Natus Medical Incorporated (NASDAQ:NTUS) (the
“Company” or “Natus”), a leading provider of medical device
solutions to screen, diagnose, and treat disorders affecting the
brain, neural pathways, and eight sensory nervous systems, today
announced financial results for the three months ended
March 31, 2022.
For the first quarter ended March 31, 2022,
the Company reported revenue of $119.8 million, an increase of 4.2%
compared to $114.9 million reported for the first quarter of 2021.
GAAP gross margin was 54.6% during the first quarter of 2022
compared to 57.9% in the first quarter of 2021. GAAP net income was
$1.9 million, or $0.06 earnings per diluted share, compared with
GAAP net income of $2.4 million, or $0.07 earnings per diluted
share in the first quarter of 2021.
Non-GAAP gross margin was 56.7% in the first
quarter of 2022 compared to 59.6% reported for the first quarter of
2021. Non-GAAP earnings per diluted share was $0.22 for the first
quarter of 2022, compared to $0.16 in the first quarter of 2021.
Non-GAAP net income was $7.7 million in the first quarter of 2022
compared to $5.4 million in the first quarter of 2021.
“I would like to thank our Natus Teammates for
their continued efforts to ensure our products were available to
clinicians in the first quarter driving growth despite challenges
from both Covid and supply chain related constraints” said Thomas
J. Sullivan, President and Chief Executive Officer of Natus. “We
incurred over $3.4 million in extraordinary supply chain costs in
the quarter consistent with our expectations.”
“We are pleased with the first quarter revenue
growth versus year ago in our core areas of clinical focus with
Brain, Neural Pathways, and eight Sensory Nervous Systems growing
6.0%, 8.7%, and 6.0% respectively.” “We are also encouraged by the
9.3% revenue growth in supplies and service in these product
areas,” concluded Mr. Sullivan.
On April 18, 2022 the Company announced that it
entered into a definitive agreement to be acquired by an affiliate
of ArchiMed for approximately $1.2 billion. Under the terms of the
agreement, Natus shareholders will receive $33.50 in cash for each
share of Natus common stock. Under the terms of the merger
agreement, Natus may solicit proposals from third parties for a
period of 30 days continuing through May 17, 2022, and in certain
cases for a period of 35 days continuing through May 22, 2022. The
transaction is expected to close in the third quarter of 2022,
subject to customary closing conditions, including approval by
Natus shareholders and receipt of regulatory approvals. Due to the
announced transaction, the Company will no longer update financial
guidance.
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.
About Natus Medical
Incorporated
Natus delivers innovative and trusted solutions
to screen, diagnose, and treat disorders affecting the brain,
neural pathways, and eight sensory nervous systems to advance the
standard of care and improve patient outcomes and quality of life.
The Company offers hardware, advanced software and algorithms, and
consumables that provide stimulus, acquire and monitor
physiological signals, and capture the body’s response. With sales
in over 100 countries, Natus is a leader in neurodiagnostics,
pediatric retinal imaging, and infant hearing screening, as well as
a leading company in hearing assessment, hearing instrument
fitting, balance, and intracranial pressure monitoring.
Additional information about Natus Medical can
be found at www.natus.com.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally can
be identified by the use of words such as “anticipate,” “expect,”
“plan,” “should,” “could,” “may,” “will,” “believe,” “estimate,”
“forecast,” “goal,” “project,” and other words of similar meaning.
Forward-looking statements in this communication include, but are
not limited to, current estimates and assumptions of Natus
management as of the date of this press release, statements about
the benefits and effects of the merger with ArchiMed (the
“transaction”), the expected timing of the completion of the
transaction and the amounts to be received by Natus' shareholders.
