Natus Medical Incorporated (NASDAQ: BABY) (the
“Company” or “Natus”) today announced financial results for the
three months and full year ended December 31, 2018.
For the fourth quarter ended December 31,
2018, the Company reported revenue of $141.0 million, an increase
of 7.3% compared to $131.4 million reported for the fourth quarter
2017. GAAP gross profit margin was 56.9% vs. 56.4% in the fourth
quarter 2017. GAAP net loss was $11.6 million, or $0.35 per share,
compared with GAAP net loss of $7.1 million, or $0.22 per share in
the fourth quarter 2017.
Non-GAAP earnings per diluted share was $0.43
for the fourth quarter 2018, compared to $0.42 in the fourth
quarter 2017. Non-GAAP net income was $14.5 million for the fourth
quarter 2018 compared to the prior year's fourth quarter non-GAAP
net income of $14.0 million. Non-GAAP gross profit margin was 58.2%
in 2018 compared to 60.4% reported for the fourth quarter of
2017.
For the full year ended December 31, 2018,
the Company reported revenue of $530.9 million, an increase of 6.0%
compared to $501.0 million reported for the same period in 2017.
GAAP gross profit margin was 57.3% in 2018 compared to 56.1%
reported in 2017. GAAP net loss was $22.9 million, or $0.69 per
share, compared with GAAP net loss of $20.3 million, or $0.62 per
share in the same period in 2017.
Non-GAAP earnings per diluted share was $1.42
for the full year ended December 31, 2018, compared to $1.45
in 2017. The Company reported non-GAAP net income of $47.5 million
for the year ended December 31, 2018, compared to the prior
year's non-GAAP net income of $48.1 million.
Cash flow from operations during the three
months ended December 31, 2018 was $14.1 million and the Company
repaid $10.0 million of outstanding debt during the fourth quarter
of 2018.
“Record revenue during the fourth quarter 2018 was driven by
strong demand across multiple product and market segments. We saw
particular strength in our U.S. neurodiagnostics and international
hearing assessment markets,” said Jonathan Kennedy, President and
Chief Executive Officer of Natus. “Shipments of Otoscan during the
fourth quarter more than doubled last quarter when the product was
launched and we ended the year with over 180 Otoscan devices in the
field. We remain very encouraged by the ramping adoption of our new
digital ear scanning technology.”
“The Natus team is truly energized by our recently announced
“One Natus” initiative to create a single unified company through
consolidation of our three core business units. This ongoing
effort will make Natus a stronger, higher quality and more
efficient competitor in the rapidly changing medical device
market. The new organization will continue to advance our
proven go-to-market strategies while leveraging common engineering,
operations and supply chain infrastructure,” Kennedy concluded.
Financial Guidance
For the first quarter of 2019, the Company's
revenue guidance is expected to be between $111.0 million and
$115.0 million and non-GAAP earnings per share guidance is expected
to be between $0.01 and $0.08.
