Natus Medical Incorporated (NASDAQ: BABY) (the
“Company” or “Natus”), a leading provider of medical devices and
services, today announced financial results for the three months
ended March 31, 2019.
Key Results During the
Quarter
- Achieved high end of revenue expectations with earlier than
expected completion of product registrations
- GAAP and Non-GAAP gross margin increased due to better product
mix and lower production costs
- Announced our “One Natus” reorganization, streamlining our
operations with expected benefits of over $4.0 million in 2019
- Announced the exit of $26.4 million (fiscal year 2018) of
non-profitable and non-core businesses (Neurocom, GND and
Medix)
- Generated $16.3 million in cash flow, excluding cash used for
restructuring
- Reduced long-term debt by $5.0 million
For the first quarter ended March 31, 2019,
the Company reported revenue of $114.8 million, a decrease of 10.7%
compared to $128.6 million reported for the first quarter 2018.
GAAP gross profit margin was 58.1% during the first quarter of 2019
compared to 55.7% in the first quarter 2018. GAAP net loss was
$24.8 million, or $0.74 per share, compared with GAAP net loss of
$3.1 million, or $0.10 per share in the first quarter 2018.
The GAAP net loss includes a $14.8 million non-cash charge for
foreign currency cumulative translation adjustment related to the
divestiture of the Medix business in Argentina.
Non-GAAP earnings per diluted share was $0.09
for the first quarter 2019, compared to $0.24 in the first quarter
2018. Non-GAAP net income was $3.1 million for the first quarter
2019 compared to the prior year's first quarter non-GAAP net income
of $8.0 million. Non-GAAP gross profit margin was 59.7% in the
first quarter 2019 compared to 59.0% reported for the first quarter
of 2018.
“Our first quarter results reflect performance
at the high end of our expectations. Within our Neuro end market,
EEG grew 12.5% year-over-year. Otoscan continued to ramp up in
Audiology and our phototherapy products within Newborn care grew
significantly with the relaunch of our neoBlue line of products,”
said Jonathan Kennedy, President and Chief Executive Officer of
Natus. “We have made progress on many fronts with our “One Natus”
initiative since its announcement in January. The new
organization structure is in place and we have begun to realize
financial benefits as well as improved operational efficiency of
“One Natus” during the quarter.”
“Our previously announced divestiture of Medix
marks another step toward making Natus more streamlined and
profitable. This divestiture, along with those announced in January
will reduce revenue, but increase our ongoing margins and earnings
and allow us to focus on our best opportunities,” Kennedy
continued. “Year-over-year revenue growth in the first quarter was
2.7% after adjusting for the exited businesses and discontinued
products.”
Financial Guidance
For the second quarter of 2019, the Company's
revenue guidance is expected to be between $121.0 million and
$125.0 million and non-GAAP earnings per share guidance is expected
to be between $0.25 and $0.32.
For the full year 2019, the Company's revenue
expected guidance was updated to be between $489.0 million and
$505.0 million from $490.0 million and $510.0 million and non-GAAP
earnings expected per share guidance was updated to be between
$1.17 and $1.44 from $1.12 and $1.49.
The Company's non-GAAP earnings per share
guidance excludes charges for amortization expense associated with
intangible assets from prior acquisitions, certain other expenses,
and related tax effects, which the Company expects to be
approximately $5.2 million and $37.7 million for the second quarter
2019 and full year, respectively, and which the Company expects
will reduce GAAP earnings per share by approximately $0.15 and
$1.12 for the respective periods.
Use of Non-GAAP Financial
Measures
The Company presents in this release its
non-GAAP net income, non-GAAP earnings per share, non-GAAP gross
margin and non-GAAP operating margin results which exclude
amortization expense associated with certain acquisition-related
intangibles, restructuring charges, certain discrete items, direct
costs of acquisitions, and the related tax effects. A
reconciliation between non-GAAP and GAAP financial measures is
included in this press release.
