Heska Corp (HSKA) 10-K Annual Report March 2018



Heska Corporation:		Hayden IR:
Jon Aagaard		Brett Maas
Director, Investor Relations		Managing Partner
970.619.3033		646.536.7331
investorrelations@heska.com		brett@haydenir.com

Heska Reports Fourth Quarter and Full Year 2017 Results

Sets Analyst Day for May 15, 2018 in New York City to Discuss New Products and Initiatives

LOVELAND, CO, February 28, 2018 -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a provider of advanced veterinary diagnostic and specialty products, today reported financial results for its fourth quarter and year ended December 31, 2017.

The Company is recording a non-recurring, non-cash accounting charge of $5.9 million ($0.77 per diluted share) (“U.S. Tax Reform”) related to enactment of the 2017 Tax Cuts and Jobs Act for the revaluation of deferred tax assets and valuation allowance, primarily consisting of Heska's net operating loss carry-forwards in light of the new 2017 Tax Cuts and Jobs Act tax rate of 21%.

Fourth Quarter and FY 2017 results with Prior Year Comparison:


•	Net revenue Q4 down 8.9% to $36 million; FY down 0.6% to $129.3 million


•	Including the $5.9 million ($0.77) non-cash charge for U.S. Tax Reform:

Q4 net loss was ($1.1) million or ($0.14) per diluted share

FY net income attributable to Heska was $10.0 million or $1.30 per diluted share


•	Excluding U.S. Tax Reform impacts (non-GAAP): ⁽¹⁾

Q4 net income attributable to Heska was $4.8 million, up 39.8% from $3.5 million in 2016

FY net income attributable to Heska was $15.9 million up 50.8% from $10.5 million in 2016

Q4 earnings per diluted share was a record $0.63, up 37.0% from $0.46 in 2016

FY earnings per diluted share was a record $2.07, up 44.8% from $1.43 in 2016


•	Consolidated gross margins in Q4 rose 5.4% to 46.0%; FY increased 3.6% to 45.0%


•	Operating margins in Q4 rose 3.2% to 19.7%; FY increased 1.4% to 14.1%


•	Cash flow from operations in 2017 was $10.4 million, up 77.8% from $5.9 million in 2016

⁽¹⁾See “Use of Non-GAAP Financial Measure”. See Appendix for definition and reconciliation of non-GAAP financial measure.

Kevin Wilson, Heska’s Chief Executive Officer and President, commented, “On a non-GAAP basis adjusted for impacts from U.S. Tax Reform⁽¹⁾, Heska earned $0.63 per diluted share in the period, up 37.0% over the prior year period; for the full year, Heska earned $2.07 per diluted share, up 44.8% over the prior year period and in excess of our full year target. We outperformed in our key blood diagnostics lines and we exceeded our profitability targets with record gross margins, operating margins, and earnings⁽¹⁾. Offsetting these successes, we fell short in imaging revenues, which are again growing in early 2018. Our point of care laboratory Heska Reset subscriptions are healthy and continue to be Heska’s core

The following information was filed by Heska Corp (HSKA) on Wednesday, February 28, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Heska Corp provided additional information to their SEC Filing as exhibits

Exhibit 3.VI: Articles Of Incorporation

Exhibit 10.15: Material Contract

Exhibit 10.21: Material Contract

Exhibit 10.34: Material Contract

Exhibit 10.36: Material Contract

Exhibit 10.47: Material Contract

Exhibit 10.58: Material Contract

Exhibit 10.59: Material Contract

Exhibit 10.60: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: HSKA
CIK: 1038133
Form Type: 10-K Annual Report
Accession Number: 0001038133-18-000007
Submitted to the SEC: Fri Mar 09 2018 12:46:14 PM EST
Accepted by the SEC: Fri Mar 09 2018
Period: Sunday, December 31, 2017
Industry: Biological Products No Disgnostic Substances