For the full year 2019, the Company's revenue
guidance is expected to be between $490.0 million and $510.0
million and non-GAAP earnings per share guidance is expected to be
between $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 $6.7 million and $19.8 million for the first quarter
2019 and full year, respectively, and which the Company expects
will reduce GAAP earnings per share by approximately $0.21 and
$0.61 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 11:00
a.m. Eastern Time (8:00 a.m. Pacific Time) today, February 13,
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 8797211. 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 8797211. 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 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 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, 2017. 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 |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
Revenue |
$ |
140,991 |
|
|
$ |
131,440 |
|
|
$ |
530,891 |
|
|
$ |
500,970 |
|
Cost of revenue |
58,103 |
|
|
54,761 |
|
|
217,952 |
|
|
213,376 |
|
Intangibles
amortization |
2,689 |
|
|
2,590 |
|
|
8,924 |
|
|
6,380 |
|
Gross profit |
80,199 |
|
|
74,089 |
|
|
304,015 |
|
|
281,214 |
|
Gross profit
margin |
56.9 |
% |
|
56.4 |
% |
|
57.3 |
% |
|
56.1 |
% |
Operating
expenses: |
|
|
|
|
|
|
|
Marketing and selling |
34,206 |
|
|
31,060 |
|
|
136,680 |
|
|
126,166 |
|
Research and development |
15,296 |
|
|
13,724 |
|
|
61,482 |
|
|
51,822 |
|
General and administrative |
13,632 |
|
|
16,923 |
|
|
70,599 |
|
|
74,424 |
|
Intangibles amortization |
9,151 |
|
|
7,330 |
|
|
22,585 |
|
|
19,171 |
|
Restructuring |
23,049 |
|
|
1 |
|
|
37,231 |
|
|
914 |
|
Total operating expenses |
95,334 |
|
|
69,038 |
|
|
328,577 |
|
|
272,497 |
|
Income (loss) from
operations |
(15,135 |
) |
|
5,051 |
|
|
(24,562 |
) |
|
8,717 |
|
Interest expense |
(1,545 |
) |
|
(1,783 |
) |
|
(6,785 |
) |
|
(5,069 |
) |
Other income
(expense) |
(1,209 |
) |
|
(516 |
) |
|
(913 |
) |
|
1,502 |
|
Income (loss) before
tax |
(17,889 |
) |
|
2,752 |
|
|
(32,260 |
) |
|
5,150 |
|
Provision for income
tax expense (benefit) |
(6,256 |
) |
|
9,846 |
|
|
(9,325 |
) |
|
25,443 |
|
Net loss |
$ |
(11,633 |
) |
|
$ |
(7,094 |
) |
|
$ |
(22,935 |
) |
|
$ |
(20,293 |
) |
Loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.35 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.62 |
) |
Diluted |
$ |
(0.35 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.69 |
) |
|
$ |
(0.62 |
) |
Weighted-average
shares: |
|
|
|
|
|
|
|
Basic |
33,495 |
|
|
32,648 |
|
|
33,111 |
|
|
32,564 |
|
Diluted |
33,495 |
|
|
32,648 |
|
|
33,111 |
|
|
32,564 |
|
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) |
(in thousands) |
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
2018 |