The Company believes that the presentation of
results excluding these charges or gains provides meaningful
supplemental information to both management and investors that is
indicative of the Company's core operating results and better
reflects the ongoing economics of the Company's operations. The
Company believes these non-GAAP financial measures facilitate
comparison of operating results across reporting periods.
Specifically, the Company excludes the following
charges, gains, and their related tax effects in the calculation of
non-GAAP net income, non-GAAP earnings per share and non-GAAP
operating expense: 1) Non-cash amortization expense associated with
certain acquisition-related intangibles. The charges reflect an
estimate of the cost of acquired intangible assets over their
estimated useful lives. 2) Restructuring and other non-recurring
charges. The Company has over time completed multiple acquisitions
of other companies and businesses. Following an acquisition the
Company will, as it determines appropriate, initiate restructuring
events to eliminate redundant costs. Restructuring expenses, which
are excluded in the non-GAAP items, are exclusively related to
permanent reductions in our workforce and redundant facility
closures. Other non-recurring costs are associated with the
transition of the executive management team. These costs can
include stock compensation from accelerated vesting of stock,
severance payouts and related payroll expenses. 3) Certain
discrete items. These items represent significant infrequent
charges or gains that management believes should be viewed outside
of normal operating results, and each significant discrete
transaction is evaluated to determine whether it should be excluded
from non-GAAP reporting. These items are specifically identified
when they occur. 4) Direct costs of acquisitions. These are
direct acquisition-related costs that occur when the Company makes
an acquisition, such as professional fees, due diligence costs, and
earn-out adjustments.
The Company applies GAAP methodologies in
computing its non-GAAP tax provision by determining the annual
expected effective tax rate after taking into account items
excluded for non-GAAP financial reporting purposes. The
Company’s non-GAAP tax expense and its non-GAAP effective tax rate
are generally higher than its GAAP tax expense and GAAP effective
tax rate because the income subject to taxes would be higher due to
the effect of the expenses excluded from non-GAAP financial
reporting. The nature of each quarterly discrete transaction will
be evaluated to determine whether it should be excluded from
non-GAAP reporting.
The Company's management uses these non-GAAP
financial measures in assessing the Company's performance and when
planning, forecasting, and analyzing future periods and the Company
believes that investors also benefit from being able to refer to
these non-GAAP financial measures along with the GAAP operating
results. These non-GAAP financial measures also facilitate
management's internal comparisons to the Company's historical
performance. The non-GAAP financial measures disclosed by the
Company should not be considered a substitute for or superior to
financial measures calculated in accordance with GAAP, and the
financial results calculated in accordance with GAAP and
reconciliations to those financial statements should be carefully
evaluated.
Conference Call
Natus has scheduled an investment-community
conference call to discuss this announcement beginning at 4:30 p.m.
Eastern Time (1:30 p.m. Pacific Time) today, April 25, 2019.
Individuals interested in listening to the conference call may do
so by dialing 1-844-634-1441 for domestic callers, or
1-508-637-5658 for international callers, and entering reservation
code 8493239. A telephone replay will be available for 48 hours
following the conclusion of the call by dialing 1-855-859-2056 for
domestic callers, or 1-404-537-3406 for international callers, and
entering reservation code 8493239. 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 neurology,
newborn care, and hearing and balance assessment healthcare
products and services used for the screening, treatment and
monitoring of common medical conditions in newborn care, hearing,
balance impairment, neurological dysfunction, and sleep
disorders.
Additional information about Natus Medical can
be found at www.natus.com.
Forward-Looking Statements
This press release contains forward-looking
statements, which are generally statements that are not historical
facts. Forward-looking statements can be identified by the words
“expects”, “anticipates”, “believes”, “intends”, “estimates”,
“plans”, “will”, “outlook” and similar expressions. Forward-looking
statements are based on management's current plans, estimates,
assumptions and projections, and speak only as of the date they are
made. These forward-looking statements include, without limitation,
statements regarding creating a more efficient operating model,
creating a stronger and more profitable company, enhancing focus on
operational excellence, positioning the company for growth and
driving long-term value for stakeholders. 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.
