Natus Medical Incorporated (NASDAQ:NTUS) (the
“Company” or “Natus”), a leading provider of medical device
solutions focused on the diagnosis and treatment of central nervous
and sensory system disorders for patients of all ages, today
announced financial results for the three and nine months ended
September 30, 2021.
For the third quarter ended September 30,
2021, the Company reported revenue of $113.9 million, an increase
of 10.8% compared to $102.8 million reported for the third quarter
of 2020. GAAP gross margin was 59.5% during the third quarter of
2021 compared to 46.2% in the third quarter of 2020. GAAP net
income was $5.6 million, or $0.16 earnings per diluted share,
compared with GAAP net loss of $9.3 million, or $0.28 loss per
share in the third quarter of 2020.
Non-GAAP gross margin was 61.0% in the third
quarter of 2021 compared to 56.2% reported for the third quarter of
2020. Non-GAAP earnings per diluted share was $0.28 for the third
quarter of 2021, compared to $0.09 in the third quarter of 2020.
Non-GAAP net income was $9.3 million in the third quarter of 2021
compared to $3.2 million in the third quarter of 2020.
For the nine months ended September 30,
2021, the Company reported revenue of $344.8 million, an increase
of 16.1% compared to $297.0 million reported for the same period in
2020. GAAP gross margin was 58.2% vs. 50.8% reported for the same
period in 2020. GAAP net income was $11.4 million, or $0.34 per
diluted share, compared with GAAP net loss of $21.8 million, or
$0.65 loss per share in the same period in 2020.
Non-GAAP earnings per diluted share was $0.73
for the first nine months in 2021, compared to $0.00 in the same
period in 2020. The Company reported non-GAAP net income of $24.6
million for the nine months ended September 30, 2021, compared
to the prior year's non-GAAP net income of $0.1 million. Non-GAAP
gross margin was 60.2% in 2021 vs. 56.0% reported for the same
period in 2020.
“We are encouraged by the 11% increase in
revenue in the third quarter of 2021 compared to the same quarter
in 2020 despite recent supply chain constraints. Demand for our
products and services continued to improve throughout the quarter,”
said Jonathan Kennedy, President and Chief Executive Officer of
Natus.
“We saw the benefits of our investments in
innovation this quarter with the release of the new Retcam Envision
newborn eye imaging system in the United States, the first
successfully performed clinical case using Natus’ newly launched
XactTrode™ family of platinum subdural electrodes and another
quarter of growing sales for our UltraPro EMG device, which was
released in the fourth quarter of 2020,” Mr. Kennedy concluded.
Financial Guidance
For the fourth quarter of 2021, the Company's
revenue is expected to be between $124.0 million and $128.0 million
and non-GAAP earnings per share is expected to be between $0.41 and
$0.46.
For the full year of 2021, the Company's updated
revenue guidance is expected to be between $468.8 million and
$472.8 million and non-GAAP earnings per share is expected to be
between $1.13 and $1.18.
Supply chain delays and constraints have
impacted our ability to ship products in the last few quarters, and
as a result, we have seen backlog for certain products continue to
grow. The guidance above reflects further supply chain delays
anticipated in the fourth quarter of 2021.
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 effect, which the Company expects to be
approximately $4.4 million and $17.3 million for the fourth quarter
and full year of 2021, respectively, which the Company expects will
reduce GAAP earnings per share by approximately $0.13 and $0.51 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 diluted 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 diluted share and
non-GAAP operating profit: 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. 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 a conference call to discuss
this announcement beginning at 8:00 a.m. Eastern Time (5:00 a.m.
Pacific Time) tomorrow, November 5, 2021. 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 3842689. 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 3842689. 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
website for 90 days following the completion of the call.
About Natus Medical
Incorporated
Natus is a leading provider of medical device
solutions focused on the diagnosis and treatment of central nervous
and sensory system disorders for patients of all ages.