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
investments |
$ |
56,373 |
|
|
$ |
54,440 |
|
|
$ |
88,950 |
|
Accounts
receivable |
127,041 |
|
|
121,113 |
|
|
126,809 |
|
Inventories |
79,736 |
|
|
80,586 |
|
|
71,529 |
|
Other
current assets |
22,625 |
|
|
30,843 |
|
|
18,340 |
|
Total current
assets |
285,775 |
|
|
286,982 |
|
|
305,628 |
|
|
|
|
|
|
|
Property
and equipment |
22,913 |
|
|
21,564 |
|
|
22,071 |
|
Goodwill
and intangible assets |
287,097 |
|
|
318,618 |
|
|
345,580 |
|
Deferred
income tax |
22,639 |
|
|
10,135 |
|
|
10,709 |
|
Other
assets |
19,716 |
|
|
16,746 |
|
|
25,931 |
|
Total assets |
$ |
638,140 |
|
|
$ |
654,045 |
|
|
$ |
709,919 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
28,805 |
|
|
$ |
20,595 |
|
|
$ |
25,242 |
|
Short-term debt |
35,000 |
|
|
20,000 |
|
|
— |
|
Accrued
liabilities |
52,568 |
|
|
52,015 |
|
|
51,738 |
|
Deferred
revenue |
17,073 |
|
|
16,816 |
|
|
15,157 |
|
Total current
liabilities |
133,446 |
|
|
109,426 |
|
|
92,137 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Long-term
debt |
69,474 |
|
|
94,426 |
|
|
154,283 |
|
Deferred
income tax |
16,931 |
|
|
18,896 |
|
|
19,407 |
|
Other
long-term liabilities |
19,845 |
|
|
21,338 |
|
|
21,995 |
|
Total liabilities |
239,696 |
|
|
244,086 |
|
|
287,822 |
|
Total stockholders’
equity |
398,444 |
|
|
409,959 |
|
|
422,097 |
|
Total liabilities and
stockholders’ equity |
$ |
638,140 |
|
|
$ |
654,045 |
|
|
$ |
709,919 |
|
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited) |
(in thousands) |
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
Operating
activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(11,633 |
) |
|
$ |
(7,095 |
) |
|
$ |
(22,935 |
) |
|
$ |
(20,293 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Provision for losses on accounts receivable |
1,038 |
|
|
1,313 |
|
|
6,909 |
|
|
10,017 |
|
Depreciation and amortization |
8,211 |
|
|
9,239 |
|
|
33,863 |
|
|
30,098 |
|
Impairment of intangible assets |
8,192 |
|
|
1,674 |
|
|
8,192 |
|
|
1,674 |
|
Goodwill impairment |
14,846 |
|
|
— |
|
|
14,846 |
|
|
— |
|
(Gain) loss on disposal of property and equipment |
336 |
|
|
(35 |
) |
|
746 |
|
|
(21 |
) |
Warranty reserve |
1,512 |
|
|
63 |
|
|
1,585 |
|
|
5,370 |
|
Share-based compensation |
1,605 |
|
|
2,222 |
|
|
17,051 |
|
|
9,445 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
(8,154 |
) |
|
(16,813 |
) |
|
(5,199 |
) |
|
(30,473 |
) |
Inventories |
(2,260 |
) |
|
790 |
|
|
(7,443 |
) |
|
7,581 |
|
Other assets |
9,280 |
|
|
4,097 |
|
|
(5,118 |
) |
|
5,492 |
|
Accounts payable |
7,904 |
|
|
8,145 |
|
|
4,105 |
|
|
(1,385 |
) |
Accrued liabilities |
(2,912 |
) |
|
13,958 |
|
|
(1,944 |
) |
|
5,421 |
|
Deferred revenue |
331 |
|
|
658 |
|
|
2,076 |
|
|
(7,232 |
) |
Deferred income tax |
(14,231 |
) |
|
(12,738 |
) |
|
(13,714 |
) |
|