The Company's future results could differ materially due to a
number of factors, including the ability of the Company to realize
the anticipated benefits from its new structure or from its
consolidation strategy, effects of competition, the Company's
ability to successfully integrate and achieve its profitability
goals from recent acquisitions, the demand for Natus products and
services, the impact of adverse global economic conditions and
changing governmental regulations, including foreign exchange rate
changes, on the Company's target markets, the Company's ability to
expand its sales in international markets, the Company's ability to
maintain current sales levels in a mature domestic market, the
Company's ability to control costs, risks associated with bringing
new products to market, and the Company's ability to fulfill
product orders on a timely basis, as well as those factors
identified under the heading Item 1A “Risk Factors” in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2018. Natus disclaims any obligation to update
information contained in any forward looking statement, except as
required by law.
Natus Medical IncorporatedDrew DaviesExecutive
Vice President and Chief Financial Officer(925)
223-6700InvestorRelations@Natus.com
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited) |
| (in thousands, except per share
amounts) |
| |
|
|
|
| |
Quarter Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
| Revenue |
$ |
114,757 |
|
|
$ |
128,609 |
|
| Cost of revenue |
46,370 |
|
|
55,369 |
|
| Intangibles
amortization |
1,756 |
|
|
1,587 |
|
| Gross profit |
66,631 |
|
|
71,653 |
|
| Gross profit
margin |
58.1 |
% |
|
55.7 |
% |
| Operating
expenses: |
|
|
|
| Marketing and selling |
33,729 |
|
|
35,872 |
|
| Research and development |
13,058 |
|
|
15,443 |
|
| General and administrative |
16,306 |
|
|
17,448 |
|
| Intangibles amortization |
3,786 |
|
|
4,806 |
|
| Restructuring |
23,939 |
|
|
812 |
|
| Total operating expenses |
90,818 |
|
|
74,381 |
|
| Income (loss) from
operations |
(24,187 |
) |
|
(2,728 |
) |
| Interest expense |
(1,506 |
) |
|
(1,949 |
) |
| Other income
(expense) |
(605 |
) |
|
128 |
|
| Income (loss) before
tax |
(26,298 |
) |
|
(4,549 |
) |
| Provision for income
tax expense (benefit) |
(1,524 |
) |
|
(1,401 |
) |
| Net loss |
$ |
(24,774 |
) |
|
$ |
(3,148 |
) |
| Loss per share: |
|
|
|
| Basic |
$ |
(0.74 |
) |
|
$ |
(0.10 |
) |
| Diluted |
$ |
(0.74 |
) |
|
$ |
(0.10 |
) |
| Weighted-average
shares: |
|
|
|
| Basic |
33,590 |
|
|
32,760 |
|
| Diluted |
33,590 |
|
|
32,760 |
|
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) |
| (in thousands) |
| |
|
|
|
| |
March 31, |
|
December 31, |
| |
2019 |
|
2018 |
|
ASSETS |
|
|
|
| |
|
|
|
| Current assets: |
|
|
|
| Cash and
investments |
$ |
54,035 |
|
|
$ |
56,373 |
