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Natus Medical Announces Third Quarter Financial Results

Reports record third quarter revenue of $130.6 million
Reports third quarter GAAP loss per share of $0.17 and non-GAAP earnings per share of $0.40
Updates annual revenue and earnings guidance for 2018

PLEASANTON, Calif. (October 24, 2018) - Natus Medical Incorporated (NASDAQ: BABY) today announced financial results for the three and nine months ended September 30, 2018.

For the third quarter ended September 30, 2018, the Company reported revenue of $130.6 million, an increase of 6.5% compared to $122.6 million reported for the third quarter 2017. GAAP gross profit margin was 59.0% vs. 60.5% in the third quarter 2017. GAAP net loss was $5.6 million, or $0.17 per share, compared with GAAP net loss of $8.5 million, or $0.26 per share in the third quarter 2017.

Non-GAAP earnings per diluted share was $0.40 for the third quarter 2018, compared to $0.40 in the third quarter 2017. Non-GAAP net income was $13.4 million for the third quarter 2018 compared to the prior year's third quarter non-GAAP net income of $13.1 million. Non-GAAP gross profit margin was 60.6% vs. 61.1% reported for the third quarter of 2017.

For the nine months ended September 30, 2018, the Company reported revenue of $389.9 million, an increase of 5.5% compared to $369.5 million reported for the same period in 2017. GAAP gross profit margin was 57.4% vs. 56.1% reported for the same period in 2017. GAAP net loss was $11.3 million, or $0.34 per share, compared with GAAP net loss of $13.2 million, or $0.41 per share in the same period in 2017.

Non-GAAP earnings per diluted share was $0.99 for the nine months ended September 30, 2018, compared to $1.03 in the same period in 2017. The Company reported non-GAAP net income of $33.0 million for the nine months ended September 30, 2018, compared to the prior year's non-GAAP net income of $34.2 million.

Cash flow from operations was $7.6 million and the Company repaid $5.0 million of outstanding debt during the third quarter of 2018.

“Our 2018 third quarter results are highlighted by 6.5% year over year revenue growth and 12.1% growth in non-GAAP operating income driven both by the acquisition of our Neuro Surgery business last year and modest organic growth in Neuro,” said Jonathan Kennedy, President and Chief Executive Officer of Natus. “We also continued to make progress on the regulatory front, successfully completing an FDA audit and our first MDSAP audit in our Seattle facility during the quarter.”

“In the third quarter, we made excellent progress with several new products. We recognized our first revenue on Otoscan, selling over 50 units, introduced four new neurodiagnostic devices and Newborn Care made significant headway on new systems expected to be released in 2019,” Kennedy continued.

Financial Guidance


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For the fourth quarter of 2018, the Company provided revenue guidance of $135.0 million to $140.0 million and non-GAAP earnings per share guidance of $0.48 to $0.51.

For the full year 2018, the Company updated its revenue guidance to $525.0 million to $530.0 million from $525.0 million to $535.0 million and updated its non-GAAP earnings per share guidance to $1.47 to $1.50 from $1.50 to $1.60.

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 $7.5 million and $52.0 million for the fourth quarter 2018 and full year, respectively, and which the Company expects will reduce GAAP earnings per share by approximately $0.22 and $1.54 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.

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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, October 24, 2018. 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 6688356. 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 6688356. 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 healthcare products and services used for the screening, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, neurosurgery, epilepsy, sleep disorders, and balance and mobility disorders.

Additional information about Natus Medical can be found at www.natus.com.


Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, particularly statements regarding the expectations, beliefs, plans, intentions and strategies of Natus. These forward-looking statements include statements regarding the anticipated revenue and GAAP and non-GAAP earnings per share for the fourth quarter and full year 2018 and the impact of amortization expense associated with acquisition-related intangible assets, certain other expenses, and related tax effects. 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. Our future results could differ materially due to a number of factors, including the effects of competition, our ability to successfully integrate and achieve our profitability goals from recent acquisitions, the demand for our products and services, the impact of adverse global economic conditions and changing governmental regulations, including foreign exchange rate changes, on our target markets, our ability to expand our sales in international markets, our ability to maintain current sales levels in a mature domestic market, our ability to control costs, risks associated with bringing new

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products to market, and our ability to fulfill product orders on a timely basis. Natus disclaims any obligation to update information contained in any forward looking statement.

