a0-4c05-b96e-2e473b22fa74", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Heska's scil transaction exemplifies a stereotypical case of management empire-building for the sole purpose of self aggrandizement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-4041c42fe06c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.97, "x": 0.02, "y": 0.78 }, "kind": "paragraph", "text": "Following a review of his performance for the year... the Compensation Committee approved a grant of $600,000 in fully vested common shares to Mr. Wilson.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "105a6c6d-d8d3-47dd-bd54-fad00019f51d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.97, "x": 0.02, "y": 0.73 }, "kind": "paragraph", "text": "In addition to these annual MIP payouts, Ms. Grassman and Ms. Baker each received a one-time, discretionary cash bonus of $75,000 in connection with their significant efforts in completing the Company's acquisition of scil animal care company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5418c510-1781-46c7-99a0-6eb61bc2575b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.97, "x": 0.02, "y": 0.35 }, "kind": "paragraph", "text": "The Compensation Committee reviews each Named Executive Officer's base salary annually...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63a30ecc-2373-4a14-8a16-099fbee94d62", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2021 Proxy", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d6037ab-b841-4a22-b892-4f5e693876f5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.58, "x": 0.21, "y": 0.58 }, "kind": "table", "text": "Named Executive Officer | MIP Payout", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e10fbf49-3a04-4e31-b892-5e81539aeb1b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "We Struggled To Understand The Rationale For The scil Transaction Until We Reviewed The Recent Proxy", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e8978d7-ed8d-473b-9a10-bf93a1d5f0b7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.36, "y": 0.3 }, "kind": "title", "text": "Excerpts From Heska 2021 Proxy", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ceff0a30-3dc0-492f-8e05-b7829be6c7a7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a801fbf0-ea66-4c59-8156-cacc99391a63", "evidence": "Frames management as empire-builders for self-aggrandizement", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:38.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 75, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 76, "type": "tension", "title": "Uses a red flag icon to highlight the negative trend.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 493, "nDataPoints": 11, "notes": "Uses a red flag icon to highlight the negative trend.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:25.402+00", "seconds": 4.121, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/76", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.108, "y": 0.17 }, "kind": "callout", "text": "Parsing through Heska's revenue disclosure also shows that CVM revenue has declined the past two years, and the YoY decline is accelerating.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbb22db8-3847-49f6-b578-845b5d9e1c2b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY Revenue Growth: -11%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-1403651ff701", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.68 }, "kind": "paragraph", "text": "The low quality of Heska's acquisitions suggests a reckless disregard for proper capital allocation or a blatant attempt to add revenue scale, even if it means adding questionable businesses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e048eba9-308d-442f-9aa0-78674b7c7e2d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f936aba-c845-4946-abcc-bd0a375399f7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.38 }, "kind": "table", "text": "CVM Revenue Analysis table showing 2018-2020 figures for Heska and CVM", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27be9010-f578-4259-ad56-62d56e13d661", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.315, "y": 0.05 }, "kind": "title", "text": "CVM Has Also Demonstrated Poor Revenue Trends", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "361ddefa-c0b7-4790-8b6a-49d732829786", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1b9d59ee-f928-471f-8842-6c755225f115", "evidence": "The slide frames CVM as a poor-quality acquisition to critique Heska's management.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:25.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 77, "type": "tension", "title": "The slide uses a table to reconcile reported revenue with acquisition contributions, highlighting a discrepancy in segment reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 7, "textChars": 1150, "nDataPoints": 18, "notes": "The slide uses a table to reconcile reported revenue with acquisition contributions, highlighting a discrepancy in segment reporting.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:24.822+00", "seconds": 3.31, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/77", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "callout", "text": "Heska disclosed three drivers of 2020 revenue growth in North America, TriHeart, consumables, and OVP sales. However, we believe the real reason was simply the new inclusion of scil's Canada business in North America, which we size at approximately $10 million and which the Company acknowledged was rolled into NA operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c71ca1e4-b27c-4b27-9290-2aa6c585ab8a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "After adjusting for the scil and CVM contributions, Heska only grew 5% in 2020", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-034f6156d773", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.25, "x": 0.72, "y": 0.35 }, "kind": "list", "text": "After adjusting for the scil and CVM contributions, Heska only grew 5% in 2020. Although Heska disclosure suggests international revenue excluding scil and CVM grew $1.2 million, much (and perhaps all) of this contribution came from the partial year effect of the Optomed transaction. Heska revenue disclosure implies scil and CVM contributed $10.4 million to North America Segment revenue. However, Heska disclosure explaining the rise in segment revenue fails to mention any contribution from acquisitions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8690f276-c212-40b1-9696-3ff476e6e3f7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue growth: 5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-07be62ee75f7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "652e1c12-6968-4534-89d5-7d16ada16cdb", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.65, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Heska Revenue Disclosure Analysis table showing 2019/2020 figures and reconciliation of scil/CVM contributions.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a647feb-35e1-4f4c-9e76-8e1a4c7bf5ee", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Struggle To Understand Heska's Revenue Disclosure Related To The scil And CVM Deals", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b3e6a1c-36a7-4c1a-853b-107fd2efba59", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "feb47086-6924-4cbd-ab9c-f467619872db", "evidence": "The slide explicitly contrasts company-disclosed drivers with the author's calculated drivers to expose a misleading narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:24.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 77, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 78, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 11, "textChars": 2117, "nDataPoints": 3, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.617+00", "seconds": 3.828, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/78", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.87, "x": 0.11, "y": 0.31 }, "kind": "callout", "text": "We believe Lacuna Diagnostics is an insignificant player in the digital cytology market. The Company was organized in 2016, incorporated in 2017, and garnered its first $25,000 in funding after winning Pet Project 2017. Beyond the five co-founders, two of whom have left the Company, most employees joined in 2020.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4659be3-5920-4209-94ce-5d2149701475", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Lacuna Diagnostics is an insignificant player in the digital cytology market.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-a203874e841f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "paragraph", "text": "Heska Corporation to Acquire Lacuna Diagnostics, a Pioneer and Market Leader in Point-of-Care Digital Cytology", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f33ba86-53d9-442b-8e55-812da3f26eb1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.58 }, "kind": "paragraph", "text": "PR Newswire\nLOVELAND, Colo., Jan. 13, 2021 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; \"Heska\" or the \"Company\"), a leading global provider of advanced veterinary diagnostic and specialty products, announced today that the Company has entered into an agreement (the \"Agreement\") to acquire 100% of Lacuna Diagnostics, Inc. (\"Lacuna\"), a pioneer and market leader in point-of-care diagnostics digital cytology technology and telemedicine services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f289456-b555-4b15-993f-3b87eaa25b85", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Lacuna Diagnostics is a Colorado company focused on digital cytology. That is, the Company maintains a pool of full-time and contract veterinary clinical pathologists to review animal health tests (either blood diagnostics or imaging results) generated by other vets in order to provide focused expertise or a second opinion. Heska acquired Lacuna in January 2021 for $4.3 million plus a potential $2 million earnout.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ace47a34-5aba-481a-bd0e-bc037cb02905", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.81 }, "kind": "quote", "text": "\"The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business.\" – JPMorgan Conference, January 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fe9b21f-42c9-4742-8216-e8355d2c8868", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business. — JPMorgan Conference, January 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-a78ece15b224", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K and deal announcement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff875bd4-4290-4bab-831e-afc4cef1546d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Are Not Impressed By The Lacuna Diagnostics Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fc2a295-7744-4c62-a664-148155308d09", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.74 }, "kind": "title", "text": "CEO Wilson’s Comments on the Lacuna Transaction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a341ef36-8eb6-4666-85f2-201a54176fa1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.44 }, "kind": "title", "text": "Heska Lacuna Diagnostics Transaction Press Release", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd6ec324-6adf-4d01-82cf-8f6bd9cfdacf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "024b5db4-fe73-4c4b-bb32-1e4b3d7c7e57", "evidence": "Contrasting company press release claims with activist analysis of company size and history.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:26.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 79, "type": "tension", "title": "Uses red 'X' marks and question marks to visually emphasize the departure of founders and the Co-CEO's dual employment.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 7, "textChars": 625, "nDataPoints": 0, "notes": "Uses red 'X' marks and question marks to visually emphasize the departure of founders and the Co-CEO's dual employment.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:25.762+00", "seconds": 2.746, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/79", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "We question the value of an acquired asset when half the founders have left the Company and the Co-CEO maintains his \"day job\" as a veterinarian.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6954e389-270d-439a-8eec-cedf5b74c794", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.21, "x": 0.27, "y": 0.725 }, "kind": "callout", "text": "Kept his day job as a vet in case this whole Heska-thing doesn't work out?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cae1e20d-0b0a-4175-ac47-313c39cb59a5", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We question the value of an acquired asset when half the founders have left the Company and the Co-CEO maintains his “day job” as a veterinarian.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-5eb1ffbe4484", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.67, "x": 0.02, "y": 0.96 }, "kind": "disclaimer", "text": "Source: Heska January 2021 JPMorgan Conference Presentation, LinkedIn, Colorado Secretary of State, Aspen Meadow website", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1993dabd-86e6-48df-a4c5-78fc8be0b736", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.48, "x": 0.02, "y": 0.32 }, "kind": "image", "text": "January 2021 Heska JPMorgan Presentation", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e535c9b-6ace-4327-bb19-36bb5ce5bf50", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.48, "x": 0.51, "y": 0.32 }, "kind": "image", "text": "Lacuna Formation Documents and LinkedIn", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caceb32d-0c69-47d9-a606-adb50b3a361b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Lacuna Had Lost Three of Its \"Founders\" Before the Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "260585ef-2d7e-4832-8f1a-20f3d54138ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "50124919-32e3-4f72-96cf-d9789dd22b0f", "evidence": "Contrasts the acquisition narrative with the reality of founder departures and dual employment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:25.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 79, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 80, "type": "tension", "title": "Uses red boxes and arrows to visually demonstrate the contradiction between corporate claims and website data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 749, "nDataPoints": 3, "notes": "Uses red boxes and arrows to visually demonstrate the contradiction between corporate claims and website data.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.879+00", "seconds": 7.705, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/80", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-80", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "We can't reconcile Heska's claim that Lacuna had \"over 25\" pathologists at the time of the acquisition, and by our count there are only 20 today, a mere five months after the transaction. Moreover, nearly all of these pathologists are merely contractors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a5c6967-32f9-41c5-95cc-39f7798afa01", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We can't reconcile Heska's claim that Lacuna had “over 25” pathologists at the time of the acquisition, and by our count there are only 20 today, a mere five months after the transaction.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-7056e9c3c204", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.003 }, "kind": "image", "text": "January 2021 Heska JPMorgan Presentation", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e549c3b-b6a4-439d-b3f7-dd14b8decd37", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.62, "y": 0.003 }, "kind": "image", "text": "Lacuna Website as of October 8, 2021", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd7de219-58ce-4720-83eb-abac2bcdb3de", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.45, "x": 0.04, "y": 0.85 }, "kind": "metric", "text": "21 ≠ >25, and it's now 20?", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45fe9a1c-95e4-4f82-a7f3-2b7dbfb63a6c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "pathologist headcount: 20", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-74eac1789145", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska January 2021 JPMorgan Conference Presentation, Lacuna Diagnostics website, LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e22a206e-1d88-41b7-9065-3841a885a9ef", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Can't Reconcile The True Number of Pathologists, And The Number Has Declined >20%", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98c61172-25e6-433a-b234-31feaadbbb25", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "055e4505-bce1-43aa-aee0-12cc5138e183", "evidence": "Directly compares corporate claims against verifiable public data to expose a lie.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:30.879+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 80, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 81, "type": "setup", "title": "Includes a specific callout regarding a co-founder leaving Lacuna for IDEXX.", "function": "compare_peers", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 1726, "nDataPoints": 15, "notes": "Includes a specific callout regarding a co-founder leaving Lacuna for IDEXX.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:31.487+00", "seconds": 8.217, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/81", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.4, "x": 0.58, "y": 0.55 }, "kind": "callout", "text": "A Lacuna co-founder now works in digital cytology at competitor IDEXX Labs", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e4504fb-f3f6-42d7-985f-32229410e0a0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Lacuna's website currently lists 21 veterinary clinical pathologists, and a review of LinkedIn profiles suggests most of those are contractors who have other veterinary, teaching, or research jobs. In contrast, industry heavyweight IDEXX Labs lists at least 79 unique pathologists in their directory that is organized by field of expertise.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7639febd-6897-4074-908c-8e37fdb9c152", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In short, we believe a standalone digital cytology provider such as Lacuna has no sustainable competitive advantage, as the technology is relatively simple (transmitting a test image or result) and the available pool of veterinary pathology expertise is large and fluid (Lacuna has lost two to IDEXX to date).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-e79af738ece9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.35, "x": 0.02, "y": 0.33 }, "kind": "image", "text": "Lacuna Diagnostics Website", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bb6df08-fdbf-4d5e-bb92-28ab7e44cea0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.58, "y": 0.64 }, "kind": "image", "text": "LinkedIn profile snippet of co-founder", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd9cca68-9304-4b35-b54c-8c0e960479fa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "pathologist count: 79", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-e8f2579e5223", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.81 }, "kind": "paragraph", "text": "IDEXX launched its digital cytology service in North America in February 2020 and has already ramped to over 3x the size of Lacuna in number of pathologists. Also, Israeli company Scopio Labs is developing AI to read test results, has 78 employees, and has raised over $23 million. Reference lab leader Antech also offers digital cytology, promising results within two hours 24/7/365. In short, we believe a standalone digital cytology provider such as Lacuna has no sustainable competitive advantage, as the technology is relatively simple (transmitting a test image or result) and the available pool of veterinary pathology expertise is large and fluid (Lacuna has lost two to IDEXX to date).