{ "docId": "019dd923-622c-750b-8b99-1e32ee1ceb49", "docSlug": "cce862680d4f", "documentTitle": "Heska Corporation (HSKA)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-10-25 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "pageCount": 128, "prevPage": 44, "nextPage": 46, "slideType": "quote_slide", "function": "diagnose_problem", "density": "dense", "nDataPoints": 1, "notes": "Uses a red flag icon to signal a warning or negative indicator regarding market demand.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/45", "deckHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-45", "components": [ { "bbox": { "h": 0.12, "w": 0.87, "x": 0.108, "y": 0.174 }, "kind": "callout", "text": "We spoke with over 30 veterinarians about their views on point of care fecal testing. Not only did they generally prefer to continue using reference labs for such tests, but they also indicated a lack of willingness to try new equipment from a supplier other than their current vendor, which doesn't bode well for Heska given its minimal market share.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "96f7619f-22b1-42a8-a2bc-fd9b6a1a4e81", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "We spoke with over 30 veterinarians about their views on point of care fecal testing. Not only did they generally prefer to continue using reference labs for such tests, but they also indicated a lack of willingness to try new equipment from a supplier other than their current vendor, which doesn't bode well for Heska given its minimal market share.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a7-c5fc6b28ace7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.09, "x": 0.01, "y": 0.18 }, "kind": "image", "text": "Red flag icon", "attrs": null, "subkind": "icon-grid", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b37cd746-8e0d-4944-bf58-26b172884b88", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.65, "w": 0.22, "x": 0.02, "y": 0.3 }, "kind": "list", "text": "Feedback From Spruce Point Calls With Veterinarians Regarding Point of Care Fecal Testing", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6baba884-a6b3-4ef0-956e-a3e9acc96a21", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.65, "w": 0.74, "x": 0.24, "y": 0.3 }, "kind": "quote", "text": "\"Since fecal tests are most often used for general wellness exams, there is no need for a rapid result. One day turnaround is fine.\"\n\"Point of care fecal testing does not use the same antigen technology used in the reference labs, so the accuracy you get from the reference lab is much better.\"\n\"Fecal testing is a hassle and requires some expertise, so we prefer to use the reference lab.\"\n\"We do the easy stuff in house, but I don't see fecal migrating to the point of care.\"\n\"I'm happy letting the reference lab do everything related to the handling of fecal matter.\"\n\"The last thing I need is for my staff to run an additional test. They are overworked as it is.\"\n\"We simply don't have any additional space in our lab for another piece of equipment. Like many vets, we are pretty small.\"\n\"Our equipment supplier [IDEXX] also operates a reference lab, so there are efficiencies in just sending samples out to them.\"\n\"There is zero chance I will use a single new piece of equipment if it isn't offered from my current supplier. It just doesn't make any sense.\"\n\"Like most vets I know, we are an IDEXX practice, so incorporating others' machines is a hassle.\"", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cbf59738-57d7-4ed9-bdcb-4ab175906341", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Since fecal tests are most often used for general wellness exams, there is no need for a rapid result. One day turnaround is fine. — Veterinarian", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a7-cab51478a4c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.64, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Conversations With Vets Indicate Minimal Interest In Point of Care Fecal Diagnostic Testing", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7e197d93-5570-44f9-a06d-aada5d11d954", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 50, "from": 11, "beatId": "412174ed-5484-439a-aff3-7a3e556cebff", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck presents an analysis of Heska Corp.'s financial performance, competitive position, and business model.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }