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  "docSlug": "cce862680d4f",
  "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": 94,
  "pageCount": 128,
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  "notes": "Uses a red flag icon to signal warning/risk.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-1e32ee1ceb49/94",
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      "kind": "callout",
      "text": "In late 2018 and early 2019, Heska provided significant detailed disclosure regarding its corporate accounts. However, the Company now rarely mentions either corporate accounts generally or any of these customers. We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced.",
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      "kind": "callout",
      "text": "We believe Heska's silence is deafening. Given financial struggles and changes in ownership, we suspect Heska may be at risk of being displaced.",
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      "kind": "paragraph",
      "text": "VitalPet: Was acquired out of bankruptcy by Destination Pet in March 2020. We suspect VitalPet sought out Heska for its willingness to cut price. PVCC (PetVet): Was acquired by KKR... Pathway: Was acquired by TSG... Ethos: Was recapitalized...",
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      "kind": "source-note",
      "text": "Source: VitalPet press release, PetVet press release, Pathway press release, Ethos recap press release, Ethos deal article",
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      "kind": "table",
      "text": "Heska Corporate Customer Disclosure in Q4 2018 Earnings Press Release table showing sites, converted, and remaining for VitalPet, PVCC, Pathway, and Ethos.",
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      "kind": "title",
      "text": "We Believe Heska's Reduced Disclosure Around Corporate Accounts Signals Potential Disruptions",
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      "evidence": "Highlights lack of transparency as a signal of underlying business deterioration.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The deck concludes with a strong sell opinion and a call to action for investors.",
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      "parentBeatName": "Turn",
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