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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a 'before and after' comparison to undermine a CEO quote.",
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      "text": "Three \"new\" products, all developed by others.",
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      "text": "Look familiar? They are 8 years old.",
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      "text": "Heska wants investors to believe that it is a fundamentally different company today. However, not surprisingly given the Company's modest level of investment, it is largely selling the same diagnostic products it did in 2013. Furthermore, the imaging product lineup it acquired from Cuattro in 2013/17 has changed little as well.",
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      "text": "Heska Lab Systems as of 8/28/21",
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      "text": "Heska Lab Systems as of 12/24/13",
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      "text": "To set the stage, let's recall where we began. In 2013, Heska was not well positioned for the next 15 years... And I am proud to say that this Heska team made the needed fix to each and every one of these circa 2013 criticisms.",
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      "text": "\"To set the stage, let's recall where we began. In 2013, Heska was not well positioned for the next 15 years... And I am proud to say that this Heska team made the needed fix to each and every one of these circa 2013 criticisms.\" — Wilson at Investor Day November 2020",
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      "text": "Source: Wayback Machine, Heska website, Bloomberg",
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      "text": "We Believe Heska's Product Line Has Changed Little Over the Past Five Years",
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