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 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 supply chain
delays and constraints, the business, social and economic impact of
the COVID-19 pandemic on the Company's business and results of
operations, 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, 2020. 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) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
|
Revenue |
$ |
113,877 |
|
|
|
$ |
102,803 |
|
|
|
$ |
344,782 |
|
|
|
$ |
296,966 |
|
|
| Cost of revenue |
44,487 |
|
|
|
47,160 |
|
|
|
139,019 |
|
|
|
134,665 |
|
|
| Intangibles amortization |
1,642 |
|
|
|
8,117 |
|
|
|
5,126 |
|
|
|
11,440 |
|
|
|
Gross profit |
67,748 |
|
|
|
47,526 |
|
|
|
200,637 |
|
|
|
150,861 |
|
|
| Gross profit margin |
59.5 |
|
% |
|
46.2 |
|
% |
|
58.2 |
|
% |
|
50.8 |
|
% |
| Operating expenses: |
|
|
|
|
|
|
|
|
Marketing and selling |
28,260 |
|
|
|
26,035 |
|
|
|
86,719 |
|
|
|
79,567 |
|
|
|
Research and development |
14,267 |
|
|
|
14,670 |
|
|
|
42,556 |
|
|
|
46,574 |
|
|
|
General and administrative |
12,853 |
|
|
|
12,384 |
|
|
|
40,316 |
|
|
|
36,754 |
|
|
|
Intangibles amortization |
3,681 |
|
|
|
4,025 |
|
|
|
11,497 |
|
|
|
11,330 |
|
|
|
Restructuring |
142 |
|
|
|
350 |
|
|
|
469 |
|
|
|
1,842 |
|
|
|
Total operating expenses |
59,203 |
|
|
|
57,464 |
|
|
|
181,557 |
|
|
|
176,067 |
|
|
| Income (loss) from
operations |
8,545 |
|
|
|
(9,938 |
) |
|
|
19,080 |
|
|
|
(25,206 |
) |
|
| Interest expense |
(332 |
) |
|
|
(1,107 |
) |
|
|
(1,655 |
) |
|
|
(2,800 |
) |
|
| Other income (expense),
net |
(716 |
) |
|
|
160 |
|
|
|
(1,700 |
) |
|
|
(398 |
) |
|
| Income (loss) before provision
for (benefit from) income tax |
7,497 |
|
|
|
(10,885 |
) |
|
|
15,725 |
|
|
|
(28,404 |
) |
|
| Provision for (benefit from)
income tax |
1,924 |
|
|
|
(1,569 |
) |
|
|
4,292 |
|
|
|
(6,588 |
) |
|
| Net income (loss) |
$ |
5,573 |
|
|
|
$ |
(9,316 |
) |
|
|
$ |
11,433 |
|
|
|
$ |
(21,816 |
) |
|
| Net income (loss) per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.17 |
|
|
|
$ |
(0.28 |
) |
|
|
$ |
0.34 |
|
|
|
$ |
(0.65 |
) |
|
|
Diluted |
$ |
0.16 |
|
|
|
$ |
(0.28 |
) |
|
|
$ |
0.34 |
|
|
|
$ |
(0.65 |
) |
|
| Weighted-average shares: |
|
|
|
|
|
|
|
|
Basic |
33,638 |
|
|
|
33,828 |
|
|
|
33,649 |
|
|
|
33,577 |
|
|
|
Diluted |
33,865 |
|
|
|
33,828 |
|
|
|
33,877 |
|
|
|
33,577 |
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) |
|
(in thousands) |
| |
|
|
|
| |
September 30, |
|
December 31, |
| |
2021 |
|
2020 |
| ASSETS |
|
|
|
| |
|
|
|
| Current assets: |
|
|
|
|
Cash and investments |
$ |
68,779 |
|
|
$ |
82,082 |
|
|
Accounts receivable |
97,370 |
|
|
93,133 |
|
|
Inventories |
71,545 |
|
|
75,650 |
|
|
Other current assets |
23,977 |
|
|
20,837 |
|
| Total current assets |