4,032 |
|
Net cash provided by
operating activities |
14,065 |
|
|
5,478 |
|
|
33,020 |
|
|
19,726 |
|
Investing
activities: |
|
|
|
|
|
|
|
Acquisition of businesses, net of cash acquired |
— |
|
|
(48,296 |
) |
|
151 |
|
|
(190,888 |
) |
Purchases of property and equipment |
(2,748 |
) |
|
(1,317 |
) |
|
(7,875 |
) |
|
(4,066 |
) |
Purchase of intangible assets |
(28 |
) |
|
— |
|
|
(665 |
) |
|
— |
|
Sale of short-term investments |
— |
|
|
— |
|
|
— |
|
|
34,019 |
|
Net cash used in investing
activities |
(2,776 |
) |
|
(49,613 |
) |
|
(8,389 |
) |
|
(160,935 |
) |
Financing
activities: |
|
|
|
|
|
|
|
Proceeds from stock option exercises and ESPP |
933 |
|
|
1,219 |
|
|
11,448 |
|
|
3,466 |
|
Repurchase of common stock |
— |
|
|
— |
|
|
(5,630 |
) |
|
(2,268 |
) |
Taxes paid related to settlement of equity awards |
(10 |
) |
|
(3,367 |
) |
|
(5,183 |
) |
|
(7,052 |
) |
Deferred debt issuance costs |
— |
|
|
— |
|
|
— |
|
|
(354 |
) |
Contingent consideration earn-out |
— |
|
|
(20 |
) |
|
(147 |
) |
|
(2,966 |
) |
Proceeds from long-term borrowings |
— |
|
|
— |
|
|
— |
|
|
60,000 |
|
Payments on borrowings |
(10,000 |
) |
|
— |
|
|
(50,000 |
) |
|
(45,000 |
) |
Net cash provided by (used
in) financing activities |
(9,077 |
) |
|
(2,168 |
) |
|
(49,512 |
) |
|
5,826 |
|
Exchange rate changes
effect on cash and cash equivalents |
(279 |
) |
|
2,848 |
|
|
(7,696 |
) |
|
10,782 |
|
Net Increase (decrease)
in cash and cash equivalents |
1,933 |
|
|
(43,455 |
) |
|
(32,577 |
) |
|
(124,601 |
) |
Cash and cash
equivalents, beginning of period |
54,440 |
|
|
132,405 |
|
|
88,950 |
|
|
213,551 |
|
Cash and cash
equivalents, end of period |
$ |
56,373 |
|
|
$ |
88,950 |
|
|
$ |
56,373 |
|
|
$ |
88,950 |
|
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31, 2018 |
|
December 31, 2017 |
|
December 31, 2018 |
|
December 31, 2017 |
GAAP based
results: |
|
|
|
|
|
|
|
Income (loss)
before provision for income tax |
$ |
(17,889 |
) |
|
$ |
2,752 |
|
|
$ |
(32,260 |
) |
|
$ |
5,150 |
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
Intangibles
amortization - (COGS) |
2,689 |
|
|
2,590 |
|
|
8,924 |
|
|
6,380 |
|
Recall accrual and
remediation efforts (COGS) |
163 |
|
|
(437 |
) |
|
1,538 |
|
|
3,507 |
|
Restructuring and other
non-recurring costs (COGS) |
3,094 |
|
|
— |
|
|
3,968 |
|
|
1,684 |
|
Direct costs of
acquisitions (COGS) |
(439 |
) |
|
3,145 |
|
|
3,443 |
|
|
7,590 |
|
Intangibles
amortization - (OPEX) |
9,151 |
|
|
7,330 |
|
|
22,591 |
|
|
19,171 |
|
Direct costs of
acquisitions (M&S) |
7 |
|
|
467 |
|
|
431 |
|
|
129 |
|
Recall accrual and
remediation efforts (R&D) |
1,328 |
|
|
1,066 |
|
|
6,203 |
|
|
7,637 |
|
Direct costs of
acquisitions (R&D) |
43 |
|
|
100 |
|
|
277 |
|
|
125 |
|
Restructuring and other
non-recurring costs (OPEX) |
19,514 |
|
|
1 |
|
|
37,834 |
