Natus Medical Announces 2016 Annual and First Quarter Financial Guidance
January 11 2016 - 6:58AM
Natus Medical Incorporated (NASDAQ:BABY) today
announced its financial guidance for the first quarter and full
year 2016.
For the full year 2016, the Company expects to
report revenue of $445 million to $450 million and non-GAAP
earnings per share of $1.84 to $1.88. For the first quarter of
2016, the Company expects to report revenue of $96.5 million to
$97.5 million and non-GAAP earnings per share of $0.34 to $0.35, an
increase of 10% to 13% over the first quarter of 2015 non-GAAP
earnings per share of $0.31.
The Company expects to report revenue of
approximately $100.0 million for the fourth quarter of 2015,
compared to prior guidance of $102.0 million to $105.0 million and
full year 2015 revenue of $375.9 million compared to prior guidance
of $378.0 million to $381.0 million. The guidance provided by
the Company in October for the fourth quarter of 2015 included
expected revenue of approximately $4 million under the new
Venezuelan Ministry of Health contract. The Company was not able to
ship product on the anticipated schedule because the prepayment
under the contract was delayed. The Company believes the
delay was most likely due to a combination of important national
elections that occurred in Argentina in November and Venezuela in
December, Argentina’s currency devaluation in December as well as
national Christmas holidays. The Company now expects to
receive prepayment and begin shipments in the first quarter of
2016. The first quarter 2016 guidance includes $5 million of
revenue from Venezuela and $60 million of revenue for the full year
guidance.
During the fourth quarter of 2015, the Company
contracted 17 new Peloton Hearing Screening Hospitals.
The Company will release its 2015 fourth quarter
financial results before the market opens on Wednesday, January 27,
2016.
The Company’s non-GAAP earnings per share
guidance excludes charges for amortization expense associated with
intangible assets from prior acquisitions, which the Company
expects to be approximately $9.8 million and $3.1 million for the
full year and first quarter 2016, respectively, and which the
Company expects will reduce GAAP earnings per share by
approximately $0.25 and $0.07 for the respective periods.
The Company’s non-GAAP guidance includes the
impact of expensing employee equity compensation. All earnings per
share amounts are on a diluted basis.
Use of Non-GAAP Financial
Guidance
This release contains financial guidance that
excludes amortization of acquisition related intangible assets, and
restructuring and acquisition-related charges from completed and
announced acquisitions. The Company’s non-GAAP earnings per share
guidance excludes charges for amortization expense of intangible
assets associated with prior acquisitions. The Company believes
that the presentation of financial guidance excluding these charges
provides meaningful information to both management and investors
that is indicative of the Company's core operating results.
About Natus Medical
Natus is a leading provider of healthcare
products and services used in the screening, detection, treatment,
monitoring and tracking of common medical ailments in newborn care,
hearing impairment, neurological dysfunction, epilepsy, sleep
disorders, and balance and mobility disorders.
Forward Looking Statements
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 statements regarding the
anticipated revenue of the fourth quarter of 2015 and the revenue
and non-GAAP earnings per share for the first quarter and full year
2016 and the impact of amortization expense associated with
acquisition-related intangible assets. These statements relate to
current estimates and assumptions of our management as of the date
of this press release 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, the impact of adverse global economic
conditions, including foreign exchange rate changes, on our target
markets, 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, risks associated with
bringing new products to market and integrating acquired
businesses, shipments and revenue associated with our Medix’
subsidiary’s contract with the Venezuela Ministry of Health and our
ability to fulfill product orders on a timely basis. 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, 2014, and its subsequent 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.
Additional information about Natus Medical can
be found at www.natus.com.
COMPANY CONTACT:
Natus Medical Incorporated
Jonathan A. Kennedy
Sr. Vice President Finance and Chief Financial Officer
(925) 223-6700
InvestorRelations@Natus.com
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