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  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "The slide uses a red box to highlight the 20% revenue CAGR figure for Heska, which the text argues should be 14.7%.",
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      "kind": "callout",
      "text": "Actually 14.7%. See above.",
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      "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.",
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      "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.",
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      "kind": "metric",
      "text": "EV / EBITDA: 103.0x",
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      "text": "Source: Bloomberg",
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      "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.",
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      "kind": "title",
      "text": "Heska's Trading Multiples Do Not Align With Its Financial Metrics",
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