|
| Accounts
receivable |
111,956 |
|
|
127,041 |
|
|
Inventories |
84,927 |
|
|
79,736 |
|
| Other
current assets |
24,006 |
|
|
22,625 |
|
| Total current
assets |
274,924 |
|
|
285,775 |
|
|
|
|
|
|
| Property
and equipment |
26,280 |
|
|
22,913 |
|
| Operating
lease right-of-use assets |
18,982 |
|
|
— |
|
| Goodwill
and intangible assets |
279,595 |
|
|
287,097 |
|
| Deferred
income tax |
22,522 |
|
|
22,639 |
|
| Other
assets |
21,331 |
|
|
19,716 |
|
| Total assets |
$ |
643,634 |
|
|
$ |
638,140 |
|
| |
|
|
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
| |
|
|
|
| Current
liabilities: |
|
|
|
| Accounts
payable |
$ |
25,925 |
|
|
$ |
28,805 |
|
|
Short-term debt |
35,000 |
|
|
35,000 |
|
| Accrued
liabilities |
72,800 |
|
|
52,568 |
|
| Deferred
revenue |
19,173 |
|
|
17,073 |
|
| Total current
liabilities |
152,898 |
|
|
133,446 |
|
| |
|
|
|
| Long-term
liabilities: |
|
|
|
| Long-term
debt |
64,522 |
|
|
69,474 |
|
| Deferred
income tax |
16,699 |
|
|
16,931 |
|
| Operating
lease liabilities |
15,234 |
|
|
— |
|
| Other
long-term liabilities |
21,351 |
|
|
19,845 |
|
| Total liabilities |
270,704 |
|
|
239,696 |
|
| Total stockholders’
equity |
372,930 |
|
|
398,444 |
|
| Total liabilities and
stockholders’ equity |
$ |
643,634 |
|
|
$ |
638,140 |
|
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) |
| (in thousands) |
| |
|
|
|
| |
Quarter Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
| Operating activities: |
|
|
|
| Net loss |
$ |
(24,775 |
) |
|
$ |
(3,148 |
) |
| Adjustments to reconcile net loss
to net cash provided by (used in) operating activities: |
|
|
|
| Provision for losses on accounts
receivable |
600 |
|
|
918 |
|
| Depreciation and amortization |
7,711 |
|
|
7,915 |
|
| (Gain) loss on disposal of property
and equipment |
179 |
|
|
52 |
|
| Warranty reserve |
354 |
|
|
(1,125 |
) |
| Share-based compensation |
2,554 |
|
|
2,362 |
|
| Impairment of intangible assets
held for sale |
354 |
|
|
— |
|
| Reclassification of currency
translation adjustment for held for sale entities |
14,785 |
|
|
— |
|
| Changes in operating assets and
liabilities: |
|
|
|
| Accounts receivable |
14,499 |
|
|
(2,242 |
) |
| Inventories |
(7,421 |
) |
|
2,885 |
|
| Prepaid expenses and other
assets |
(677 |
) |
|
(5,390 |
) |
| Accounts payable |
(2,613 |
) |
|
(622 |
) |
| Accrued liabilities |
(685 |
) |
|
3,319 |
|
| Deferred revenue |
2,137 |
|
|
1,314 |
|
| Deferred income tax |
103 |
|
|
87 |
|
| Net cash
provided by (used in) operating activities |
7,105 |
|
|
6,325 |
|
| Investing activities: |
|
|
|
| Purchases of property and
equipment |
(2,461 |
) |
|
(2,473 |
) |
| Net cash
used in investing activities |
(2,461 |
) |
|
(2,473 |
) |
| Financing activities: |
|
|
|
| Proceeds from stock option
exercises and ESPP |
268 |
|
|
577 |
|
