Heska Announces Q4 and Annual 2009 Results
February 22 2010 - 2:00PM
PR Newswire (US)
Company Reports 4th Consecutive Profitable Quarter LOVELAND, Colo.,
Feb. 22 /PRNewswire-FirstCall/ -- Heska Corporation (Nasdaq: HSKA,
"Heska" or the "Company") today reported financial results for its
fourth quarter and the year ended December 31, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000622/HESKALOGO) "In the
fourth quarter of 2009, we produced revenue growth in both of our
operating segments, increased our gross margin and decreased our
operating expenses compared to the fourth quarter of 2008. For full
year 2009, our team generated over $4 million in operating income -
the second best result in company history, despite a challenging
economic environment," said Robert Grieve, Heska's Chairman and
CEO. "We also placed our first DRI-CHEM® 7000 Veterinary Chemistry
Analyzers with our customers in the fourth quarter of 2009. We have
been pleased with customer interest in this fine new product, which
represents a line extension in our chemistry offering and is the
fastest multi-patient clinical chemistry analyzer available to the
veterinary in-clinic market. We also are excited by the prospects
for another new product in 2010, the VitalPath(TM) Blood Gas and
Electrolyte Analyzer, which we expect to begin shipping to our
customers in the near future." Investor Conference Call Management
will conduct a conference call on Monday, February 22, 2010 at 1:00
p.m. MST (3:00 p.m. EST) to discuss the fourth quarter and year-end
2009 financial results. To participate, dial (877) 941-2333
(domestic) or (480) 629-9723 (international); the conference call
access number is 4218183. The conference call will also be
broadcast live over the Internet at http://www.heska.com/. To
listen, simply log on to the web at this address at least ten
minutes prior to the start of the call to register, download and
install any necessary audio software. Telephone replays of the
conference call will be available for playback until March 8, 2010.
The telephone replay may be accessed by dialing (800) 406-7325
(domestic) or (303) 590-3030 (international). The webcast replay
may be accessed from Heska's home page at http://www.heska.com/
until March 8, 2010. About Heska Heska Corporation (NASDAQ:HSKA)
sells advanced veterinary diagnostic and other specialty veterinary
products. Heska's state-of-the-art offerings to its customers
include diagnostic instruments and supplies as well as single use,
point-of-care tests, pharmaceuticals and vaccines. The company's
core focus is on the canine and feline markets where it strives to
provide high value products and unparalleled customer support to
veterinarians. For further information on Heska and its products,
visit the company's website at http://www.heska.com/.
Forward-Looking Statements This announcement contains
forward-looking statements regarding Heska's future financial and
operating results. These statements are based on current
expectations and are subject to a number of risks and
uncertainties. Investors should note that there is an inherent risk
in using past results, including trends, to predict future
outcomes. In addition, factors that could affect the business and
financial results of Heska generally include the following:
uncertainties related to the access to products from Abbott Point
of Care Inc. as of November 1, 2009, which represent approximately
15% of Heska's revenue for the year ended December 31, 2009,
including the impact of the loss of related profits on Heska's
year-over-year performance; risks inherent in relying on perceived
initial customer interest to indicate future market acceptance and
success of any given product; uncertainties related to product
performance and market acceptance of any product planned, but not
yet placed, with customers; risks related to any change in Heska's
strategy, including Heska's recent decision to terminate its
contractual agreements with most domestic third-party distributors
who carry Heska's full product line, and the year-over-year and
future impact of any such decision; uncertainties regarding Heska's
reliance on third parties to whom Heska has granted substantial
marketing rights to certain of Heska's existing products and whom
may be large Heska customers; uncertainties regarding Heska's
ability to successfully market and sell its products in an
economically sustainable manner; risks related to Heska's reliance
on third parties to properly and timely complete certain research
and development activities; competition, including uncertainties
regarding the impact of new products competitors have recently
launched or may launch in the future; uncertainties related to
Heska's ability to maintain its listing on the Nasdaq Capital
Market; uncertainties regarding Heska's ability to generate profits
and positive cash flow in future periods; risks regarding Heska's
reliance on third-party suppliers, which is substantial and could
have significant negative consequences if Heska were to lose access
to a product line; uncertainties regarding overall economic
conditions and the affect of these conditions on Heska's business,
which may change as compared to historical results, as well as
Heska's accuracy in predicting these and related matters; and the
risks set forth in Heska's filings and future filings with the
Securities and Exchange Commission, including those set forth in
Heska's Annual Report on Form 10-K for the year ended December 31,
2008 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2009. Financial Table Follows: Consolidated
Statements of Operations In Thousands, Except per Share Amounts
(unaudited) Three Months Twelve Months Ended Ended ----- -----
December 31, December 31, ------------ ------------ 2008 2009 2008
2009 ---- ---- ---- ---- Revenue, net: Core companion animal health
$13,667 $14,541 $68,140 $66,449 Other vaccines, pharmaceuticals and
products 1,767 2,817 13,513 9,229 ----- ----- ------ ----- Total
revenue, net 15,434 17,358 81,653 75,678 ------ ------ ------
------ Cost of revenue 11,093 10,723 52,809 47,219 ------ ------
------ ------ Gross profit 4,341 6,635 28,844 28,459 ----- -----
------ ------ Operating expenses: Selling and marketing 3,616 3,449
17,640 14,524 Research and development 489 410 1,951 1,718 General
and administrative 2,161 1,918 8,917 8,173 Restructuring expenses
785 - 785 - Other 232 - 232 - --- --- --- --- Total operating
expenses 7,283 5,777 29,525 24,415 ----- ----- ------ ------
Operating income (loss) (2,942) 858 (681) 4,044 Interest and other
expense, net 140 113 640 306 --- --- --- --- Income (loss) before
income taxes (3,082) 745 (1,321) 3,738 Income tax expense (benefit)
(1,215) 285 (471) 1,496 ------ --- ---- ----- Net income (loss)
$(1,867) $460 $(850) $2,242 ======= ==== ===== ====== Basic net
income (loss) per share $(0.04) $0.01 $(0.02) $0.04 ====== =====
====== ===== Diluted net income (loss) per share $(0.04) $0.01
$(0.02) $0.04 ====== ===== ====== ===== Shares used for basic net
income (loss) per share 51,821 52,123 51,674 52,068 ====== ======
====== ====== Shares used for diluted net income (loss) per share
51,821 52,199 51,674 52,115 ====== ====== ====== ====== Balance
Sheet Data In Thousands (unaudited) December 31, December 31, 2008
2009 ---- ---- Cash and cash equivalents $4,705 $5,400 Total
current assets 31,290 28,493 Total assets 70,438 64,134 Line of
credit 11,042 4,201 Current portion of long-term debt 770 381 Total
current liabilities 22,228 14,107 Long-term debt, net of current
portion 381 - Stockholders' equity 42,523 45,055
http://www.newscom.com/cgi-bin/prnh/20000622/HESKALOGO
http://photoarchive.ap.org/ DATASOURCE: Heska Corporation CONTACT:
Jason Napolitano, Executive Vice President & CFO of Heska
Corporation, +1-970-493-7272, ext. 4105 Web Site:
http://www.heska.com/
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