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Heska Announces 19.0% Revenue Growth for Fourth Quarter of Fiscal 2012
Date:2/25/2013

continued profitability and growth, and this performance positioned us to make what we believe will be a powerfully transformative acquisition of a majority interest in Cuattro Vet," commented Robert Grieve, Heska's Chairman and CEO.  "Our strong fourth quarter performance, coupled with the exciting combination of Heska and Cuattro Vet, has us poised for an exciting 2013.  We remain focused on giving our sales organization more products to sell to our growing customer base."

"We were also pleased to establish a distribution relationship with and send an initial stocking order of products to MWI Veterinary Supply, Inc. in the fourth quarter of 2012," added Dr. Grieve.  "We are pleased with the early signs of success we are seeing with our ALLERCEPT® Therapy Drops sublingual allergy therapy product, as well as our new Element DC Chemistry Analyzer."

Financial Results
Fourth quarter 2012 revenue was $18.5 million as compared to $15.5 million in the fourth quarter of 2011.  In the fourth quarter of 2012, Core Companion Animal Health revenue grew approximately 23.0% to $15.7 million from $12.8 million in the prior year period and Other Vaccines, Pharmaceuticals and Products revenue remained essentially flat at $2.8 million.  Gross profit was $7.4 million, or a 40.1% gross margin, in the fourth quarter of 2012 compared with gross profit of $6.6 million, or 42.5% gross margin, in the fourth quarter of 2011.  Total operating expenses were $6.7 million, or 36.2% of sales, in the fourth quarter of 2012 compared with total operating expenses of $6.2 million, or 39.9% of sales, in the prior year period.  The Company reported operating income of $720 thousand in the fourth quarter of 2012, compared to operating income of $414 thousand in the fourth quarter of 2011.  Income before income taxes was $654 thousand in the fourth quarter of 2012, up from $632 thousand in the prior year
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SOURCE Heska Corporation
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