{ "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": 49, "pageCount": 128, "prevPage": 48, "nextPage": 50, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses a red flag icon to signal a warning or contradiction.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/49", "deckHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-49", "components": [ { "bbox": null, "kind": "callout", "text": "It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed \"by a few weeks.\" Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a9-1613345a6e24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.87, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "It appears Heska can't keep its story straight. On the Company's Q2 earnings call, Wilson said that shipments have been delayed \"by a few weeks.\" Then during the Q&A, Wilson proceeded to suggest that volumes will be impacted all the way through December.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4511318f-a864-4d20-8b3f-dffeab84602f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Element AIM continues to make solid progress for manufacturing at scale and for installation of general release to our anxiously awaiting subscribers on schedule in the fourth quarter... While we did experience some supply chain disruption and delays for things like advanced computer chips and displays and general freight delays, which moved out our installation volume ramp....we did meet our goal of putting analyzer in a third-party clinical environment by the end of the quarter. But in all candor, just barely. And so again, I think we're probably delayed on that by a few weeks, but we've got a handful operating and running samples and we think the results support our forecast that we'll be at manufacturing release by the fourth quarter.\" — CEO Wilson, Q2 2021 Earnings Call Prepared Remarks. \"We've managed through it so far, we've lost weeks that may add up to a month or two, and I've called that out, really, the net effect, what we think is we'll probably be able to install fewer Element AIMs in the October, November, December period, largely just as a constraint of ramping up the volume, and then running them through the initial installation and volume process... I think, we've secured the major components. But gosh, you could be delayed by a minor component. You just simply can't ship because screw number 212 is sitting on a freighter somewhere. There's always that possibility, but we're really not thinking that's where we are right now. I think I answered the question.\" — CEO Wilson, Q2 2021 Earnings Call Response to Question About Supply Constraints.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a9-182462d7a730", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Bloomberg Transcripts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "538578ae-5be0-4ec0-af1e-db30940aff18", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "table", "text": "CEO Wilson Comments on Element AIM Timing and Supply Chain Issues", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "78e66585-f99f-40b5-8adb-11fc79b44141", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "We Believe Heska Can't Keep Its Story Straight, Even On The Same Earnings Call", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2fa7698-7286-4551-997b-68284a9d51d0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "85e0a17c-ab5f-4032-a619-e333ed852900", "evidence": "Contrasting prepared remarks with Q&A responses to expose management inconsistency.", "confidence": 0.95 } ], "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 }