More information about potential risk factors that could affect the business and financial results of Natus is included in Natus' annual report on Form 10-K for the year ended December 31, 2017, and its subsequent quarterly reports on Form 10-Q and in other reports filed from time to time by Natus with the U.S. Securities and Exchange Commission.

Natus Medical Incorporated
Drew Davies
Executive Vice President and Chief Financial Officer
(925) 223-6700
InvestorRelations@Natus.com    


4




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, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Revenue
$
130,638

 
$
122,643

 
$
389,900

 
$
369,531

Cost of revenue
51,583

 
47,112

 
159,849

 
158,615

Intangibles amortization
1,930

 
1,290

 
6,235

 
3,789

  Gross profit
77,125

 
74,241

 
223,816

 
207,127

Gross profit margin
59.0
%
 
60.5
%
 
57.4
%
 
56.1
%
Operating expenses:
 
 
 
 
 
 
 
  Marketing and selling
33,200

 
32,537

 
102,474

 
95,106

  Research and development
15,127

 
11,632

 
46,186

 
38,098

  General and administrative
15,799

 
17,329

 
56,967

 
57,501

  Intangibles amortization
4,477

 
3,882

 
13,434

 
11,841

  Restructuring
11,432

 
321

 
14,182

 
914

    Total operating expenses
80,035

 
65,701

 
233,243

 
203,460

Income (loss) from operations
(2,910
)
 
8,540

 
(9,427
)
 
3,667

Interest expense
(1,644
)
 
(1,025
)
 
(5,240
)
 
(3,287
)
Other income
918

 
1,175

 
296

 
2,019

Income (loss) before tax
(3,636
)
 
8,690

 
(14,371
)
 
2,399

Provision for income tax expense (benefit)
1,940

 
17,203

 
(3,069
)
 
15,597

Net loss
$
(5,576
)
 
$
(8,513
)
 
$
(11,302
)
 
$
(13,198
)
Loss per share:

 
 
 
 
 
 
  Basic
$
(0.17
)
 
$
(0.26
)
 
$
(0.34
)
 
$
(0.41
)
  Diluted
$
(0.17
)
 
$
(0.26
)
 
$
(0.34
)
 
$
(0.41
)
Weighted-average shares:
 
 
 
 
 
 
 
  Basic
33,321

 
32,593

 
32,982

 
32,536

  Diluted
33,321

 
32,593

 
32,982

 
32,536




5



NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
 
 
 
 
 
 
 
September 30,
 
June 30,
 
December 31,
 
2018
 
2018
 
2017
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and investments
$
54,440

 
$
54,908

 
$
88,950

Accounts receivable
121,113

 
122,971

 
126,809

Inventories
80,586

 
76,630

 
71,529

Other current assets
30,843

 
32,224

 
18,340

Total current assets
286,982

 
286,733

 
305,628

 
 
 
 
 
 
Property and equipment
21,564

 
21,645

 
22,071

Goodwill and intangible assets
318,618

 
326,109

 
345,580

Deferred income tax
10,135

 
10,296

 
10,709

Other assets
16,746

 
18,855

 
25,931

Total assets
$
654,045

 
$
663,638

 
$
709,919

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
$
20,595

 
$
24,053

 
$
25,242

Accrued liabilities
52,015

 
54,874

 
51,738

Deferred revenue
16,816

 
16,892

 
15,157

Total current liabilities
89,426

 
95,819

 
92,137

 
 
 
 
 
 
Long-term liabilities:
 
 
 
 
 
Long-term debt
114,426

 
119,379

 
154,283

Deferred income tax
18,896

 
18,936

 
19,407

Other long-term liabilities
21,338

 
21,970

 
21,995

Total liabilities
244,086

 
256,104

 
287,822

Total stockholders’ equity
409,959

 
407,534

 
422,097

Total liabilities and stockholders’ equity
$
654,045

 
$
663,638

 
$
709,919














6



NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
 
 
 
