Natus Medical Announces Record 2008 First Quarter Financial Results
May 01 2008 - 7:00AM
Business Wire
Natus Medical Incorporated (Nasdaq:BABY) today announced financial
results for the three months ended March 31, 2008. For the first
quarter ended March 31, 2008, revenue increased 36% to $36.9
million, compared to $27.1 million reported in the comparable
quarter of the previous year. Net income increased 73% to $2.6
million, or $0.11 per diluted share, for the first quarter of 2008,
compared with net income of $1.5 million, or $0.07 per share, for
the first quarter of 2007. Jim Hawkins, President and Chief
Executive Officer of the Company said, �I am very pleased with our
results for the first quarter of 2008. We had an excellent first
quarter led by strong sales of our newborn hearing screening
products. A highlight was the introduction of the ALGO 5, our next
generation hearing screener. We also were able to resume domestic
shipments of the Olympic Cool-Cap during the quarter, filling
substantially our entire backlog. �We completed the integration of
Xltek ahead of schedule, with Xltek contributing to both the
revenue and earnings growth during the quarter. Our world class
sales organization again showed their ability to add new products
while increasing sales, as we successfully realigned our domestic
sales organizations into two distinct groups focused on Newborn
Care and Neurology,� added Hawkins. �We also recently announced our
agreement to acquire Sonamed, a manufacturer of hearing screening
products, which we expect to close by the end of May. Sonamed�s
device and disposable supply model with high gross profits is an
ideal fit for Natus. �I remain very excited and optimistic for our
prospects in 2008 as we look to achieve our goal of 50% earnings
growth. We continue to remain confident in our strategy of
combining internal growth with accretive acquisitions to build a
focused and highly profitable medical device company,� said
Hawkins. As of March 31, 2008 the Company had cash, cash
equivalents, and short-term investments of $12.6 million, revolving
and term debt of $35.6 million, stockholders' equity of
approximately $118 million, and working capital of approximately
$22 million. The Company raised approximately $15.4 million in
April 2008 in a public offering of 885,500 shares of its common
stock. 2008 Guidance Natus increased its revenue and earnings
guidance for the full year 2008. For the full year 2008, the
Company now expects revenue to range from $161 million to $162
million and earnings per share to range from $0.70 to $0.72. The
Company had previously said revenue would be approximately $160
million and earnings per share would range from $0.68 to $0.70.
Natus also announced revenue and earnings guidance for the second
quarter of 2008. For the second quarter 2008, the Company expects
revenue to range from $38.0 million to $39.0 million and earnings
per share to range from $0.14 to $0.15. This compares to revenue of
$28.3 million and earnings per share of $0.10 reported in the
second quarter of 2007. The Company�s 2008 guidance does not
include the impact of the acquisition of Sonamed. Natus plans to
update its annual guidance after the Sonamed acquisition closes.
The guidance is on a GAAP basis, including the impact of expensing
employee equity-based compensation, however it does not include the
impact of any one-time acquisition or restructuring related charges
that may be incurred in 2008. All earnings per share amounts are on
a diluted basis. Conference Call Natus has scheduled an
investment-community conference call to discuss this announcement
beginning at 11:00 a.m. Eastern Time today (8:00 a.m. Pacific
Time). Individuals interested in listening to the conference call
may do so by dialing (866) 510-0711 for domestic callers, or (617)
597-5379 for international callers, and entering reservation code
95788733. A telephone replay will be available for 48 hours
following the conclusion of the call by dialing (888) 286-8010 for
domestic callers, or (617) 801-6888 for international callers, and
entering reservation code 81347534. The conference call also will
be available real-time via the Internet at
http://investor.natus.com, and a recording of the call will be
available on the Company�s Web site for 90 days following the
completion of the call. About Natus Medical Incorporated Natus is a
leading provider of healthcare products used for the screening,
detection, treatment, monitoring and tracking of common medical
ailments such as hearing impairment, neurological dysfunction,
epilepsy, sleep disorders, and newborn care. Product offerings
include computerized neurodiagnostic systems for audiology,
neurology, polysomnography, and neonatology, as well as newborn
care products such as hearing screening systems, phototherapy
devices for the treatment of newborn jaundice, head-cooling
products for the treatment of brain injury in newborns, and
software systems for managing and tracking disorders and diseases
for public health laboratories. Additional information about Natus
Medical can be found at www.natus.com. This press release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995, particularly statements regarding
the expectations, beliefs, plans, intentions and strategies of
Natus. These forward-looking statements include, but are not
limited to, statements regarding completion of the Sonamed
transaction, future revenue and earnings growth, and anticipated
revenue and profitability for the second quarter and full year
2008. These statements relate to future events or Natus' future
financial performance or results, and involve known and unknown
risks, uncertainties and other factors that may cause actual
results, levels of activity, performance, or achievements to differ
materially from those expressed or implied by the forward-looking
statements. Forward-looking statements are only predictions and the
actual events or results may differ materially. Natus cannot
provide any assurance that its future results or the results
implied by the forward-looking statements will meet expectations.
Our future results could differ materially due to a number of
factors, including the effects of competition, the demand for our
products and services, our ability to expand our sales in
international markets, our ability to maintain current sales levels
in a mature domestic market, our ability to control costs, and
risks associated with bringing new products to market and
integrating acquired businesses. Natus disclaims any obligation to
update information contained in any forward-looking statement. More
information about potential risk factors that could affect the
business and financial results of Natus is included in Natus'
annual report on Form 10-K for the year ended December 31, 2007,
and its quarterly reports on Form 10-Q, and in other reports filed
from time to time by Natus with the U.S. Securities and Exchange
Commission. NATUS MEDICAL INCORPORATED AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands,
except per share amounts) � Three Months Ended March March 2008
2007 -------- -------- � Revenue $36,859 $27,050 Cost of revenue
14,005 10,175 -------- -------- Gross profit 22,854 16,875 --------
-------- Operating expenses: Marketing and selling 9,876 6,496
Research and development 3,827 3,824 General and administrative
4,856 4,108 -------- -------- Total operating expenses 18,559
14,428 -------- -------- Income from operations 4,295 2,447
-------- -------- Other income/(expense): Interest income 138 186
Interest expense (545) - Other income, net 408 55 -------- --------
Total other income/(expense) 1 241 -------- -------- Income before
provision for income tax 4,296 2,688 � Provision for income tax
1,669 1,169 -------- -------- Net income (loss) $ 2,627 $ 1,519
======== ======== Earnings (loss) per share: Basic $ 0.12 $ 0.07
Diluted $ 0.11 $ 0.07 � Weighted-average shares used to compute
Basic earnings per share 21,742 21,466 Diluted earnings per share
22,977 22,734
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