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Heska Industry Analysis Essay

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Business Analysis of Heska Corporation Established in 1988 in Loveland, Colorado, Heska Corporation produces advanced veterinary diagnostic and specialty products. They manufacture their own pharmaceuticals and sell blood diagnostics, digital imaging products, allergy diagnostics, software and cloud-based data services, and heartworm preventative products. While most of their products are targeted for companion animals such as cats and dogs, they also have vaccines and drugs for farm animals. They are in the animal pharmaceuticals and diagnostic substances industry and their top competitors include Idexx Laboratories, Zoetis, and Abaxis. A key strength of Heska Corporation is that they have a high rate of recurring customers, apparent by …show more content…

Heska has a five year average revenue growth rate of 12.18%, which is almost double the industry’s five year average revenue growth rate, which is 7.04% (CSIMarket). Heska’s top competitors, Idexx Laboratories Inc, Abaxis Inc, and Zoetis Inc, have five year average revenue growth rates of 8.77%, 7.73%, and 4.12% respectively, which are lower than Heska’s revenue growth (Morningstar). Heska’s high revenue growth allows overall growth of the company as it brings in more money to run the company with. Another important aspect of Heska’s financials is their low free cash flow. While their five year average free cash flow is 3.4 million, their competitors’ free cash flow has been significantly higher (Morningstar). Zoetis, one of their top competitors, has a five year average free cash flow of 722 million, and Idexx Laboratories, another top competitor has a five year average free cash flow of 234 million (Morningstar). While fluctuating free cash flow can be a sign of efficient investments with high returns, Heska’s free cash flow has consistently remained low (Morningstar). This low free cash flow hinders their corporate financial flexibility and

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Over the years, the company has invested in building a strong brand portfolio, which helps when you want to expand into new product categories. Other strengths include a strong dealer community who not only sell the drugs, but train their sales team on how to inform the customer on the benefits. Lastly, strong free cash flow, good returns on capital expenditure, and a successful track record shows that the company can provide resources for new projects and build new revenue streams. One weakness of the company is poor financial planning. Their financial planning is not done properly or efficiently and the company could use its cash more efficiently than its doing as of right now.

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Their current ratio is 1.4% (total current assets/total current liabilities). According to the Risk Management Association of Financial Ratio Benchmarks, the current average ratio is 1.5%. In 2014, the current ratio for the firm was 1.46% while the average ratio in the industry (NAICS 311330) was 1.6%. The company’s net property and equipment in 2015 is worth 2.6 million dollars, a slight increase from 2014, which was 2.3 million. The company is considering taking on some debt to increase their production capabilities.

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