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cf0177e-eb55-40cf-8015-cf49db61655a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Lacuna Diagnostics website, Idexx Labs website, LinkedIn, IDEXX Labs 2020 Proxy, Crunchbase", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28692866-3679-48ff-8c66-e01594e0551e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.6, "x": 0.38, "y": 0.33 }, "kind": "table", "text": "IDEXX Labs pathology team breakdown by field", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0e74401-919c-42b8-9813-72db7b477476", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Lacuna Diagnostics Appears To Already Be Losing To IDEXX Labs In Digital Cytology", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.487+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dad6edb7-a92e-4943-909a-615e6daed893", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 82, "type": "tension", "title": "Uses a red flag icon to signal a red flag/warning about the company's integrity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 1010, "nDataPoints": 3, "notes": "Uses a red flag icon to signal a red flag/warning about the company's integrity.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.762+00", "seconds": 3.292, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/82", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-82", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "Based on our review of LinkedIn profiles and excluding employees located abroad (only 2 at the time), employees who joined after June 2020, and contractors (we assume all pathologists except for those who specify they are full-time, or 18 based on those currently listed), all parties not eligible to count as employees for PPP loans, we estimate Lacuna had just 10 full-time employees in May 2020 when it applied for and received a $50,000 PPP loan. However, on its PPP loan application, the Company said it had 60 employees. Even if we total every possible employee at the time, including all pathologists, we still only get to 28 employees, less than half the number listed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7a9691d-b95c-4063-ad36-386b2bb01b98", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Even if we total every possible employee at the time, including all pathologists, we still only get to 28 employees, less than half the number listed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-af65957b68b9", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.97, "x": 0.02, "y": 0.00375 }, "kind": "image", "text": "ProPublica PPP Loan Summary for Lacuna Diagnostics", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d1261c6-a2b8-47a4-ac70-19b054ff327d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Jobs Reported: 60", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-b03c1385eeed", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.02, "y": 0.0095 }, "kind": "source-note", "text": "Source: ProPublica", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67b250c5-09ac-4c9d-b850-8f271802c5fa", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Lacuna Diagnostics Provided Aggressive Representations To Secure A PPP Loan During 2020", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5427e930-9325-41b4-8c94-32835fb2f183", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9e6e1cbc-f4ea-4ae5-a607-5c037d6af1d2", "evidence": "The slide explicitly highlights a discrepancy between reported and actual employee counts to suggest fraudulent loan application behavior.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 82, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 83, "type": "tension", "title": "Includes screenshots of Heska's 10-K disclosure, Optomed's website, and a LinkedIn profile.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 1372, "nDataPoints": 4, "notes": "Includes screenshots of Heska's 10-K disclosure, Optomed's website, and a LinkedIn profile.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:27.115+00", "seconds": 3.58, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/83", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-83", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.95, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "We are troubled by two elements of the Optomed transaction. First, Optomed, is a distributor of products for Samsung and Medtronic, which is inconsistent with Heska's supposed shift to product innovation. Second, Optomed has been a distributor of Cuattro products since 2007. Acquiring a distributor has long been acknowledged as a financial red flag, and Spruce Point has a long history of identifying accounting issues related to such deals.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ed9ef51-520f-45f1-b68c-3959f16dee24", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.73 }, "kind": "callout", "text": "Optomed co-founder Arnaud Duchene has already left the Company. Optomed is another low quality asset that is wholly inconsistent with Heska's stated strategy.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7df0e59d-a942-4427-90f0-24a5237fac03", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Optomed co-founder Arnaud Duchene has already left the Company. Optomed is another low quality asset that is wholly inconsistent with Heska’s stated strategy.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-bba30d7ae9f8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.65 }, "kind": "image", "text": "LinkedIn profile of Arnaud Duchene.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8798576c-375e-41c6-8504-87ecae7cf825", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.39 }, "kind": "image", "text": "Optomed website snippet showing distribution of Samsung, Cuattro, and Medtronic.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b46ad374-bcdd-4612-bc58-e5810613c7c2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.39 }, "kind": "paragraph", "text": "On February 22, 2019, Heska acquired 70% of the equity of Optomed, a French-based endoscopy company, in exchange for approximately $0.2 million in cash and the assumption of approximately $0.4 million in debt. On October 5, 2020, the Company acquired the remaining 30% minority interest in Optomed for a purchase price of $0.5 million, allowing the Company to assume full control of the business operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb7e55b2-e27f-4b47-806d-62011f349b9e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Optomed website, LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aab2daf-cea4-4ef0-b296-cccdbb6d867d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Optomed: Another Deal That Doesn't Add Up", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c20613c7-ec9e-4fc1-bfe5-c65e5d647bdd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cd8e1080-04e0-4a19-b8c5-91c9c91d82c2", "evidence": "Identifying red flags in acquisitions of distributors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 83, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 84, "type": "tension", "title": "Uses a red arrow to highlight the discrepancy between the CEO's claim and the provided Italian financial statement (Conto economico).", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 10, "textChars": 1266, "nDataPoints": 12, "notes": "Uses a red arrow to highlight the discrepancy between the CEO's claim and the provided Italian financial statement (Conto economico).", "elementsJson": [ "headline_text", "callout_box", "quote_block", "data_table", "infographic" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:27.155+00", "seconds": 3.612, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/84", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-84", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.12, "y": 0.0011799999999999998 }, "kind": "callout", "text": "Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins. Consumables have gross margins above the corporate average of 48%, but BiEssiA's gross margins are as low as 28%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67f7d7e9-6b44-4e57-801d-0186887802dc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-1d9e77947d50", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.33, "x": 0.02, "y": 0.0078 }, "kind": "list", "text": "Accounting for materials, services, and use of assets, BiEssiA has 28% gross margins. BiEssiA has 1% operating margins.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2a455bc-f480-483c-a270-01ca8f5874db", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "gross margin: 28%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-261f61cdd15e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.48, "x": 0.26, "y": 0.00315 }, "kind": "paragraph", "text": "Commentary on Q2 2021 Earnings Call Regarding BiEssiA", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9585e8a1-43b1-4ef6-9dac-5d6e31a682d3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.33, "x": 0.02, "y": 0.00375 }, "kind": "quote", "text": "Steven Mah, Piper Sandler, asking about the margin profile of recently acquired BiEssiA... Kevin Wilson, Heska CEO: 'They tend to be in line with our consumables... roughly in line with our consumables gross margin.'", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "579cb3b6-f051-421e-b57e-6bad1fa5015e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "They tend to be in line with our consumables, and perhaps maybe a little bit additive....But you can think of them roughly in line with our consumables gross margin. — Kevin Wilson, Heska CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-227980d5bafc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.0095 }, "kind": "source-note", "text": "Source: Registro Imprese and Bloomberg Transcript", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "350cf82b-16b8-49a6-a461-bc4518119871", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.63, "x": 0.35, "y": 0.0036 }, "kind": "table", "text": "Italian financial statement (Conto economico) showing production costs and margins.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bcb8bfe-3a57-43b5-aba8-58a10df674ce", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska Provided Inaccurate Guidance On BiEssiA Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e093dd1e-25e0-4da0-adc8-290999832dec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "38145968-8072-4625-a88d-db3f26af4540", "evidence": "Contrasting management guidance with actual financial data to prove inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 84, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 85, "type": "tension", "title": "Uses a red flag icon to signal warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 677, "nDataPoints": 1, "notes": "Uses a red flag icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.414+00", "seconds": 2.848, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/85", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-85", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe the deal is all hype and limited substance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-881f90ea9d5d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "On September 9th, Heska announced the acquisition of a majority stake in Biotech Laboratories from Biotech Holdings USA. In the transaction press release, Heska lauded the deal as the Company's long sought entry into the market for rapid assay diagnostic tests. We believe the deal is all hype and limited substance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a37903a-c9af-4005-a4e7-9a3d2697cb97", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Biotech Laboratories U.S.A. LLC (\"Biotech\"), an leading developer of rapid assay diagnostics testing\" — Heska Press Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9aa-8cceffc3a71d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Biotech Laboratories website and deal announcement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7e12eec-7ac6-44a4-9f08-adad166dd4f2", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Excerpts From Heska Press Release vs Biotech Spruce Point Assessment", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89870f87-b277-4d3e-9974-4a82a42c177d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Biotech Labs: Heska Management Hypes A Questionable Asset", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8657a2dc-d5d5-4229-8bea-0850cf5c79d5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "01f3ee09-2f90-4f46-b822-49d017cf97fb", "evidence": "Side-by-side comparison of corporate claims vs. activist rebuttal", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:26.414+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 85, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 86, "type": "tension", "title": "Uses a red flag icon to signal a warning/red flag about the company's operations.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 639, "nDataPoints": 6, "notes": "Uses a red flag icon to signal a warning/red flag about the company's operations.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.246+00", "seconds": 5.645, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/86", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-86", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.1, "y": 0.17 }, "kind": "callout", "text": "Despite Heska raving about the Biotech Labs team, we could find only six employees on LinkedIn, and only two of those have a recent, relevant scientific background. When we called the corporate phone number, only six employees are listed in the directory, and that excludes two with LinkedIn profiles claiming current employment. Biotech’s Twitter account has been suspended for violating Twitter Rules.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b366eab3-bf9f-42af-b399-6f80647e229a", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Chintamani Lamichhane, Terry Ruppenthal, Ronald Wan, Sarah Brown, Dana Collingwood, Kevin Bloss, Ladislav Juric, Leigh Nogy, Leslie Calderon, Meunda Williams", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c83bcac-a6b2-4cec-9686-bb9cd1d044f1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: LinkedIn and Twitter Page", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "599428df-9487-44c9-8fb7-7e11eeb0466a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "We Believe Biotech Labs Only Has 6-8 Employees", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64e50ada-0592-4bb1-ae72-6a3a17e5658c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c6fe9017-4b3d-43ee-88c3-39f59b435a71", "evidence": "The slide systematically deconstructs the company's claims about its workforce size and quality to expose potential fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 86, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 87, "type": "tension", "title": "Uses screenshots of Florida Annual Reports to link Biotech Labs and Biotech Holdings USA to the same individuals/entities.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 885, "nDataPoints": 0, "notes": "Uses screenshots of Florida Annual Reports to link Biotech Labs and Biotech Holdings USA to the same individuals/entities.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:27.319+00", "seconds": 3.615, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/87", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-87", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.1, "y": 0.17 }, "kind": "callout", "text": "We find it strange that Heska only acquired a majority stake in Biotech Labs. If the company and market opportunity are as promising as Heska claims, why not buy control? The answer may lie in Biotech Holdings USA, the selling entity, which is owned by Adrian Alexandru, a retired New York veterinarian with over 50 corporate entities registered in Florida, New York, and Nevada. An untraditional seller, to say the least, he seems to gotten the better of Heska in the deal negotiations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bcc8fae-49ff-40f4-b90b-d93a69bb5235", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it strange that Heska only acquired a majority stake in Biotech Labs. If the company and market opportunity are as promising as Heska claims, why not buy control?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-16861339ebf7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "Biotech Labs Florida Annual Report", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8273bee2-50eb-440d-9205-86442dbcf7a9", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.52, "y": 0.35 }, "kind": "image", "text": "Biotech Holdings USA Florida Annual Report", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f668affd-195b-416e-99ef-d2e0a5994aa0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Opencorporates, State of Florida Division of Corporations, State of Florida Division of Corporations", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48526e07-d0e8-4ee6-ad66-b6be7a2d9fd6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Why Did Heska Only Acquire A Majority Stake?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92bea4a2-6667-4e1e-a2b4-3dc73b47b93a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d8a70746-18b8-47c4-a0b5-471ee6b21852", "evidence": "Questioning the legitimacy and structure of a deal by exposing the seller's background and corporate network.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:27.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 87, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 88, "type": "tension", "title": "Uses red boxes and arrows to highlight lack of engagement and dates.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 7, "textChars": 473, "nDataPoints": 4, "notes": "Uses red boxes and arrows to highlight lack of engagement and dates.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.99+00", "seconds": 3.182, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/88", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-88", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.25, "x": 0.71, "y": 0.00725 }, "kind": "callout", "text": "One of the few comments received; that's cold Yvonne...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cc42dc8-8f3f-4778-9af9-ce9e8ac4edce", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.05, "y": 0.00875 }, "kind": "callout", "text": "Not much going on...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bce40748-f1b1-473e-9229-4a9bf00573d0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.31, "y": 0.00875 }, "kind": "callout", "text": "Not many followers after four years", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecc85e74-e89e-4425-8b1e-57f14e61228d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.0016799999999999999 }, "kind": "callout", "text": "Biotech Labs has virtually zero public presence that we can find. No press releases, product announcements, or Facebook posts since 2019? This doesn't look like the efforts of a global leader.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4104e43-51ec-4646-ad76-264008db6ec4", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.96, "x": 0.02, "y": 0.00335 }, "kind": "image", "text": "Screenshots of Facebook posts and website snippets", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dd1ea0d-f666-464f-96d6-b58996f9db39", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: Biotech Laboratories website, Facebook", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3535f08d-6b5e-4e2b-a29d-41a227714fd7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Find No Evidence That Biotech Labs Has Issued A Press Release Since 2019", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd85e065-aff2-407f-a57e-074a19bb2fae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bcbec75e-25bf-4452-bcc6-c79fc0d86dcc", "evidence": "Highlighting lack of public presence to suggest company is not a 'global leader'", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:26.