|
|
5,401 |
|
Direct costs of
acquisitions (G&A) |
223 |
|
|
1,813 |
|
|
3,691 |
|
|
4,183 |
|
Restructuring and other
non-recurring costs (OI) |
— |
|
|
— |
|
|
366 |
|
|
— |
|
Direct costs of
acquisitions (OI) |
— |
|
|
— |
|
|
— |
|
|
48 |
|
Extraordinary annual
meeting expenses |
— |
|
|
— |
|
|
2,230 |
|
|
— |
|
Extraordinary patent
litigation |
310 |
|
|
— |
|
|
1,306 |
|
|
1,642 |
|
Non-GAAP income before
provision for income tax |
18,194 |
|
|
18,827 |
|
|
60,542 |
|
|
62,647 |
|
|
|
|
|
|
|
|
|
Income tax expense, as
adjusted |
$ |
3,692 |
|
|
$ |
4,866 |
|
|
$ |
13,049 |
|
|
$ |
14,537 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
$ |
14,502 |
|
|
$ |
13,961 |
|
|
$ |
47,493 |
|
|
$ |
48,110 |
|
Non-GAAP
earnings per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.43 |
|
|
$ |
0.43 |
|
|
$ |
1.43 |
|
|
$ |
1.48 |
|
Diluted |
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
1.42 |
|
|
$ |
1.45 |
|
|
|
|
|
|
|
|
|
Weighted-average shares
used to compute |
|
|
|
|
|
|
|
Basic non-GAAP
earnings per share |
33,495 |
|
|
32,648 |
|
|
33,111 |
|
|
32,564 |
|
Diluted non-GAAP
earnings per share |
33,658 |
|
|
33,225 |
|
|
33,455 |
|
|
33,129 |
|
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
GAAP Gross Profit |
80,199 |
|
|
74,089 |
|
|
304,015 |
|
|
281,214 |
|
Amortization of
intangibles |
2,689 |
|
|
2,590 |
|
|
8,924 |
|
|
6,380 |
|
Direct cost of
acquisitions |
(439 |
) |
|
3,145 |
|
|
3,443 |
|
|
7,590 |
|
Recall accrual and
remediation efforts |
163 |
|
|
(437 |
) |
|
1,538 |
|
|
3,507 |
|
Restructuring and other
non-recurring costs |
(548 |
) |
|
— |
|
|
326 |
|
|
1,684 |
|
Non-GAAP Gross
Profit |
82,064 |
|
|
79,387 |
|
|
318,246 |
|
|
300,375 |
|
Non-GAAP Gross
Margin |
58.2 |
% |
|
60.4 |
% |
|
59.9 |
% |
|
60.0 |
% |
|
|
|
|
|
|
|
|
GAAP Operating
Profit |
(15,135 |
) |
|
5,051 |
|
|
(24,562 |
) |
|
8,717 |
|
Amortization of
intangibles |
11,840 |
|
|
9,920 |
|
|
31,515 |
|
|
25,551 |
|
Recall accrual and
remediation efforts |
1,491 |
|
|
629 |
|
|
7,741 |
|
|
11,144 |
|
Extraordinary patent
litigation |
310 |
|
|
— |
|
|
1,306 |
|
|
1,642 |
|
Restructuring and other
non-recurring costs |
22,608 |
|
|
1 |
|
|
41,802 |
|
|
7,085 |
|
Direct cost of
acquisitions |
(166 |
) |
|
5,525 |
|
|
7,842 |
|
|
12,027 |
|
Extraordinary annual
meeting expenses |
— |
|
|
— |
|
|
2,230 |
|
|
— |
|
Non-GAAP Operating
Profit |
20,948 |
|
|
21,126 |
|
|
67,874 |
|
|
66,166 |
|
Non-GAAP
Operating Margin |
14.9 |
% |
|
16.1 |
% |
|
12.8 |
% |
|
13.2 |
% |
|
|
|
|
|
|
|
|
GAAP Provision for
income tax expense (benefit) |
(6,256 |
) |
|
9,846 |
|
|
(9,325 |
) |
|
25,443 |
|
Effect of accumulated
change of pretax income |
24,704 |
|
|
8,244 |
|
|
20,003 |
|
|
13,343 |
|
Effect of change in
annual expected tax rate |
(16,719 |
) |
|
(514 |
) |
|
(2,599 |
) |
|
(988 |
