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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": 63,
  "pageCount": 128,
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  "nextPage": 64,
  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses a 'before and after' comparison of earnings release tables to demonstrate the removal of a metric.",
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      "kind": "callout",
      "text": "Reduced Disclosure: Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?",
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      "kind": "callout",
      "text": "Miscalculation: $38,000,000 / 54,200 = $701?",
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      "kind": "callout",
      "text": "Negative Trend: Missed by 11%",
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      "kind": "callout",
      "text": "Negative Trend: First YoY decline?",
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      "kind": "callout",
      "text": "Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?",
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      "text": "Table from Q4 2019 earnings release",
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      "text": "Table from Q4 2020 earnings release",
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      "kind": "metric",
      "text": "Monthly CSV",
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      "kind": "paragraph",
      "text": "Heska's 2019 subscription disclosure contained a calculation of Monthly CSV (min CSV / months under subscription). However, that calculation was removed for 2020, we believe because Monthly CSV in 2020 both missed the Company's outlook and because Heska is projecting future declines.",
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      "kind": "source-note",
      "text": "Source: Heska press releases dated 2/25/20 and 2/23/21",
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      "kind": "table",
      "text": "Reconstructed table showing Min CSV / Sub Mos and YoY Change",
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      "kind": "title",
      "text": "Appears That Heska Ceased Disclosing The Calculation of Min CSV Per Subscription When The Metric Started To Lag",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Victory",
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      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
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      "name": "Cost Of Inaction",
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      "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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