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 88, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 89, "type": "tension", "title": "Uses a red flag icon to signal a warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 785, "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning/contradiction.", "elementsJson": [ "callout_box", "screenshot", "icon_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.876+00", "seconds": 6.796, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/89", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-89", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.00165 }, "kind": "callout", "text": "Our research indicates that Biotech Labs has not received the requisite USDA licenses to sell its products in the U.S. This is confirmed by the LinkedIn company description of one of its foreign distributors, Biotech Diagnostics, Maryland-domiciled entity that raises additional questions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f015abe-a942-453b-9536-a09c7a748fe5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.0035 }, "kind": "image", "text": "Biotech Diagnostics LinkedIn Company Description", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94220be9-2700-4409-ab35-a2250dd6c045", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.0063 }, "kind": "list", "text": "Biotech Labs Only Lists Two Reference Customers on Its Website, Both in Australia / New Zealand", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00c2c291-3dff-4e37-be4a-ffb62169d949", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.0085 }, "kind": "paragraph", "text": "Our research indicates international customers of Biotech Labs have experienced inconsistent results with the Company's rapid assay tests. Is this even surprising given the scale of the Company's operations?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5723f51c-ce1d-447b-be55-733498c79ed2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.0096 }, "kind": "source-note", "text": "Source: LinkedIn, Biotech Laboratories website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7485717-bace-487b-bbff-c8f2e4889f1b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Fails To Disclose That Biotech Labs Is Not Currently Licensed To Sell Its Products In The U.S.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f10e9453-bcca-4e3c-b813-468895e264a8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7d6ca95a-11c0-4110-b2d1-4512c3563ae4", "evidence": "The slide explicitly frames a lack of disclosure as a point of contention regarding company operations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 89, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 90, "type": "tension", "title": "Uses screenshots of LinkedIn profiles and FINRA BrokerCheck reports to cast doubt on the legitimacy of the distributor.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 8, "textChars": 879, "nDataPoints": 0, "notes": "Uses screenshots of LinkedIn profiles and FINRA BrokerCheck reports to cast doubt on the legitimacy of the distributor.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:28.051+00", "seconds": 3.853, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/90", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.73, "x": 0.26, "y": 0.91 }, "kind": "callout", "text": "Director of Operations? Maryland corporate filings suggest he formed the entity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "189ee25a-e8a7-434f-a68c-3de874f20b90", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.00117 }, "kind": "callout", "text": "Our review of corporate records and FINRA disclosures shows that Biotech Diagnostics, one of Biotech Labs' distributors, is managed by Gaurav Ahuja. He is also a financial advisor. Disclosure on his FINRA form U-4 says he spends 8 hours per month on Biotech Diagnostics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "556e7042-5bfb-4964-9c6a-99bad90868a6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.47, "x": 0.51, "y": 0.62 }, "kind": "callout", "text": "8 hours per month isn't much time to manage sales for a \"global leader\"?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "691d6f1d-8cb2-4ca0-831a-e86737792c16", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.33, "x": 0.65, "y": 0.35 }, "kind": "callout", "text": "Ahuja's BrokerCheck Report contains five \"disclosure events\" and he filed for bankruptcy in 2011 in Maryland", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a308fb5f-6fa2-48b9-8ef8-e2790edf2250", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.97, "x": 0.02, "y": 0.69 }, "kind": "image", "text": "FINRA BrokerCheck and corporate filing details", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bae3c56-c077-4583-9bd4-d45626e0fb6f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.97, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "LinkedIn profile screenshots of Gaurav Ahuja", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3cbfa5f-95b1-4952-8696-f6070affe59b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: LinkedIn, LinkedIn, Gaurav Ahuja FINRA BrokerCheck Detailed Report, Maryland.gov, Case 11-16827 in United States Bankruptcy Court, District of Maryland (Greenbelt Division)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e332ded-7238-4a78-94a7-d4be1e2332de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Key Distributor Biotech Diagnostics Is Currently Managed By A Financial Advisor", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98eb4eff-b8ae-46a6-a06f-be12d2a876b5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a3e001ba-a7de-474f-afb8-5643aa8f7c28", "evidence": "The slide uses public records to question the legitimacy of a business entity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:28.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 90, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 91, "type": "tension", "title": "Uses a side-by-side comparison to highlight the gap between management's initial acquisition thesis and subsequent reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 7, "textChars": 1036, "nDataPoints": 0, "notes": "Uses a side-by-side comparison to highlight the gap between management's initial acquisition thesis and subsequent reality.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:28.421+00", "seconds": 4.145, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/91", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-91", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Although the primary Cuattro transactions were completed between 2013 and 2017, the Company's original disclosure related to goodwill considerations suggests a clear case of impairment. We find it unsurprising that the promise of the Cuattro deals were not realized.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77e63334-5ed1-4e21-bb94-4fe9b4898596", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.46, "x": 0.52, "y": 0.33 }, "kind": "list", "text": "What was Cuattro? - A reseller that knew how to integrate equipment... Did Heska ever succeed in offering bundled solutions? - We believe the answer is no... Estimated future cash flows? - Heska had a poor track record... Current \"future\" prospects? - Management said... \"modest\" future growth. Key employees? - Both left Heska in early 2020.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd59a6fd-fc2f-4cf7-8bca-39addcfed7b4", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.48, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "The Company believes goodwill is a function of several factors. Cuattro Vet USA had assembled a workforce highly knowledgeable in the veterinary imaging area... The Company anticipated bundling and cross promotion programs... could enhance the revenue...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f18ab8e2-a8b1-46e1-8b23-cacc44279bc7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2014 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "596a7c47-73ac-4db2-a82c-f43fea8d9278", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Cuattro Goodwill Disclosure in 2014 10-K", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c68e26b-78df-4d73-a20d-bdbafdbc3aa9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.46, "x": 0.52, "y": 0.28 }, "kind": "table", "text": "Spruce Point Observations", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5d32f4a-5905-41f7-864c-fa62523beb71", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe The Goodwill Heska Incurred With The Cuattro Acquisition Is Likely Impaired", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83f04df0-7c56-4407-8ae1-8f9ba6f4437c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f87a4d2f-7a68-4620-a3ae-ce21f6c3b255", "evidence": "Direct comparison of company claims vs. activist findings", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:28.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 91, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 92, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 186, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:26.413+00", "seconds": 2.086, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/92", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-92", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.55, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57c63b41-6079-43e4-8a6b-922a100429ac", "parentComponentId": null }, { "bbox": { "h": 0.268, "w": 0.25, "x": 0.073, "y": 0.306 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e88384cc-3e0b-4057-bc49-53f13e7f9684", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.58, "x": 0.37, "y": 0.435 }, "kind": "title", "text": "We Identified Several Disclosure Issues in Heska's Financial Reporting", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:26.413+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "909f6809-80b6-4c5e-919b-5347f1947cc2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 93, "type": "tension", "title": "The table uses a 'No' vs 'Yes' comparison to frame Heska's reporting as deficient.", "function": "expose_contradiction", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 549, "nDataPoints": 1, "notes": "The table uses a 'No' vs 'Yes' comparison to frame Heska's reporting as deficient.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:27.046+00", "seconds": 2.702, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/93", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-93", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska fails to provide adequate financial disclosure to allow investors to properly assess business performance. We find that most of the omissions are provided by sector leader IDEXX Labs, suggesting Heska is not conforming to industry norms. Moreover, some Heska disclosures are simply wrong or inconsistent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97a0828b-5f0a-4d3b-804c-0ade04ec04a2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fbd126c-fe27-4dc7-a56b-37a87c0ef8aa", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Review of Heska Financial Disclosure Practices table comparing Heska and IDEXX across Revenue, Expenses, and Other categories.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7eeab53-93ee-43e6-b559-26e7975fc9ae", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska's Financial Disclosures Fail To Provide Important Details For Investors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "548bb34e-d920-497b-88ac-12fe9a6c18b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6d6e4d38-cfa4-47c6-856a-2083cdc67c1a", "evidence": "Direct comparison of Heska vs IDEXX disclosure practices", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.046+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 93, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 94, "type": "tension", "title": "Uses a red flag icon to signal warning/risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 1115, "nDataPoints": 15, "notes": "Uses a red flag icon to signal warning/risk.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "footnote", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.99+00", "seconds": 6.512, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/94", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-94", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.0016799999999999999 }, "kind": "callout", "text": "In late 2018 and early 2019, Heska provided significant detailed disclosure regarding its corporate accounts. However, the Company now rarely mentions either corporate accounts generally or any of these customers. We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb010536-9b6f-4958-a276-d2e13ca5e1a1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-e6bda6d7c099", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.11, "y": 0.0063 }, "kind": "paragraph", "text": "VitalPet: Was acquired out of bankruptcy by Destination Pet in March 2020. We suspect VitalPet sought out Heska for its willingness to cut price. PVCC (PetVet): Was acquired by KKR... Pathway: Was acquired by TSG... Ethos: Was recapitalized...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86e298a9-0c71-4fd5-bbdb-11db799d006b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: VitalPet press release, PetVet press release, Pathway press release, Ethos recap press release, Ethos deal article", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d30d2f71-fc26-42f6-9d54-5e754dcc39e1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.11, "y": 0.0030499999999999998 }, "kind": "table", "text": "Heska Corporate Customer Disclosure in Q4 2018 Earnings Press Release table showing sites, converted, and remaining for VitalPet, PVCC, Pathway, and Ethos.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed2b850f-13f1-41b2-a118-30e95cc61c0f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Heska's Reduced Disclosure Around Corporate Accounts Signals Potential Disruptions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c34ae65-46b1-41b0-aca7-f682055b0e40", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0a45395d-044c-4ca6-ba8f-ed8067a7bcd5", "evidence": "Highlights lack of transparency as a signal of underlying business deterioration.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 94, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 95, "type": "tension", "title": "Uses a red flag icon to signal warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 1316, "nDataPoints": 0, "notes": "Uses a red flag icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:27.945+00", "seconds": 3.398, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/95", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-95", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Reading transcripts of Wilson's conference presentations, we often wonder if he is even trying to keep the most basic facts straight. We are continually surprised at his poor grasp of his own company's key metrics and the inconsistency with which it describes its business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "598d5661-2653-4f01-a3eb-873ed8185251", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "So which is it? There is a material difference between 7,000 and 9,000 customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-3a5ac7f0777b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So we've gone from roughly 2,500 at the start of the plan, 2,000, right in that range, to -- we're somewhere in the order of 7,000 to 8,000 total when we combine what we've done international expansion and also growth in the North America markets. — Kevin Wilson, Barclays Conference March 2021. And so, that's where we've been able to go from hundreds of customers in 2013 to 7,000, 8,000, 9,000 customers today. — Kevin Wilson, Stifel Conference June 2021.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-3d4d5a59ab2b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5edfbb02-52f3-4291-90f2-65f3c8ce8f1e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Recent Wilson Comments on Heska Customer Growth; Barclays Conference March 2021; Stifel Conference June 2021; So which is it? There is a material difference between 7,000 and 9,000 customers.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c5648ba-81df-4169-ac2e-84f0a7c4212e", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.97, "x": 0.02, "y": 0.58 }, "kind": "table", "text": "Recent Wilson Comments on Heska Equipment Placements; Barclays Conference March 2021; BAML Conference February 2021; Shouldn't Heska disclose more about whether, when, and how often it derives revenue from a placement?", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8edfbc01-2045-48a2-807e-03cbfcf15c44", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "How Can A Public Company CEO Be So Imprecise With Its Key Metrics?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f49c44b-07f6-4d9d-b841-9c475b2461a4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3669325e-cb4e-4a35-9116-2f19e701f70a", "evidence": "Contrasting CEO quotes from different conferences to expose inconsistency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:27.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 95, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 96, "type": "tension", "title": "Uses red boxes to highlight specific phrases in the source text for emphasis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 2794, "nDataPoints": 4, "notes": "Uses red boxes to highlight specific phrases in the source text for emphasis.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-17 03:30:02.149+00", "seconds": 3.886, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/96", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-96", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.94, "x": 0.03, "y": 0.59 }, "kind": "callout", "text": "“Depressed”? That is quite an understatement given the $15 million decline represented 12% of reported revenue in 2019. And why does discussion of Tri-Heart reference its inclusion in different reported segments?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b069e1f6-521b-467c-8660-85d29f3df15d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "\"Depressed\"? That is quite an understatement given the $15 million decline represented 12% of reported revenue in 2019. And why does discussion of Tri-Heart reference its inclusion in different reported segments?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-7f676f7ba53c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.39 }, "kind": "paragraph", "text": "“Of our annual revenue, heartworm produced primarily for private-label accounted for approximately $1.7 million in 2019 and $16.8 million in both 2018 and 2017, respectively. The decrease in Other CCA revenue in 2019 was driven primarily by a $14.9 million decrease from contract manufactured heartworm preventive, Tri-Heart, as a result of reduced customer demand.”\n\n“We are party to an agreement with Merck Animal Health, which grants Merck Animal Health exclusive distribution and marketing rights for our canine heartworm preventive product, TRI-HEART Plus Chewable Tablets, ultimately sold to or through veterinarians in the United States. In 2019, Merck failed to market, sell and support our heartworm preventive product, which resulted in depressed OVP segment annual revenue.