01 · Challenge
The Challenge
With an extremely low float and a concentrated shareholder base made up mostly of founding investors, Heska engaged Hayden IR to create a complete IR platform. The initial goals were to turn over a fatigued shareholder base, improve understanding of the business model and build awareness. Hayden IR went on to advise through a transformative acquisition and a period of underperformance, helping create an audience attuned to a compelling new subscription-based business model and a new management team.
02 · Solution
Our Solution
- Developed a robust IR platform based on best practices
- Identified appropriate investors able to buy illiquid equities and introduced them to the investment thesis
- Instituted detailed planning sessions for the press release and call script announcing a pivotal acquisition
- Executed a successful analyst day in New York to introduce the new senior management team to investors, including a new in-depth investor presentation covering multiple segments of Heska’s business
- Completed broad investor introductions to retail investors and smaller hedge funds to create liquidity, then transitioned to larger institutional investors with $1–2B+ under management as the company achieved financial milestones
03 · Impact
The Impact
- Stock appreciated from $6.50 to a 52-week high of $115 over a three-year period
- Institutional ownership increased from under 20% to ~82%
- Volume increased by nearly 1,200%
- Four new firms initiated research coverage
- The company’s EV/EBITDA ratio more than doubled
Past results are not indicative of future performance. Figures are as reported in Hayden IR’s case study for Heska Corporation. See our disclosures.
