Heska boosts quarterly profit by 51 percent

LOVELAND — Heska Corp. (Nasdaq: HSKA) on Wednesday reported a 51 percent increase in profit for its second quarter that ended June 30, compared with the same quarter a year ago.

The Loveland-based provider of advanced veterinary diagnostic products recorded a $1.2 million profit on revenue of $23.9 million, compared with a profit of $778,000 on revenue of $22.9 million for the same quarter a year ago. Income per share remained steady at 17 cents.

Kevin Wilson, Heska’s chief executive and president, said in a prepared statement that during the quarter the company expanded margins by “selling more and spending less per revenue dollar.”

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For the first six months on the year, Heska recorded revenue of $46.8 million, up from $43.7 million in 2014, and $1.8 million in profit compared with $505,000 for the first six months of 2014.

Heska’s products, mainly for cats and dogs, include blood-testing instruments and supplies, digital imaging products, 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 newly launched Element HT5 five-part hematology analyzer continues to gain market share with overall hematology placements growing 132 percent over last year and 46 percent over last quarter,” Wilson said.

As of June 30, Heska had $6.6 million in cash and working capital of $20.4 million. Stockholders’ equity increased to $56.6 million compared with $53.1 million as of Dec. 31, according to the earnings report.