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HESKA CORP

heska.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed May 5, 2023. Its latest SEC filing is a 15-12G from Jun 23, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells veterinary diagnostic laboratory instruments and consumables, imaging equipment, and related software and services to veterinary practitioners.

How Did They Make Money?

Veterinary practices pay outright for most imaging equipment and pharmaceuticals, vaccines and diagnostic products; for many lab instruments, they pay a monthly fee for the testing supplies needed to run them. International veterinary practices also buy software licenses at delivery and pay over time for support and cloud services.

revenue
SegmentShareRevenue
North America Segment
Mix

63%
FY2019: 94%
International Segment
Mix

37%
FY2019: 5.9%

Who Were Their Customers?

Veterinary practitioners are the main end customers; Heska sells directly and through third-party veterinary diagnostic laboratories and independent distributors.

Did Revenues Turn Into Profits?

No. It lost $19.9M in FY2022.

Operating income, FY2022
−8% of revenue
▲ +1944% (Loss) vs FY2021 (−$993K, 0%)
Net income, FY2022
−8% of revenue
▲ +1632% (Loss) vs FY2021 (−$1.1M, 0%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q1 FY2023, the three months to Mar 31, 2023
Revenue
▼ −4%
vs $64.8M in Q1 FY2022
Net income
▲ +1% (Loss)
vs −$10M in Q1 FY2022
North America share of revenue vs 57.7% in Q1 FY2022
  • Jun 13, 2023 Mars completed its acquisition of Heska Heska became a wholly owned subsidiary, and Heska requested Nasdaq delisting.
  • Apr 3, 2023 Heska agreed to be acquired by Antech The agreement offered shareholders $120.00 per share in cash.

Grew. Revenue grew 2.0x in 4 years, from $127.4M in FY2018 to $257.3M in FY2022, about 19% a year.

New software and cytology Added digital cytology services and veterinary practice-management software through acquisitions, extending the earlier portfolio of laboratory and imaging diagnostics, vaccines, allergy products and single-use tests.

Revenue over time
North America Segment International Segment
$500M$250M$0

Who Did They Compete With?

Competes with IDEXX Laboratories, Zoetis, Boehringer Ingelheim, CEVA Santé Animale, Elanco, Merck Animal Health, Sanofi, Vétoquinol, and Virbac

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