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e4952a0-f79a-4e6f-981e-09e4f18c0643", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.74 }, "kind": "paragraph", "text": "“We generate revenue within our OVP segment through contract manufacturing agreements with customers. The timing of revenue recognition of our customer contracts are generally recognized upon shipment or acceptance by our customer, under the same guidelines noted above for other outright product sales”\n\n“For outright sales of products, revenue is recognized when control of the promised product or service is transferred to our customers... Heska’s principal terms of sale are FOB Shipping Point, or equivalent, and, as such, we primarily transfer control and record revenue for product sales upon shipment.”\n\n“We do not generally allow return of products or instruments.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f9aab35-df4d-4a0e-8abb-5514889f769f", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Tri-Heart is a heartworm medication manufactured by Heska in its Des Moines, IA facility for Merck Animal Health. Heska’s Tri-Heart revenue declined 90% in 2019. In the Company’s 2019 10-K, Heska stated that the decline resulted from Merck’s failure to market the product and, thus, reduced customer demand. Importantly, Heska notes that the Company recognizes OVP revenue upon shipment or acceptance by the customer and generally does not allow returns.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6ebc068-edfa-443a-ba82-6aa63856d240", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The decrease in Other CCA revenue in 2019 was driven primarily by a $14.9 million decrease from contract manufactured heartworm preventive, Tri-Heart, as a result of reduced customer demand.\" — Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-839f9198caa1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2019 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c01f2b0-882e-47ca-9b8b-923a0499779d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Investors Should Be Concerned by Inconsistent Disclosure Regarding Tri-Heart", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7068d4ed-ca5c-4fc1-93e4-42b3defcb507", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.68 }, "kind": "title", "text": "Excerpts From Heska 2019 10-K Regarding Revenue Recognition and Returns Policies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b2b98d1-6b9c-4e6e-be0b-dde68ce17108", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.33 }, "kind": "title", "text": "Excerpts From Heska 2019 10-K Regarding Tri-Heart Revenue", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdc3ba94-738f-46ca-810d-cef8497693ad", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "980839fc-a5cd-4508-ac5f-b0aaaede19cd", "evidence": "Highlights inconsistencies in financial disclosures to suggest potential manipulation or misleading reporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:30:02.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 96, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 97, "type": "tension", "title": "Uses a red flag icon and red boxes to highlight the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 805, "nDataPoints": 1, "notes": "Uses a red flag icon and red boxes to highlight the contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:28.605+00", "seconds": 3.364, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/97", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-97", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.82, "x": 0.09, "y": 0.17 }, "kind": "callout", "text": "However, in Heska's Toxic Chemical Release Inventory Report for 2019 filed with the EPA, the Company disclosed that it had to dispose 12,456 pounds of mercury due to a large amount of “returned” product from a customer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2193e50-e3e4-43d9-aa8b-2d3d233fdb8e", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.82, "x": 0.09, "y": 0.84 }, "kind": "callout", "text": "Heska fails to provide any financial disclosure related to this event, which seems inconsistent with the Company’s stated revenue recognition and returns policies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba3e842f-6edc-47e4-b0aa-61c7984534e9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The amount of mercury disposed was caused by the large quantity of product returned from a customer.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-cde41167c0a3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The amount of mercury disposed was caused by the large quantity of product returned from a customer — Heska 2019 TRI Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ab-d2d13644c253", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2019 TRI Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a69c477-32fa-4f8a-a88e-986ee4f21605", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.82, "x": 0.09, "y": 0.31 }, "kind": "table", "text": "Excerpts From Heska 2019 TRI Report Filed with the EPA", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65cee922-47f7-45fc-b4c3-cf070d59bb21", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Heska Disclosed To The EPA (But Not To Investors) A Large Customer Return That Resulted In A Massive Mercury Disposal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcebb2f3-6a47-4efe-9aaf-799f019c23f3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "26cb7848-45ca-4070-9b7d-6b5aed0fb316", "evidence": "Contrasts EPA filing data with company public policy statements.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:28.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 97, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 98, "type": "tension", "title": "Uses EPA data to frame a non-violation as a significant environmental/cost issue.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 8, "textChars": 741, "nDataPoints": 12, "notes": "Uses EPA data to frame a non-violation as a significant environmental/cost issue.", "elementsJson": [ "headline_text", "callout_box", "data_table", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.575+00", "seconds": 4.055, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/98", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-98", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska's release of mercury was of large magnitude. We believe the cost to transport and dispose of this large amount of mercury could have been approximately $500,000.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9849c83f-43d6-47b5-b8e4-717da1865846", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.27, "x": 0.72, "y": 0.68 }, "kind": "callout", "text": "Heska's release of mercury in 2019 represented 10% of the total mercury released by US chemical facilities over the past 7 years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7b70438-5287-443a-a340-2fe80142950d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska’s release of mercury in 2019 represented 10% of the total mercury released by US chemical facilities over the past 7 years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-013af5f4ccdf", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.69, "x": 0.02, "y": 0.58 }, "kind": "chart", "text": "Management of Mercury Chemicals historical chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66591c67-1f8c-4a15-9b81-5d1913b40429", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "mercury release: 12,456 lbs", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-0727958e1124", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: EPA Facility Comparison Report for TRI Facilities Meeting Selected Criteria: Chemicals, Mercury, 2019c", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "922999af-07b9-4654-9c6f-8e385e2a207a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.97, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Excerpts From EPA Facility Comparison Report for Mercury, 2019", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "986b3c6f-32df-4d22-8a55-d94771e98ce4", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "While Not A Violation, Heska's Mercury Release Was Large In Its Scale", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94b947af-b04a-4295-9f80-f14c3286fd5b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f924d135-b79e-4294-a4cc-19007c644f5f", "evidence": "Uses data to frame a company's legal but 'large' environmental impact as a potential hidden cost or liability.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:29.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 98, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 99, "type": "tension", "title": "The slide uses a red flag icon to signal a warning about financial reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 371, "nDataPoints": 24, "notes": "The slide uses a red flag icon to signal a warning about financial reporting.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:31.235+00", "seconds": 5.42, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/99", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-99", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Heska DSOs related to Covetrus are both higher than for other customers/distributors and have deteriorated at a faster pace, but Heska has not provided any disclosure specifically related to Covetrus risks.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "184e7b50-8ed9-4f4f-807c-49aa7e784d5c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "DSO: 86", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-95fee37211da", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a3d85ef-49d6-4538-ad86-6923a2b741dc", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.55, "x": 0.23, "y": 0.0031 }, "kind": "table", "text": "Heska DSO Analysis table showing revenue, A/R, and DSO metrics for 2018-2020", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c198aaac-3296-4ae1-8619-669419928cb4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Does Heska Have An Issue With Covetrus Accounts Receivable?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70406a79-7a23-4d04-a929-aba0f9a62dce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2c7aa00e-d928-402e-95f4-637024e9957f", "evidence": "The slide highlights a discrepancy between deteriorating financial metrics (DSO) and lack of company disclosure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.235+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 100, "type": "tension", "title": "The slide uses a red flag icon to signal warning/risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 6, "textChars": 1332, "nDataPoints": 0, "notes": "The slide uses a red flag icon to signal warning/risk.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.888+00", "seconds": 3.71, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/100", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-100", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.87, "x": 0.105, "y": 0.17 }, "kind": "callout", "text": "We find it troubling that so many material changes occurred to Heska's finance organization, financial reporting, and auditor over the short span of four months in 2020. And these events occurred only seven months into the tenure of CFO Grassman, which followed a 1.5 year period during which Heska didn't have a CFO.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07c78f55-f0e9-4fb4-addd-2f2ee4f0ac8c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find it troubling that so many material changes occurred to Heska’s finance organization, financial reporting, and auditor over the short span of four months in 2020. And these events occurred only seven months into the tenure of CFO Grassman, which followed a 1.5 year period during which Heska didn’t have a CFO.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-a5fed3e2d29c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.09, "x": 0.017, "y": 0.17 }, "kind": "image", "text": "Red flag icon", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": null, "framework": null }, "subkind": "iconography", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d0302b5-8521-4c54-9f99-cf342ef7916b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.95, "x": 0.025, "y": 0.34 }, "kind": "list", "text": "Jan 8, 2020: Announces acquisition of CVM Companies\nJanuary 14, 2020: Heska announced the acquisition of scil animal care, a European distributor, representing its largest deal in its history\nJanuary 20, 2020: Chief Strategy Officer and former COO and CFO Jason Napolitano resigns after approximately 18 years with the Company\nApril 1, 2020: Effective with the close of the scil acquisition, Heska changes its segment reporting\nApril 22, 2020: Change of leadership team\nMay 21, 2020: Heska's Board approved the dismissal of Plante & Moran as the Company's auditor and appointed Grant Thornton", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ee983ef-aa89-4a74-90a6-d06d227f0905", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.315, "y": 0.035 }, "kind": "title", "text": "We Find The Confluence of Events In Early 2020 Troubling", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bc3e527-a571-4f55-b1f5-d4d45b618dbc", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.965, "x": 0.017, "y": 0.28 }, "kind": "title", "text": "Heska Financial Changes in Early 2020", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a35c696-0b98-4dc5-b3b3-025a5782f716", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "817d2bd4-0087-4e71-b6a8-5d6e615efceb", "evidence": "The slide highlights a series of rapid, suspicious organizational changes to imply potential financial mismanagement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.888+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 100, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 101, "type": "tension", "title": "The slide uses a red box to highlight the connection between the audit partner and the problematic company.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 6, "textChars": 672, "nDataPoints": 0, "notes": "The slide uses a red box to highlight the connection between the audit partner and the problematic company.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.632+00", "seconds": 2.976, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/101", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-101", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "Heska's audit partner, Brad Richard McQueen, has only served as audit partner for one other recent public company according to the PCAOB website. That company is MusclePharm Corp (OTC: MSLP), a once high-flying microcap company charged by the SEC for a series of accounting and disclosure violations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6f1855a-b21d-484a-ac47-d13834c4379f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.32, "x": 0.67, "y": 0.0028 }, "kind": "image", "text": "SEC Charges Sports Nutrition Company With Failing to Properly Disclose Perks for Executives", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3b4607d-a337-41d5-a646-ba52f22c778a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "SEC Charges Sports Nutrition Company With Failing to Properly Disclose Perks for Executives — SEC Press Release 2015-179", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b5-28e2872e3479", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: PCAOB website, SEC press release dated 9/8/15, LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bec7a729-5224-4f7f-9172-7f6c0b2a4586", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.5, "x": 0.02, "y": 0.0028 }, "kind": "table", "text": "PCAOB Website For Heska and Brad Richard McQueen", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e47ccf38-8d0b-44d7-a52f-2390e7504541", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska's Former Audit Partner Has A Concerning Past", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e29507c-9a36-42f3-8ce1-5dee20601858", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a872779c-0910-488e-8b43-13df81f7e12e", "evidence": "Linking an auditor to a company with known SEC violations to cast doubt on current audit quality.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:29.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 101, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 102, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 198, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:29.749+00", "seconds": 3.061, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/102", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-102", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32c3d755-f650-403f-9cb8-354a95a9c0be", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.23, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb9fcbb-f690-4ee0-972b-3dccf8044b8d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Heska's CEO Has A History of Related-Party Transactions And A Weak Supporting Cast", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:29.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "754214de-f735-469d-bcd6-1a065267dd34", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 103, "type": "tension", "title": "Uses a red flag icon to denote a 'warning' or 'red flag' slide.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 20, "componentCount": 5, "textChars": 340, "nDataPoints": 0, "notes": "Uses a red flag icon to denote a 'warning' or 'red flag' slide.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:28.976+00", "seconds": 2.245, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/103", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-103", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "In our opinion, Heska’s CEO Wilson does not inspire confidence.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8f66ad-8f93-4b23-b1e8-a1a3613b4434", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So, I've never been a huge believer in scaling things that aren't profitable. — Kevin Wilson, Q3 2020 Earnings Call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-c14a02169b65", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cee5c187-0202-419a-b32e-be01023c5ae7", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "CEO Wilson Comments on Business, Truth, and the Mysteries of Mathematics vs Spruce Point Opinion", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a7f01f8-91fc-4878-b7c9-f8344ec41abd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.315, "y": 0.05 }, "kind": "title", "text": "Heska CEO Wilson Has A Gift For Words", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "079334a9-27da-4518-ae7e-7c0eb9850313", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "05366732-6349-4b01-82a6-abb3b65b4691", "evidence": "Directly juxtaposes CEO quotes with critical commentary to undermine credibility.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:34:28.976+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 103, "frameworkName": "expose_contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 104, "type": "tension", "title": "The slide uses a combination of a corporate structure diagram and a chronological list of transactions to build a case for self-dealing.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 6, "textChars": 873, "nDataPoints": 6, "notes": "The slide uses a combination of a corporate structure diagram and a chronological list of transactions to build a case for self-dealing.", "elementsJson": [ "paragraph", "callout_box", "flowchart", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.896+00", "seconds": 3.793, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/104", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-104", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The history of transactions related to Cuattro is “old news” at this point, but we believe it is important to understand in order to appreciate the history of conflicts and self-dealing at Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:38:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-a51a587a672e", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.94, "x": 0.03, "y": 0.3 }, "kind": "diagram", "text": "Cuattro, LLC Structure", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2c101bf-2865-49e6-87d3-f72cbd545650", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.94, "x": 0.03, "y": 0.61 }, "kind": "list", "text": "History of Heska / Cuattro Transactions", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a24a2ea0-f0ad-4ee4-8d5b-e0464eb23ba9", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Founded as Paravax in 1988, Heska focused on animal vaccines for its first 25 years in existence. In 2013, Heska acquired a 55% stake in Cuattro Veterinary USA, LLC, one of several entities owned by Cuattro, LLC, a company 100% owned by current Heska CEO Kevin Wilson. The history of transactions related to Cuattro is “old news” at this point, but we believe it is important to understand in order to appreciate the history of conflicts and self-dealing at Heska.