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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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      "kind": "callout",
      "text": "We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska. Moreover, Heska doesn't acknowledge important changes in the competitive landscape, such as OEMs bypassing distributors such as Heska to sell direct and the emergence of low-cost Asian competitors.",
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      "text": "We believe investors fail to appreciate the full range of potential competitors and competitive threats faced by Heska.",
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      "kind": "paragraph",
      "text": "Heska's Competition Disclosure Hasn't Changed Much Over The Past Five Years",
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      "text": "Our market is intensely competitive. Our competitors include independent animal health companies and major pharmaceutical companies that have animal health divisions. We also compete with independent third party distributors, including distributors who sell products under their own private labels. In the Point of Care diagnostic testing market, our major competitors include IDEXX Laboratories, Inc. (\"IDEXX\") and Zoetis Inc. (\"Zoetis\"). Idexx has a larger veterinary product and service offering than we do and a large sales infrastructure network and a well-established brand name. Zoetis also has a large sales infrastructure network.",
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      "kind": "paragraph",
      "text": "IDEXX and scil (now part of Heska) Disclose a Broader Array of Competitors and Potential Risks",
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      "kind": "quote",
      "text": "Our major competitors in most geographic locations in North America are Antech Diagnostics, a unit of VCA Inc., a division of Mars, Incorporated; Zoetis Inc. (including its wholly-owned subsidiary Abaxis, Inc.); Heska Corporation; Samsung Electronics Co., Ltd., and FUJIFILM North America Corporation. We also compete in certain international markets with Zoetis, FUJIFILM Holdings Corporation, Samsung Electronics, Arkray, Inc., Heska, Mindray and BioNote, Inc. — IDEXX 2020 10-K",
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      "kind": "source-note",
      "text": "Source: Heska 2020 10-K, IDEXX 2020 10-K, scil animal care company GmbH 2019 annual financial filing with Unternehmensregister",
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      "text": "Comparison of disclosure content between IDEXX/scil and Heska",
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      "text": "We Believe Heska Understates The Competitive Risks Of Its Business Model",
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