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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a red flag icon to highlight the contradiction between management's narrative and SEC filings.",
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      "text": "Nearly all Heska products are designed and manufactured by other OEMs. In fact, Heska's two most important supplier agreements specifically refer to Heska's role as \"distributor\" (FUJIFILM, Mindray).",
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      "text": "Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple.",
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      "text": "Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple.",
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      "kind": "quote",
      "text": "\"All of our Point of Care laboratory and other non-imaging instruments and consumables are supplied by third parties, who typically own the product rights and supply the product to us under marketing and/or distribution agreements.\" — Heska 2020 10-K",
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      "kind": "source-note",
      "text": "Source: Heska 2020 10-K, Heska 2019 10-K, Heska 2018 10-K, Heska 2016 10-K, scil animal care company GmbH 2019 annual financial filing with Unternehmensregister, Siemens Healthineers press release dated 7/21/17",
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      "text": "Despite Management's Story of Transformation, We Believe Heska Is Still Simply A Distributor",
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