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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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  "notes": "Includes a specific callout regarding a co-founder leaving Lacuna for IDEXX.",
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      "kind": "callout",
      "text": "A Lacuna co-founder now works in digital cytology at competitor IDEXX Labs",
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      "kind": "callout",
      "text": "Lacuna's website currently lists 21 veterinary clinical pathologists, and a review of LinkedIn profiles suggests most of those are contractors who have other veterinary, teaching, or research jobs. In contrast, industry heavyweight IDEXX Labs lists at least 79 unique pathologists in their directory that is organized by field of expertise.",
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      "text": "In short, we believe a standalone digital cytology provider such as Lacuna has no sustainable competitive advantage, as the technology is relatively simple (transmitting a test image or result) and the available pool of veterinary pathology expertise is large and fluid (Lacuna has lost two to IDEXX to date).",
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      "text": "Lacuna Diagnostics Website",
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      "text": "pathologist count: 79",
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      "text": "IDEXX launched its digital cytology service in North America in February 2020 and has already ramped to over 3x the size of Lacuna in number of pathologists. Also, Israeli company Scopio Labs is developing AI to read test results, has 78 employees, and has raised over $23 million. Reference lab leader Antech also offers digital cytology, promising results within two hours 24/7/365. In short, we believe a standalone digital cytology provider such as Lacuna has no sustainable competitive advantage, as the technology is relatively simple (transmitting a test image or result) and the available pool of veterinary pathology expertise is large and fluid (Lacuna has lost two to IDEXX to date).",
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      "kind": "source-note",
      "text": "Source: Lacuna Diagnostics website, Idexx Labs website, LinkedIn, IDEXX Labs 2020 Proxy, Crunchbase",
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      "text": "IDEXX Labs pathology team breakdown by field",
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      "kind": "title",
      "text": "Lacuna Diagnostics Appears To Already Be Losing To IDEXX Labs In Digital Cytology",
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