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  "documentTitle": "Heska Corporation (HSKA)",
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  "notes": "Uses a red arrow to highlight the discrepancy between the CEO's claim and the provided Italian financial statement (Conto economico).",
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      "text": "Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins. Consumables have gross margins above the corporate average of 48%, but BiEssiA's gross margins are as low as 28%.",
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      "text": "Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins.",
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      "text": "Accounting for materials, services, and use of assets, BiEssiA has 28% gross margins. BiEssiA has 1% operating margins.",
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      "text": "Commentary on Q2 2021 Earnings Call Regarding BiEssiA",
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      "text": "Steven Mah, Piper Sandler, asking about the margin profile of recently acquired BiEssiA... Kevin Wilson, Heska CEO: 'They tend to be in line with our consumables... roughly in line with our consumables gross margin.'",
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      "text": "They tend to be in line with our consumables, and perhaps maybe a little bit additive....But you can think of them roughly in line with our consumables gross margin. — Kevin Wilson, Heska CEO",
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      "text": "Source: Registro Imprese and Bloomberg Transcript",
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      "text": "We Believe Heska Provided Inaccurate Guidance On BiEssiA Margins",
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