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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "Not only is Heska ill-equipped to compete against larger players, but we believe several market forces will create headwinds for Heska.",
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      "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",
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      "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.",
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      "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.",
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      "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.",
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      "text": "The Companion Animal Diagnostics Market Landscape Is Becoming More Challenging",
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      "text": "Companion Animal Market Risks for Heska",
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