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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",
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  "presentationDate": "2021-10-25 00:00:00",
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  "pageNumber": 15,
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  "notes": "The slide uses a screenshot of a Piper Sandler financial model to point out specific growth projections for 'Imaging' and 'OVP' segments.",
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      "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.",
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      "kind": "callout",
      "text": "Why the high growth rates given Heska management’s guidance?",
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      "text": "We believe high Street growth expectations are setting up investors for disappointment.",
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      "kind": "image",
      "text": "Piper Sandler Model for Heska Dated 8-3-21",
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      "text": "YoY revenue growth: 24%",
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      "text": "Source: Piper Sandler",
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      "kind": "title",
      "text": "Shouldn't Investors Be Concerned That Analysts Are Modeling Growth For Those Segments?",
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