Heska Corporation to Acquire Lacuna Diagnostics, a Pioneer and Market Leader in Point-of-Care Digital Cytology

Rhea-AI Summary

Heska Corporation (NASDAQ: HSKA) announced its acquisition of Lacuna Diagnostics, a leader in point-of-care digital cytology technology and telemedicine. The deal, expected to close in Q1 2021, aims to enhance Heska's clinical specialty services, aligning with its goal to double product and revenue streams. Lacuna's innovative platform allows veterinarians to get rapid, expert analysis of diagnostic samples, improving care outcomes. This collaboration is poised to expand service reach and positively impact veterinary diagnostics.

Positive

• Acquisition of Lacuna enhances Heska's clinical specialty services.
• Lacuna's technology allows for rapid, expert analysis, improving veterinary care.
• The deal aligns with Heska's goal to double product and revenue streams.

Negative

• None.

LOVELAND, Colo., Jan. 13, 2021 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a leading global provider of advanced veterinary diagnostic and specialty products, announced today that the Company has entered into an agreement (the "Agreement") to acquire 100% of Lacuna Diagnostics, Inc. ("Lacuna"), a pioneer and market leader in point-of-care diagnostics digital cytology technology and telemedicine services.

Founded in 2016 and headquartered in Fort Collins, Colorado, Lacuna is a first-to-market digital telemedicine cytology platform that increases the standard of care veterinarians provide for pets by providing nearly real-time interpretation of cases by an expert network of board-certified clinical pathologists. Lacuna's revolutionary software, workflow, and artificial intelligence data technology facilitate fast, accurate and comprehensive results from samples taken at the point of care and instantly transmitted to Lacuna's team of board-certified experts. Lacuna improves veterinarian accuracy and confidence and accelerates positive healthcare outcomes by dramatically decreasing the wait times and environmental pollution associated with traditional central reference lab pathology services. With a global team of over 25 pathologists located throughout multiple time zones in the United States, Canada, Europe, New Zealand and Australia, Lacuna has interpreted over 25,000 cases and counting.

"The addition of Lacuna is the official starting point for Heska's entry into providing clinical specialty services to further support our stated goal to double the product and revenue streams we serve," commented Heska's Chief Executive Officer and President, Kevin Wilson. "We are excited to welcome the wonderful leadership, people, and culture of Lacuna," continued Mr. Wilson. "Lacuna has created a foundation of amazing technology, processes, and expert clinical teams to deliver specialist-level diagnostics, in minutes rather than days. We are excited to expand the scope and availability of these life-saving telemedicine specialty services by offering them alongside our other Heska technologies, through our hundreds of Heska field experts, and to thousands of our current point of care customers and other veterinarians."

Lacuna's Co-Founder and Co-Chief Executive Officer, Aaron Wallace, commented, "Lacuna has always focused on providing quality and trusted reporting to our veterinarians. Heska will advance this promise in every way while also supporting a larger reach to positively impact more pet patients and veterinary teams."

The Acquisition is expected to close in the first quarter 2021, subject to the satisfaction or waiver of closing conditions set forth in the Agreement, including customary closing conditions.

Mr. Wilson will provide more information about this announcement and other growth initiatives at the J.P. Morgan Healthcare Conference at 2:00 p.m. ET on Wednesday, January 13, 2021. A live audio-only version of the presentation and question and answer session will be available to non-registered attendees at  Heska Audio-Only J.P. Morgan Conference Presentation. The webcast and presentation will be archived on Heska's website shortly after the event and a replay will be available for 90 days following the conference.

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.

Forward-Looking Statements
This document contains forward-looking information related to the Company. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. All of the statements in this document, other than historical facts, are forward-looking statements and are based on a number of assumptions that could ultimately prove inaccurate and cause actual results to materially deviate from forward-looking statements. Forward-looking statements in this document include, among other things, statements with respect to future financial and operating results and strategic goals, the expected timing of the Acquisition and its anticipated benefits.  Such statements are subject to risks and uncertainties, including, but not limited to, uncertainties related to the closing of the Acquisition; the ability to achieve the anticipated benefits of the Acquisition uncertainties related to any product's ability to perform and be recognized as anticipated, in particular when such product is under development; 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 foreign political and economic climates; and the Company's ability to integrate the acquired Lacuna business within its existing operations; and new product development and release schedules. Other factors that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are set forth under "Risk Factors" in the Company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q.

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SOURCE Heska Corporation

FAQ

What is the significance of Heska's acquisition of Lacuna Diagnostics?

The acquisition is a strategic move for Heska to enhance its veterinary diagnostic and specialty services, supporting its goal to double product and revenue streams.

When is Heska's acquisition of Lacuna expected to close?

The acquisition is expected to close in the first quarter of 2021, pending customary closing conditions.

How does Lacuna's technology benefit veterinarians?

Lacuna's platform offers nearly real-time diagnostic interpretations by board-certified pathologists, improving accuracy and reducing wait times for results.

What are the expected impacts of this acquisition on Heska's business?

The acquisition is expected to expand Heska's service reach and enhance its offerings in the veterinary diagnostics market.