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  "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",
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  "pageNumber": 61,
  "pageCount": 128,
  "prevPage": 60,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses red boxes to highlight specific data points in the table that contradict the company's narrative.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/61",
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      "kind": "callout",
      "text": "We believe Heska's assertion that its 2020 subscription performance outperformed its outlook appears to be incorrect. Furthermore, we believe the Company embellishes its North American subscription growth metric by not properly disclosing the potential contribution of scil's Canadian business.",
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        "h": 0.32,
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      "kind": "callout",
      "text": "Potentially Misleading Disclosure: We know from its historical financials and locations that scil had a Canadian business. Therefore, if scil contributed to Canadian, and thus North American, revenues and subscriptions in 2020, then Heska North American subscription growth was even lower than 11%, and perhaps further deteriorated consistent with the multi-year trend.",
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      "kind": "callout",
      "text": "Potentially Misleading Disclosure: Really? The outlook for 2020 was 14% growth excluding scil and CVM. Since international was practically immaterial before those deals, this outlook is essentially for North America. However, North America only grew 11% in 2020.",
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      "kind": "metric",
      "text": "subscription growth: 11%",
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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 metrics for Active Subscriptions, % Growth, Months Under Subscription, and Min CSV.",
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      "kind": "title",
      "text": "We Believe Heska Provided Potentially Misleading 2020 Subscription Performance And Figures",
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      "evidence": "The slide explicitly frames the company's disclosures as 'potentially misleading' and uses data to contradict the company's stated performance.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
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      "confidence": 0.8,
      "parentBeatName": "Turn",
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  "loops": [
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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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      "description": "Quantify what happens if the audience does nothing"
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