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69c83fc6-77dc-4ca3-8ace-c0bd07f1fa54", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2016 10-K, Heska 8-K filed 2/24/13, Heska 8-K filed 11/26/18, Heska 2017 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af775f94-9880-4ac2-a27b-5380ef22e735", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska And CEO Kevin Wilson: A History of Conflicts of Interest", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e6e5ed8-1fcb-46c1-a3d2-cfc46a030f39", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2fb95555-be2c-4d45-8e16-98d3939d5e22", "evidence": "The slide explicitly frames a series of corporate transactions as evidence of 'conflicts and self-dealing'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.896+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 104, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 105, "type": "tension", "title": "The slide uses a 'before-after' or 'policy-vs-reality' structure to highlight corporate governance failures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 1053, "nDataPoints": 0, "notes": "The slide uses a 'before-after' or 'policy-vs-reality' structure to highlight corporate governance failures.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.86+00", "seconds": 3.745, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/105", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-105", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska's Code of Ethics for its senior executives was not adhered to. The policy was published in September 2014, during which time CEO Wilson and his owned entities had a direct relationship with the entity acquired by Heska, resulting in a raft of conflicts of interest and dubious financial transactions between the various entities.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a978c598-6a04-481e-bc04-ec1f69c8ff5e", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.98, "x": 0.02, "y": 0.64 }, "kind": "image", "text": "Text excerpt from Heska 2017 10-K detailing related party transactions with Cuattro, LLC.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ef4e774-aabe-47ae-8071-1b7858c10ce6", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.98, "x": 0.02, "y": 0.35 }, "kind": "paragraph", "text": "Conflicts of Interest: It is Heska's policy that you should avoid transactions, commitments, and other activities which are not in Heska's best interest or which could involve an actual conflict, or the appearance of a conflict, between your interests and those of Heska.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5de2ac47-7f9a-40aa-bbf0-4bdbd7d494f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.48, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska Code of Ethics for Senior Executive and Financial Officers, Heska 2017 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d79e693e-554f-46d0-aef2-be13affd0dc5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "The Cuattro Relationship And Deals Were Clear Violations of Heska's Code of Ethics For Officers Published in 2014", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00a0026c-eddf-4963-b6e3-51c9a5ab826e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.59 }, "kind": "title", "text": "Heska 2017 10-K Disclosure Regarding Cuattro Related Party Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10fab29e-f535-4f30-991c-c8250ce939ed", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.28 }, "kind": "title", "text": "Heska Code of Ethics For Senior Executive and Financial Officers Dated September 2014", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86525766-a6e6-4d95-99bd-6225776463da", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "89648585-c56a-4db4-8039-b13320e80828", "evidence": "Contrasts policy text with actual disclosure of related party transactions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 105, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 106, "type": "tension", "title": "Uses a combination of press release excerpts and critical commentary to highlight potential governance failures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 2674, "nDataPoints": 0, "notes": "Uses a combination of press release excerpts and critical commentary to highlight potential governance failures.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:31.151+00", "seconds": 3.983, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/106", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-106", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.65 }, "kind": "callout", "text": "Heska’s Board patted itself on the back for eliminating clear conflicts of interest related to its CEO. Should it have been so self-congratulatory given (1) it allowed the situation to persist for five years, (2) the value and timing of the transaction are suspect, and (3) it didn’t actually eliminate all the conflicts related to Wilson and Cuattro?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7685ef39-95cd-4aff-8f40-7c1e84c71179", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.56 }, "kind": "callout", "text": "Heska’s Chair, Scott Humphrey, commented, “We have received investor feedback advising it would be best for us to eliminate the related party obligations, expenses, balances, and reporting associated with Cuattro since 2013. The Transactions address these concerns and are in the best interest of our stockholders. We believe the Transactions will eliminate distractions and allow us to more strongly focus on our collective success in 2019 and beyond.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "776f8e96-a2fb-47c3-9fd6-c84af2c0610c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "After five years and millions of dollars of payments from Heska back to Cuattro, LLC (and into Wilson’s pockets), the 2018 asset purchase was meant to address Wilson’s conflicts of interest. However, that transaction and Wilson’s continuing involvement with Cuattro, LLC only raise more questions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edf027cc-9849-445d-ab19-084cd0e547eb", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "After five years and millions of dollars of payments from Heska back to Cuattro, LLC (and into Wilson's pockets), the 2018 asset purchase was meant to address Wilson's conflicts of interest. However, that transaction and Wilson's continuing involvement with Cuattro, LLC only raise more questions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-5ce7712bcb16", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "paragraph", "text": "Heska Announces Acquisition of Cuattro Assets. Company moves to address related party items. LOVELAND, CO, November 30, 2018...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65853bd6-4ffc-4613-96f0-c60939aeb1d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.31 }, "kind": "paragraph", "text": "Heska 2018 Asset Transaction Press Release", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66197139-c129-4eed-99ef-c3cc0fcca0aa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.75 }, "kind": "paragraph", "text": "In Heska’s 2016 10-K, the Company states: “Our digital radiography products are supplied under a contract with Cuattro, LLC, which typically buys its hardware products and components from third parties.” Thus, under the arrangement, Heska was essentially re-distributing a white-label product manufactured by a third party other than Cuattro. Based on Heska’s current risk factor disclosure, its current re-sale arrangements are non-exclusive. Therefore, why didn’t Heska simply source product from Cuattro’s suppliers?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c467e0ea-d3e1-4968-bf76-de1afbc535a2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We have received investor feedback advising it would be best for us to eliminate the related party obligations, expenses, balances, and reporting associated with Cuattro since 2013. The Transactions address these concerns and are in the best interest of our stockholders. We believe the Transactions will eliminate distractions and allow us to more strongly focus on our collective success in 2019 and beyond. — Scott Humphrey, Heska Chair", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-61ca60830f8e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska press release dated 11/30/18, Heska 2016 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85e760e3-def1-49d8-b99a-6f0197b71f79", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "The Cuattro Arrangement Was Highly Questionable, And The 2018 Transaction Raises Red Flags", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6dfb7b7-f311-4ab1-82bd-dc52436e72c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e595322e-0c3f-49e5-a8c0-0c2cb3bec593", "evidence": "Highlights conflicts of interest and questionable transaction timing to expose potential corporate malfeasance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 106, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 107, "type": "tension", "title": "Uses red underlining in source excerpts to emphasize specific contract language.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 11, "textChars": 3339, "nDataPoints": 0, "notes": "Uses red underlining in source excerpts to emphasize specific contract language.", "elementsJson": [ "headline_text", "callout_box", "section_divider", "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:33.023+00", "seconds": 5.666, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/107", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-107", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.175 }, "kind": "callout", "text": "CEO Wilson continues to spend a portion of his time managing his Cuattro businesses. We are puzzled why Heska shareholders allow this distraction to persist when the Company is supposedly taking on a dominant incumbent (IDEXX), developing and launching new products, and expanding internationally?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a81bd00-57e1-417c-b28c-7fbfdf49e955", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.982, "x": 0.017, "y": 0.915 }, "kind": "callout", "text": "Let's be honest; Wilson is no Elon Musk or Jack Dorsey. And who is charged with policing his actual time allocation?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b17a73b2-dfde-4c68-93f1-90f4c457d49e", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.982, "x": 0.017, "y": 0.47 }, "kind": "paragraph", "text": "Excerpt From CEO Wilson's New Employment Contract in Heska 8-K Filed 6/10/21", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75c95006-a228-4079-972b-3a2733e628f3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.982, "x": 0.017, "y": 0.675 }, "kind": "paragraph", "text": "Heska’s Board had the opportunity to more clearly and directly address CEO Wilson’s conflicts of interest as part of the recent negotiation of his new employment agreement dated 6/8/21. However, not only have they allowed the Cuattro distraction to persist, but new the agreement may be less restrictive (depending on “full time” versus “all efforts”) than the related terms in his 2014 employment agreement when he was first named CEO of the Company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bb27766-4de1-4335-8802-0a38a9f4076a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.982, "x": 0.017, "y": 0.86 }, "kind": "paragraph", "text": "Mr. Wilson is to devote full business time hours, as well as other such attention, skills, time and business efforts to the Company as are necessary to act as Chief Executive Officer and President; provided, however, that Mr. Wilson may perform part-time management activities for Cuattro, LLC, Cuattro Software, LLC, Cuattro Medical, LLC, and Cuattro Veterinary, LLC as long as such services do not interfere with Mr. Wilson's obligations to the Company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4f9ff09-ed8e-42ed-a191-f3ad2ee8e0a3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.982, "x": 0.017, "y": 0.33 }, "kind": "paragraph", "text": "Our Chief Executive Officer has acknowledged outside business interests which may occupy a portion of his time. Mr. Wilson's employment agreement with us acknowledges that Mr. Wilson has business interests in Cuattro, LLC, Cuattro Software, LLC and Cuattro Medical, LLC which may require a portion of his time, resources and attention during his working hours. If Mr. Wilson is distracted by these or other business interests, he may not contribute as much as he otherwise would have to enhancing our business, to the detriment of our shareholder value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdee802d-d915-4b10-9928-90958a3a1ab2", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.982, "x": 0.017, "y": 0.285 }, "kind": "paragraph", "text": "Risk Factor in Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c38270d4-8553-47cd-81ae-3a62aa055587", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.982, "x": 0.017, "y": 0.515 }, "kind": "paragraph", "text": "(c) Obligations. During the Term of Agreement (as defined below), Executive will devote all of his business efforts and time (excluding vacation, absence due to illness and similar time off) as well as other such attention, skills, time and business efforts as are necessary to responsibly act as Chief Executive Officer and President of Heska; provided, however, that Executive may continue to perform part-time management activities for Cuattro, LLC, Cuattro Software, LLC and Cuattro Medical, LLC; provided, further, that such services do not adversely affect Executive's obligations to Heska. For the duration of the Term of Agreement, Executive agrees not to actively engage in any other employment, occupation or consulting activity, for any direct or indirect remuneration, without the prior approval of the Board or the Corporate Governance Committee of the Board; provided, however, that Executive may, without the approval of the Board or the Corporate Governance Committee of the Board, serve in any capacity with any civic, educational or charitable organization, provided, that such services do not interfere with Executive's obligations to Heska.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c68254db-a726-4955-80ef-f0c44e1d461c", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.982, "x": 0.017, "y": 0.815 }, "kind": "paragraph", "text": "Excerpt From 3/26/14 8-K Describing CEO Wilson's 2014 Employment Contract", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f35603c0-d8e7-448e-b8a8-b9477e25b72a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.017, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, Heska 8-K filed 6/10/21, Heska 8-K filed 3/26/14", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f0e7187-015c-4fd7-9ab0-829551e6bc99", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.315, "y": 0.035 }, "kind": "title", "text": "Despite the 2018 Transaction, Wilson Remains Conflicted", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a34020f1-a0a0-4425-9437-b9d1e48aee57", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e081d155-0b9c-4c13-977f-ca3f945566e3", "evidence": "Contrasts 2014 vs 2021 employment contract language regarding CEO time allocation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:33.023+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 107, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 108, "type": "tension", "title": "Uses screenshots of IRS Form 990-PF and Heska 13D/A filings to support the claim of non-compliance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 919, "nDataPoints": 0, "notes": "Uses screenshots of IRS Form 990-PF and Heska 13D/A filings to support the claim of non-compliance.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "screenshot" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.908+00", "seconds": 7.502, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/108", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-108", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.45, "x": 0.02, "y": 0.7 }, "kind": "callout", "text": "We note the Cuattro Foundation was no longer listed as a beneficial owner of Heska shares in the Company's 2021 Proxy. There is no record of Form 990 annual filings for the Cuattro Foundation since the initial 2018 report on the IRS website.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e693e47-ddab-4edc-bfc2-f278c51e8698", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "CEO Wilson formed the Cuattro Foundation on 12/27/18, about a month after the November 2018 transaction with Heska. Given Wilson's history of related party transactions (read the Heska proxy related to the Cuattro Veterinary deal), we would love to review the foundation's activities, but it hasn't filed a Form 990 (as required) since 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1d700ec-630a-488c-98c2-0333ea5e02f7", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.98, "x": 0.02, "y": 0.35 }, "kind": "image", "text": "Excerpts from Heska 13D/A and Form 990-PF", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65bc42a3-0c43-4f3a-90e0-6a073385a90f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.02, "y": 0.3 }, "kind": "paragraph", "text": "Excerpts From Heska 13D/A Filed 4/29/19 and Cuattro Foundation Form 990 Filed December 2018", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "525c8409-cd53-4d7e-9822-d4ea63427581", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Cuattro Foundation Form 990 filed December 2018, Heska 13D/A filed 4/29/19, Heska 2021 Proxy", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43080ef5-6c32-465f-b4db-a96dfb90b8ca", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Surely This Further Dilution of CEO Wilson's Time Is Benefitting Society And Not Just A Year-End Tax Play", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "606eb8e9-311c-4bc7-9b77-e83fc11f0b05", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b11dbf09-2089-4010-984c-3fcc0fab6fae", "evidence": "Highlights missing regulatory filings to suggest potential malfeasance or lack of transparency.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:34.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 108, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 109, "type": "tension", "title": "Uses a Google Maps screenshot to visually demonstrate the commute distance and time.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 5, "textChars": 704, "nDataPoints": 2, "notes": "Uses a Google Maps screenshot to visually demonstrate the commute distance and time.