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  "documentTitle": "Heska Corporation (HSKA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-10-25 00:00:00",
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  "notes": "The slide uses a table to reconcile reported revenue with acquisition contributions, highlighting a discrepancy in segment reporting.",
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      "text": "Heska disclosed three drivers of 2020 revenue growth in North America, TriHeart, consumables, and OVP sales. However, we believe the real reason was simply the new inclusion of scil's Canada business in North America, which we size at approximately $10 million and which the Company acknowledged was rolled into NA operations.",
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      "text": "After adjusting for the scil and CVM contributions, Heska only grew 5% in 2020",
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      "text": "After adjusting for the scil and CVM contributions, Heska only grew 5% in 2020. Although Heska disclosure suggests international revenue excluding scil and CVM grew $1.2 million, much (and perhaps all) of this contribution came from the partial year effect of the Optomed transaction. Heska revenue disclosure implies scil and CVM contributed $10.4 million to North America Segment revenue. However, Heska disclosure explaining the rise in segment revenue fails to mention any contribution from acquisitions.",
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      "text": "revenue growth: 5%",
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      "text": "Source: Heska 2020 10-K",
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      "text": "Heska Revenue Disclosure Analysis table showing 2019/2020 figures and reconciliation of scil/CVM contributions.",
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      "text": "We Struggle To Understand Heska's Revenue Disclosure Related To The scil And CVM Deals",
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