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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": "Heska 2019 10-K: \"Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers.\"",
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      "text": "Heska has repeatedly stated or implied that the Element AIM product has been developed and is being manufactured internally. Of note, Heska's only disclosed manufacturing facility, which largely produces pharmaceuticals for others on a contract basis, is located in Des Moines, Iowa.",
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      "kind": "callout",
      "text": "We find it troubling that investors have not gotten a straight answer from Heska management regarding something that represents a material shift in strategy and operations.",
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      "text": "We find it troubling that investors have not gotten a straight answer from Heska management regarding something that represents a material shift in strategy and operations. How can Heska manufacture the Element AIM on the East Coast when it has never disclosed the existence of a facility there? How can Heska represent that fecal testing expertise and technology “doesn’t exist” when fecal flotation has been performed for years for animals and stool tests have been used for humans for decades? If Heska abandoned a previous supplier, that should have been disclosed.",
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      "text": "\"We think point-of-care fecal combined with urine product is unique, its innovative. It's something that we've done internally. We haven't partnered with outside people because we don't think it exists out there on the human side, just veterinary eyes it. So we designed a kind of a purpose fit product for that.\" — CEO Kevin Wilson (Stifel Conference June 2021); \"And then the big innovation that investors who have followed us for a while, we worked on this product for the last three or four years, is an in-house innovation. We think we've invented some very unique things here to tackle what we consider to be one of the largest problems of veterinary healthcare, which of course, would be analyzing urine, but more importantly, analyzing fecal. And so, we've invented the Element AIM. It is in the process of being launched this quarter after several years of research and development. We're manufacturing this product in the United States, up in New England and that's underway.\" — CEO Kevin Wilson (Jefferies Conference June 2021); \"We did experience some supply chain disruption and delays for things like advanced computer chips...I'm sure my R&D and operations teams are thrilled that you ask, because they live it every day...I think, we've secured the major components.\" — CEO Kevin Wilson (Q2 2021 Earnings Call); \"Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers.\" — Heska 2019 10-K",
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      "kind": "source-note",
      "text": "Source: Bloomberg Transcripts, Heska 2019 10-K",
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      "text": "CEO Wilson Comments on Element AIM Development and Production",
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      "kind": "title",
      "text": "Similarly, Heska Continually Suggests That They Are Manufacturing The New Element AIM Product",
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