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "map", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:33.277+00", "seconds": 5.756, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/109", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-109", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "As stated, we have concerns about Wilson's level of engagement with Heska. Therefore, we were surprised to find that he lives 2.5 - 3 hours from Heska's headquarters. While the pandemic has obviously resulted in more remote work, this situation persisted for years prior to it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26bce5c1-d85a-4339-a482-692f2caa7bff", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "As stated, we have concerns about Wilson’s level of engagement with Heska. Therefore, we were surprised to find that he lives 2.5 - 3 hours from Heska’s headquarters. While the pandemic has obviously resulted in more remote work, this situation persisted for years prior to it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-d2f20b97eae9", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.97, "x": 0.02, "y": 0.0035 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7d57a38-6d42-4b06-83a0-fff42e9dfd1b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska Schedule 13D/A filed 4/29/2019, Google maps", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94cec0ef-c259-4d0a-8f87-4be475543bec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "In Normal Times, Does Wilson Commute 5-6 Hours A Day or Just Come To The Office Occasionally?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cc3fa95-007f-4fd3-93e5-6c86ab4bdf96", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d4f32571-0664-4804-a548-bddc47a704a4", "evidence": "The slide uses visual evidence to challenge the CEO's stated engagement levels.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:33.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 109, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 110, "type": "tension", "title": "Uses a red flag icon to signal activist intent; highlights specific compensation metrics (salary, options, stock) against performance metrics (Net Income, Cash ", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 1274, "nDataPoints": 45, "notes": "Uses a red flag icon to signal activist intent; highlights specific compensation metrics (salary, options, stock) against performance metrics (Net Income, Cash Flow, EBITDA).", "elementsJson": [ "callout_box", "data_table", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:31.225+00", "seconds": 3.648, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/110", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-110", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.48, "x": 0.51, "y": 0.0058 }, "kind": "callout", "text": "Seriously? A car and communications stipend for a guy who makes $1 million per year? A minimum annual cash bonus of 50% of base salary? Also, a 20% stock appreciation hurdle for option vesting? Seems like a pretty low bar. Wilson's new $1 million base salary will pay him on par with CEOs who manage companies 10-30x larger.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31edd31c-e0aa-46f4-8b63-86d88dea874d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "CEO Wilson received a 67% salary raise for 2021, to $1 million, as well as a number of perks, all of which seem excessive given Heska's historical financial performance, size, and location. Moreover, Wilson received options valued at $6.9 million and restricted stock valued at $36.5 million based on the previous day's closing price. The total grant of $43.4 million is 1.5 times more than the total net income generated by Heska in the eight years since Wilson joined the Company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "898a0d38-5081-40a2-a2df-9da2a838bf23", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Wilson's new $1 million base salary will pay him on par with CEOs who manage companies 10-30x larger.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-e8078b0a9445", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Salary / LTM Revenue: 0.41%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ac-ec6a3ab02334", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 8-K dated 6/10/21, IDEXX 2021 Proxy, Catalent 2021 Proxy, Elanco 2021 Proxy, Covetrus 2021 Proxy, Zoetis 2021 Proxy, Heska SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12e379a1-877e-489d-99ad-8b70fb0a0ce5", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.98, "x": 0.02, "y": 0.0035 }, "kind": "table", "text": "Wilson New Stock Compensation Relative to Heska Historical Performance Since 2013", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57a64437-fbbe-40c7-bc98-315af3568659", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.48, "x": 0.02, "y": 0.0058 }, "kind": "table", "text": "CEO Salary Benchmarking Versus Peers", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82cb7412-4563-4062-81f2-023199d36cd9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe The Terms of CEO Wilson's New Employment Agreement Are Egregious", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "383352ae-1c87-4a43-9ebb-f7c4ef4f7d09", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c43134c6-bbcb-4908-96a3-003c7947d0b5", "evidence": "Exposing excessive compensation relative to performance and peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 110, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 111, "type": "tension", "title": "Uses a red flag icon to signal suspicious activity.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 574, "nDataPoints": 0, "notes": "Uses a red flag icon to signal suspicious activity.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:30.5+00", "seconds": 2.919, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/111", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-111", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "callout", "text": "Wilson formed an LLC in Colorado in January 2021. Based on the stereotypical name and the registering agent's expertise in luxury vessels (yachts, jets and vintage car taxation), it looks like he has plans for his newfound resources.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "017f9da0-87c9-4275-b290-c5191137c310", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.48, "y": 0.35 }, "kind": "image", "text": "Screenshot of Wenthur Law Group services page.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d8fc351-b4d0-4620-bb4c-826aa120e291", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.02, "y": 0.65 }, "kind": "paragraph", "text": "Person(s) forming the limited liability company: Wenthur Law Group, LLP, 4121 Napier St, San Diego CA 92110 US", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b27b45ce-6bc3-4ddc-b0df-a03c987fd142", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Colorado Secretary of State website, Wenthur Law Group website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e51797d-04c6-4be5-989a-683a8e97763d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.02, "y": 0.35 }, "kind": "table", "text": "Boarding School LLC details including formation date, ID, and registered agent info.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cca93536-6cec-4dd4-8e18-501f3c0c1686", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Looks Like Wilson Has Big Plans", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06876ce9-caee-4e9b-8626-6451452d821e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "09e62ad9-5f7f-4dfe-a1f1-d799920672c8", "evidence": "The slide uses a red flag icon and suspicious narrative to link corporate formation to personal luxury asset acquisition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:30.5+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 111, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 112, "type": "tension", "title": "Uses screenshots of Form 990, LinkedIn profiles, and financial prospectuses to build a case of undisclosed conflict of interest.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 1302, "nDataPoints": 0, "notes": "Uses screenshots of Form 990, LinkedIn profiles, and financial prospectuses to build a case of undisclosed conflict of interest.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:31.356+00", "seconds": 3.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/112", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-112", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.16 }, "kind": "callout", "text": "The Cuattro Foundation 2018 Form 990 lists Christian and Collin Wilson as trustees. These are CEO Wilson's sons who both work in investment banking in the healthcare/life sciences banking practice at Piper Sandler. Piper Sandler, which has a $305 per share price target (2nd highest price target to Alliance Global's $310/sh), received fees from Heska for underwriting services. We believe this compromises the objectivity of Piper's stock price and rating and believe it should be suspended.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a11b9fb9-567c-488a-a65f-6a1d6f9e8ab7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.48, "x": 0.02, "y": 0.84 }, "kind": "callout", "text": "We are surprised Piper Sandler would engage in such practices given the well-publicized scandals related to the hiring of relatives of clients by other investment banks such as Credit Suisse and JPMorgan.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b84f2a84-7d17-4a53-8c2d-805c33044633", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.48, "x": 0.51, "y": 0.84 }, "kind": "callout", "text": "No mention of employing relatives of the CEO in other areas of the firm", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc6cafc0-0a18-419f-9b65-9c5419ecfbb4", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe this compromises the objectivity of Piper's stock price and rating and believe it should be suspended.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-1e029efec4e6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.02, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Cuattro Foundation Form 990, Heska 13D/A filed 4/29/19, LinkedIn, LinkedIn, Heska 424b filed 3/4/21, Heska press release dated 9/12/19, Piper Sandler equity research", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "488dc24a-c943-46b6-ab57-f71052a07d6e", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "Form 990 and LinkedIn profile screenshots showing employment of Wilson's sons", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27e2fe89-a951-4796-a9a1-79809e9a6899", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.48, "x": 0.51, "y": 0.31 }, "kind": "image", "text": "Piper Sandler Heska prospectus and research report", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c9fc738-3c62-47a0-a0e0-b7a8d6515073", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Are Uncomfortable With The Undisclosed Employment Relationship Between Wilson's Family And Stock Promoter Piper Sandler", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04b7b02f-6317-4a3a-bd1e-bd0dca4e5f56", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c2c3c1ad-2429-4958-b6f4-17bbccd93563", "evidence": "Exposing undisclosed conflicts of interest between corporate insiders and financial intermediaries.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:31.356+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 112, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 113, "type": "tension", "title": "Uses screenshots of salary data and LinkedIn profiles to build a case for conflict of interest and excessive pay.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1012, "nDataPoints": 8, "notes": "Uses screenshots of salary data and LinkedIn profiles to build a case for conflict of interest and excessive pay.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.152+00", "seconds": 3.772, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/113", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-113", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.286, "x": 0.016, "y": 0.662 }, "kind": "callout", "text": "Also splitting time?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bd86c1c-47a2-4d4b-9644-bf7a0c4a32b1", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.868, "x": 0.116, "y": 0.173 }, "kind": "callout", "text": "CEO Wilson's brother, Doug, is a Heska employee. On top of the inherent conflict, we believe his compensation is far above market for his total and employment location. And despite this compensation, does he also split time between Heska and Cuattro?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87b7a09c-8176-43fa-b2c1-6720d51dedb0", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.982, "x": 0.018, "y": 0.455 }, "kind": "image", "text": "Salary comparison charts and LinkedIn profile snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd2cd4d7-29a9-421e-9285-a6ad259c3537", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.982, "x": 0.018, "y": 0.348 }, "kind": "paragraph", "text": "Doug Wilson, Director, Creative Marketing for the Company, is the brother of Kevin Wilson, the Company's President and Chief Executive Officer. In 2020, Mr. Doug Wilson earned $180,000 in salary. Mr. Doug Wilson also received non-Equity Incentive Plan Compensation related to the MIP in the amount of $40,000. His compensation is consistent with the total compensation provided to other employees of the same level with similar responsibilities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2da61bc-00c0-4ef2-8e74-9aa968faf73c", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.765, "x": 0.027, "y": 0.96 }, "kind": "source-note", "text": "Source: Salary data as of 9/30/21. Heska 2021 Proxy, Builtincolorado, Payscale.com, Glassdoor, Salary.com, LinkedIn, and Builtincolorado, LinkedIn", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01a4f7d1-0856-4494-8644-e11c335cab30", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.163, "x": 0.318, "y": 0.058 }, "kind": "title", "text": "Thanks Bro...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec44e4c-7e4e-4345-aa8f-795f238d60bb", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.982, "x": 0.018, "y": 0.42 }, "kind": "title", "text": "$180,000 (plus a $40,000 bonus) for a Director of Creative Marketing in Loveland, CO?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48497448-70f6-4767-ab20-37d850081263", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "68101c8e-4938-4edf-8a76-e577e6b39814", "evidence": "Exposing potential nepotism and overcompensation as a governance failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 113, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 114, "type": "tension", "title": "The slide uses a 'red flag' visual metaphor to frame the investigation into the company's legitimacy.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 8, "textChars": 856, "nDataPoints": 4, "notes": "The slide uses a 'red flag' visual metaphor to frame the investigation into the company's legitimacy.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:36.546+00", "seconds": 8.035, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/114", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-114", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.77, "x": 0.12, "y": 0.17 }, "kind": "callout", "text": "The best we can tell, Cuattro remains an extremely niche radiography supplier, but we see several red flags, including: (1) lack of recent press releases, (2) conflicting supplier statements, (3) only 14 employees, and (4) questionable medical endorsements.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d884b2ae-0633-4592-b550-b63ab77362e2", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.48, "x": 0.51, "y": 0.45 }, "kind": "image", "text": "Doctor endorsement and sanction details", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7ff36e2-6883-4c98-83f2-c0720f09f45d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "Press release snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9700a51-ca03-47f8-82a4-023349f77cee", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.36, "x": 0.14, "y": 0.84 }, "kind": "paragraph", "text": "Dr. Poelstra was sanctioned by the Florida Board of Medicine for a surgical error before moving to California. He has since moved again to Nevada. He has a long history of earning >$100,000/year for endorsements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5cad7552-ff3d-4261-9fda-32c37824a349", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.02, "y": 0.71 }, "kind": "paragraph", "text": "Cuattro claims to be a leading US distributor of radiography equipment for South Korea's Vieworks. However, when we called several Vieworks dealers, they claimed Cuattro is an insignificant player.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7b4094a-1d64-4d82-8040-8b98f05b21e3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Cuattro website, Propublica, Florida Board of Medicine", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c15bf652-d19b-491d-b9e1-0f6f8fc8f98a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.48, "x": 0.51, "y": 0.31 }, "kind": "table", "text": "PPP loan data table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86505d8a-1cae-49cd-9cc4-8ef489f41154", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "And Also Importantly, Just What is Cuattro Today?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25b0be6c-d6c2-46cf-bea1-f1f8c10482ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "172a1f06-fdac-4e81-9aeb-3f8480bdb91c", "evidence": "The slide systematically dismantles the company's claims using public records and investigative calls.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:36.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 114, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 115, "type": "tension", "title": "Uses a red flag icon and red boxes to highlight the contradiction between the official proxy filing and the LinkedIn profile.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 922, "nDataPoints": 0, "notes": "Uses a red flag icon and red boxes to highlight the contradiction between the official proxy filing and the LinkedIn profile.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "headshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.753+00", "seconds": 3.788, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/115", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-115", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska Chairman Scott Humphrey's biography says he is a retired executive. It fails to disclose he is a Senior Advisor for a Canadian M&A called advisory firm called Clariti Advisors and a U.S. advisory firm called Sun Acquisitions, creating the potential for future conflicts of interest, as well as a director of two other private companies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50c09c11-f0c9-4961-8c1b-8d7e1c54a365", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "framework", "text": "Contradiction between official proxy and personal LinkedIn profile", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b61abf5-5563-4929-8c53-c8bb45df00b3", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.98, "x": 0.01, "y": 0.57 }, "kind": "image", "text": "LinkedIn profile screenshot showing 'board whisperer' and advisory roles", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02cf2867-1925-4c8c-ab33-9fccb059a413", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.98, "x": 0.01, "y": 0.34 }, "kind": "paragraph", "text": "Scott W. Humphrey, age 50, has served us as a Director since June 2017 and as our Board Chair from October 2018 to the present. Mr. Humphrey is a retired executive...