) |
Repatriation tax
adjustment |
2,576 |
|
|
(22,188 |
) |
|
2,676 |
|
|
(22,188 |
) |
Stock-based
compensation adjustment |
79 |
|
|
— |
|
|
1,701 |
|
|
— |
|
Tax audit reserve |
— |
|
|
(1,263 |
) |
|
— |
|
|
(1,263 |
) |
Valuation Allowance for
GAAP purposes |
(15 |
) |
|
10,755 |
|
|
1,270 |
|
|
— |
|
Restructuring
expenses |
(677 |
) |
|
— |
|
|
(677 |
) |
|
— |
|
Effect on acquisition
cost |
— |
|
|
(14 |
) |
|
— |
|
|
190 |
|
Non-GAAP Income tax
expense |
3,692 |
|
|
4,866 |
|
|
13,049 |
|
|
14,537 |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
|
|
|
March 31, 2019 |
|
December 31, 2019 |
|
|
|
|
GAAP EPS Guidance |
($0.20) - ($0.13) |
|
$0.51 - $0.88 |
|
|
|
|
Amortization of
Intangibles |
0.21 |
|
0.72 |
|
|
|
|
Restructuring and other
non-recurring costs |
0.06 |
|
0.08 |
|
|
|
|
Tax effect |
(0.06) |
|
(0.19) |
|
|
|
|
Non-GAAP EPS
Guidance |
$0.01 - $0.08 |
|
$1.12 - $1.49 |
|
|
|
|
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
GROSS MARGIN BY BUSINESS UNIT
(unaudited) |
(in thousands) |
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
Neuro: |
|
|
|
|
|
|
|
Revenue |
$ |
73,666 |
|
|
$ |
68,189 |
|
|
$ |
279,799 |
|
|
$ |
243,143 |
|
Cost of revenue |
28,401 |
|
|
26,964 |
|
|
108,033 |
|
|
91,992 |
|
Intangibles
amortization |
980 |
|
|
1,392 |
|
|
4,487 |
|
|
2,767 |
|
Gross
profit |
44,285 |
|
|
39,833 |
|
|
167,279 |
|
|
148,384 |
|
Gross profit
margin |
60.1 |
% |
|
58.4 |
% |
|
59.8 |
% |
|
61.0 |
% |
|
|
|
|
|
|
|
|
Newborn
care: |
|
|
|
|
|
|
|
Revenue |
$ |
32,268 |
|
|
$ |
35,223 |
|
|
$ |
123,567 |
|
|
$ |
143,631 |
|
Cost of revenue |
13,186 |
|
|
13,994 |
|
|
51,410 |
|
|
66,233 |
|
Intangibles
amortization |
953 |
|
|
136 |
|
|
1,311 |
|
|
471 |
|
Gross
profit |
18,129 |
|
|
21,093 |
|
|
70,846 |
|
|
76,927 |
|
Gross profit
margin |
56.2 |
% |
|
59.9 |
% |
|
57.3 |
% |
|
53.6 |
% |
|
|
|
|
|
|
|
|
Otometrics: |
|
|
|
|
|
|
|
Revenue |
$ |
35,057 |
|
|
$ |
28,028 |
|
|
$ |
127,525 |
|
|
$ |
114,196 |
|
Cost of revenue |
16,516 |
|
|
13,803 |
|
|
58,509 |
|
|
55,151 |
|
Intangibles
amortization |
756 |
|
|
1,062 |
|
|
3,126 |
|
|
3,142 |
|
Gross
profit |
17,785 |
|
|
13,163 |
|
|
65,890 |
|
|
55,903 |
|
Gross profit
margin |
50.7 |
% |
|
47.0 |
% |
|
51.7 |
% |
|
49.0 |
% |
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
Revenue |
$ |
140,991 |
|
|
$ |
131,440 |
|
|
$ |
530,891 |
|
|
$ |
500,970 |
|
Cost of revenue |
58,103 |
|
|
54,761 |
|
|
217,952 |
|
|
213,376 |
|
Intangibles
amortization |
2,689 |
|
|
2,590 |
|
|
8,924 |
|
|
6,380 |
|
Gross
profit |
80,199 |
|
|
74,089 |
|
|
304,015 |
|
|
281,214 |
|
Gross profit
margin |
56.9 |
% |
|
56.4 |
% |
|
57.3 |
% |
|
56.1 |
% |
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP GROSS MARGIN BY
BUSINESS UNIT (unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
Neuro: |
