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This is a classic activist short-seller thesis slide, structured around the ESG framework to highlight specific governance and operational failures.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Monster2 hits
10
The slide uses a strong, accusatory tone typical of activist short-seller reports.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The MonsterLoop · Aha Moment2 hits
12
Uses screenshots of press releases to highlight the discrepancy in reporting standards.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The StruggleLoop · Aha Moment2 hits
14
Uses a red box to highlight negative CAGR in the table.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The StruggleLoop · Aha Moment2 hits
16
Includes a Google Trends chart comparing Tri-Heart vs HeartGard and a quote from Heska regarding their manufacturing facility.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The StruggleLoop · Aha Moment2 hits
21
Includes a sarcastic callout regarding Heska's CEO statement.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
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Uses a red flag callout to highlight the competitive disadvantage.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
25
Uses a red flag icon to signal a warning/contradiction.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
26
The slide uses a red flag icon to highlight the contradiction between management's narrative and SEC filings.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
29
Uses a red box to highlight the removed list of suppliers between the 2019 and 2020 10-K excerpts.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
30
Uses a red flag icon to denote a warning/contradiction. Includes a direct quote from a conference as a counterpoint to the legal filing.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
33
The slide uses a 'before-after' or 'contrast' structure to highlight the gap between Heska's disclosure and industry reality.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
36
Uses a red flag icon to signal a warning/contradiction. Highlights Heska's low R&D spend relative to peers.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
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Uses a red flag icon to signal a warning/contradiction.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
45
Uses a red flag icon to signal a warning or negative indicator regarding market demand.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
46
Uses screenshots of a press release and a scientific study to establish a competitive timeline and validation gap.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Struggle2 hits
51
Uses a red flag icon to signal a warning or contradiction.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
52
Uses a red flag icon to denote a warning or skepticism.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
53
The slide uses a red flag icon to signal a warning/threat to the target company (Heska).Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
56
Uses a red flag icon to signal a warning/contradiction. Directly quotes 10-K disclosures to undermine the company's narrative.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
59
Uses a 'quote-rebuttal' structure to highlight management inconsistency.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
60
The slide uses red boxes and arrows to annotate specific cells in a financial table to point out inconsistencies and lack of clarity in company reporting.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
67
The slide uses a red flag icon to signal a warning or 'red flag' regarding business practices.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
69
The slide uses a 'shocking' framing to contrast acquisition multiples (1.4x) with current market valuation (9x).Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The VictoryLoop · Cost Of Inaction2 hits
72
Uses a red flag icon to signal a warning/contradiction.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory2 hits
77
The slide uses a table to reconcile reported revenue with acquisition contributions, highlighting a discrepancy in segment reporting.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory2 hits
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Uses a red flag icon to signal a warning/contradiction.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory2 hits
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Uses red boxes and arrows to visually demonstrate the contradiction between corporate claims and website data.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory2 hits
82
Uses a red flag icon to signal a red flag/warning about the company's integrity.Heska Corporation (HSKA) · Spruce Point Capital Management
Activist deck Short seller Beat · The Victory2 hits
57
The chart uses a dual-encoding approach: bars for valuation multiples and bubbles for growth rates.Genius Sports Limited (GENI) · Ben Axler
Activist deck Short seller Beat · Solution2 hits