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  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-10-25 00:00:00",
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      "kind": "callout",
      "text": "Heska's capex spend has declined to minimal levels in recent years. Once again, this disclosure forces us to seriously question management's comments regarding its role in the production of the Element AIM.",
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      "kind": "callout",
      "text": "Historical capex spend for IDEXX makes a lot more sense: increasing as revenues scale and within a consistent range as a percent of revenue. If Heska is really \"like\" IDEXX, shouldn't they be similar?",
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      "kind": "callout",
      "text": "Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM. Moreover, we show that such capex levels are far more indicative of a distributor than a company driving any level of innovation or organic growth.",
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      "kind": "callout",
      "text": "Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM.",
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      "text": "Heska Historical Capital Expenditure ($M)",
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      "text": "Capital Expenditure: $2 million",
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      "text": "Source: SEC filings",
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      "kind": "title",
      "text": "Heska's Statements Regarding Element AIM Are Inconsistent With Its Declining And Minimal Capex",
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