Technology  May 3, 2016

Heska touts strong first-quarter results

LOVELAND — Heska Corp., a provider of veterinary diagnostic and specialty products, on Tuesday reported increased revenue, gross profit, operating income and net income for the first quarter.

Loveland-based Heska (Nasdaq: HSKA) reported $27.1 million in revenue for the quarter that ended March 31, a 19 percent increase from the same quarter last year. Its revenue from blood-testing instruments and consumables was up 25.8 percent to $11.4 million, and revenue from  digital imaging increased 44.5 percent to $6.1 million.

Heska reported that it saw a 13 percent increase in gross profit to $11.4 million, a 93 percent gain in operating income to $2 million and net income attributable to Heska up 98 percent to $1.2 million, or 17 cents per diluted share.

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“Heska finished 2015 with record results and momentum,” said Kevin Wilson, Heska’s president and chief executive, in a prepared statement. “The first quarter of 2016 affirms the trends with record first quarter results and positive signs for the rest of the year. The overall veterinary market is healthy, our end-user analyzer consumables continue to track to expectations, we are gaining market share, profits are scaling nicely, and work to register our full line of next generation lateral flow single-use tests is on schedule.”

On March 31, according to the report, Heska had $6.2 million in cash and $22.7 million in working capital. It said stockholders’ equity increased to $65.5 million, up from $63.5 million as of Dec. 31.

The value of Heska shares surged Tuesday after the report was released. After opening at $29.79 a share, the stock price soared more than 20 percent to close at $35.86 a share. The stock had been trading for as little as $28 a share less than a week ago.

Dallas Heltzell
With BizWest since 2012 and in Colorado since 1979, Dallas worked at the Longmont Times-Call, Colorado Springs Gazette, Denver Post and Public News Service. A Missouri native and Mizzou School of Journalism grad, Dallas started as a sports writer and outdoor columnist at the St. Charles (Mo.) Banner-News, then went to the St. Louis Post-Dispatch before fleeing the heat and humidity for the Rockies. He especially loves covering our mountain communities.
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