Heska Corp., the Loveland-based maker of veterinary products, announced record-setting third-quarter financial results Tuesday. The stock market responded by boosting the value of Heska shares by 17 percent.
In a press release Tuesday, Heska said its revenue for the quarter that ended Sept. 30 rose 19 percent over the third quarter of 2015 — from $28 million last year to $33.4 million this year. Most of that revenue growth came in the company’s Core Companion Animal Health segment, which increased 26 percent to $26.4 million, the release said. The increases came from blood testing instruments and consumables and digital imaging.
In January, Heska purchased Cuattro Veterinary, a global provider of digital radiography and other imaging technology for veterinarians. Cuattro shares Heska’s building at 3760 Rocky Mountain Ave. in northeast Loveland. Net income attributable to Heska increased 136 percent in the quarter, from $1.42 million in 2015 to $3.347 million this year. The company also reported a 110 percent jump in operating income and an 18 percent rise in gross profit.
Year-to-date numbers, comparing the first nine months of 2016 with the same period in 2015, also increased significantly. Revenue was up 21 percent, to $90.5 million, and net income increased 120 percent to $7.1 million.
“All major revenue streams are performing well, operational discipline is strong, our positive winning culture is deepening and by nearly any measure, Heska is growing stronger,” Heska CEO Kevin Wilson said in the release.
Wilson said the company is poised to grow geographically, extend its product lines and make gains in market share in existing markets. The heady results beat Wall Street analysts’ expectations, which gave Heska stock a boost on the Nasdaq Stock Market.
Heska stock closed at $57.53 per share on Tuesday, up 17 percent from Monday’s closing price of $49.40. Over the past 12 months, the stock hit a low point of $26.26 in March before beginning the climb that has more than doubled its value.
Originally appeared in: Reporter Herald, Craig Young, 11-1-2016.