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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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  "pageNumber": 69,
  "pageCount": 128,
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  "slideType": "preempt_rebuttal",
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  "nDataPoints": 15,
  "notes": "The slide uses a 'shocking' framing to contrast acquisition multiples (1.4x) with current market valuation (9x).",
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      "kind": "callout",
      "text": "Heska paid approximately 1.4x LTM revenues, in aggregate, for these six companies. We find it shocking to note that the market is currently valuing these revenues, which comprise well over one-third of Heska's LTM revenues, at 9x only 1 to 1.5 years later despite questionable recent results.",
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      "kind": "callout",
      "text": "Heska paid approximately 1.4x LTM revenues, in aggregate, for these six companies. We find it shocking to note that the market is currently valuing these revenues, which comprise well over one-third of Heska’s LTM revenues, at 9x only 1 to 1.5 years later despite questionable recent results.",
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      "text": "TV / LTM Revenue: 1.4x",
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      "kind": "paragraph",
      "text": "Heska's six recent M&A transactions generated approximately $94 million in LTM revenue at announcement in aggregate. This total represents 38% of Heska LTM revenues as of Q2 2021.",
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      "kind": "source-note",
      "text": "Source: Heska 2020 10-K, Heska press releases, ZoomInfo, Heska 8-K filed 2/26/19",
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      "text": "Recent Heska M&A Transactions table",
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      "kind": "title",
      "text": "Heska Has Acquired Six Companies in the Past Two Years, The Largest Being scil animal care",
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      "arcName": "Overcoming the Monster",
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