Each forward-looking statement contained in this communication is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among
others, supply chain delays and constraints; the ability of Natus
to realize the anticipated benefits from its strategic alignment;
Natus' ability to successfully pursue, acquire and integrate
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 Natus' target markets; Natus' ability to expand its sales in
international markets; Natus' ability to maintain current sales
levels in a mature domestic market; Natus' ability to control
costs, risks associated with bringing new products to market;
Natus' ability to fulfill product orders on a timely basis; the
risks related to Ukraine conflict or the COVID-19 pandemic on the
global economy and financial markets; the uncertainties relating to
the impact of the Ukraine conflict or the COVID-19 pandemic on
Natus' business; the uncertainties as to the timing of the
transaction; uncertainties as to whether Natus shareholders will
approve the transaction; the risk that competing offers will be
made; the possibility that various closing conditions for the
transaction may not be satisfied or waived, including that a
governmental entity may prohibit, delay or refuse to grant approval
for the consummation of the transaction, or the terms of such
approval; the effects of disruption from the transaction making it
more difficult to maintain relationships with employees, customers,
vendors and other business partners; the risk that shareholder
litigation in connection with the transaction may result in
significant costs of defense, indemnification and liability; other
business effects, including the effects of industry, economic or
political conditions outside of the parties' control; operating
costs and business disruption following completion of the
transaction, including adverse effects on employee retention and on
Natus' business relationships with third parties; transaction
costs; and the risks identified under the heading “Risk Factors” in
Natus' Annual Report on Form 10-K, filed with the SEC on February
25, 2022, as well as Natus' subsequent Current Reports on Form 8-K
and other information filed by Natus with the SEC. Please consult
these documents for a more complete understanding of these risks
and uncertainties. This list of factors is not intended to be
exhaustive. Such forward-looking statements only speak as of the
date of these materials, and Natus assumes no obligation to update
any written or oral forward-looking statement made by Natus or on
its behalf as a result of new information, future events or other
factors, except as required by law.
Additional Information and Where to Find
It
This communication does not constitute an offer
to buy or sell or the solicitation of an offer to buy or sell any
securities or a solicitation of any vote or approval. This
communication relates to the proposed transaction involving Natus.
In connection with the proposed transaction, Natus plans to file
with the SEC a proxy statement on Schedule 14A (the “Proxy
Statement”). This communication is not a substitute for the Proxy
Statement or any other document that Natus may file with the SEC
and send to its shareholders in connection with the proposed
transaction. The proposed transaction will be submitted to Natus'
shareholders for their consideration. Before making any voting
decision, Natus' shareholders are urged to read all relevant
documents filed or to be filed with the SEC, including the Proxy
Statement, as well as any amendments or supplements to those
documents, when they become available, because they will contain
important information about Natus and the proposed transaction.
Natus' shareholders will be able to obtain a
free copy of the Proxy Statement, as well as other filings
containing information about Natus, free of charge, at the SEC's
website (www.sec.gov). Copies of the Proxy Statement and other
documents filed by Natus with the SEC may be obtained, without
charge, by contacting Natus through its www.natus.com under the
heading Investor Relations.
Participants in the
Solicitation
The Company, its directors, executive officers
and other persons related to Natus may be deemed to be participants
in the solicitation of proxies from Natus’ shareholders in
connection with the proposed transaction. Information about the
directors and executive officers of Natus and their ownership of
Natus common stock is set forth in Natus’ annual report on Form
10-K for the fiscal year ended December 31, 2021, which was filed
with the SEC on February 25, 2022 and in its proxy statement for
its 2022 annual meeting of stockholders, which was filed with the
SEC on April 28, 2022. Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
will be included in the Proxy Statement and other relevant
materials to be filed with the SEC in connection with the proposed
transaction when they become available. Free copies of these
documents may be obtained as described in the preceding
paragraph.
