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  "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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  "nDataPoints": 48,
  "notes": "The slide uses red boxes and arrows to annotate specific cells in a financial table to point out inconsistencies and lack of clarity in company reporting.",
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      "kind": "callout",
      "text": "YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics. And of course, the only key metric definition the Company provides only raises more questions.",
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      "text": "YoY subscription growth was slowing dramatically before the scil transaction. We note that many of the figures disclosed lack adequate definitions and detail to truly understand the underlying dynamics.",
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      "text": "Undefined Term: Heska does not define “active subscriptions”\nInadequate Disclosure: Heska consistently references >95% retention but does not provide annual figures\nNegative Trend: YoY subscription growth is declining dramatically.\nUndefined Term: What does this mean? “Corporate sites active” is being estimated? Does that relate to “active” subscriptions or to CSV as footnoted? If the former, is Heska’s subscription figure just an estimate?",
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      "kind": "source-note",
      "text": "Source: Heska press release dated 2/23/21",
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      "kind": "table",
      "text": "Subscription performance table showing years 2013-2021 with columns for Active Subscriptions, % Growth, Months Under Subscription, Min CSV (Million), and % Growth.",
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      "text": "Heska Subscription Trends Raise Concerns",
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