The Heska Corporation which is in the business of selling advanced veterinary diagnostic and specialty products, has announced their second quarter 2012 earnings.
Second quarter highlights include consolidated revenue of $18.3 million, which is a 5 percent increase over the $17.4 million of quarter two for 2011; Core Companion Animal Health revenue reached $15.7 million, or a 12 percent increase over Q2 of 2011; gross profit (44.0 percent gross margin) was $8.0 million; operating income was $383 thousand compared to $887 thousand for Q2 of 2011; and Heska completed the quarter with $7.6 million in cash and no debt, with $19.2 million in working capital.
Dr. Robert Grieve, Heska’s Chairman and CEO, reported, “In the second quarter of 2012, Heska grew its revenue and benefited from improvements in our strengthened and expanded sales force, which provides encouragement about the long-term growth potential for our company. However, this progress was unable to fully offset the profitability impact of the anticipated revenue decline in our Other Vaccine, Pharmaceuticals and Products segment as well as increased sales and marketing expenses largely related to our recent investments in our sales force. We remain excited for the prospects of the new products we plan to launch in the coming year.”
In terms of stockholders’ equity, this increased from $48.8 million compared to $48.4 million as of December 31, 2011.
According to Dr. Grieve, throughout the first six months of 2012, Heska’s chemistry analyzer placements were over 80 percent of the total chemistry units placed for the entire year of 2011.
Earlier this year, Heska announced an expansion of its allergy franchise via a brand new technology. This allergic treatment advancement will support Heska’s production for both sublingual and subcutaneous immunotherapy at the company’s Des Moines, Iowa, facility in addition to augmenting their proprietary allergy treatment offerings.
To learn more about Heska, visit www.heska.com.