261,671 |
|
|
271,702 |
|
| |
|
|
|
|
Property and equipment |
22,837 |
|
|
24,516 |
|
|
Operating lease right-of-use assets |
9,946 |
|
|
11,669 |
|
|
Goodwill and intangible assets |
222,895 |
|
|
244,040 |
|
|
Deferred income tax |
26,296 |
|
|
27,563 |
|
|
Other assets |
17,606 |
|
|
20,904 |
|
| Total assets |
$ |
561,251 |
|
|
$ |
600,394 |
|
| |
|
|
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
| |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
28,322 |
|
|
$ |
23,429 |
|
|
Current portion of long-term debt |
— |
|
|
50,000 |
|
|
Accrued liabilities |
44,575 |
|
|
44,236 |
|
|
Deferred revenue |
25,737 |
|
|
21,308 |
|
|
Current portion of operating lease liabilities |
5,167 |
|
|
6,779 |
|
| Total current liabilities |
103,801 |
|
|
145,752 |
|
| |
|
|
|
|
Long-term debt |
— |
|
|
5,840 |
|
|
Deferred income tax |
9,826 |
|
|
10,298 |
|
|
Long-term operating lease liabilities |
7,370 |
|
|
8,959 |
|
|
Other long-term liabilities |
17,732 |
|
|
18,451 |
|
| Total liabilities |
138,729 |
|
|
189,300 |
|
| Total stockholders’
equity |
422,522 |
|
|
411,094 |
|
| Total liabilities and
stockholders’ equity |
$ |
561,251 |
|
|
$ |
600,394 |
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) |
|
(in thousands) |
| |
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
5,573 |
|
|
$ |
(9,316 |
) |
|
$ |
11,433 |
|
|
$ |
(21,816 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for losses on accounts receivable |
(14 |
) |
|
209 |
|
|
273 |
|
|
1,158 |
|
|
Impairment of intangible assets |
— |
|
|
6,678 |
|
|
— |
|
|
6,678 |
|
|
Depreciation and amortization |
6,887 |
|
|
7,312 |
|
|
21,337 |
|
|
20,989 |
|
|
Loss on equity method investment |
178 |
|
|
— |
|
|
443 |
|
|
— |
|
|
(Gain) loss on disposal of property and equipment |
(1,525 |
) |
|
127 |
|
|
(1,516 |
) |
|
149 |
|
|
Warranty reserve |
509 |
|
|
(151 |
) |
|
1,523 |
|
|
1,129 |
|
|
Share-based compensation |
2,649 |
|
|
2,395 |
|
|
8,271 |
|
|
7,059 |
|
|
Loss on commencement of sales-type leases |
— |
|
|
766 |
|
|
3 |
|
|
1,861 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
(2,631 |
) |
|
3,120 |
|
|
(428 |
) |
|
30,367 |
|
|
Inventories |
(3,379 |
) |
|
4,777 |
|
|
3,655 |
|
|
(6,417 |
) |
|
Prepaid expenses and other assets |
(3,082 |
) |
|
(7,012 |
) |
|
(3,878 |
) |
|
(11,078 |
) |
|
Accounts payable |
1,615 |
|
|
(4,343 |
) |
|
5,229 |
|
|
(19 |
) |
|
Accrued liabilities |
(803 |
) |
|
2,499 |
|
|
(822 |
) |
|
(13,844 |
) |
|
Deferred revenue |
1,185 |
|
|
(1,243 |
) |
|
4,629 |
|
|
(941 |
) |
|
Deferred income tax |
(46 |
) |
|
1,671 |
|
|
1,060 |
|
|
1,826 |
|
|
Net cash provided by operating activities |
7,116 |
|
|
7,489 |
|
|
51,212 |
|
|
17,101 |
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
(982 |
) |
|
(690 |
) |
|
(2,949 |
) |
|
(7,617 |
) |
|