Three Months Ended
 
September 30, 2018
 
September 30, 2017
Operating activities:
 
 
 
Net loss
$
(5,576
)
 
$
(8,513
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Provision for losses on accounts receivable
1,782

 
1,632

Depreciation and amortization
8,958

 
7,040

Loss on disposal of property and equipment
250

 
20

Warranty reserve
(902
)
 
(401
)
Share-based compensation
9,814

 
2,248

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
891

 
(4,762
)
Inventories
(2,700
)
 
699

Prepaid expenses and other assets
743

 
719

Accounts payable
(3,435
)
 
(8,734
)
Accrued liabilities
(2,446
)
 
1,967

Deferred revenue
58

 
998

Deferred income tax
191

 
11,021

Net cash provided by operating activities
7,628

 
3,934

Investing activities:
 
 
 
Acquisition of businesses, net of cash acquired

 
4,844

Purchases of property and equipment
(1,740
)
 
(1,285
)
Purchase of intangible assets
(339
)
 

Net cash provided by (used in) investing activities
(2,079
)
 
3,559

Financing activities:
 
 
 
Proceeds from stock option exercises and Employee Stock Purchase Program purchases
5,423

 
174

Taxes paid related to net share settlement of equity awards
(4,847
)
 
(549
)
Deferred debt issuance costs

 
(316
)
Contingent consideration earn-out

 
(446
)
Proceeds from borrowings

 
50,000

Payments on borrowings
(5,000
)
 
(5,000
)
Net cash provided by (used in) financing activities
(4,424
)
 
43,863

Exchange rate changes effect on cash and cash equivalents
(1,593
)
 
746

Net Increase (decrease) in cash and cash equivalents
(468
)
 
52,102

Cash and cash equivalents, beginning of period
54,908

 
80,303

Cash and cash equivalents, end of period
$
54,440

 
$
132,405





7



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, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
GAAP based results:
 
 
 
 
 
 
 
Income before provision for income tax
$
(3,636
)
 
$
8,690

 
$
(14,371
)
 
$
2,399

 
 
 
 
 
 
 
 
Non-GAAP adjustments:
 
 
 
 
 
 
 
Intangibles amortization - (COGS)
1,930

 
1,290

 
6,235

 
3,789

Recall accrual and remediation efforts (COGS)
(1,198
)
 
(714
)
 
1,375

 
3,945

Restructuring and other non-recurring costs (COGS)
846

 

 
873

 
1,684

Direct costs of acquisitions (COGS)
402

 
76

 
3,882

 
4,446

Intangibles amortization - (OPEX)
4,483

 
3,882

 
13,439

 
11,841

Direct costs of acquisitions (M&S)
14

 
(302
)
 
423

 
(338
)
Recall accrual and remediation efforts (R&D)
1,288

 
1,469

 
4,875

 
6,571

Direct costs of acquisitions (R&D)
50

 
24

 
235

 
24

Restructuring and other non-recurring costs (OPEX)
12,904

 
321

 
18,108

 
5,401

Direct costs of acquisitions (G&A)
502

 
1,457

 
3,682

 
2,370

Restructuring and other non-recurring costs (OI)

 

 
366

 

Direct costs of acquisitions (OI)

 

 

 
48

Extraordinary annual meeting expenses
15

 

 
2,230

 

Extraordinary patent litigation

 
306

 
996

 
1,642

Non-GAAP income before provision for income tax
17,600

 
16,499

 
42,348

 
43,822

 
 
 
 
 
 
 
 
Income tax expense, as adjusted
$
4,227

 
$
3,380

 
$
9,357

 
$
9,672

 
 
 
 
 
 
 
 
Non-GAAP net income
$
13,373

 
$
13,119

 
$
32,991

 
$
34,150

 Non-GAAP earnings per share:
 
 
 
 
 
 
 
  Basic
$
0.40

 
$
0.40

 
$
1.00

 
$
1.05

  Diluted
$
0.40

 
$
0.40

 
$
0.99

 
$
1.03

 
 
 
 
 
 
 
 
 Weighted-average shares used to compute
 
 
 
 
 
 
 
