Loveland-based Heska Corp. reports first-quarter profit

LOVELAND — Heska Corp. (Nasdaq: HSKA) on Tuesday reported a profit of $4.6 million for its first quarter that ended March 31.

The Loveland-based provider of veterinary diagnostic products reported revenue of $30.4 million for the quarter, up 12 percent compared with the same period a year ago, and logged 61 cents earnings per share.

Kevin Wilson, Heska’s chief executive and president, said the results for the quarter were built on foundations set over the past couple of years.

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“Veterinary market indicators continue to point to a strong environment for the rest of 2017,” Wilson said. “Aided by this trend, our 2017 focus is on cost, systems and margin optimization for long-term and increasing profitability as we expand.”

The company is laying the foundation for an international launch of its diagnostics subscription model, according to its quarterly statement.  

At March 31, Heska had $12.2 million in cash and cash equivalents, compared with $6.2 million in the prior year period, and working capital of $24.9 million. Stockholders’ equity increased to $92.7 million as of March 31, up from $87 million as of Dec. 31.