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

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  • Gross profit was $29.2 million, or 41.7% gross margin, compared with gross profit of $24.8 million, or 37.9% gross margin in 2010.
  • Operating income was $3.2 million compared to operating income of $358 thousand in 2010.

    • "Heska achieved another quarter of profitability, improving gross profit and gross margin expansion," commented Robert Grieve, Heska's Chairman and CEO.  "We ended 2011 with solid momentum, even as we invest in our sales organization and in exciting new product opportunities, in advance of expected growth in 2012.  These investments are key to our growth objectives, and I am encouraged with the progress we have made.  We added new personnel to fill vacant sales territories and most positions are now filled.  We've been encouraged with our success in identifying and hiring talented people, the impact of our training and the speed at which these new hires have come to know their assigned territories.  We expect to hit full stride with our direct selling efforts by mid-year. This enhancement of our sales capabilities should begin to drive revenue growth in the upcoming quarters."

    "Our focus on new products is also progressing nicely," added Dr. Grieve. "We recently announced a strategic collaboration with Entegrion Inc., a company with core expertise in human blood-related disorders.  We hope this collaboration will lead to advancing animal health by leveraging their core expertise.  In addition, this week we announced our new sublingual (or SLIT) allergy therapy product offering, adding another product which we believe will help us accelerate our revenue growth.  Heska is the veterinary industry leader in allergy testing and treatment, and this sublingual (under the tongue) therapy administration will complement our existing treatment solutions, which are predominantly subcutaneous injections, by giving pet owners an alternative delivery methodology.  We expect to announce fur
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