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Heska Announces Sixth Consecutive Profitable Quarter
Date:2/17/2012

LOVELAND, Colo., Feb. 17, 2012 /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 fourth quarter and full year ended December 31, 2011.

Fourth Quarter 2011 Highlights:

  • Core Companion Animal Health revenue increased approximately 6.4%, while Other Vaccines, Pharmaceuticals and Products revenue decreased approximately 9.1% as compared to the fourth quarter of 2010.  In the third quarter of 2010, the USDA validated an improved process for a line of cattle vaccines, allowing Heska to ship a significant quantity of product in a category which had previously been on hold due to regulatory concerns.
  • Consolidated revenue increased 3.3% to $15.5 million, from $15.0 million in the fourth quarter of 2010.
  • 7.3% increase in year-over-year quarterly gross profit and a 42.5% gross margin, which is a 1.6 percentage point improvement compared to 40.9% in the fourth quarter of 2010.
  • $414 thousand in operating income compared to $688 thousand in operating income in the fourth quarter of 2010.  The Company has invested in expanding and improving its sales organization, as well as in developing new products to be introduced during 2012.
  • Heska completed the year with $6.3 million in cash, no debt and $19.6 million in working capital.
  • Full Year 2011 Highlights:

  • Full year revenue increased approximately 7% to $70.1 million compared to revenue of $65.5 million in the prior year.
  • Core Companion Animal Health revenue grew 3.3% to $57.5 million and Other Vaccines, Pharmaceuticals and Products revenue increased 28.5% to $12.6 million as compared to the prior year. '/>"/>

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