|
|
|
|
|
|
|
GAAP Gross Profit |
44,285 |
|
|
39,833 |
|
|
167,279 |
|
|
148,384 |
|
Amortization of
intangibles |
980 |
|
|
1,392 |
|
|
4,487 |
|
|
2,767 |
|
Acquisition
charges |
(449 |
) |
|
1,991 |
|
|
3,383 |
|
|
1,991 |
|
Recall accrual and
remediation efforts |
— |
|
|
(437 |
) |
|
— |
|
|
1,344 |
|
Restructuring and other
non-recurring costs |
159 |
|
|
|
|
159 |
|
|
|
Non-GAAP Gross
Profit |
44,975 |
|
|
42,779 |
|
|
175,308 |
|
|
154,486 |
|
Non-GAAP Gross
Margin |
61.1 |
% |
|
62.7 |
% |
|
62.7 |
% |
|
63.5 |
% |
|
|
|
|
|
|
|
|
Newborn
care: |
|
|
|
|
|
|
|
GAAP Gross Profit |
18,129 |
|
|
21,093 |
|
|
70,846 |
|
|
76,927 |
|
Amortization of
intangibles |
953 |
|
|
136 |
|
|
1,311 |
|
|
471 |
|
Acquisition
charges |
|
|
484 |
|
|
|
|
484 |
|
Recall accrual and
remediation efforts |
163 |
|
|
— |
|
|
1,538 |
|
|
2,163 |
|
Restructuring and other
non-recurring costs |
(731 |
) |
|
|
|
118 |
|
|
1,684 |
|
Non-GAAP Gross
Profit |
18,514 |
|
|
21,713 |
|
|
73,813 |
|
|
81,729 |
|
Non-GAAP Gross
Margin |
57.4 |
% |
|
61.6 |
% |
|
59.7 |
% |
|
56.9 |
% |
|
|
|
|
|
|
|
|
Otometrics: |
|
|
|
|
|
|
|
GAAP Gross Profit |
17,785 |
|
|
13,163 |
|
|
65,890 |
|
|
55,903 |
|
Amortization of
intangibles |
756 |
|
|
1,062 |
|
|
3,126 |
|
|
3,142 |
|
Acquisition
charges |
10 |
|
|
670 |
|
|
60 |
|
|
5,115 |
|
Restructuring and other
non-recurring costs |
24 |
|
|
— |
|
|
49 |
|
|
— |
|
Non-GAAP Gross
Profit |
18,575 |
|
|
14,895 |
|
|
69,125 |
|
|
64,160 |
|
Non-GAAP Gross
Margin |
53.0 |
% |
|
53.1 |
% |
|
54.2 |
% |
|
56.2 |
% |
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
GAAP Gross Profit |
80,199 |
|
|
74,089 |
|
|
304,015 |
|
|
281,214 |
|
Amortization of
intangibles |
2,689 |
|
|
2,590 |
|
|
8,924 |
|
|
6,380 |
|
Acquisition
charges |
(439 |
) |
|
3,145 |
|
|
3,443 |
|
|
7,590 |
|
Recall accrual and
remediation efforts |
163 |
|
|
(437 |
) |
|
1,538 |
|
|
3,507 |
|
Restructuring and other
non-recurring costs |
(548 |
) |
|
— |
|
|
326 |
|
|
1,684 |
|
Non-GAAP Gross
Profit |
82,064 |
|
|
79,387 |
|
|
318,246 |
|
|
300,375 |
|
Non-GAAP Gross
Margin |
58.2 |
% |
|
60.4 |
% |
|
59.9 |
% |
|
60.0 |
% |
NATUS MEDICAL INCORPORATED AND
SUBSIDIARIES |
GEOGRAPHIC REVENUE (unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
December 31,2018 |
|
December 31,2017 |
|
December 31,2018 |
|
December 31,2017 |
Consolidated
Revenue: |
|
|
|
|
|
|
|
United States |
78,725 |
|
|
70,369 |
|
|
300,860 |
|
|
270,860 |
|
International |
62,266 |
|
|
61,071 |
|
|
230,031 |
|
|
230,110 |
|
Totals |
140,991 |
|
|
131,440 |
|
|
530,891 |
|
|
500,970 |
|
|
|
|
|
|
|
|
|
United States |
56 |
% |
|
54 |
% |
|
57 |
% |
|
54 |
% |
International |
44 |
% |
|
46 |
% |
|
43 |
% |
|
46 |
% |
Totals |
100 |
% |
|
100 |
% |
|
100 |
% |
|
100 |
% |
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