{ "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": 47, "pageCount": 128, "prevPage": 46, "nextPage": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a 'red flag' icon to signal warning/contradiction.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/47", "deckHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-47", "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.00175 }, "kind": "callout", "text": "In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM. We believe the exchange below between analyst Ben Haynor and both Wilson and EVP Nancy Wisniewski at Heska's November 2020 Investor Day perfectly captures the generalities put forth by the Company. This is by far the most detailed disclosure by Heska, and it only came after repeated probing.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0bbaceb4-e66a-4910-b82a-7cf77b51a55f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.59, "x": 0.39, "y": 0.66 }, "kind": "callout", "text": "Our Take: Long-winded answer, then defers question", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f0907b1-e944-46b3-87d3-ca14129632b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.59, "x": 0.39, "y": 0.41 }, "kind": "callout", "text": "Our Take: Technical question receives jumbled answer", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ad9373fc-b998-46f6-acd7-bc0b9ae24305", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.48, "x": 0.5, "y": 0.78 }, "kind": "callout", "text": "Our Take: Sure, it's whatever Heska says", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d6da5424-b572-439c-be0d-ec335400d2e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "In contrast to Zoetis' published research, Heska has disclosed almost nothing about the technology or capabilities of the Element AIM.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a8-1fb09b2d39eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.96, "x": 0.02, "y": 0.45 }, "kind": "paragraph", "text": "Kevin Wilson, CEO: \"So, it's a great question. So I'll take it in the order that you asked it. So there are two things with sample size...\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19b59110-880f-4ae5-b487-0f67cb0680a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.7 }, "kind": "paragraph", "text": "Ben Haynor, Alliance Global: \"I guess it was a little bit more technical...\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4152e622-d63c-4357-9aac-adb4df66ac62", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.82 }, "kind": "paragraph", "text": "Wilson defers to Nancy Wisniewski, Executive Vice President: \"So, it's actually, it's all the things you've mentioned...\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "661ba4ee-00cd-4a92-b6c0-34801f2b1ea6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "paragraph", "text": "Ben Haynor, Alliance Global: \"And then I think I heard you mention that there is something like five times more imaging per sample...\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b1ed5783-0747-4cae-a592-b88cc5c8bbfe", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "So, it's a great question. So I'll take it in the order that you asked it. So there are two things with sample size... And that's why just a raw sample size matters, and so compared to the competition in the devices out there, broadly, we think we look at more samples. We know we look at more sample size, there's just more urine, there's just more fecal material prepared to look at. So I think that's good. The second part of your question. And I'm sorry, I just forgot. — Kevin Wilson, CEO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a8-2024f75ff92c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg Transcript", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4deb4f94-6adf-406e-80b9-8a0c1c7732a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Detailed Questions Regarding Element AIM Have Been Meet With Simplistic Analogies and Word Salads", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "743d4f82-f6ce-42cd-8846-22124e630b53", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "1c5a3e36-c258-4f85-aeb3-a466a665f7ca", "evidence": "Contrasting CEO/EVP vague answers against analyst technical questions to expose lack of substance.", "confidence": 0.9 } ], "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 }