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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "Includes a sarcastic callout regarding Heska's CEO statement.",
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      "kind": "callout",
      "text": "Sounds like a detailed plan; good luck with that.",
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      "kind": "callout",
      "text": "We find few reasons for a vet to use Heska other than price, and even Heska management struggles to explain how it will compete with the industry's leaders.",
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      "text": "LTM Sales: $246 million",
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      "kind": "paragraph",
      "text": "Heska faces formidable competition from larger companies that have vastly superior scale, share, breath of products and services, and intellectual property portfolios. IDEXX is the industry gold standard...",
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      "kind": "quote",
      "text": "IDEXX, which in my mind, has always been like the, for want of a better expression, like the white shoe player in the space...",
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      "kind": "quote",
      "text": "But I mean, honestly, it's hard to get out of IDEXX, and it's hard to steal an IDEXX customer...",
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      "kind": "quote",
      "text": "\"I think IDEXX is a brilliant company... I think we can out execute [them] going forward.\" — CEO Wilson at BAML conference in February 2021. \"But I mean, honestly, it's hard to get out of IDEXX, and it's hard to steal an IDEXX customer. They just have done a really good job of locking customers in. They'll pay whatever money they need to keep a customer. They'll do a lot of things to keep this revenue going. So they're definitely not easy to break.\" — Former Sales and Ops Heska Employee. \"IDEXX, which in my mind, has always been like the, for want of a better expression, like the white shoe player in the space, [with] the integration of all of the major elements and the ability to bundle them, the integration of the reference labs, of the in-office equipment and analyzers and the point-of-care rapid test.\" — Former Senior Vice President, Zoetis",
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      "kind": "source-note",
      "text": "Source: Tegus, Bloomberg Transcripts",
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      "text": "Comparison table of LTM Sales, LTM R&D, Employees, and Advantages for IDEXX, Zoetis, and Heska.",
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      "kind": "title",
      "text": "We Believe Heska Is A Minor Player In The Animal Health Point of Care Diagnostics Market",
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