Heska Corporation Completes Acquisition of VetZ GmbH to Become European Leader in Practice Management Software Solutions

Rhea-AI Summary

Heska Corporation (NASDAQ: HSKA) has successfully completed the acquisition of VetZ GmbH, a leader in veterinary practice information management software based in Germany. Announced on November 2, 2021, this acquisition marks a pivotal step in Heska's strategic growth plan. VetZ, known for its integrated software solutions enhancing veterinary workflows and patient care since 1997, is expected to significantly bolster Heska's market position in Europe. Further insights and details regarding the acquisition will be shared during Heska's Q4 and full-year 2021 financial report in February 2022.

Positive

• Acquisition of VetZ enhances Heska's position in European veterinary PIMS market.
• Strengthens Heska's strategic growth plan, providing integrated software solutions for veterinarians.

Negative

• Integration challenges may arise post-acquisition.
• Uncertainties related to COVID-19 could impact sales and market conditions.

LOVELAND, Colo., Jan. 3, 2022 /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 the acquisition of VetZ GmbH ("VetZ"), a European trailblazer in veterinary practice information management software solutions ("PIMS") (the "Acquisition"). The Acquisition, which was first announced on November 2, 2021, represents a key milestone in the Company's strategic plan. Headquartered in Germany, VetZ has been a leader since its founding in 1997, providing powerful, easy-to-use and fully integrated software solutions for better workflow, communication, service and patient outcomes to veterinarians.

The Acquisition closed under the purchase agreement whereby Heska GmbH, a wholly owned subsidiary of the Company, acquired 100% of the share capital of VetZ. Heska management expects to comment further on the Acquisition and provide additional details in the Company's fourth quarter and full year 2021 financial results report and conference call in February 2022 and as part of its next Investor Day in the first half of 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 future sales, sales split percentages, sales geography percentages, market share, 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 COVID-19 global pandemic, the Company's ability to effectively integrate VetZ, market and currency conditions, the performance of VetZ 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 significance of Heska's acquisition of VetZ GmbH?

The acquisition enhances Heska's capabilities in veterinary practice information management, solidifying its position in the European market.

When was the acquisition of VetZ by Heska announced?

The acquisition was announced on November 2, 2021.

What are the expected benefits of the VetZ acquisition for Heska Corporation?

The acquisition is expected to improve workflow solutions for veterinarians and expand Heska's presence in Europe.

What challenges might Heska face after acquiring VetZ?

Potential challenges include integration difficulties and uncertainties stemming from the ongoing COVID-19 pandemic.