| Repurchase of common stock |
— |
|
|
(4,736 |
) |
| Taxes paid related to settlement of
equity awards |
(1,567 |
) |
|
(19 |
) |
| Principal payments of financing
lease liability |
(165 |
) |
|
— |
|
| Contingent consideration
earn-out |
— |
|
|
(147 |
) |
| Payments on borrowings |
(5,000 |
) |
|
(25,000 |
) |
| Net cash
used in financing activities |
(6,464 |
) |
|
(29,325 |
) |
| Exchange rate changes
effect on cash and cash equivalents |
(518 |
) |
|
994 |
|
| Net decrease in cash and
cash equivalents |
(2,338 |
) |
|
(24,479 |
) |
| Cash and cash equivalents,
beginning of period |
56,373 |
|
|
88,950 |
|
| Cash and cash equivalents,
end of period |
$ |
54,035 |
|
|
$ |
64,471 |
|
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
| (in thousands, except per share
amounts) |
| |
|
|
|
| |
Quarter Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
| GAAP based
results: |
|
|
|
| Loss before
provision for income tax |
$ |
(26,298 |
) |
|
$ |
(4,549 |
) |
| |
|
|
|
| Non-GAAP
adjustments: |
|
|
|
| Intangibles
amortization (COGS) |
1,756 |
|
|
1,587 |
|
| Recall accrual and
remediation efforts (COGS) |
(255 |
) |
|
268 |
|
| Restructuring and other
non-recurring costs (COGS) |
251 |
|
|
— |
|
| Direct costs of
acquisitions (COGS) |
83 |
|
|
2,408 |
|
| Intangibles
amortization (OPEX) |
3,786 |
|
|
4,806 |
|
| Direct costs of
acquisitions (M&S) |
17 |
|
|
22 |
|
| Recall accrual and
remediation efforts (R&D) |
— |
|
|
1,846 |
|
| Direct costs of
acquisitions (R&D) |
46 |
|
|
46 |
|
| Restructuring and other
non-recurring costs (OPEX) |
24,231 |
|
|
967 |
|
| Direct costs of
acquisitions (G&A) |
45 |
|
|
2,391 |
|
| Restructuring and other
non-recurring costs (OI&E) |
— |
|
|
368 |
|
| Litigation (OPEX) |
687 |
|
|
242 |
|
| Non-GAAP income before
provision for income tax |
4,349 |
|
|
10,402 |
|
| |
|
|
|
| Income tax expense, as
adjusted |
$ |
1,241 |
|
|
$ |
2,375 |
|
| |
|
|
|
| Non-GAAP net
income |
$ |
3,108 |
|
|
$ |
8,027 |
|
| Non-GAAP
earnings per share: |
|
|
|
| Basic |
$ |
0.09 |
|
|
$ |
0.25 |
|
| Diluted |
$ |
0.09 |
|
|
$ |
0.24 |
|
| |
|
|
|
| Weighted-average shares
used to compute |
|
|
|
| Basic non-GAAP earnings per
share |
33,590 |
|
|
32,760 |
|
| Diluted non-GAAP earnings per
share |
33,709 |
|
|
33,149 |
|
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
| (in thousands, except per share
amounts) |
| |
|
|
|
|
| |
|
Quarter Ended |
| |
|
March 31, 2019 |
|
March 31, 2018 |
| GAAP Gross Profit |
|
$ |
66,631 |
|
|
$ |
71,653 |
|
| Amortization of
intangibles |
|
1,756 |
|
|
1,587 |
|
| Direct cost of
acquisitions |
|
83 |
|
|
2,408 |
|
| Recall accrual and
remediation efforts |
|
(255 |
) |
|
268 |
|
| Restructuring and other
non-recurring costs |
|
251 |
|
|
— |
|
| Non-GAAP Gross
Profit |
|
$ |
68,466 |
|
|
$ |
75,916 |
|
| Non-GAAP Gross