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 |
|
March 31, 2022 |
|
March 31, 2021 |
Revenue |
$ |
119,793 |
|
|
$ |
114,927 |
|
Cost of revenue |
|
52,781 |
|
|
|
46,688 |
|
Intangibles amortization |
|
1,600 |
|
|
|
1,751 |
|
Gross profit |
|
65,412 |
|
|
|
66,488 |
|
Gross profit margin |
|
54.6 |
% |
|
|
57.9 |
% |
Operating expenses: |
|
|
|
Marketing and selling |
|
29,551 |
|
|
|
28,971 |
|
Research and development |
|
13,224 |
|
|
|
14,040 |
|
General and administrative |
|
12,807 |
|
|
|
14,855 |
|
Intangibles amortization |
|
3,598 |
|
|
|
3,897 |
|
Restructuring |
|
2,051 |
|
|
|
205 |
|
Total operating expenses |
|
61,231 |
|
|
|
61,968 |
|
Income from operations |
|
4,181 |
|
|
|
4,520 |
|
Interest expense |
|
(267 |
) |
|
|
(766 |
) |
Other expense, net |
|
(540 |
) |
|
|
(890 |
) |
Income before provision for
income tax |
|
3,374 |
|
|
|
2,864 |
|
Provision for income tax1 |
|
1,471 |
|
|
|
468 |
|
Net income |
$ |
1,903 |
|
|
$ |
2,396 |
|
Net income per share: |
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.07 |
|
Diluted |
$ |
0.06 |
|
|
$ |
0.07 |
|
Weighted-average shares: |
|
|
|
Basic |
|
34,119 |
|
|
|
33,611 |
|
Diluted |
|
34,276 |
|
|
|
33,782 |
|
|
|
|
|
1The increase in the effective tax rate for the three months ended
March 31, 2022 compared with the three months ended March 31, 2021,
is primarily attributable to a tax law change in effect from
January 1, 2022 that requires the capitalization of research and
experimental costs under IRC Section 174. The approximate impact of
the change in the estimated tax rate due to all impacts from IRC
Section 174 resulted in a $0.01 reduction in the GAAP earnings per
share. |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) |
(in thousands) |
|
|
|
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and investments |
$ |
84,285 |
|
$ |
75,595 |
Accounts receivable |
|
103,714 |
|
|
111,760 |
Inventories |
|
72,238 |
|
|
67,745 |
Other current assets |
|
26,531 |
|
|
22,191 |
Total current assets |
|
286,768 |
|
|
277,291 |
|
|
|
|
Property and equipment |
|
21,391 |
|
|
21,783 |
Operating lease right-of-use assets |
|
8,027 |
|
|
9,288 |
Goodwill and intangible assets |
|
208,119 |
|
|
214,170 |
Deferred income tax |
|
23,548 |
|
|
23,161 |
Other assets |
|
20,230 |
|
|
18,595 |
Total assets |
$ |
568,083 |
|
$ |
564,288 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
34,342 |
|
$ |
36,405 |
Accrued liabilities |
|
47,185 |
|
|
48,135 |
Deferred revenue |
|
26,846 |
|
|
25,097 |
Current portion of operating lease liabilities |
|
4,482 |
|
|
4,964 |
Total current liabilities |
|
112,855 |
|
|
114,601 |
|
|
|
|
Deferred income tax |
|
1,451 |
|
|
1,133 |
Long-term operating lease liabilities |
|
5,755 |
|
|
6,567 |
Other long-term liabilities |
|
17,128 |
|
|
17,237 |
Total liabilities |
|
137,189 |
|
|
139,538 |
Total stockholders’
equity |
|
430,894 |
|
|
424,750 |
Total liabilities and
stockholders’ equity |
$ |
568,083 |
|
$ |
