Heska reports 9.6% bump in revenue for 1Q

LOVELAND – Heska Corp., a Loveland-based provider of diagnostic and other specialty veterinary products, on Thursday reported a 9.6 percent increase in revenue for its first quarter that ended March 31.

Heska (Nasdaq: HSKA) reported revenue of $20.8 million for the quarter, compared with $19 million in the first quarter of 2013.

The company reported net income of $192,000, or 3 cents per diluted share, compared with a net loss of $386,000 in the first quarter of 2013, or a loss of 7 cents per diluted share.

Heska completed the quarter with $6.2 million in cash, $1.1 million in short-term debt and $17.6 million in working capital.

“This was a strong start to 2014, with notable year-over-year improvements in both revenue and profitability,´ said Robert Grieve, Heska’s executive chairman. “Our commercial strategy continues to drive momentum in our analyzer placements, and our comprehensive offering is helping us to capture market share, including among the coveted high-volume veterinary practices.”

Heska’s products include blood-testing instruments and supplies, digital imaging equipment, software and services, and single-use products and services such as in-clinic heartworm diagnostic tests, heartworm preventive products, allergy immunotherapy products and allergy testing. The company focuses on the dog and cat markets.