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  "docSlug": "cce862680d4f",
  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-25 00:00:00",
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  "pageNumber": 13,
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  "notes": "Uses a red flag icon to signal a warning/contradiction. Includes specific 10-K disclosure callouts to challenge organic growth claims.",
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      "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.",
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      "text": "Heska Organic Revenue vs Acquisitions 2015-2020",
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      "kind": "list",
      "text": "2016, 2019, and 2020 organic revenue growth disclosures and exclusions.",
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      "text": "Organic Revenue CAGR: -1.2%",
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      "kind": "quote",
      "text": "In terms of key metrics and performance, we've had very good compound annual growth rates over the last several years.",
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      "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",
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      "kind": "source-note",
      "text": "Source: Spruce Point Analysis, Heska 2016 10-K, Heska 2020 10-K, Heska 8-K filed 2/26/19",
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      "kind": "title",
      "text": "You Can't Just Say It To Make It True; Evidence Suggests Heska Has Not Been A Growth Company",
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      "arcName": "Overcoming the Monster",
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