Natus Announces Organizational Enhancements, Key Leadership Appointments
15 Janvier 2019 - 1:00PM
"One Natus" Plan to Focus on More Effectively
Meeting Customers' Evolving Needs, and Creating a More Efficient
Operating Model
Natus Medical Incorporated (NASDAQ:BABY) (the “Company” or “Natus”)
today announced the implementation of a new organizational
structure designed to improve operational performance and make it a
stronger, more profitable company.
Natus will consolidate its three business units,
Neuro, Newborn Care and Otometrics into “One Natus”. This
initiative creates a single, unified company with globally led
operational teams in Sales & Marketing, Manufacturing, R&D,
Quality, and General and Administrative functions. The new
structure provides for increased transparency, efficiency and
cross-functional collaboration across common technologies,
processes and customer channels.
Specifically, Natus intends to:
- Continue to execute proven go-to-market strategies within its
market specialties of Neuro, Newborn Care and Audiology;
- Prioritize product development and design quality by enhancing
focus and discipline, and allow these functions to operate more
efficiently and effectively;
- Enhance focus on operational excellence through streamlining
processes and developing common platforms throughout the
organization; and
- Position the Company for growth.
The Company will immediately transition to the
new structure with further implementation stages continuing
throughout 2019.
In connection with the organizational redesign,
Natus has also created three new senior management positions:
- Austin Noll, Executive Vice President and Chief Commercial
Officer;
- Sean Langan, Vice President of Global Operations; and
- Ivan Pandiyan, Vice President of Global R&D.
In addition to the newly created positions, the
existing senior management will continue in their roles reporting
directly to Jonathan Kennedy, including:
- Drew Davies, Executive Vice President and Chief Financial
Officer;
- D. Christopher Chung, M.D., Vice President of Quality,
Regulatory Affairs and Chief Medical Officer;
- William Hill, General Counsel; and
- Martin Woodrow, Vice President of Human Resources.
All senior management Bios are available in the
Investor Relations section of the Company's website at
www.Natus.com.
As part of its refocus on more profitable core
medical device businesses, Natus also announced that it expects to
exit two non-core businesses:
- Global Neurodiagnostics (GND), the Company's ambulatory EEG
video service. Natus first entered the neurodiagnostic
service business in 2015. GND operations are expected to wind
down during the first quarter. The GND business accounted for
approximately $12 million in revenue during 2018.
- NeuroCom® balance product line. Natus entered this market
in 2008 via acquisition and will discontinue sales of new products
immediately. Natus will continue to support NeuroCom®
customers with technical support and service and will continue as a
leader in the balance diagnostic market with its Otometrics'
branded balance products. Revenue from the NeuroCom® product line
was approximately $7 million during 2018.
“As Natus continues to evolve as a stronger,
global medical device company, realigning our organizational
structure, reviewing our investment priorities and improving
productivity are part of our strategy to increase customer focus
and drive long-term value for all of our stakeholders,” said
Jonathan Kennedy, President and Chief Executive Officer. “With a
new operating model and attention on profitability and our core
strengths, we are working to simplify our operations, develop key
capabilities and capture maximum value from our assets, while
improving our focus on our served markets. Importantly, these
enhancements will position us to further exceed our customers'
needs and enable Natus to become a more dynamic and competitive
organization. I am very confident in the ability of our
entire team and the newly formed senior leadership team to execute
on the many opportunities that lie ahead.”
As part of the new structure, Carsten Buhl,
President and CEO of Otometrics and Leslie McDonnell, Vice
President and General Manager, Newborn Care business unit will
depart the Company. “On behalf of everyone at Natus, I want to
thank Leslie and Carsten for their service and leadership at
Natus. Their achievements over the past year have improved
our market positions and further strengthened our teams'
capabilities. We wish them well in their future endeavors,”
Kennedy continued.
The Company will discuss this announcement,
together with its 2019 guidance and long-term operating model
during its fourth quarter and full year 2018 earnings call on
February 13, 2019 at 11:00 AM E.T.
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 the 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, 2017. Natus disclaims any obligation to update
information contained in any forward looking statement, except as
required by law.
About Natus Medical
Incorporated
Natus is a leading provider of medical devices
and services used for the screening, treatment and monitoring of
common medical conditions in newborn care, hearing, balance
impairment, neurological dysfunction, neurosurgery and sleep
disorders.
Additional information about Natus Medical
Incorporated can be found at www.natus.com.
Contacts
Natus Medical IncorporatedDrew DaviesExecutive
Vice President and Chief Financial Officer(925)
223-6700InvestorRelations@Natus.com
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