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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "Uses SEC correspondence and financial data to debunk the 'disruptive' narrative.",
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      "text": "We believe the market is overly excited about Heska's consumables subscription opportunity... In reality, sector leaders IDEXX and Zoetis offer the same type of customer arrangement.",
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      "text": "Subscription placement is the majority of our Point of Care laboratory transactions while outright sales to customers are the majority of both Point of Care imaging diagnostic transactions...",
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      "kind": "callout",
      "text": "Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements... we believe sustainable subscription consumables only represent between 15%-30% of Heska total revenue.",
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      "kind": "callout",
      "text": "Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements.",
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      "text": "subscription revenue: 15%-30%",
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      "text": "Heska Has Been Offering Consumables Subscription Deals Since 2014",
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      "kind": "quote",
      "text": "the Company believes that it is important for context to advise the Staff that it began in 2014 to offer broadly to its customers the choice to use its blood diagnostic equipment...",
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      "kind": "quote",
      "text": "\"the Company believes that it is important for context to advise the Staff that it began in 2014 to offer broadly to its customers the choice to use its blood diagnostic equipment and associated consumables pursuant to subscription agreements providing for a five-year term, in lieu of obligating its customers to purchase outright the Company's blood diagnostics equipment at the inception of the arrangement.\" — Heska SEC Correspondence Letter Dated 11/18/17",
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      "text": "Source: Heska SEC Correspondence Letter Dated 11/18/17, Heska 2020 10-K, Heska Q2 2021 10-Q",
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      "kind": "title",
      "text": "Heska's Subscription Agreements Are Not New, And They Remain A Small Portion Of Revenue",
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