Heska Corp (HSKA) 10-Q Quarterly Report May 2021

LOVELAND, CO, May 6, 2021 -- Heska Corporation (NASDAQ: HSKA; “Heska” or “Company”), a leading provider of advanced veterinary diagnostic and specialty products, reported financial results in two segments (North America and International) for its first quarter ended March 31, 2021. Point of Care is "POC" and scil animal care company GmbH is "scil" in this release.

First Quarter 2021 and Year Over Year ("YOY") Metrics

$ in millions except Earnings Per Share ("EPS")


	Q1 ($)	Q1 (%) YOY
Consolidated Revenue	$60.5	97.4%
North America Revenue	$37.3	34.8%
International Revenue	$23.2	1

	Q1 (%)	Q1 YOY bps2
Consolidated Gross Margin	42.1%	-180

	Q1	Q1 (%) YOY
Net income attributable to Heska	$1.9	135.4%
Net income	$2.1	138.7%
Net income margin	3.4%	1
Adjusted EBITDA	$8.4	1
Adjusted EBITDA Margin3	13.9%	1
EPS, Diluted	$0.19	127.1%
Non-GAAP EPS, Diluted3	$0.59	1

1 Comparable percentage variances are not meaningful. 2 "bps" is basis points. 3 See “Use of Non-GAAP Financial Measures” and related reconciliations provided below.

First Quarter 2021 Highlights

•Record quarterly revenue growth led by strong utilization, price, and mix in POC Lab Consumables, Imaging and International markets.

•North America POC Lab Consumables sales up 23.9%, ahead of 2021 Outlook (> 10%).

The following information was filed by Heska Corp (HSKA) on Thursday, May 6, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Heska Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
The increase in gross profit and gross margin is driven by increased revenue from acquisitions.

Financial - Earnings Highlight
Management uses EBITDA, adjusted EBITDA, adjusted EBITDA margin and non-GAAP net income (loss) per diluted share as key profitability measures, which are included in monthly or quarterly analyses of our operating results to our senior management team, our annual budget and related goal setting and other performance measurements.
Revenue - Product Highlight
The $9.6 million increase was driven by a 23.9% increase in POC Lab Consumables driven by utliziation and price increases, an increase of $3.2 million in Point of Care Imaging, which benefited from $3.0 million in sales from Canada not included in the comparative period as a result of the scil acquisition, and a $2.4 million increase in PVD related to an increase of $1.9 million for the contract manufactured heartworm preventive, Tri-Heart, and increased allergy sales of $0.6 million.
Financial - Earnings Highlight
Despite these headwinds, we believe we are well positioned because: (1) our customers and products are essential, (2) our main Point of Care laboratory business continues to show healthy consumables use and margin, (3) our subscriptions model metrics continue to show solid performance, (4) our vaccines and pharmaceuticals business continues to perform with minimal disruption, (5) our balance sheet is strong, and (6) our employees, logistics, supply chain, and operations continue to operate well in the current environment and they are fully prepared for both a phased return and an instant return to full capacity.
Revenue - Geography Highlight
Effect of currency translation on cash Net effect of foreign currency translations on cash was a $440 thousand negative impact for the three months ended March 31, 2021, compared to a $24 thousand negative impact for the three months ended March 31, 2020, an decrease of $416 thousand.
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Such statements, which include statements...Read more
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Gross margin decreased to 42.1%...Read more
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-36- North America operating income...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Heska Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

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-Q Quarterly Report
Accession Number: 0001038133-21-000026
Submitted to the SEC: Thu May 06 2021 12:20:39 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Biological Products No Disgnostic Substances