564,288 |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) |
(in thousands) |
|
|
|
Three Months Ended |
|
March 31, 2022 |
|
March 31, 2021 |
Operating activities: |
|
|
|
Net income |
$ |
1,903 |
|
|
$ |
2,396 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Provision for losses on accounts receivable |
|
87 |
|
|
|
101 |
|
Depreciation and amortization |
|
6,673 |
|
|
|
7,257 |
|
Loss on equity method investment |
|
192 |
|
|
|
136 |
|
Loss on disposal of property and equipment |
|
30 |
|
|
|
8 |
|
Warranty reserve |
|
1,363 |
|
|
|
341 |
|
Share-based compensation |
|
2,619 |
|
|
|
3,114 |
|
Loss on commencement of sales-type leases |
|
— |
|
|
|
6 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
8,803 |
|
|
|
4,962 |
|
Inventories |
|
(6,132 |
) |
|
|
4,139 |
|
Prepaid expenses and other assets |
|
(4,752 |
) |
|
|
(4,028 |
) |
Accounts payable |
|
(1,957 |
) |
|
|
1,303 |
|
Accrued liabilities |
|
(1,762 |
) |
|
|
1,172 |
|
Deferred revenue |
|
1,949 |
|
|
|
2,732 |
|
Deferred income tax |
|
(119 |
) |
|
|
1,064 |
|
Net cash provided by operating activities |
|
8,897 |
|
|
|
24,703 |
|
Investing activities: |
|
|
|
Purchase of property and equipment |
|
(1,062 |
) |
|
|
(731 |
) |
Purchase of equity method investments |
|
(572 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(1,634 |
) |
|
|
(731 |
) |
Financing activities: |
|
|
|
Proceeds from stock option exercises and ESPP |
|
4,191 |
|
|
|
— |
|
Taxes paid related to settlement of equity awards |
|
(1,228 |
) |
|
|
(1,150 |
) |
Principal payments of financing lease liability |
|
(447 |
) |
|
|
(125 |
) |
Payments on borrowings |
|
— |
|
|
|
(20,000 |
) |
Net cash provided by (used in) financing activities |
|
2,516 |
|
|
|
(21,275 |
) |
Exchange rate changes effect on
cash and cash equivalents |
|
(1,089 |
) |
|
|
(4,230 |
) |
Net increase (decrease) in cash
and cash equivalents |
|
8,690 |
|
|
|
(1,533 |
) |
Cash and cash equivalents,
beginning of period |
|
75,595 |
|
|
|
82,082 |
|
Cash and cash equivalents, end of
period |
$ |
84,285 |
|
|
$ |
80,549 |
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
(in thousands, except per share amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31,2022 |
|
March 31,2021 |
GAAP based
results: |
|
|
|
Income before provision for income tax |
$ |
3,374 |
|
$ |
2,864 |
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
Intangibles amortization
(COGS) |
|
1,600 |
|
|
1,751 |
|
Restructuring and other
non-recurring costs (COGS) |
|
905 |
|
|
611 |
|
COVID-19 relief (COGS) |
|
— |
|
|
(402 |
) |
Intangibles amortization
(OPEX) |
|
3,598 |
|
|
3,897 |
|
Direct costs of acquisitions
(OPEX) |
|
— |
|
|
21 |
|
Restructuring and other
non-recurring costs (OPEX) |
|
2,497 |
|
|
579 |
|
COVID-19 relief (OPEX) |
|
— |
|
|
(2,512 |
) |
Non-GAAP income before
provision for income tax |
|
11,974 |
|
|
6,809 |
|
|
|
|
|
Income tax expense, as
adjusted1 |
$ |
4,312 |
|
$ |
1,397 |
|
|
|
|
|
Non-GAAP net
income |
$ |