Purchase of equity method investments |
— |
|
|
— |
|
|
(1,000 |
) |
|
— |
|
|
Proceeds from sale of property and equipment |
2,674 |
|
|
— |
|
|
2,674 |
|
|
— |
|
|
Net cash provided by (used in) investing
activities |
1,692 |
|
|
(690 |
) |
|
(1,275 |
) |
|
(7,617 |
) |
|
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from stock option exercises and ESPP |
— |
|
|
— |
|
|
612 |
|
|
658 |
|
|
Repurchase of common stock |
— |
|
|
— |
|
|
— |
|
|
(10,495 |
) |
|
Taxes paid related to settlement of equity awards |
(10 |
) |
|
(10 |
) |
|
(1,254 |
) |
|
(1,936 |
) |
|
Deferred debt issuance costs |
— |
|
|
(1,175 |
) |
|
— |
|
|
(1,175 |
) |
|
Principal payments of financing lease liability |
(110 |
) |
|
(173 |
) |
|
(326 |
) |
|
(415 |
) |
|
Proceeds from long-term borrowings |
— |
|
|
— |
|
|
— |
|
|
60,000 |
|
|
Payments on borrowings |
— |
|
|
(20,000 |
) |
|
(57,000 |
) |
|
(48,000 |
) |
|
Net cash used in financing activities |
(120 |
) |
|
(21,358 |
) |
|
(57,968 |
) |
|
(1,363 |
) |
| Exchange
rate changes effect on cash and cash equivalents |
(2,403 |
) |
|
4,217 |
|
|
(5,272 |
) |
|
3,118 |
|
| Net
increase (decrease) in cash and cash equivalents |
6,285 |
|
|
(10,342 |
) |
|
(13,303 |
) |
|
11,239 |
|
| Cash and
cash equivalents, beginning of period |
62,494 |
|
|
84,878 |
|
|
82,082 |
|
|
63,297 |
|
| Cash and
cash equivalents, end of period |
$ |
68,779 |
|
|
$ |
74,536 |
|
|
$ |
68,779 |
|
|
$ |
74,536 |
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
|
(in thousands, except per share amounts) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
|
GAAP based results: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) before
provision for income tax |
$ |
7,497 |
|
|
$ |
(10,885 |
) |
|
$ |
15,725 |
|
|
$ |
(28,404 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Intangibles amortization
(COGS) |
1,642 |
|
|
8,117 |
|
|
5,126 |
|
|
11,440 |
|
| Recall accrual and remediation
efforts (COGS) |
— |
|
|
(366 |
) |
|
— |
|
|
(366 |
) |
| Restructuring and other
non-recurring costs (COGS) |
136 |
|
|
2,457 |
|
|
2,369 |
|
|
4,233 |
|
| COVID-19 relief (COGS) |
(82 |
) |
|
— |
|
|
(484 |
) |
|
— |
|
| Intangibles amortization
(OPEX) |
3,681 |
|
|
4,025 |
|
|
11,497 |
|
|
11,330 |
|
| Direct costs of acquisitions
(OPEX) |
— |
|
|
— |
|
|
21 |
|
|
— |
|
| Restructuring and other
non-recurring costs (OPEX) |
292 |
|
|
353 |
|
|
1,101 |
|
|
1,760 |
|
| COVID-19 relief (OPEX) |
(668 |
) |
|
— |
|
|
(3,125 |
) |
|
— |
|
| Restructuring and other
non-recurring costs (OI&E) |
(80 |
) |
|
— |
|
|
(80 |
) |
|
— |
|
| Non-GAAP income (loss) before
provision for (benefit from) income tax |
12,418 |
|
|
3,701 |
|
|
32,150 |
|
|
(7 |
) |
| |
|
|
|
|
|
|
|
| Income tax expense (benefit),
as adjusted |
$ |
3,087 |
|
|
$ |
505 |
|
|
$ |
7,554 |
|
|
$ |
