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Heska Announces Financial Results for the Second Quarter of Fiscal 2013
Date:8/7/2013

LOVELAND, Colo., Aug. 7, 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 second quarter ended June 30, 2013. The Company previously announced the acquisition of 54.6% of Cuattro Vet US, LLC ("Cuattro Vet USA"), which was subsequently renamed Heska Imaging US, LLC, and this acquisition is reflected in Heska's consolidated financial results for the second quarter of 2013 with no contribution in the second quarter last year.

Second Quarter 2013 Highlights:

  • Consolidated revenue for the second quarter of 2013 was essentially unchanged from the second quarter of 2012 at $18.3 million.
  • Core Companion Animal Health revenue increased approximately 1%, while Other Vaccines, Pharmaceuticals and Products revenue decreased 6.2% as compared to the second quarter of 2012.
  • Heska recognized a reserve of $1.1 million, including $768 thousand recognized in cost of revenue, related to the discontinuation of sales and long-term support for its VitalPath blood gas and electrolyte instrument.
  • Heska recognized a reserve of $453 thousand in cost of revenue related to the discontinuation of support for its legacy SpotChem chemistry instrument.
  • Gross profit was $5.0 million, inclusive of the $1.6 million in reserves described above. Gross profit decreased 37.6% year-over-year and gross margin was 27.5% compared to 44.0% in the second quarter of 2012.
  • The Company reported an operating loss of $3.6 million, inclusive of the $1.6 million in reserves described above and approximately $300 thousand in severance related expenses, compared to operating income of $383 thousand in the second quarter of 2012.
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