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It is obvious to anyone who has followed
Heska. This company doesn't know what
its doing? Heska is on continual restart.
With the progressive decline in revenues
in both OVP and core companion. It was
necessary for Heska to go "Hail Mary" in
attempt to save the company. So desperate
to get a new product line, that mgmt practically
gave the company to Kevin Wilson.
He may have the title COO, but Wilson
might as well be CEO.
With this change of course. Its time to
change the horse. Its time for Grieve to
resign to the board of directors, and turn it
over to Mr Wilson.

Heska discontinued efforts of doing internal research
and development of new products in Grieve's restructuring
of the company in 2002.
Since then, the company has concentrated on reselling
products manufactured by others. There is a good deal of
risk involved with third party sales. Heska learned this
when Abbott pulled the most successful handheld diagnostic
device IStat , and gave the distribution rights to Abaxis.
Two years ago Heska announced with fanfare, two new
collaborations which would result in breakthrough products.
One of these collaborations was with Rapid Diagnostek.
The other with Entegrion. Heska invested monies in these
two private companies, and told shareholders to expect
exciting product offerings. Two years later. Heska Ceo Grieve
doesn't want to talk about these so called collaborations,
and hopes we all forget about it.
More money down the rat hole.

Heska attended the Bank of America/ Merrill Lynch
investors conferences yresterday. Abaxis was also
in attendance. Lets hope the two companies had a
buffer between them. How would you like to be a
salesperson showing Heska's " Solostep" the heartworm
detection test . Heska's has been selling Solostep
2 for 1, in a half price discount to retain marketshare.
Competitor Abaxis has a point of care quick results
reagent which not only tests for heartworm, but also
Parvovirus, Giardia, and Lyme disease in one sample.
And we wonder why Grieve keeps blaming the salesman?

A few weeks ago Cramer's "the street" analysts
were saying Heska was a buy on valuation.
Every year you can count on this front running
rag to retract its recommendation of Heska.
Why should this year be different?
Heska is now being downgraded by the street?
If you have followed the noise of Jim Cramer.
When he says "Buy" you do the opposite.
Conversely. I expect Heska to beat comps in
the 2nd, and 3rd quarter of 2013. This companies
weakest sales has always been the soft middle
of year. Quattro will offset and change the momentum
in the next few earnings reports. COO Wilson's
stamp will be on future results.

Heska didn't give guidance for 2013.
But a miss is a miss. $19 MM in the 1st
quarter is 1% off last years revenue.
Quattro contributition to sales was $1.9MM.
So Heska's results without the imaging dept
would have been $17MM for 1st quarter.
Grieve sounded defensive in answering
questions. He has literally underwhelmed us
and is gun shy with egg on his face from
last years fiasco.
Nine of Heska's field reps were terminated in
addition to the loss of Joe Aperfine. These were
the same salespeople that Grieve claimed
were the best assembled sales team a year ago.
Grieve doesn't want to be judged on previous
results, and doesn't want to make future promises.
It appears Heska is still in limbo.

Yes, The quarter results are disappointing.
However. Its the perspective that is important.
This quarters setback was due to an operational
bump in the road, and still shows a big improvement
over 2012 1st quarter comps.
Fundamentally the company is proving the turnaround
and should continue to do so. The new management
team has been doing a great job to reinvent the company.
I believed in this company two years ago when it was
hard to see how they were going to dig out of the hole.
SRT was dependent on 2 primary customers and a
cash burn that left many worrying whether the company
could continue. Today they have more diverse customer
base with the largest customer comprising 25% .
The company has no debt, cash of $7MM, along
with a substantial credit facility from WFC. New customers
are coming aboard, and overall margins are improving.
The Asian, and So American operations are startups
and require patience. They will provide the future
growth for Startek.
If you are sorry to have missed the boat. Startek is
giving new investors a great opportunity in the pullback
of the share price.

Heska avoided giving guidance but 1st quarter has
been Heska strongest quarter over the last few years.
If 2011 Heska did $19.5MM in the 1st quarter.
Last year Heska did $19.2 MM in the first quarter.
If Heska cannot beat $19MM with Quattro
revenues added to the mix. I will be interesting to
hear the explination.
Another stat to examine is operating margins.
Heska has less operating margin than your local
grocery store. Quattro's radiology equipment should
generate higher profits and help HSKA's aggregate
op margin.
We will also be listening for news concerning
Pet Trust Plus? Is Perrigo placing orders for the
heartworm preventive?

One year ago Heska shares peaked at $13 on the
heel of a rosy 22% increase revenue forecast, and
the introduction of a .10 quarterly dividend.
It took HSKA less than 6 months to retract both
the forecast, and the dividend. Adding insult to
injury Grieve sold a large block of his shares into his
own hype, and then later announced a tender offer
to buyback shares at $8.50, saying he and the board
of directors didn't think shares were worth more than $8.50.
It appears Mr Grieve is going on the dog and pony show circuit
again to sunny California, for investor conferences hosted
by BOA and the Riley Group. One word of warning for
attendees. You have to watch what this guy does, not what he says.

I suspect many are hedging the huge gains in Startek
by taking profit before earnings. For those new to SRT
this is a great entry point to buy discounted shares.
Startek's history over the last year shows it has opened
over 10% higher following its earnings announcements.
Chasing the announcement meant buying at a premium.
This is not a trading stock because of low float and thin
volume. It can be a volatile stock however, as we have seen
in profit taking of the last few days. StarTek is still early
into a turnaround and has many positive catalysts that
are not factored into forward earnings. Shareholders
with conviction ignore the day to day noise and use the
dips to add shares.

Last Sept CEO Bob Grieve justified the tender offer
by saying he didn't think the companys shares were
worth anymore than $8.50.
As a result. The market has been taking his word for it.
Heska has been trading between $8-$9 for the last
9 months. The few insiders buying shares are
exercising options to average down cost basis.
Someone needs to ask Grieve why he thinks HSKA
is worth more than $8.50?