(95 |
) |
| |
|
|
|
|
|
|
|
| Non-GAAP net
income |
$ |
9,331 |
|
|
$ |
3,196 |
|
|
$ |
24,596 |
|
|
$ |
88 |
|
| Non-GAAP earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
$ |
0.09 |
|
|
$ |
0.73 |
|
|
$ |
0.00 |
|
|
Diluted |
$ |
0.28 |
|
|
$ |
0.09 |
|
|
$ |
0.73 |
|
|
$ |
0.00 |
|
| |
|
|
|
|
|
|
|
| Weighted-average shares used
to compute |
|
|
|
|
|
|
|
|
Basic non-GAAP earnings per share |
33,638 |
|
|
33,828 |
|
|
33,649 |
|
|
33,577 |
|
|
Diluted non-GAAP earnings per share |
33,865 |
|
|
33,841 |
|
|
33,877 |
|
|
33,637 |
|
| |
|
|
|
|
|
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
|
(in thousands, except per share amounts) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
|
GAAP Gross Profit |
$ |
67,748 |
|
|
|
$ |
47,526 |
|
|
|
$ |
200,637 |
|
|
|
$ |
150,861 |
|
|
| Amortization of
intangibles |
1,642 |
|
|
|
8,117 |
|
|
|
5,126 |
|
|
|
11,440 |
|
|
| Recall accrual and remediation
efforts |
— |
|
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
| COVID-19 relief |
(82 |
) |
|
|
— |
|
|
|
(484 |
) |
|
|
— |
|
|
| Restructuring and other
non-recurring costs |
136 |
|
|
|
2,457 |
|
|
|
2,369 |
|
|
|
4,233 |
|
|
| Non-GAAP Gross Profit |
$ |
69,444 |
|
|
|
$ |
57,734 |
|
|
|
$ |
207,648 |
|
|
|
$ |
166,168 |
|
|
| Non-GAAP Gross
Margin |
61.0 |
|
% |
|
56.2 |
|
% |
|
60.2 |
|
% |
|
56.0 |
|
% |
| |
|
|
|
|
|
|
|
| GAAP Operating Income
(Loss) |
$ |
8,545 |
|
|
|
$ |
(9,938 |
) |
|
|
$ |
19,080 |
|
|
|
$ |
(25,206 |
) |
|
| Amortization of
intangibles |
5,323 |
|
|
|
12,142 |
|
|
|
16,623 |
|
|
|
22,770 |
|
|
| COVID-19 relief |
(750 |
) |
|
|
— |
|
|
|
(3,609 |
) |
|
|
— |
|
|
| Recall accrual and remediation
efforts |
— |
|
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
| Restructuring and other
non-recurring costs |
428 |
|
|
|
2,810 |
|
|
|
3,470 |
|
|
|
5,993 |
|
|
| Direct cost of
acquisitions |
— |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
| Non-GAAP Operating Income |
$ |
13,546 |
|
|
|
$ |
4,648 |
|
|
|
$ |
35,585 |
|
|
|
$ |
3,191 |
|
|
| Non-GAAP Operating
Margin |
11.9 |
|
% |
|
4.5 |
|
% |
|
10.3 |
|
% |
|
1.1 |
|
% |
| |
|
|
|
|
|
|
|
| GAAP Income Tax Expense
(Benefit) |
$ |
1,924 |
|
|
|
$ |
(1,569 |
) |
|
|
$ |
4,292 |
|
|
|
$ |
(6,588 |
) |
|
| Effect of accumulated change
of pretax income |
1,456 |
|
|
|
2,402 |
|
|
|
4,415 |
|
|
|
6,493 |
|
|
| Effect of change in annual
expected tax rate |
(293 |
) |
|
|
(328 |
) |
|
|
(614 |
) |
|
|
— |
|
|
| Difference in GAAP vs Non-GAAP
discrete |
— |
|
|
|
— |
|
|
|
(539 |
) |
|
|
— |
|
|
| Non-GAAP Income Tax Expense
(Benefit) |
$ |
3,087 |
|
|
|
$ |
505 |
|
|
|
$ |
7,554 |
|
|
|
$ |
(95 |
) |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
| |
December 31, 2021 |
|
December 31, 2021 |
|
|
|
|
| GAAP EPS Guidance |
$0.28 - $0.33 |
|