Margin |
|
59.7 |
% |
|
59.0 |
% |
| |
|
|
|
|
| GAAP Operating
Loss |
|
$ |
(24,187 |
) |
|
$ |
(2,728 |
) |
| Amortization of
intangibles |
|
5,542 |
|
|
6,393 |
|
| Recall accrual and
remediation efforts |
|
(255 |
) |
|
2,114 |
|
| Litigation |
|
687 |
|
|
242 |
|
| Restructuring and other
non-recurring costs |
|
24,482 |
|
|
967 |
|
| Direct cost of
acquisitions |
|
191 |
|
|
4,867 |
|
| Non-GAAP Operating
Profit |
|
$ |
6,460 |
|
|
$ |
11,855 |
|
| Non-GAAP
Operating Margin |
|
5.6 |
% |
|
9.2 |
% |
| |
|
|
|
|
| GAAP Income tax
benefit |
|
$ |
(1,524 |
) |
|
$ |
(1,401 |
) |
| Effect of accumulated
change of pretax income |
|
3,044 |
|
|
3,721 |
|
| Effect of change in
annual expected tax rate |
|
(102 |
) |
|
(53 |
) |
| Repatriation tax
adjustment |
|
(177 |
) |
|
188 |
|
| Stock-based
compensation adjustment |
|
— |
|
|
(80 |
) |
| Non-GAAP Income tax
expense |
|
$ |
1,241 |
|
|
$ |
2,375 |
|
| |
|
|
|
|
| |
|
Quarter Ended |
|
Year Ended |
| |
|
June 30, 2019 |
|
December 31, 2019 |
| GAAP EPS Guidance |
|
$0.10 -$0.17 |
|
$0.05 - $0.32 |
| Amortization of
Intangibles |
|
0.18 |
|
0.68 |
| Restructuring and other
non-recurring costs |
|
0.01 |
|
0.77 |
| Direct cost of
acquisitions |
|
0.01 |
|
0.01 |
| Tax effect |
|
(0.05) |
|
(0.35) |
| Non-GAAP EPS
Guidance |
|
$0.25 - $0.32 |
|
$1.17 - $1.44 |
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| GROSS MARGIN BY END MARKETS
(unaudited) |
| (in thousands) |
| |
|
|
| |
|
Year Ended |
| |
|
March 31, 2019 |
|
March 31, 2018 |
|
Neuro: |
|
|
|
|
| Revenue |
|
$ |
62,390 |
|
|
$ |
65,947 |
|
| Cost of revenue |
|
23,089 |
|
|
27,894 |
|
| Intangibles
amortization |
|
942 |
|
|
650 |
|
| Gross profit |
|
$ |
38,359 |
|
|
$ |
37,403 |
|
| Gross profit
margin |
|
61.5 |
% |
|
56.7 |
% |
| |
|
|
|
|
| Newborn
care: |
|
|
|
|
| Revenue |
|
$ |
26,879 |
|
|
$ |
30,891 |
|
| Cost of revenue |
|
11,038 |
|
|
11,708 |
|
| Intangibles
amortization |
|
66 |
|
|
120 |
|
| Gross profit |
|
$ |
15,775 |
|
|
$ |
19,063 |
|
| Gross profit
margin |
|
58.7 |
% |
|
61.7 |
% |
| |
|
|
|
|
|
Audiology: |
|
|
|
|
| Revenue |
|
$ |
25,488 |
|
|
$ |
31,771 |
|
| Cost of revenue |
|
12,243 |
|
|
15,767 |
|
| Intangibles
amortization |
|
748 |
|
|
817 |
|
| Gross profit |
|
$ |
12,497 |
|
|
$ |
15,187 |
|
| Gross profit
margin |
|
49.0 |
% |
|
47.8 |
% |
| |
|
|
|
|
|
Consolidated: |
|
|
|
|
| Revenue |
|
$ |
114,757 |
|
|
$ |
128,609 |
|
| Cost of revenue |
|
46,370 |
|
|
55,369 |
|
| Intangibles
amortization |
|
1,756 |
|
|
1,587 |
|
| Gross profit |
|
$ |
66,631 |
|
|
$ |
71,653 |
|
| Gross profit
margin |
|
58.1 |
% |
|
55.7 |
% |
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| RECONCILIATION OF NON-GAAP GROSS MARGIN BY END
MARKETS (unaudited) |
| (in thousands) |
| |
|
|
|
|
| |
|
Year Ended |
| |
|
March 31, 2019 |
