Heska Corporation Reports First Quarter 2023 Results

LOVELAND, Colo., May 5, 2023

First Quarter 2023 and Year Over Year ("YOY") Metrics
$ in millions except Earnings Per Share ("EPS")
	Q1 ($)	Q1 (%) YOY
Consolidated revenue ARIVA.DE Börsen-Geflüster Kurse Heska -   0,00%	$62.4	(3.7) %
	Q1 (%)	Q1 YOY bps1
Consolidated gross margin	43.9 %	(110)
Net loss margin2	(15.7) %	(90)
Adjusted EBITDA margin3	5.2 %	(670)
	Q1 ($)	Q1 (%) YOY
Net loss attributable to Heska	$(10.1)	(1.4) %
Net loss	$(9.8)	(1.8) %
Adjusted EBITDA3	$3.3	(57.6) %
EPS, Diluted	$(0.97)	— %
Non-GAAP EPS, Diluted3	$0.17	(37.0) %

Recent Merger Agreement Announcement

On April 3^rd, 2023, Heska and Antech Diagnostics, Inc. ("Antech"), a subsidiary of Mars Incorporated, announced a definitive merger agreement under which Antech will acquire Heska for $120 per share (the "Merger"). As a result, Heska will not host an earnings call to discuss the Company's financial results for the first quarter ended March 31, 2023. Completion of the Merger is subject to approval by Heska's shareholders, regulatory approvals, and other customary closing conditions.

About Heska

Heska Corporation (NASDAQ: HSKA) sells, manufactures, markets, and supports diagnostic and specialty products and solutions for veterinary practitioners. Heska's portfolio includes point-of-care diagnostic laboratory instruments and consumables including rapid assay diagnostic products and digital cytology services; point-of-care digital imaging diagnostic products; local and cloud-based data services; practice information management software ("PIMS") and related software and support; reference laboratory testing; allergy testing and immunotherapy; heartworm preventive products; and vaccines. Heska's primary focus is supporting companion animal veterinarians in providing care to their patients. Heska's business is composed of two operating and reportable segments: North America and International. North America consists of the United States, Canada and Mexico. International consists of geographies outside of North America, primarily in Germany, Italy, Spain, France, Switzerland, Australia and Malaysia. The Company's strategic focus on point-of-care diagnostic laboratory and imaging products is included in both segments. The North America segment also includes the contract manufacturing of vaccines and pharmaceutical products and a small veterinary laboratory, and the International segment includes PIMS business and veterinary laboratories. For more information, please visit www.heska.com.

Forward-Looking Statements

This document contains forward-looking information related to the Company. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. All of the statements in this document, other than historical facts, are forward-looking statements and are based on a number of assumptions that could ultimately prove inaccurate and cause actual results to materially deviate from forward-looking statements. Forward-looking statements in this document include, among other things, statements with respect to the Merger. Such statements are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, risks and uncertainties related to the effect of the Merger and its pendency and the conditions to and timeline for completing the Merger. Other factors that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements include, among others, those set forth under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

Use of Non-GAAP Financial Measures

In addition to financial measures presented on the basis of accounting principles generally accepted in the U.S. ("U.S. GAAP"), we also present first quarter 2023 and 2022 EBITDA (net loss before income taxes, interest, depreciation and amortization), Adjusted EBITDA, Adjusted EBITDA margin and Non-GAAP earnings per share, which are non-GAAP measures. These measures should be viewed as a supplement to (not substitute for) our results of operations presented under U.S. GAAP. The non-GAAP financial measures presented may not be comparable to similarly titled measures of other companies because they may not calculate their measures in the same manner. A reconciliation of non-GAAP financial measures and most directly comparable GAAP financial measures is included in this release. Our management has included these measures to assist in comparing performance from period to period on a consistent basis.

HESKA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except per share amounts)
(unaudited)
		Three Months Ended March 31,
		2023		2022
Revenue, net		$        62,381		$        64,800
Cost of revenue		34,982		35,655
Gross profit		27,399		29,145
Operating expenses:
Selling and marketing		12,449		11,997
Research and development		3,088		12,456
General and administrative		22,285		16,146
Total operating expenses		37,822		40,599
Operating loss		(10,423)		(11,454)
Interest and other (income) expense, net		(272)		359
Loss before income taxes and equity in losses of unconsolidated affiliates		(10,151)		(11,813)
Income tax (benefit) expense:
Current income tax expense		690		158
Deferred income tax benefit		(1,065)		(2,366)
Total income tax benefit		(375)		(2,208)
Net loss before equity in losses of unconsolidated affiliates		(9,776) Werbung Mehr Nachrichten zur Heska Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 12:00 - wallstreet:online ... US-Wachstumswerte: Welche Magnificent-7-Aktien sind weiterhin aussichtsreich? 03:45 - Bitcoin News Schweiz XRP-Übersicht: Das Herzstück von Ripple und die Zukunft der digitalen Zahlungen Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59