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28.02.2023 08:00
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Heska Corporation Reports Fourth Quarter and Full Year 2022 Results
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PR Newswire
LOVELAND, Colo., Feb. 28, 2023
Full Year Sales $257.3 Million, Full Year Gross Margin Up 150 Basis Points to 43.2%
Full Year North America Lab Consumables Sales Up 8.7%, Total Active Subscriptions Up 18%
LOVELAND, Colo., Feb. 28, 2023 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA; "Heska" or "Company"), a leading global provider of advanced veterinary diagnostic and specialty products, reported financial results in two segments (North America and International) for its fourth quarter and full year ended December 31, 2022.
| Fourth Quarter and Full Year 2022 and Year Over Year ("YOY") Metrics | ||||
| $ in millions except Earnings Per Share ("EPS") | ||||
| | ||||
| | Q4 ($) | Q4 (%) YOY | FY ($) | FY (%) YOY |
| Consolidated Revenue | $66.3 | (2.5) % | $257.3 | 1.4 % |
| | | | | |
| | Q4 (%) | Q4 YOY bps1 | FY (%) | FY YOY bps1 |
| Consolidated Gross Margin | 41.9 % | 100 | 43.2 % | 150 |
| Net Margin2 | (5.8) % | (560) | (7.2) % | (730) |
| Adjusted EBITDA Margin3 | 9.4 % | (130) | 10.6 % | (110) |
| | | | | |
| | Q4 ($) | Q4 (%) YOY | FY ($) | FY (%) YOY |
| Net loss attributable to Heska | $(4.2) | NM4 | $(19.9) | NM4 |
| Net loss | $(3.9) | NM4 | $(18.4) | NM4 |
| Adjusted EBITDA3 | $6.2 | (14.7) % | $27.2 | (8.5) % |
| EPS, Diluted | $(0.41) | NM4 | $(1.92) | NM4 |
| Non-GAAP EPS, Diluted3 | $0.55 | 57.1 % | $1.58 | (1.9) % |
| 1Basis Points is "bps". 2Net margin represents the ratio of net loss to revenue. 3See "Use of Non-GAAP Financial Measures" and related reconciliations provided below. 4Not Meaningful is "NM". |
Report Highlights
- Full year consolidated revenue increased 1.4% on a reported basis and 5.4% on a constant currency basis (see "Use of Non-GAAP Financial Measures") to $257.3 million, driven by North America Point-of-Care ("POC") Lab Consumables up 8.7% (up 9.0% in constant currency), POC Lab Instruments & Other up 10.1% (up 16.7% in constant currency), and POC Imaging & Informatics up 7.8% (up 13.0% in constant currency).
- Consolidated gross margin up 150 bps year over year to 43.2%. International gross margin up 420 bps year over year to 37.3% and North America gross margin approximately in line with prior year at 46.7%.
- Total Active Subscriptions up 18%, Months Under Subscription up 15%, and Minimum Contract Subscription Value ("CSV") up 17%.
- Over 270 Element AIM® analyzers installed in 2022, with over 370 total units now operating since general commercial launch in the fourth quarter of 2021. Despite early supply chain and International launch delays, Element AIM® hit its stride by the fourth quarter- December was the product's best month (>40), installed customer feedback and clinical utility are favorable, utilization is growing, and we continue to view Element AIM® as a significant contributor to our high margin consumables and analyzer placements growth for years to come.
- Fourth quarter global analyzer placements grew over 8%, led by over 28% growth in premium chemistry placements. Full year global analyzer placements grew over 2% excluding Element AIM® and grew over 7% including Element AIM®.
- Fourth quarter North America analyzer placements grew over 5% led by over 20% growth in premium chemistry placements. Full year North America analyzer placements grew over 18% excluding Element AIM® and grew over 28% including Element AIM®.
- Fourth quarter International analyzer placements grew over 10%, led by over 30% growth in premium chemistry placements. Full year International analyzer placements fell 6% excluding Element AIM® and fell 4.5% including Element AIM®.
- 2023 Outlook revenue growth of 8%-12%, includes POC Lab Consumables growth of 12%-15%.
"Heska finished 2022 with great execution and growing momentum for 2023," commented Kevin Wilson, Heska's Chief Executive Officer and President, "to deliver full year results ahead of expectations across most key metrics. Full year revenue (constant currency) grew 5.4%, adjusted for $10 million of foreign currency effects. Heska again placed more new analyzers and converted more customers to our high-margin, high-retention, sustainable subscription model, especially in our International segment, where Active Subscriptions rose 56%, Months Under Subscription were up 47%, and CSV was up 56%. We expect continued sustained subscriptions growth from new and existing customers in 2023."
"In addition to our financial results, Heska invested heavily throughout 2022 to prepare several major drivers of future growth, proprietary differentiation, and scalable capabilities. Heska's proprietary highlights now include the Element AIM® urine and fecal analyzer, the Element i+® immunoassay platform, Heska's Nu.Q® Vet Cancer Screen and Monitor available exclusively at the point-of-care on Heska's Element i+® in minutes and for under $50, and Heska's trūRapidTM Series of tests designed to have the best performance for the best price. These innovations, our acquisition of MBio Diagnostics, Inc. ("LightDeck"), the creator of our Element i+® platform, our upcoming launch of new cloud-based Practice Information Management Software ("PIMS") and related software from our recent acquisition of and investments in VetZ GmbH ("VetZ"), and our other announced and unannounced projects are set to contribute to our growth, profitability, differentiation, scalability, and competitiveness in 2023 and beyond."
"As the pet industry laps difficult comparable periods, Heska is well positioned entering 2023, with strong 2022 analyzer placements under subscription, price, gross margin, new products, and other positives on tap to contribute to 2023," continued Mr. Wilson. "We have invested tremendous energy and resources for ten years to assemble the best assets in the global companion animal point-of-care diagnostics and informatics market. Today, we possess a full solutions stack, a highly scalable business model, an exciting pipeline into big opportunities, strong intellectual property, owned development and production capabilities, a steadily growing subscriptions customer base, good and expanding margin profile and leverage opportunity, a solid cash position, a respected position in the key western markets, and a great team. Now," concluded Mr. Wilson, "we set our focus firmly on our long-articulated Act Three goals to Win at Scale and Win at Innovation from 2023 through 2028. The work is hard and the competition is very strong- but we are energized because the rewards are meaningful and our success matters to pets and their families, veterinarians and their teams, and every stakeholder invested in our Heska mission. This is good work and work worth doing- and Heska is well positioned to do it well."
POC Lab Consumables Subscriptions
POC Lab Consumables Subscriptions 2022. POC Lab Consumables is Heska's largest, highest margin, and generally fastest growing business. Heska grew key subscription metrics in 2022, including: (1) Active Subscriptions to 4,388 (+18%), (2) Months Under Subscription to 178,050 (+15%), and (3) Minimum CSV to $207.4 million (+17%). Several factors contributed to the performance, including healthy installed base and retention, positive new analyzer adoption and mix, above target success with high volume hospitals, positive pricing, and confidence from existing and new subscribers to increase utilization commitments for Heska consumables products over long time periods.
| Year | Active | % | Months | % | Min | % |
| 2013 | 370 | | | | | |
| 2014 | 730 | 97 % | | | | |
| 2015 | 1,235 | 69 % | 54,200 | | $38.0 | |
| 2016 | 1,665 | 35 % | 68,750 | 27 % | $51.0 | 34 % |
| 2017 | 1,950 | 17 % | 75,950 Werbung Mehr Nachrichten zur Heska Aktie kostenlos abonnieren
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