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Heska Announces 15% Revenue Growth, Fourth Consecutive Profitable Quarter, for the Second Quarter of 2011
Date:7/27/2011

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"This was another strong quarter with revenue growth, margin expansion and an improved level of quarterly profitability compared to last year as we grew revenue at nearly twice the rate of expenses, resulting in a significant swing to positive operating income," Dr. Grieve continued. "Looking to the future, we launched our handheld lactate analyzer and are on pace to launch one more unique product by the end of this year. In addition, we expect to introduce up to four new products next year, including at least two new products from our recently announced alliance with Rapid Diagnostek. This commitment to innovation, research and development and the development of proprietary intellectual property is consistent with our focus on accelerated growth and profitability. We are demonstrating the ability to scale our top line faster than our operating expenses, and this is expected to result in increased earnings power as we grow."

Year-to-date, revenues were $37.0 million, an increase of 12.7% compared to revenue of $32.8 million last year. Core companion animal health revenue grew 3.2% to $30.5 million from $29.5 million last year and other vaccines, pharmaceuticals and products revenue grew 97.9% to $6.5 million from $3.3 million last year. Gross profit was $15.8 million, or 42.7% gross profit margin, compared with gross profit of $12.1 million, or 36.7% gross profit margin last year. SG&A expense was $12.3 million, or 33.3% of sales, compared to SG&A expense of $11.9 million, or 36.3% of sales in the first six months last year. Total operating expenses were $13.3 million, or 36.1% of sales, compared with total operating expenses of $12.7 million, or 38.9% of sales last year. The Company reported operating income of $2.4 million compared to a loss from operations of ($695,000) last year. Pre-tax income was $2.3 million compared to a pre-tax loss of ($990,000) last year. Net income, inclusive of a $730,000 deferred income tax expense, was $1.4 mi
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