7,662 |
|
$ |
5,412 |
|
Non-GAAP earnings per
share: |
|
|
|
Basic |
$ |
0.22 |
|
$ |
0.16 |
|
Diluted |
$ |
0.22 |
|
$ |
0.16 |
|
|
|
|
|
Weighted-average shares used
to compute |
|
|
|
Basic non-GAAP earnings per share |
|
34,119 |
|
|
33,611 |
|
Diluted non-GAAP earnings per share |
|
34,276 |
|
|
33,782 |
|
|
|
|
|
1The increase in
the effective tax rate for the three months ended March 31, 2022
compared with the three months ended March 31, 2021, is primarily
attributable to a tax law change in effect from January 1, 2022
that requires the capitalization of research and experimental costs
under IRC Section 174. The approximate impact of the change in the
estimated tax rate due to all impacts from IRC Section 174 resulted
in a $0.03 reduction in the non-GAAP earnings per share. |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP ADJUSTMENTS
(unaudited) |
(in thousands, except per share amounts) |
|
|
|
|
|
Three Months Ended |
|
March 31, 2022 |
|
March 31, 2021 |
GAAP Gross Profit |
$ |
65,412 |
|
|
$ |
66,488 |
|
Amortization of
intangibles |
|
1,600 |
|
|
|
1,751 |
|
COVID-19 relief |
|
— |
|
|
|
(402 |
) |
Restructuring and other
non-recurring costs |
|
905 |
|
|
|
611 |
|
Non-GAAP Gross Profit |
$ |
67,917 |
|
|
$ |
68,448 |
|
Non-GAAP Gross
Margin |
|
56.7 |
% |
|
|
59.6 |
% |
|
|
|
|
GAAP Operating Income |
$ |
4,181 |
|
|
$ |
4,520 |
|
Amortization of
intangibles |
|
5,198 |
|
|
|
5,648 |
|
COVID-19 relief |
|
— |
|
|
|
(2,914 |
) |
Restructuring and other
non-recurring costs |
|
3,402 |
|
|
|
1,190 |
|
Direct cost of
acquisitions |
|
— |
|
|
|
21 |
|
Non-GAAP Operating Income |
$ |
12,781 |
|
|
$ |
8,465 |
|
Non-GAAP Operating
Margin |
|
10.7 |
% |
|
|
7.4 |
% |
|
|
|
|
GAAP Income Tax Expense |
$ |
1,471 |
|
|
$ |
468 |
|
Effect of accumulated change
of pretax income |
|
3,608 |
|
|
|
1,006 |
|
Effect of change in annual
expected tax rate |
|
(767 |
) |
|
|
(77 |
) |
Non-GAAP Income Tax
Expense |
$ |
4,312 |
|
|
$ |
1,397 |
|
|
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
GROSS MARGIN BY END MARKETS (unaudited) |
(in thousands) |
|
|
|
Three Months Ended |
|
March 31, 2022 |
|
March 31, 2021 |
Brain: |
|
|
|
Revenue |
$ |
51,388 |
|
|
$ |
48,484 |
|
Cost of revenue |
|
20,392 |
|
|
|
17,219 |
|
Intangibles amortization |
|
512 |
|
|
|
533 |
|
Gross profit |
$ |
30,484 |
|
|
$ |
30,732 |
|
Gross profit margin |
|
59.3 |
% |
|
|
63.4 |
% |
|
|
|
|
Neural
Pathways: |
|
|
|
Revenue |
$ |
19,392 |
|
|
$ |
17,840 |
|
Cost of revenue |
|
9,533 |
|
|
|
8,047 |
|
Intangibles amortization |
|
203 |
|
|
|
210 |
|
Gross profit |
$ |
9,656 |
|
|
$ |
9,583 |
|
Gross profit margin |
|
49.8 |
% |
|
|
53.7 |
% |
|
|
|
|
Sensory Nervous
Systems: |
|
|
|
Revenue |
$ |
37,673 |
|
|
$ |
35,532 |
|
Cost of revenue |
|
16,789 |
|
|
|
14,702 |
|
Intangibles amortization |
|
851 |
|
|
|
951 |
|
Gross profit |
$ |
20,033 |
|
|
$ |
19,879 |
|
Gross profit margin |
|
53.2 |
% |
|
|
55.9 |
% |
|
|
|
|
Other: |
|
|
|
Revenue |
$ |
