Heska shares soar on 2Q earnings gains

LOVELAND – Shares of Heska Corp. (Nasdaq: HSKA), which makes veterinary diagnostic and specialty products, were up more than 11 percent in Wednesday afternoon trading after the company posted major year-over-year gains in net income and revenue for the second quarter.

The Loveland-based company reported net income for the period ending June 30 of $2.5 million, or 35 cents per diluted share, more than double the marks of $1.2 million and 17 cents per share for the same period a year earlier.

Revenue for the second quarter, meanwhile, came in at $30 million, up 25 percent over a year ago.

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Heska’s Core Companion Animal Health segment saw sales rise 18 percent to $24.5 million on strong performance from blood testing instruments, consumables and digital imaging, company officials said. The company’s Other Vaccines, Pharmaceuticals and Products segment, meanwhile, climbed 74 percent to $5.5 million.

The company finished the second quarter with $6.7 million in cash. Stockholder’s equity increased from $63.5 million as of Dec. 31 to $75.7 million as of June 30.

As the trading day neared its close Wednesday, Heska shares were trading at $48.50 apiece, up $4.89 from Tuesday’s close.