   Basic non-GAAP earnings per share
33,321

 
32,593

 
32,982

 
32,536

   Diluted non-GAAP earnings per share
33,551

 
33,100

 
33,388

 
33,086




8



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, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
GAAP Gross Profit
77,125

 
74,241

 
223,816

 
207,127

Amortization of intangibles
1,930

 
1,290

 
6,235

 
3,789

Direct cost of acquisitions
402

 
76

 
3,882

 
4,446

Recall accrual and remediation efforts
(1,198
)
 
(714
)
 
1,375

 
3,945

Restructuring and other non-recurring costs
846

 

 
873

 
1,684

Non-GAAP Gross Profit
79,105

 
74,893

 
236,181

 
220,991

Non-GAAP Gross Margin
60.6
%
 
61.1
%
 
60.6
%
 
59.8
%
 
 
 
 
 
 
 
 
GAAP Operating Profit
(2,910
)
 
8,540

 
(9,427
)
 
3,667

Amortization of intangibles
6,413

 
5,172

 
19,674

 
15,630

Recall accrual and remediation efforts
90

 
755

 
6,250

 
10,516

Extraordinary patent litigation

 
306

 
996

 
1,642

Restructuring and other non-recurring costs
13,750

 
321

 
18,981

 
7,085

Direct cost of acquisitions
968

 
1,255

 
8,222

 
6,502

Extraordinary annual meeting expenses
15

 

 
2,230

 

Non-GAAP Operating Profit
18,326

 
16,349

 
46,926

 
45,042

Non-GAAP Operating Margin
14.0
%
 
13.3
%
 
12.0
%
 
12.2
%
 
 
 
 
 
 
 
 
GAAP Provision for income tax expense (benefit)
1,940

 
17,203

 
(3,069
)
 
15,597

Effect of accumulated change of pretax income
(15,493
)
 
(1,942
)
 
(4,701
)
 
5,099

Effect of change in annual expected tax rate
15,704

 
(1,126
)
 
14,120

 
(473
)
Repatriation tax adjustment

 

 
101

 

Stock-based compensation adjustment
791

 

 
1,621

 

Valuation Allowance for GAAP purposes
1,285

 
(10,755
)
 
1,285

 
(10,755
)
Effect on acquisition cost

 

 

 
204

Non-GAAP Income tax expense
4,227

 
3,380

 
9,357

 
9,672

 
 
 
 
 
 
 
 
 
Quarter Ended
 
Year Ended
 
 
 
 
 
December 31, 2018
 
December 31, 2018
 
 
 
 
GAAP EPS Guidance
$0.26 - $0.29
 
($0.07) - ($0.04)
 
 
 
 
Amortization of Intangibles
0.20
 
0.79
 
 
 
 
Restructuring and other non-recurring costs
0.03
 
0.67
 
 
 
 
Litigation
 
0.03
 
 
 
 
Recall Accrual and Remediation Efforts
0.03
 
0.22
 
 
 
 
Direct cost of acquisitions
0.02
 
0.26
 
 
 
 
Tax effect
(0.06)
 
(0.43)
 
 
 
 
Non-GAAP EPS Guidance
$0.48 - $0.51
 
$1.47 - $1.50
 
 
 
 



9




NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GROSS MARGIN BY BUSINESS UNIT (unaudited)
(in thousands)
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Neuro:
 
 
 
 
 
 
 
Revenue
$
69,790

 
$
59,368

 
$
206,162

 
$
174,955

Cost of revenue
25,275

 
21,222

 
79,628

 
65,011

Intangibles amortization
1,042

 
470

 
3,507

 
1,369

  Gross profit
43,473

 
37,676

 
123,027

 
108,575

Gross profit margin
62.3
%
 
63.5
%
 
59.7
%
 
62.1
%
 
 
 
 
 
 
 
 
Newborn care:
 
 
 
 
 
 
 
Revenue
$
31,210

 
$
33,666

 
$
91,188

 
$
108,408

Cost of revenue
13,044

 
12,848

 
38,223

 
52,248

Intangibles amortization
119

 
126

 
358

 
338

  Gross profit
18,047

 
20,692

 
52,607

 
55,822

Gross profit margin
57.8
%
 
61.5
%
 
57.7
%
 
51.5
%
 
 
 