11,340 |
|
|
$ |
13,071 |
|
Cost of revenue |
|
6,067 |
|
|
|
6,720 |
|
Intangibles amortization |
|
34 |
|
|
|
57 |
|
Gross profit |
$ |
5,239 |
|
|
$ |
6,294 |
|
Gross profit margin |
|
46.2 |
% |
|
|
48.2 |
% |
|
|
|
|
Consolidated: |
|
|
|
Revenue |
$ |
119,793 |
|
|
$ |
114,927 |
|
Cost of revenue |
|
52,781 |
|
|
|
46,688 |
|
Intangibles amortization |
|
1,600 |
|
|
|
1,751 |
|
Gross profit |
|
65,412 |
|
|
|
66,488 |
|
Gross profit margin |
|
54.6 |
% |
|
|
57.9 |
% |
|
|
|
|
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
RECONCILIATION OF NON-GAAP GROSS MARGIN BY END
MARKETS |
(unaudited) |
(in thousands) |
|
|
|
|
|
Three Months Ended |
|
March 31, 2022 |
|
March 31, 2021 |
Brain: |
|
|
|
GAAP Gross Profit |
$ |
30,484 |
|
|
$ |
30,732 |
|
Amortization of
intangibles |
|
512 |
|
|
|
533 |
|
COVID-19 relief |
|
— |
|
|
|
(83 |
) |
Restructuring and other
non-recurring costs |
|
278 |
|
|
|
211 |
|
Non-GAAP Gross Profit |
$ |
31,274 |
|
|
$ |
31,393 |
|
Non-GAAP Gross
Margin |
|
60.9 |
% |
|
|
64.7 |
% |
|
|
|
|
Neural
Pathways: |
|
|
|
GAAP Gross Profit |
$ |
9,656 |
|
|
$ |
9,583 |
|
Amortization of
intangibles |
|
203 |
|
|
|
210 |
|
COVID-19 relief |
|
— |
|
|
|
(33 |
) |
Restructuring and other
non-recurring costs |
|
105 |
|
|
|
80 |
|
Non-GAAP Gross Profit |
$ |
9,964 |
|
|
$ |
9,840 |
|
Non-GAAP Gross
Margin |
|
51.4 |
% |
|
|
55.2 |
% |
|
|
|
|
Sensory Nervous
Systems: |
|
|
|
GAAP Gross Profit |
$ |
20,033 |
|
|
$ |
19,879 |
|
Amortization of
intangibles |
|
851 |
|
|
|
951 |
|
COVID-19 relief |
|
— |
|
|
|
(280 |
) |
Restructuring and other
non-recurring costs |
|
408 |
|
|
|
242 |
|
Non-GAAP Gross Profit |
$ |
21,292 |
|
|
$ |
20,792 |
|
Non-GAAP Gross
Margin |
|
56.5 |
% |
|
|
58.5 |
% |
|
|
|
|
Other: |
|
|
|
GAAP Gross Profit |
$ |
5,239 |
|
|
$ |
6,294 |
|
Amortization of
intangibles |
|
34 |
|
|
|
57 |
|
COVID-19 relief |
|
— |
|
|
|
(6 |
) |
Restructuring and other
non-recurring costs |
|
114 |
|
|
|
78 |
|
Non-GAAP Gross Profit |
$ |
5,387 |
|
|
$ |
6,423 |
|
Non-GAAP Gross
Margin |
|
47.5 |
% |
|
|
49.1 |
% |
|
|
|
|
Consolidated: |
|
|
|
GAAP Gross Profit |
$ |
65,412 |
|
|
$ |
66,488 |
|
Amortization of
intangibles |
|
1,600 |
|
|
|
1,751 |
|
COVID-19 relief |
|
— |
|
|
|
(402 |
) |
Restructuring and other
non-recurring costs |
|
905 |
|
|
|
611 |
|
Non-GAAP Gross Profit |
$ |
67,917 |
|
|
$ |
68,448 |
|
Non-GAAP Gross
Margin |
|
56.7 |
% |
|
|
59.6 |
% |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES |
GEOGRAPHIC REVENUE (unaudited) |
(in thousands) |
|
|
|
|
|
Three Months Ended |
|
March 31, 2022 |
|
March 31, 2021 |
Consolidated
Revenue: |
|
|
|
United States |
$ |
69.97 |
|
|
$ |
67,772 |
|
International |
|
49.823 |
|
|
|
47,155 |
|
Totals |
$ |
119.793 |
|
|
$ |
114,927 |
|
|
|
|
|
United States |
|
58 |
% |
|
|
59 |
% |
International |
|
42 |
% |
|
|
41 |
% |
Totals |
|
100 |
% |
|
|
100 |
% |
Natus Medical (NASDAQ:NTUS)
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