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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": "The slide uses a red bar for Heska to highlight its underperformance relative to peers.",
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      "text": "Heska's gross margins generally fall between those of high value-added diagnostic equipment companies and pure animal health distributors. Heska's EBITDA margins fall below those of nearly all possible comparable companies. We believe this is indicative of Heska's lack of proprietary technology and poor competitive position.",
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      "text": "LTM Gross Margin Comparison",
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      "text": "LTM Adjusted EBITDA Margin Comparison",
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      "text": "EBITDA margin: 8%",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "We Believe Heska's Business Model Is Evident In Its Low Gross And EBITDA Margins",
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