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  "docSlug": "cce862680d4f",
  "documentTitle": "Heska Corporation (HSKA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-25 00:00:00",
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  "pageNumber": 53,
  "pageCount": 128,
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  "notes": "The slide uses a red flag icon to signal a warning/threat to the target company (Heska).",
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      "kind": "callout",
      "text": "IDEXX has dominant 55-60% market share in diagnostic equipment, the best selling disposable fecal test (SNAP), and operates one of the leading reference labs in the world. IDEXX also has more fecal-related patents than Heska has total patents. We imagine they understand the market's demand for such testing and the technology required to do it better than Heska. We believe their entry into the point of care market would be a material negative for Heska.",
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      "kind": "callout",
      "text": "There are five more, but we trust you get the point.",
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      "kind": "source-note",
      "text": "Source: Ipowner search for IDEXX and the word \"fecal\"",
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      "text": "IDEXX Fecal Analysis Patents list",
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      "kind": "title",
      "text": "We Note That Industry Leader IDEXX Has More Fecal Analysis-Related Patents (18) Than Heska Has Total Patents (5)",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents a thorough analysis of Heska Corp.'s financials and business model, highlighting several red flags.",
      "position": 1,
      "objective": "The cost of inaction for investors is significant, as Heska Corp.'s stock price may decline.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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