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "441a3fe1-6710-4046-9d40-add6e000f2b3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Heska 2021 proxy, LinkedIn, Clariti Advisors bio, Sun Acquisitions bio", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78e59d18-8bb3-4c5a-a905-dfa9865221ed", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Heska's Chairman Hasn't Disclosed New Positions That Could Potentially Lead To Conflicts of Interest", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cd4a2ce-a55a-4749-9067-a7949a25a0e6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.01, "y": 0.28 }, "kind": "title", "text": "Scott Humphrey Bio in Heska Proxy Filed 3/25/21", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e39293f-17b8-419f-aef0-93c26c977b32", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.01, "y": 0.52 }, "kind": "title", "text": "Scott Humphrey's LinkedIn and Clariti Advisors Bios", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d239e96c-ec97-47e7-8df8-a0cad1a31018", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6f181bb7-a4c4-4b43-92d2-ef084e2b5e14", "evidence": "Contrasting official proxy filing text with LinkedIn profile claims to expose lack of disclosure.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:34:32.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 115, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 116, "type": "tension", "title": "Uses excerpts from a proxy filing and a Form 990 to demonstrate the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 1369, "nDataPoints": 4, "notes": "Uses excerpts from a proxy filing and a Form 990 to demonstrate the contradiction.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.876+00", "seconds": 3.747, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/116", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-116", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.98, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "David Sveen founded and runs a consulting firm named Cedarstone that provides services to non-profits. He is also a trustee and President of the Domanada Foundation, which has paid Cedarstone approximately $420,000 each year from 2016 through 2019. In fact, the two organizations even share an address. Yet, it is listed on the form as \"independent\" – how is this so?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58b3189f-5007-4221-b774-7a3de56d26cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.24, "x": 0.23, "y": 0.71 }, "kind": "callout", "text": "How are they \"independent\" with the same address and individual?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bad00582-d7b5-4484-bdf1-b3a7c1784259", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In fact, the two organizations even share an address. Yet, it is listed on the form as “independent” – how is this so?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-7618729ae628", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.02, "y": 0.33 }, "kind": "paragraph", "text": "David E. Sveen, Ph.D., age 64, has served us as a Director since November 2013. He is the Executive Chair and Managing Director of Cedarstone...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aa69a2f-4bdb-450e-b643-85e4c4b2a934", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.02, "y": 0.81 }, "kind": "paragraph", "text": "According to Charity Navigator, a common rule of thumb in assessing charities is that the organization should spend 25% or less of its budget on total administration expenses. In total from 2016 through 2019, Domanada spent 49.4% of its budget on expenses and 26.5% of its budget on Cedarstone alone.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bba1a1a7-45ea-4a89-abb3-e2b9479610a1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.91 }, "kind": "source-note", "text": "Source: Heska 2021 proxy, Domanada Foundation Form 990s for 2019, 2018, 2017, and 2016", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94eb7e2f-4d0f-47ac-ad23-e7a7e5d2bd41", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.98, "x": 0.02, "y": 0.49 }, "kind": "table", "text": "Form 990 data showing David Sveen as Trustee and Cedarstone Partners as an independent contractor receiving $421,800.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3820c29e-9ca9-404b-97db-2f61ff47d4ac", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Heska Director Sveen Has A Charity With A Not So Clearly Independent Administrator", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a491c4f-7388-484f-807b-59ffdcbab377", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.44 }, "kind": "title", "text": "Excerpts From Domanada Foundation 2019 Form 990", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e11e3e5-ac8e-44f2-93d5-a55e465d1547", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.28 }, "kind": "title", "text": "David Sveen Bio in Heska Proxy Filed 3/25/21", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddd06b63-508b-4b1b-bbaf-45d2f84e5aae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f46782c5-e987-42a8-96e1-02da0b4f108e", "evidence": "The slide explicitly questions the independence of a contractor to expose a potential conflict of interest.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 116, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 117, "type": "tension", "title": "Includes a screenshot of a legal document (Case No. 2005-004562) and a quote from a 10-K filing.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 9, "textChars": 1763, "nDataPoints": 12, "notes": "Includes a screenshot of a legal document (Case No. 2005-004562) and a quote from a 10-K filing.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.723+00", "seconds": 3.296, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/117", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-117", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.47, "x": 0.52, "y": 0.36 }, "kind": "callout", "text": "Was Unable to Properly Calculate Interest Expense After Doing a Convertible Note Offering; We Suggest Companies Not Do Structured Products if They Don’t Understand Them", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11d3196a-7a73-461a-9298-98fca6a052e7", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.47, "x": 0.03, "y": 0.36 }, "kind": "callout", "text": "Was Disciplined by the Colorado State Board of Accountancy for Practicing as a CPA in Colorado for almost three years Without Having a State License (Case No. 2005-004562)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "282555a6-c6b8-49a0-8496-0b0b6ca89f24", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "How can the Board allow Heska to operate without a CFO for that long, unless they had concerns?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b5-855d0a15bed3", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.47, "x": 0.03, "y": 0.48 }, "kind": "image", "text": "Excerpt from Colorado State Board of Accountancy document", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc6d9723-1105-4417-a6e6-6c5e84941812", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.84, "x": 0.12, "y": 0.17 }, "kind": "paragraph", "text": "CFO Grassman worked at PricewaterhouseCoopers for almost three years without having an active Colorado state CPA license. In addition, Heska was unable to properly calculate the interest expense resulting from their convertible notes. We question the conclusion of “immateriality” for a Company with minimal profitability. We note that Grassman worked at PwC for 15 years without making Partner. We also note that Grassman was appointed VP and CAO in December 2017 upon the departure of the previous CFO but was not named CFO until almost 1.5 years later. How can the Board allow Heska to operate without a CFO for that long, unless they had concerns?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b013537d-8bae-4681-8972-a5a1b18b1c92", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.47, "x": 0.52, "y": 0.48 }, "kind": "quote", "text": "During the fourth fiscal quarter of 2020, the Company recorded an out-of-period adjustment that impacted the Consolidated Balance Sheets... The Company concluded that the errors were not material...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1395ae1f-894d-4998-b65e-2ec0ff4fe9fb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"During the fourth fiscal quarter of 2020, the Company recorded an out-of-period adjustment that impacted the Consolidated Balance Sheets, Consolidated Statements of (Loss) Income and Consolidated Statements of Comprehensive (Loss) Income.\" — Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b5-8a9610b246d6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Colorado State Board of Accountancy Case No. 2005-0044562, Heska 2020 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40e3dd1b-2dc0-4f3c-8c4d-052d8dfd330a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "CFO Grassman Has A Disciplinary Record And Has Reported Financial Errors With Heska", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9756be31-66b5-4e98-be39-ff1ad61d8a11", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8acd8364-62c2-4273-ad02-72740b33df39", "evidence": "Highlights disciplinary record and financial reporting errors to question management integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.723+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 117, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 118, "type": "tension", "title": "The slide uses a red flag icon and red boxes to draw attention to the employee's role (SOX Manager) and the negative sentiment.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 372, "nDataPoints": 0, "notes": "The slide uses a red flag icon and red boxes to draw attention to the employee's role (SOX Manager) and the negative sentiment.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:35.56+00", "seconds": 5.996, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/118", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-118", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.12, "y": 0.17 }, "kind": "callout", "text": "Although this represents but one voice, it isn't very encouraging, especially when it comes from someone who claims to managing accounting compliance under Sarbanes-Oxley that mandates certain practices in financial record keeping and reporting for corporations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "050d5a0d-f013-42c6-8677-f8d77a522565", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.12, "y": 0.28 }, "kind": "image", "text": "Glassdoor review content", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c0be9b4-2a34-4bb3-be66-d9d801212005", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Glassdoor", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3166775c-6ba2-4999-8581-9a76a42e8eea", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "At Least One Heska Employee Not A Fan of Company Financial Management", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c791c1a-14b0-4935-8ecc-dae7b6c3ec99", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "be8b604f-2f0e-4a30-90ff-eb65f4336d38", "evidence": "The slide frames the company's financial management as the 'villain' through the lens of a disgruntled employee.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:35.56+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 118, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 119, "type": "tension", "title": "The slide uses a 'villain' framing by questioning the qualifications and nepotism (son of a board director) of specific management appointees.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 9, "textChars": 967, "nDataPoints": 0, "notes": "The slide uses a 'villain' framing by questioning the qualifications and nepotism (son of a board director) of specific management appointees.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "data_table", "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.257+00", "seconds": 4.452, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/119", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-119", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "We are surprised that two lawyers without any documented prior animal health industry operating or domain expertise have recently been promoted to key operating roles.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02320300-bd11-488e-8539-f3a79e698dcb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.55, "y": 0.55 }, "kind": "callout", "text": "We believe it's a big jump for Sveen to go from being an private banking associate to being the EVP, CAO and GC of an animal health company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e6f564-1bd1-4b33-8459-c1f910cbbb9d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.32, "y": 0.75 }, "kind": "list", "text": "Another lawyer given managerial responsibility, in this case for 40% of Heska revenues, at a key time (during post-deal integration)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "361ea5ca-af18-42da-a1dc-8d1894869f02", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.35 }, "kind": "list", "text": "The son of Heska Board Director David Sveen (disclosed but still a conflict)\nThe President of Diamond Animal Health, Heska's pharmaceutical manufacturing operation in Des Moines, IA despite his background as a private banker", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a54f38b7-ef96-47d6-9198-889b37c310b0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.02, "y": 0.75 }, "kind": "paragraph", "text": "Eleanor Baker: EVP, Managing Director of scil", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77edbf64-01d3-44ce-a276-2ac5ec8184d7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.02, "y": 0.35 }, "kind": "paragraph", "text": "Christopher Sveen: EVP, CAO, General Counsel and President of Diamond Animal Health", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "869995e2-d233-4707-96ff-636677f0e8b2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Heska 2020 10-K, FINRA", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "465240bb-5fc5-4d39-935a-4ad4a28e9f6d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.02, "y": 0.55 }, "kind": "table", "text": "Employment history table for Christopher Sveen", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38a4e9ef-e508-4dc9-a0a1-a98e088c3629", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Why Have Lawyers With No Prior Industry Operating Experience Been Given Key Operating Roles At Heska?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e74d6cae-5387-4271-ac03-e0bf1812789c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "86749cfb-2ff9-4386-a19a-7fcd516cd48b", "evidence": "The slide frames the appointees as unqualified and potentially conflicted, serving as the 'villain' in the activist narrative.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:34:34.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 119, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 120, "type": "tension", "title": "The chart uses red flag icons to denote insider sales over time.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 865, "nDataPoints": 2, "notes": "The chart uses red flag icons to denote insider sales over time.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.739+00", "seconds": 2.743, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/120", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-120", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "CEO Wilson has sold almost $18 million of Heska stock over the past eight years. Notably, Wilson was a seller at price levels materially lower than where the stock trades today. The CFO has also recently sold 5,000 shares above $260 per share in August 2021.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fbcf4e5-7d14-4ffd-81b5-3f84f0e2be2f", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.71, "x": 0.15, "y": 0.36 }, "kind": "chart", "text": "Long History of Heska Insider Sales", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "716150c2-dddf-4890-a5cc-007d1fb1452b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "insider transactions: $18 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-d45877f8419e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.11, "y": 0.84 }, "kind": "paragraph", "text": "Employees aren't buyers either: \"Under the 2020 Employee Stock Purchase Plan (the \"ESPP\"), we are authorized to issue up to 200,000 shares of common stock to our employees, of which 3,859 had been issued as of December 31, 2020\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3371fb3-bb7e-4437-b677-dc420b1745b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Under the 2020 Employee Stock Purchase Plan (the \"ESPP\"), we are authorized to issue up to 200,000 shares of common stock to our employees, of which 3,859 had been issued as of December 31, 2020 — Heska 2021 Proxy.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-d2dddc6dc3e1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg, Wallmine, Heska 2021 Proxy, CFO Form 4", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcd40e74-24c6-4ac7-af70-692829720fae", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Insiders Have A Propensity To Sell Stock", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f82ecbf-f311-44cc-b78f-c50f7b95ccad", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2675d8fd-f7f3-4d7a-9fdd-01028eac791c", "evidence": "Highlighting insider selling as a negative signal of management confidence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:32.739+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 120, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 121, "type": "tension", "title": "The slide uses a Spruce Point Capital Management logo (the tree) as a visual anchor.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 354, "nDataPoints": 2, "notes": "The slide uses a Spruce Point Capital Management logo (the tree) as a visual anchor.", "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.789+00", "seconds": 4.793, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/121", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-121", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Heska's Valuation Is Irrational: Our Normalized Analysis Suggests 50% - 60% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-b5813989b261", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a3ada5a-b3c0-4201-9298-283e8d7ae987", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.26, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70a7088c-656f-48ff-9063-ec568b2e0264", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 50% - 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-b977a1c4c05d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Heska's Valuation Is Irrational: Our Normalized Analysis Suggests 50% - 60% Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f60c8fe-aafa-4ded-9f3a-29d730990544", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 122, "type": "setup", "title": "The slide uses a red flag icon to highlight the activist's concern regarding the company's valuation.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 5, "textChars": 534, "nDataPoints": 60, "notes": "The slide uses a red flag icon to highlight the activist's concern regarding the company's valuation.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:32.704+00", "seconds": 2.636, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/122", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-122", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.85, "x": 0.11, "y": 0.17 }, "kind": "callout", "text": "Heska's market cap has ballooned to approximately $2.8 billion following the stock's recent run. We find it troubling that an equipment distributor, regardless of how hot the end market is, is trading in line with leading technology companies and SaaS companies with real subscription business models.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c7c8a8-9f49-4fb8-bbf4-e82873d9d6f0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/Revenue: 9.3x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-63889a85bbf1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90e382e9-64d1-4c9a-b765-87c8aa06f105", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.87, "x": 0.09, "y": 0.34 }, "kind": "table", "text": "Heska Valuation Summary table including market cap, EV, and financial multiples from 2018-2022E.