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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "Starting in 2020, Heska began representing itself as transformed company, suddenly able to drive never before seen innovation and bring numerous new, internally developed products to market, thus fundamentally changing Heska's business model and heavy reliance on third-party suppliers.",
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      "text": "Despite Heska’s efforts to paint a picture of a transformed company, we believe the evidence (including SEC filings, supplier contracts, legal discovery, reported financials, R&D spend, capital investment, business practices, and actual product shipping in the market) indicates that Heska’s business has changed very little, if at all.",
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      "text": "Despite Heska's efforts to paint a picture of a transformed company, we believe the evidence (including SEC filings, supplier contracts, legal discovery, reported financials, R&D spend, capital investment, business practices, and actual product shipping in the market) indicates that Heska's business has changed very little, if at all.",
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      "text": "\"Heska's climbed to the top of the innovation and value creation chain. Heska now leads in product breadth, features, benefits, competitiveness and satisfaction.\" — Wilson at Investor Day November 2020; \"Our reliance on less controllable third-party engaged lines is now greatly reduced in relative impact. We control our own performance through our own good work.\" — Wilson at Investor Day November 2020; \"We are a fully transformed company...\" — Q4 2020 Earnings Release",
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      "text": "Source: Bloomberg Transcript, Heska Q4 2020 earnings release",
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      "text": "Wilson Comments on the \"New\" Heska",
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      "kind": "title",
      "text": "We Believe Heska Is Baiting Investors",
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