Heska Corp (NASDAQ:HSKA) share prices advanced 20.38% to $35.86 on Tuesday following the company’s strong earnings release and a reduction in short interest.
Heska Corp (NASDAQ:HSKA) stock also enjoyed unusually high trading volumes yesterday when earnings data came in stronger than expected. Around 225,065 shares changed hands during mid-day trading, representing a 99% jump from the previous day’s volume of 113,001 shares.
Heska Corp (NASDAQ:HSKA) reported earnings per share of $0.17 instead of showing a $0.02 loss as analysts predicted. The company had revenue of $27.10 million for the quarter, compared to analyst estimates of $23.32 million, leading several institutional investors to add the stock to their holdings.
Tygh Capital Management Inc. increased its position in Heska Corp by 9.0% in the fourth quarter while TFS Capital LLC boosted its position in Heska Corp by 60.0% in the same period. This contributed to a decrease of 4.71% in net short interest according to FINRA.
“Heska finished 2015 with record results and momentum. The first quarter of 2016 affirms the trends with record first quarter results and positive signs for the rest of the year,” commented CEO Kevin Wilson in its press statement. “The overall veterinary market is healthy, our end-user analyzer consumables continue to track to expectations, we are gaining market share, profits are scaling nicely, and work to register our full line of next generation lateral flow single-use tests is on schedule.”
In particular, Wilson highlighted the company’s progress in developing the new Element POC™ (blood gas and electrolyte), the new Heska Element HT5™ (hematology), the new Element i™ (immunodiagnostic), and the fully refreshed Element DC™ (chemistry) platforms.
Heska Corp (NASDAQ:HSKA) develops, manufactures, markets, sells and supports veterinary products. It is focused on the canine and feline companion animal health markets, operating in two key segments: Core Companion Animal Health and Other Vaccines Pharmaceuticals and Products.
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