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Heska Announces Financial Results for the First Quarter of Fiscal 2013
Date:5/14/2013

LOVELAND, Colo., May 14, 2013 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA; "Heska" or the "Company"), a provider of advanced veterinary diagnostic and other specialty veterinary products, today reported financial results for its first quarter ended March 31, 2013. The Company previously announced the acquisition of 54.6% of Cuattro Vet US, LLC ("Cuattro Vet USA").

First Quarter 2013 Highlights:

  • Consolidated revenue decreased 1% to $19.0 million compared to $19.2 million in the first quarter of 2012.
  • Core Companion Animal Health revenue decreased approximately 6%, while Other Vaccines, Pharmaceuticals and Products revenue increased 28% as compared to the first quarter of 2012.
  • Gross profit decreased 12.6% year-over-year and gross margin was 41.1% compared to 46.5% in the first quarter of 2012.
  • The Company reported an operating loss of $682 thousand compared to operating income of $1.1 million in the first quarter of 2012.
  • Heska completed the quarter with $5.5 million in cash, $6.1 million in short-term debt and $12.2 million in working capital.
  • "The first quarter was a milestone period for Heska, highlighted by our majority acquisition of Cuattro Vet USA at the end of February," commented Robert Grieve , Heska's Chairman and CEO. "This transformative acquisition provided us with access to a growing company with a best-in-class imaging product line powered by state-of-the-art software. We are now able to combine imaging products, such as digital x-ray and ultrasound, with Heska's existing capital equipment used for blood analysis, including chemistry and hematology, in coordinated sales efforts. Finally, we acquired proven
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    SOURCE Heska Corporation
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