$0.62 - $0.67 |
|
|
|
|
| Amortization of
intangibles |
0.16 |
|
0.65 |
|
|
|
|
| Restructuring and other
non-recurring costs |
— |
|
(0.01) |
|
|
|
|
| Tax effect |
(0.03) |
|
(0.13) |
|
|
|
|
| Non-GAAP EPS Guidance |
$0.41 - $0.46 |
|
$1.13 - $1.18 |
|
|
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
GROSS MARGIN BY END MARKETS (unaudited) |
|
(in thousands) |
| |
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
| Neuro: |
|
|
|
|
|
|
|
|
Revenue |
$ |
70,047 |
|
|
$ |
58,781 |
|
|
$ |
209,743 |
|
|
$ |
167,679 |
|
| Cost of revenue |
26,507 |
|
|
24,418 |
|
|
81,598 |
|
|
69,297 |
|
| Intangibles amortization |
750 |
|
|
7,163 |
|
|
2,274 |
|
|
8,869 |
|
|
Gross profit |
$ |
42,790 |
|
|
$ |
27,200 |
|
|
$ |
125,871 |
|
|
$ |
89,513 |
|
| Gross profit margin |
61.1 |
% |
|
46.3 |
% |
|
60.0 |
% |
|
53.4 |
% |
| |
|
|
|
|
|
|
|
| Newborn
Care: |
|
|
|
|
|
|
|
| Revenue |
$ |
24,474 |
|
|
$ |
25,710 |
|
|
$ |
76,586 |
|
|
$ |
76,860 |
|
| Cost of revenue |
10,036 |
|
|
12,440 |
|
|
31,923 |
|
|
35,690 |
|
| Intangibles amortization |
— |
|
|
66 |
|
|
135 |
|
|
193 |
|
|
Gross profit |
$ |
14,438 |
|
|
$ |
13,204 |
|
|
$ |
44,528 |
|
|
$ |
40,977 |
|
| Gross profit margin |
59.0 |
% |
|
51.4 |
% |
|
58.1 |
% |
|
53.3 |
% |
| |
|
|
|
|
|
|
|
| Hearing &
Balance: |
|
|
|
|
|
|
|
| Revenue |
$ |
19,356 |
|
|
$ |
18,312 |
|
|
$ |
58,453 |
|
|
$ |
52,427 |
|
| Cost of revenue |
7,944 |
|
|
10,302 |
|
|
25,498 |
|
|
29,678 |
|
| Intangibles amortization |
892 |
|
|
888 |
|
|
2,717 |
|
|
2,378 |
|
|
Gross profit |
$ |
10,520 |
|
|
$ |
7,122 |
|
|
$ |
30,238 |
|
|
$ |
20,371 |
|
| Gross profit margin |
54.4 |
% |
|
38.9 |
% |
|
51.7 |
% |
|
38.9 |
% |
| |
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
| Revenue |
$ |
113,877 |
|
|
$ |
102,803 |
|
|
$ |
344,782 |
|
|
$ |
296,966 |
|
| Cost of revenue |
44,487 |
|
|
47,160 |
|
|
139,019 |
|
|
134,665 |
|
| Intangibles amortization |
1,642 |
|
|
8,117 |
|
|
5,126 |
|
|
11,440 |
|
|
Gross profit |
$ |
67,748 |
|
|
$ |
47,526 |
|
|
$ |
200,637 |
|
|
$ |
150,861 |
|
| Gross profit margin |
59.5 |
% |
|
46.2 |
% |
|
58.2 |
% |
|
50.8 |
% |
| |
|
|
|
|
|
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
RECONCILIATION OF NON-GAAP GROSS MARGIN BY END MARKETS
(unaudited) |
|
(in thousands) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
| Neuro: |
|
|
|
|
|
|
|
|
GAAP Gross Profit |
$ |
42,790 |
|
|
|
$ |
27,200 |
|
|
|
$ |
125,871 |
|
|
|
$ |
89,513 |
|
|
| Amortization of
intangibles |
750 |
|
|
|
7,163 |
|
|
|
2,274 |
|
|
|
8,869 |
|
|
| COVID-19 relief |
(27 |
) |
|
|
— |
|
|
|
(149 |
) |
|
|
— |
|
|
| Restructuring and other
non-recurring costs |
87 |
|
|
|
1,588 |
|
|
|
1,724 |
|
|
|
2,292 |
|
|
| Non-GAAP Gross Profit |
$ |
43,600 |
|
|
|
$ |
35,951 |
|
|
|
$ |
129,720 |
|
|
|
$ |
100,674 |
|
|
