{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 78,
  "pageCount": 128,
  "prevPage": 77,
  "nextPage": 79,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "Uses a red flag icon to signal a warning/contradiction.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/78",
  "deckHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1e32ee1ceb49#slide-78",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.87,
        "x": 0.11,
        "y": 0.31
      },
      "kind": "callout",
      "text": "We believe Lacuna Diagnostics is an insignificant player in the digital cytology market. The Company was organized in 2016, incorporated in 2017, and garnered its first $25,000 in funding after winning Pet Project 2017. Beyond the five co-founders, two of whom have left the Company, most employees joined in 2020.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4659be3-5920-4209-94ce-5d2149701475",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Lacuna Diagnostics is an insignificant player in the digital cytology market.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a9aa-a203874e841f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Heska Corporation to Acquire Lacuna Diagnostics, a Pioneer and Market Leader in Point-of-Care Digital Cytology",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f33ba86-53d9-442b-8e55-812da3f26eb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "PR Newswire\nLOVELAND, Colo., Jan. 13, 2021 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; \"Heska\" or the \"Company\"), a leading global provider of advanced veterinary diagnostic and specialty products, announced today that the Company has entered into an agreement (the \"Agreement\") to acquire 100% of Lacuna Diagnostics, Inc. (\"Lacuna\"), a pioneer and market leader in point-of-care diagnostics digital cytology technology and telemedicine services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f289456-b555-4b15-993f-3b87eaa25b85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Lacuna Diagnostics is a Colorado company focused on digital cytology. That is, the Company maintains a pool of full-time and contract veterinary clinical pathologists to review animal health tests (either blood diagnostics or imaging results) generated by other vets in order to provide focused expertise or a second opinion. Heska acquired Lacuna in January 2021 for $4.3 million plus a potential $2 million earnout.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ace47a34-5aba-481a-bd0e-bc037cb02905",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.81
      },
      "kind": "quote",
      "text": "\"The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business.\" – JPMorgan Conference, January 2021",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fe9b21f-42c9-4742-8216-e8355d2c8868",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The founders will be staying and growing that business with us, and we're just super excited to work with them....So we have board-certified pathologists on the Lacuna team, and they're really the heart and soul of the business. — JPMorgan Conference, January 2021",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a9aa-a78ece15b224",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Heska 2020 10-K and deal announcement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff875bd4-4290-4bab-831e-afc4cef1546d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Are Not Impressed By The Lacuna Diagnostics Acquisition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fc2a295-7744-4c62-a664-148155308d09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.74
      },
      "kind": "title",
      "text": "CEO Wilson’s Comments on the Lacuna Transaction",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a341ef36-8eb6-4666-85f2-201a54176fa1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.44
      },
      "kind": "title",
      "text": "Heska Lacuna Diagnostics Transaction Press Release",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd6ec324-6adf-4d01-82cf-8f6bd9cfdacf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "024b5db4-fe73-4c4b-bb32-1e4b3d7c7e57",
      "evidence": "Contrasting company press release claims with activist analysis of company size and history.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 128,
      "from": 51,
      "beatId": "4e43434d-b2d5-4e85-8876-a8ed1db53557",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}