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bf996cf-c119-48c7-affe-aee92f7f575b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska Currently Trades At 9x 2022E Revenues, Giving It A Valuation Exceeding That of Many SaaS Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:32.704+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21d66dfa-8ca6-44bd-9867-e44c68771c3c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 123, "type": "setup", "title": "The slide uses a red box to highlight the 20% revenue CAGR figure for Heska, which the text argues should be 14.7%.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 7, "textChars": 964, "nDataPoints": 160, "notes": "The slide uses a red box to highlight the 20% revenue CAGR figure for Heska, which the text argues should be 14.7%.", "elementsJson": [ "headline_text", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.298+00", "seconds": 4.055, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/123", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-123", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.25, "x": 0.46, "y": 0.96 }, "kind": "callout", "text": "Actually 14.7%. See above.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b8792fa-7055-420a-b150-164b8d8a756e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.00175 }, "kind": "callout", "text": "Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors. We believe that the 2020-2022 revenue CAGR is inaccurate by Bloomberg and many analysts. The scil transaction closed on 4/1/2020. Therefore, grossing up scil's revenue contribution in 2020, $61.3 million per the 2020 10-K, results in pro forma 2020 revenue of $218 million. Thus, the actual 2020-2022 consensus revenue CAGR is 14.7%. Heska is NOT expected to outgrow IDEXX.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2d7eb8a-3657-4a3f-b206-7c35bb620cdf", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-037c12506f6d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA: 103.0x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-04e3358761f5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe687558-451d-4716-bb46-37c36cbe95e8", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.88, "x": 0.12, "y": 0.0033 }, "kind": "table", "text": "Peer comparison table showing Stock Price, Ent. Value, LTM Margins, 2020-22 Revenue CAGR, and EV/Revenue and EV/EBITDA multiples for various companies.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bb3c2e9-7b9e-4007-82c0-fc6e14396852", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Heska's Trading Multiples Do Not Align With Its Financial Metrics", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6305f0b-235f-46b5-80d3-a20c81f3abc1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a2248440-99c3-420a-9bde-dd6d602c98fd", "evidence": "No clear 2x2 matrix visible, but table/data suggests comparison across metrics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:03:38.225101+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 123, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "87ba1c62-0ec0-4f21-801a-41f0470d1d50", "evidence": "The slide compares Heska's financial metrics and valuation against a peer group to argue for overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 123, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 124, "type": "tension", "title": "The slide uses a Bloomberg terminal chart to demonstrate a disconnect between market valuation and fundamental business performance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 337, "nDataPoints": 1, "notes": "The slide uses a Bloomberg terminal chart to demonstrate a disconnect between market valuation and fundamental business performance.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:36.598+00", "seconds": 5.712, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/124", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-124", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.878, "x": 0.108, "y": 0.17 }, "kind": "callout", "text": "Heska has seen dramatic multiple expansion over the past twelve months despite our analysis illustrating only modest changes in the Company's strategy, operations, competitive positioning, and financial performance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2eed6ad5-4cb1-4516-8eed-22aa8cd3395f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.85, "x": 0.147, "y": 0.325 }, "kind": "chart", "text": "EV To Trailing 12M Sales", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f713b5ab-ecb7-4c4a-9859-4766668d584e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/Sales: 9.309", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-f7b08e225674", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.125, "x": 0.025, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56ac42be-6044-4310-9acf-cb311a5e5e79", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.315, "y": 0.035 }, "kind": "title", "text": "Heska Has Traded At Historically High Multiples Over The Past Year", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4216d28-3a86-4022-bf28-e6df8aa7b7d1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b1cf8638-0e23-4e90-81f5-4c3712bf2278", "evidence": "Contrasts market valuation (multiple expansion) with internal business performance (modest changes).", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:34:36.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 124, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 125, "type": "tension", "title": "Includes a red flag icon to signal warning/contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 993, "nDataPoints": 18, "notes": "Includes a red flag icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "data_table", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:35.253+00", "seconds": 3.998, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/125", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-125", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.15 }, "kind": "callout", "text": "Heska's market cap grew 218% from the close of the scil transaction through the end of 2020. However, despite scil adding a relatively large chunk of negative-growth, ~30% gross margin revenue and Heska consensus 2021E EBITDA estimates not changing, the implied value of scil and CVM grew 282% over just eight months.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d41bc55-2fb2-4a79-bd77-9f635899368a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Heska’s market cap grew 218% from the close of the scil transaction through the end of 2020. However, despite scil adding a relatively large chunk of negative-growth, ~30% gross margin revenue and Heska consensus 2021E EBITDA estimates not changing, the implied value of scil and CVM grew 282% over just eight months.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-e3f5e005be70", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.46, "x": 0.02, "y": 0.34 }, "kind": "chart", "text": "Heska Market Cap Since 1/1/20", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93053bd2-0583-46a0-81c8-3624c0445ede", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied Value Increase: 282%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ad-e71d7e76132c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35db3cd8-0f1d-4c89-b012-cebf22d2c253", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.72 }, "kind": "table", "text": "2022E Revenue Estimates Up, But EBITDA Estimates Are Softening", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3652e64-583d-4087-9771-c38fb88fdc94", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.48, "x": 0.51, "y": 0.28 }, "kind": "table", "text": "Heska Implied Deal Value Increase Despite No Change in 2021E EBITDA Estimates", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69b765b6-c1d6-467c-84b9-dbaab95809a1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "The Enormous Increase In The Implied Value of scil And CVM Acquisitions Over Eight Months Defies Logic; Heska's Stock Has Doubled Again Since Then", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee4f0000-77f2-46a0-988e-01d7a4683d12", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "65a24767-778c-4580-8f84-b99603d60ca6", "evidence": "Chart/line: Heska Market Cap Since 1/1/20, suggesting focus on clear presentation of data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:38.324073+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 125, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "7c39be3b-4b55-477b-9a99-7f9ec9236498", "evidence": "The slide explicitly highlights a contradiction between market valuation and fundamental business performance to suggest irrational or fraudulent pricing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:35.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 125, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 126, "type": "setup", "title": "The slide uses a red flag icon to highlight the core argument and a red box to emphasize the final valuation multiple.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 1257, "nDataPoints": 11, "notes": "The slide uses a red flag icon to highlight the core argument and a red box to emphasize the final valuation multiple.", "elementsJson": [ "headline_text", "callout_box", "data_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.793+00", "seconds": 3.484, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/126", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-126", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.16 }, "kind": "callout", "text": "Backing out the value paid for scil and CVM, as we don't believe those assets have accreted in value, and subtracting those companies' pro rata revenue contribution in 2021 (assuming a constant percent of revenue), pre-transaction (or \"Core\") Heska is trading at 17.5x 2021E revenue. We note that IDEXX is trading at 17.6x, and Heska is no IDEXX.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3d2a505-82f6-4b52-8a17-ed4d0c1b3eaa", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We fail to understand why any investors would ascribe IDEXX’s multiple to “core” Heska given its precarious competitive position, inferior innovation, dramatically lower margin profile, and vastly inferior management team.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-303ad3ee312d", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.46, "x": 0.52, "y": 0.36 }, "kind": "list", "text": "Rationale For IDEXX Trading Premium: Dominant market share, superior growth/margins, broad portfolio, reference lab, IP, SaaS business, management team, and market analysis.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c01c8669-5b06-482e-8fb1-230d5113a81b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / 2021E Revenue: 17.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3c-7011-a9ae-342e3d74995c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.98, "x": 0.02, "y": 0.79 }, "kind": "paragraph", "text": "We fail to understand why any investors would ascribe IDEXX's multiple to \"core\" Heska given its precarious competitive position, inferior innovation, dramatically lower margin profile, and vastly inferior management team.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec3b3028-3ca4-4edb-a4c6-fefa027d257c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27347a3c-fda7-4ffd-ad57-c3d508ab863a", "parentComponentId": null }, { "bbox": { "h": 0.36, "w": 0.48, "x": 0.02, "y": 0.36 }, "kind": "table", "text": "Non-scil / CVM Heska Valuation table showing market cap, consideration paid, implied core value, revenue contributions, and implied EV/2021E revenue.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3facee94-bd92-40d8-9608-48795f77d3b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "If We Value scil And CVM At The Price Paid 1.5 Years Ago, Heska Is Trading At 17.5x, In-Line With IDEXX", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebebec87-a0a1-41c3-b273-9943a72d542e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3f9516c7-7bf1-4f03-a87a-6c8c2d5da3b8", "evidence": "The slide calculates the 'Core' Heska value by subtracting acquisition costs and revenue from the total market cap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.793+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 126, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 127, "type": "setup", "title": "Includes a red callout box emphasizing R&D spending as a differentiator for Heska.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 9, "textChars": 1326, "nDataPoints": 28, "notes": "Includes a red callout box emphasizing R&D spending as a differentiator for Heska.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "screenshot", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:34.534+00", "seconds": 3.157, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/127", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-127", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.19, "w": 0.21, "x": 0.37, "y": 0.71 }, "kind": "callout", "text": "Note that most companies, Heska excluded, spend a lot on R&D to drive new product innovation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcb0bbbd-bb66-451c-9df1-fbf711071da7", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "LumiraDx and Butterfly Network are two recent SPAC merger targets that are focused on low-cost point of care diagnostic testing (blood/disease testing and ultrasound, respectively). Although they focus on humans as opposed to companion animals, their application areas offer high growth potential. However, despite their business similarity and dramatically higher anticipated growth, they still trade at discounts or small premiums to Heska.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32a-aa8836131801", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.39, "x": 0.6, "y": 0.63 }, "kind": "chart", "text": "Robust Revenue Growth with Roadmap to Compelling Margin Profile", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dad2b14f-dbf2-4e04-8898-0ddf91d8365e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.11, "y": 0.68 }, "kind": "image", "text": "Income Statements table", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef76bcef-652a-4d15-a585-d2dcc901c95f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / Revenue: 49%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32a-adfa5d2a5b02", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.88, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "LumiraDx and Butterfly Network are two recent SPAC merger targets that are focused on low-cost point of care diagnostic testing. Although they focus on humans as opposed to companion animals, their application areas offer high growth potential. However, despite their business similarity and dramatically higher anticipated growth, they still trade at discounts or small premiums to Heska.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2709609e-b0d6-46ed-a842-a0e993af3f0f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg, LumiraDx deal presentation, Butterfly Network deal presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ece4247-08b9-4fad-8bd3-f17d24ab9e4b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.11, "y": 0.31 }, "kind": "table", "text": "LumiraDx (LMDX) Valuation and Butterfly Network (BFLY) Valuation tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed0336c7-8c2a-46f9-b895-56fcbb6ce392", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Heska's Valuation Is Especially Egregious Relative to Recent High-Growth, Albeit SPAC, Diagnostic Equipment Players LumiraDx And Butterfly Network", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca3435b7-29ce-43dc-8ddc-acb8d5370a43", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "ed8fca96-2dc6-45b8-8ba8-3a546547b244", "evidence": "Table/valuation: LumiraDx (LMDX) Valuation and Butterfly Network (BFLY) Valuation tables, suggesting clear presentation of data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:03:38.422442+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 127, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "6f19d380-f040-4e48-8430-e5a34506f44a", "evidence": "Direct valuation comparison between Heska and two peers (LMDX, BFLY)", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:34.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 127, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 128, "type": "setup", "title": "Includes a red flag icon indicating activist stance.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 756, "nDataPoints": 60, "notes": "Includes a red flag icon indicating activist stance.", "elementsJson": [ "headline_text", "callout_box", "valuation_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:34:37.017+00", "seconds": 5.624, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/128", "deck": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-128", "deckJson": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "We have serious concerns about Heska’s management, financials, and competitive positioning, and we don’t believe the scil and CVM businesses acquired for 1.4x and 1.9x revenues only 1.5 years ago are worth substantially more today. Even our best case sum-of-the-parts analysis suggests material downside.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc936f1d-cf76-4973-9689-48fadea65551", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We have serious concerns about Heska’s management, financials, and competitive positioning, and we don’t believe the scil and CVM businesses acquired for 1.4x and 1.9x revenues only 1.5 years ago are worth substantially more today.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32a-f8e9c9690620", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Downside: -62%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32a-fd8cd7aec201", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.97, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Heska Sum-of-the-Parts Valuation Analysis", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08dc0fa3-e19c-4aed-81c1-4eb25cbaeb0f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.97, "x": 0.02, "y": 0.91 }, "kind": "title", "text": "We believe Heska is simply not worth where the stock is trading today.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6376df74-212c-4fea-9915-6b47805e8a55", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Best Case Sum-of-the-Parts Valuation Suggests 50% – 60% Downside Risk To Heska’s Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "666d1f43-3200-4f13-a952-1ea49c505176", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "96ec4cc8-23a6-430e-a9bc-3795b02bf099", "evidence": "Sum-of-the-parts valuation table showing bridge from revenue to equity value and downside.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:34:37.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 128, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 128, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "The Victory", "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557", "matchId": "52e6621c-1296-4312-acbb-32eff9e31850", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 10, "label": "The Monster", "description": "The deck introduces Heska Corp. as a company with significant ESG concerns and poor governance." }, { "from": 11, "to": 50, "label": "The Struggle", "description": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model." }, { "from": 51, "to": 128, "label": "The Victory", "description": "The deck concludes with a strong sell opinion and a call to action for investors." } ], "loops": [ { "from": 10, "to": 20, "label": "Aha Moment", "description": "The company's financial performance and business model are not as strong as claimed." }, { "from": 50, "to": 70, "label": "Cost Of Inaction", "description": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline." } ] }