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  "documentTitle": "Heska Corporation (HSKA)",
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  "notes": "Uses direct quotes from BAML and Barclays conferences to frame the contradiction.",
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      "kind": "callout",
      "text": "Wilson stated that Heska must have gained share given its 25% subscriber growth in 2020. However, this number includes the impact of the scil transaction; North American (“NA”) subscriber growth was only 11%. We show that Heska NA total POC and consumables revenue underperformed its peers in 2020. Furthermore, we believe Heska’s oft-cited market share gains from 2013 to 2020 are incorrect, at least in terms of share relative to IDEXX and Zoetis.",
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      "text": "Heska has gained little share against market leaders since 2013.",
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      "kind": "callout",
      "text": "Heska's North American POC business, both in total and consumables only, underperformed its peers.",
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      "text": "market share: 7.5%",
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      "text": "\"And I do know that when subscriptions grow 25% in a year, it's reasonably safe to say that we did in fact gain share, but that's how we count share.\" — BAML Conference February 2021; \"Yeah. So in 2013, which is where we marked the beginning of our -- what we call Act 1, we do our work in five-year buckets. We were about a 3% market share holder in the North American market. We've grown that a couple of hundred basis points a year since 2013. And so we think we're sitting at about 13%, 14% as we enter 2021.\" — Barclays Conference March 2021",
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      "kind": "source-note",
      "text": "Source: Spruce Point Analysis. Heska 2013 10-K and 2020 10-K, IDEXX 2013 10-K and 2020 10-K, Abaxis fiscal (3/31) 2014 10-K and Zoetis 2020 10-K, Bloomberg Transcripts",
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      "text": "2020 North American Revenue Growth table",
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      "text": "BAML Conference February 2021 quote and Barclays Conference March 2021 quote.",
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      "text": "2013 vs 2020 North American Market Share table",
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      "text": "Our Analysis Contradicts Key Heska Statements Regarding Its Market Share; Actual Trends Are Worse",
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