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Heska Announces Q109 Results

Company Generates Over $1 Million in Operating Income

LOVELAND, Colo., April 28 /PRNewswire-FirstCall/ -- Heska Corporation (Nasdaq: HSKA) ("Heska" or the "Company") today reported financial results for its first quarter ended March 31, 2009.


"We are pleased we were able to grow our Core Companion Animal Health revenue and report a profitable quarter in these difficult economic conditions. We were able to increase our overall gross margin as compared to last year despite significantly lower revenue and gross margin in our Other Vaccines, Pharmaceuticals and Products segment," said Robert Grieve, Heska's Chairman and CEO. "In addition, we were able to reduce our operating expenses by over $1.5 million, a result of our restructuring in late 2008 and continued disciplined expense control by our operating team."

Investor Conference Call

Management will conduct a conference call on Tuesday, April 28, 2009 at 9:00 a.m. MDT (11:00 a.m. EDT) to discuss the first quarter 2009 financial results. To participate, dial (800) 866-5341 (domestic) or (303) 262-2053 (international); the conference call access number is 11130549. The conference call will also be broadcast live over the Internet at To listen, simply log on to the web at this address at least ten minutes prior to the start of the call to register, download and install any necessary audio software. Telephone replays of the conference call will be available for playback until May 12, 2009. The telephone replay may be accessed by dialing (800) 405-2236 (domestic) or (303) 590-3000 (international). The webcast replay may be accessed from Heska's home page at until May 12, 2009.

About Heska

Heska Corporation (Nasdaq: HSKA) sells advanced veterinary diagnostic and other specialty veterinary products. Heska's state-of-the-art offerings to its customers include diagnostic and monitoring instruments and supplies as well as single use, point-of-care tests, pharmaceuticals and vaccines. The company's core focus is on the canine and feline markets where it strives to provide high value products and unparalleled customer support to veterinarians. For further information on Heska and its products, visit the company's website at

Forward-Looking Statements

This announcement contains forward-looking statements regarding Heska's future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties. Investors should note that there is an inherent risk in using past results, including trends, to predict future outcomes. In addition, factors that could affect the business and financial results of Heska generally include the following: uncertainties regarding overall economic conditions, the effect of these conditions on Heska's business and Heska's accuracy in predicting these and related matters; risks regarding Heska's reliance on third-party suppliers, which is substantial and could have significant negative consequences if Heska were to lose exclusive rights or access to a product due to a supplier decision or for other reasons; uncertainties regarding Heska's ability to generate profits in future periods, including uncertainties regarding Heska's ability to increase revenue and gross margins and control operating expenses; risks regarding Heska's ability to successfully market, sell and distribute its products; uncertainties regarding Heska's reliance on third parties to whom Heska has granted substantial marketing rights to certain of Heska's existing products; competition, including uncertainties regarding the impact of new products competitors have recently launched or may launch in the future; the level of Heska's fixed expense, which is significant, and the corresponding cash flow and liquidity-related risks resulting from unanticipated revenue and gross margin shortfalls; uncertainties related to Heska's ability to maintain its listing on the Nasdaq Capital Market; uncertainties related to Heska's ability to obtain access to capital in the future if required to sustain its business; risks related to Heska's reliance on third parties for products Heska may intend to introduce in the future; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's Annual Report on Form 10-K for the year ended December 31, 2008.

Financial Table Follows:

                        Consolidated Statements of Operations
                       In Thousands, Except per Share Amounts

                                                     Three Months Ended
                                                          March 31,
                                                     2008           2009

    Revenue, net:
        Core companion animal health               $17,637        $18,137
        Other vaccines, pharmaceuticals
         and products                                4,281          2,004
            Total revenue, net                      21,918         20,141

    Cost of revenue                                 14,182         12,768

    Gross profit                                     7,736          7,373

    Operating expenses:
        Selling and marketing                        4,922          3,758
        Research and development                       539            446
        General and administrative                   2,498          2,152
            Total operating expenses                 7,959          6,356
    Operating income (loss)                           (223)         1,017
    Interest and other expense, net                    166            165
    Income (loss) before income taxes                 (389)           852
    Income tax expense (benefit)                      (163)           392
    Net income (loss)                                $(226)          $460

    Basic net income (loss) per share               $(0.00)         $0.01
    Diluted net income (loss) per share             $(0.00)         $0.01

    Shares used for basic net income
     (loss) per share                               51,481         52,011

    Shares used for diluted net income
     (loss) per share                               51,481         52,011

                              Balance Sheet Data
                            In Thousands (unaudited)

                                                  December 31,    March 31,
                                                     2008           2009
    Cash and cash equivalents                       $4,705         $4,405
    Total current assets                            31,290         31,278
    Total assets                                    70,438         69,538
    Line of credit                                  11,042         10,046
    Current portion of long-term debt
     and capital leases                                770            767
    Total current liabilities                       22,228         21,179
    Long-term debt and capital leases                  381            190
    Stockholders' equity                            42,523         42,864

SOURCE Heska Corporation
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