 
 
 
 
 
Otometrics:
 
 
 
 
 
 
 
Revenue
$
29,638

 
$
29,609

 
$
92,550

 
$
86,168

Cost of revenue
13,264

 
13,042

 
41,998

 
41,356

Intangibles amortization
769

 
694

 
2,370

 
2,082

  Gross profit
15,605

 
15,873

 
48,182

 
42,730

Gross profit margin
52.7
%
 
53.6
%
 
52.1
%
 
49.6
%
 
 
 
 
 
 
 
 
Consolidated:
 
 
 
 
 
 
 
Revenue
$
130,638

 
$
122,643

 
$
389,900

 
$
369,531

Cost of revenue
51,583

 
47,112

 
159,849

 
158,615

Intangibles amortization
1,930

 
1,290

 
6,235

 
3,789

  Gross profit
77,125

 
74,241

 
223,816

 
207,127

Gross profit margin
59.0
%
 
60.5
%
 
57.4
%
 
56.1
%





10



NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP GROSS MARGIN BY BUSINESS UNIT (unaudited)
(in thousands)
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Neuro:
 
 
 
 
 
 
 
GAAP Gross Profit
43,473

 
37,676

 
123,027

 
108,575

Amortization of intangibles
1,042

 
469

 
3,507

 
1,364

Acquisition charges
402

 

 
3,832

 

Recall accrual and remediation efforts

 

 

 
1,781

Non-GAAP Gross Profit
44,917

 
38,145

 
130,366

 
111,720

Non-GAAP Gross Margin
64.4
%
 
64.3
%
 
63.2
%
 
63.9
%
 
 
 
 
 
 
 
 
Newborn care:
 
 
 
 
 
 
 
GAAP Gross Profit
18,047

 
20,692

 
52,607

 
55,822

Amortization of intangibles
119

 
128

 
358

 
345

Recall accrual and remediation efforts
(1,198
)
 
(714
)
 
1,375

 
2,164

Restructuring and other non-recurring costs
846

 

 
848

 
1,684

Non-GAAP Gross Profit
17,814

 
20,106

 
55,188

 
60,015

Non-GAAP Gross Margin
57.1
%
 
59.7
%
 
60.5
%
 
55.4
%
 
 
 
 
 
 
 
 
Otometrics:
 
 
 
 
 
 
 
GAAP Gross Profit
15,605

 
15,873

 
48,182

 
42,730

Amortization of intangibles
769

 
693

 
2,370

 
2,080

Acquisition charges

 
76

 
50

 
4,446

Restructuring and other non-recurring costs

 

 
25

 

Non-GAAP Gross Profit
16,374

 
16,642

 
50,627

 
49,256

Non-GAAP Gross Margin
55.2
%
 
56.2
%
 
54.7
%
 
57.2
%
 
 
 
 
 
 
 
 
Consolidated:
 
 
 
 
 
 
 
GAAP Gross Profit
77,125

 
74,241

 
223,816

 
207,127

Amortization of intangibles
1,930

 
1,290

 
6,235

 
3,789

Acquisition charges
402

 
76

 
3,882

 
4,446

Recall accrual and remediation efforts
(1,198
)
 
(714
)
 
1,375

 
3,945

Restructuring and other non-recurring costs
846

 

 
873

 
1,684

Non-GAAP Gross Profit
79,105

 
74,893

 
236,181

 
220,991

Non-GAAP Gross Margin
60.6
%
 
61.1
%
 
60.6
%
 
59.8
%


11



NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GEOGRAPHIC REVENUE (unaudited)
(in thousands)
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2017
 
September 30, 2018
 
September 30, 2017
Consolidated Revenue:
 
 
 
 
 
 
 
United States
77,980

 
68,697

 
222,135

 
200,506

International
52,658

 
53,946

 
167,765

 
169,025

Totals
130,638

 
122,643

 
389,900

 
369,531

 
 
 
 
 
 
 
 
United States
60
%
 
56
%
 
57
%
 
54
%
International
40
%
 
44
%
 
43
%
 
46
%
Totals
100
%
 
100
%
 
100
%
 
100
%




12

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