|
March 31, 2018 |
|
Neuro: |
|
|
|
|
| GAAP Gross Profit |
|
$ |
38,359 |
|
|
$ |
37,403 |
|
| Amortization of
intangibles |
|
942 |
|
|
650 |
|
| Acquisition
charges |
|
83 |
|
|
2,408 |
|
| Non-GAAP Gross
Profit |
|
$ |
39,384 |
|
|
$ |
40,461 |
|
| Non-GAAP Gross
Margin |
|
63.1 |
% |
|
61.4 |
% |
| |
|
|
|
|
| Newborn
care: |
|
|
|
|
| GAAP Gross Profit |
|
$ |
15,775 |
|
|
$ |
19,063 |
|
| Amortization of
intangibles |
|
66 |
|
|
120 |
|
| Recall accrual and
remediation efforts |
|
(255 |
) |
|
268 |
|
| Restructuring and other
non-recurring costs |
|
76 |
|
|
— |
|
| Non-GAAP Gross
Profit |
|
$ |
15,662 |
|
|
$ |
19,451 |
|
| Non-GAAP Gross
Margin |
|
58.3 |
% |
|
63.0 |
% |
| |
|
|
|
|
|
Audiology: |
|
|
|
|
| GAAP Gross Profit |
|
$ |
12,497 |
|
|
$ |
15,187 |
|
| Amortization of
intangibles |
|
748 |
|
|
817 |
|
| Restructuring and other
non-recurring costs |
|
175 |
|
|
— |
|
| Non-GAAP Gross
Profit |
|
$ |
13,420 |
|
|
$ |
16,004 |
|
| Non-GAAP Gross
Margin |
|
52.7 |
% |
|
50.4 |
% |
| |
|
|
|
|
|
Consolidated: |
|
|
|
|
| GAAP Gross Profit |
|
$ |
66,631 |
|
|
$ |
71,653 |
|
| Amortization of
intangibles |
|
1,756 |
|
|
1,587 |
|
| Acquisition
charges |
|
83 |
|
|
2,408 |
|
| Recall accrual and
remediation efforts |
|
(255 |
) |
|
268 |
|
| Restructuring and other
non-recurring costs |
|
251 |
|
|
— |
|
| Non-GAAP Gross
Profit |
|
$ |
68,466 |
|
|
$ |
75,916 |
|
| Non-GAAP Gross
Margin |
|
59.7 |
% |
|
59.0 |
% |
| |
| NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
| GEOGRAPHIC REVENUE (unaudited) |
| (in thousands) |
| |
|
|
|
| |
Quarter Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
| Consolidated
Revenue: |
|
|
|
| United States |
$ |
66,067 |
|
|
$ |
68,688 |
|
| International |
48,690 |
|
|
59,921 |
|
| Totals |
$ |
114,757 |
|
|
$ |
128,609 |
|
| |
|
|
|
| United States |
58 |
% |
|
53 |
% |
| International |
42 |
% |
|
47 |
% |
| Totals |
100 |
% |
|
100 |
% |
| |
| NATUS
MEDICAL INCORPORATED AND SUBSIDIARIES |
| REVENUE
AFTER EXITED PRODUCTS (unaudited) |
| (in
thousands) |
| |
|
|
|
|
|
|
|
| |
Quarter
Ended |
|
Year
Ended |
| |
March 31, 2019 |
|
March 31, 2018 |
|
December 31, 2018 |
|
December 31, 2017 |
|
Revenue |
$ |
114.8 |
|
|
$ |
128.6 |
|
|
$ |
530.9 |
|
|
$ |
501.0 |
|
| Newborn care |
(2.3 |
) |
|
(6.1 |
) |
|
(20.6 |
) |
|
(35.0 |
) |
| Neuro |
(0.9 |
) |
|
(3.3 |
) |
|
(14.3 |
) |
|
(14.6 |
) |
| Audiology |
— |
|
|
(6.5 |
) |
|
(7.9 |
) |
|
(6.9 |
) |
| Impact of ship holds |
3.8 |
|
|
— |
|
|
— |
|
|
— |
|
| Revenue after exited products/ship holds |
$ |
115.5 |
|
|
$ |
112.6 |
|
|
$ |
488.1 |
|
|
$ |
444.5 |
|
| |
|
|
|
|
|
|
|
| Note: Newborn care, Neuro, and
Audiology include exited businesses (GND, Neurocom, Medix) and
other end of sales products. |
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