Heska reports 7% revenue growth in Q1

LOVELAND — Veterinary diagnostics supplier Heska Corp. (Nasdaq: HSKA) reported $64.8 million in revenue for the first quarter of 2022, a 7% year-over-year increase from the $60.5 million it earned in the first quarter of 2021.

The company reported a $9.6 million net loss for the quarter, equivalent to 97 cents per share, after earning $1.8 million in profit in the first quarter of 2021.

Operating expenses nearly doubled, from $24.4 million to $40.5 million. The biggest jump came in research and development expenses, which increased from $1.1 million to $12.4 million.

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Heska ended the quarter with $172.7 million in cash and equivalents on hand.

“Today we see that Heska is in the right market, with the right strategy, with a strong hand to meet our goals,” said Kevin Wilson, Heska CEO and president, in a prepared statement. “Heska market share gains for subscriptions have again accelerated. Veterinarians continue to rely upon and use more point of care diagnostics. Heska’s supply chain and labor conditions are healthy. Our investments in our business, systems, people, marketing, sales, service, analytics, and controls continue to make our business better. And Heska’s growth capital and business development efforts have us extremely well positioned to win at scale and drive further innovation.”