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  "documentTitle": "Heska Corporation (HSKA)",
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  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "Uses a red box to highlight negative CAGR in the table.",
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      "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.",
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      "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.",
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      "text": "3-Year CAGR: -7%",
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      "kind": "paragraph",
      "text": "Do these businesses really deserve a 17.5x revenue multiple? (see: implied valuation analysis)",
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      "kind": "quote",
      "text": "And we've de-emphasized our contract manufacturing and vaccines and pharmaceuticals.",
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      "kind": "quote",
      "text": "At this time, modest growth year-over-year [in Imaging] is expected after 2021.",
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      "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",
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      "kind": "source-note",
      "text": "Source: Heska 2020 10-K, Bloomberg transcripts",
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      "kind": "table",
      "text": "Analysis of Heska North America POC Imaging, PVD, and OVP Revenue Trends",
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      "text": "Segment Analysis Suggests Nearly Half of Heska's Revenue Base Has Modest Prospects For Growth",
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