| Non-GAAP Gross
Margin |
62.2 |
|
% |
|
61.2 |
|
% |
|
61.8 |
|
% |
|
60.0 |
|
% |
| |
|
|
|
|
|
|
|
| Newborn
Care: |
|
|
|
|
|
|
|
| GAAP Gross Profit |
$ |
14,438 |
|
|
|
$ |
13,204 |
|
|
|
$ |
44,528 |
|
|
|
$ |
40,977 |
|
|
| Amortization of
intangibles |
— |
|
|
|
66 |
|
|
|
135 |
|
|
|
193 |
|
|
| Recall accrual and remediation
efforts |
— |
|
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
| Restructuring and other
non-recurring costs |
— |
|
|
|
322 |
|
|
|
363 |
|
|
|
322 |
|
|
| Non-GAAP Gross Profit |
$ |
14,438 |
|
|
|
$ |
13,226 |
|
|
|
$ |
45,026 |
|
|
|
$ |
41,126 |
|
|
| Non-GAAP Gross
Margin |
59.0 |
|
% |
|
51.4 |
|
% |
|
58.8 |
|
% |
|
53.5 |
|
% |
| |
|
|
|
|
|
|
|
| Hearing &
Balance: |
|
|
|
|
|
|
|
| GAAP Gross Profit |
$ |
10,520 |
|
|
|
$ |
7,122 |
|
|
|
$ |
30,238 |
|
|
|
$ |
20,371 |
|
|
| Amortization of
intangibles |
892 |
|
|
|
888 |
|
|
|
2,717 |
|
|
|
2,378 |
|
|
| COVID-19 relief |
(55 |
) |
|
|
— |
|
|
|
(335 |
) |
|
|
— |
|
|
| Restructuring and other
non-recurring costs |
49 |
|
|
|
547 |
|
|
|
282 |
|
|
|
1,619 |
|
|
| Non-GAAP Gross Profit |
$ |
11,406 |
|
|
|
$ |
8,557 |
|
|
|
$ |
32,902 |
|
|
|
$ |
24,368 |
|
|
| Non-GAAP Gross
Margin |
58.9 |
|
% |
|
46.7 |
|
% |
|
56.3 |
|
% |
|
46.5 |
|
% |
| |
|
|
|
|
|
|
|
|
Consolidated: |
|
|
|
|
|
|
|
| GAAP Gross Profit |
$ |
67,748 |
|
|
|
$ |
47,526 |
|
|
|
$ |
200,637 |
|
|
|
$ |
150,861 |
|
|
| Amortization of
intangibles |
1,642 |
|
|
|
8,117 |
|
|
|
5,126 |
|
|
|
11,440 |
|
|
| Recall accrual and remediation
efforts |
— |
|
|
|
(366 |
) |
|
|
— |
|
|
|
(366 |
) |
|
| COVID-19 relief |
(82 |
) |
|
|
— |
|
|
|
(484 |
) |
|
|
— |
|
|
| Restructuring and other
non-recurring costs |
136 |
|
|
|
2,457 |
|
|
|
2,369 |
|
|
|
4,233 |
|
|
| Non-GAAP Gross Profit |
$ |
69,444 |
|
|
|
$ |
57,734 |
|
|
|
$ |
207,648 |
|
|
|
$ |
166,168 |
|
|
| Non-GAAP Gross
Margin |
61.0 |
|
% |
|
56.2 |
|
% |
|
60.2 |
|
% |
|
56.0 |
|
% |
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
|
GEOGRAPHIC REVENUE (unaudited) |
|
(in thousands) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Nine Months Ended |
| |
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
| Consolidated
Revenue: |
|
|
|
|
|
|
|
|
United States |
$ |
72,114 |
|
|
$ |
63,553 |
|
|
$ |
210,624 |
|
|
$ |
183,181 |
|
| International |
41,763 |
|
|
39,250 |
|
|
134,158 |
|
|
113,785 |
|
| Totals |
$ |
113,877 |
|
|
$ |
102,803 |
|
|
$ |
344,782 |
|
|
$ |
296,966 |
|
| |
|
|
|
|
|
|
|
| United States |
63 |
% |
|
62 |
% |
|
61 |
% |
|
62 |
% |
| International |
37 |
% |
|
38 |
% |
|
39 |
% |
|
38 |
% |
| Totals |
100 |
% |
|
100 |
% |
|
100 |
% |
|
100 |
% |
Natus Medical (NASDAQ:NTUS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Natus Medical (NASDAQ:NTUS)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
