Heska Corporation Completes Acquisition of LightDeck Diagnostics

Rhea-AI Summary

Heska Corporation (NASDAQ: HSKA) has successfully completed the acquisition of 100% of MBio Diagnostics, Inc. (LightDeck), a leader in planar waveguide fluorescence immunoassay diagnostics. This acquisition, first announced on September 12, 2022, strengthens Heska’s research and development capabilities while expanding its manufacturing potential at a state-of-the-art facility in Longmont, Colorado. The facility is expected to enhance production capacity significantly, supporting innovative testing platforms, including an exclusive canine cancer screening test anticipated for launch in 2023.

Positive

• Acquisition of LightDeck enhances R&D and manufacturing capabilities.
• State-of-the-art facility in Longmont will boost production capacity.
• Development of a canine cancer screening platform scheduled for 2023 launch.

Negative

• Integration challenges may arise post-acquisition.
• Dependence on successful market introduction of new diagnostic products.

LOVELAND, Colo., Jan. 3, 2023 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA; "Heska" or the "Company"), a leading global provider of advanced veterinary diagnostic and specialty products and solutions, today announced the completion of acquisition of 100% of the shares of MBio Diagnostics, Inc. d/b/a LightDeck Diagnostics ("LightDeck"), a pioneer in planar waveguide fluorescence immunoassay diagnostics with strong manufacturing capabilities and research and development expertise (the "Acquisition"). 

The Acquisition, which was first announced on September 12, 2022, represents a key advancement in the Company's strategic plan to accelerate research and development and manufacturing capabilities at scale. Founded in 2009 in Boulder, Colorado, LightDeck has developed a scalable and innovative platform based on an extensive intellectual property for rapid and accurate point of care diagnostics. LightDeck's planar waveguide technology optimizes laser activated fluorescence and microfluidics to produce point of care cartridge-based testing for quantitative results in minutes with inexpensive, easy-to-use workflow. LightDeck's facilities include fully equipped laboratories for assay development, controlled manufacturing capabilities, and a new, state-of-the-art, fully automated facility in Longmont, Colorado that will further advance in-clinic testing manufacturing at scale. The Longmont facility, anticipated to go online in 2023, will dramatically increase Heska's manufacturing production capacity and research and development efforts in furtherance of several potential blockbuster testing platforms, including the Company's exclusive canine cancer screening platform anticipated to launch in 2023.

Heska management expects to comment further on the Acquisition and provide additional details in the Company's fourth quarter and full year 2022 financial earnings release and conference call late February 2022.

About Heska 
Heska Corporation (NASDAQ: HSKA) manufactures, develops and sells advanced veterinary diagnostic and specialty healthcare products through its two business segments: North America and International. Both segments include Point of Care Lab testing instruments and consumables, digital imaging products, software and services, data services, allergy testing and immunotherapy, and single-use offerings such as in-clinic diagnostic tests and heartworm preventive products. The North America segment also includes private label vaccine and pharmaceutical production under third-party agreements and channels, primarily for herd animal health. For more information, please visit www.heska.com.

Forward-Looking Statements 
Forward-looking statements in this document include, among other things, statements with respect to the business of LightDeck and the benefits of the Acquisition, strategic goals, cash-on-hand projections, market scenarios, uncertainties related to Heska's ability to sell and market its products in an economically sustainable fashion, including related to varying customs, cultures, languages and sales cycles, and uncertainties with respect to foreign economic climates. Such statements are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements, include uncertainties with respect to the ongoing COVID-19 global pandemic and geo-political turmoil, the Company's ability to effectively integrate LightDeck, market and currency conditions, the performance of LightDeck with respect to post-closing obligations, the future performance of the Company's newly acquired customers, suppliers and distributors, and those factors set forth under "Risk Factors" in the Company's most recent annual report on Form 10-K.

 

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SOURCE Heska Corporation

FAQ

What is the purpose of Heska's acquisition of LightDeck?

The acquisition aims to enhance Heska's research and development capabilities and expand its manufacturing potential.

What will the Longmont facility contribute to Heska?

The Longmont facility is expected to significantly increase Heska's manufacturing production capacity.

When is the canine cancer screening platform expected to launch?

The exclusive canine cancer screening platform is anticipated to launch in 2023.

What are the potential risks of Heska's acquisition of LightDeck?

Potential risks include integration challenges and the effectiveness of the new products in the market.

When will Heska provide further details about the acquisition?

Heska plans to discuss the acquisition in its fourth quarter and full year 2022 financial earnings release in late February 2023.