NTUS - Natus Medical Announces Second Quarter 2020 Financial Results

July, 30 2020 04:01 PM Natus Medical Incorporated

Q2-2020

Key Results

Revenue (millions)

$84.8

• Newborn Care revenue increased 1% compared to second quarter last year
• Reduced debt by $13.0 million during the quarter
• NICVIEW II released during the quarter

GAAP loss per share

$0.26

Non-GAAP loss per share

$0.13

PLEASANTON, Calif., July 30, 2020 (GLOBE NEWSWIRE) -- 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 six months ended June 30, 2020.

For the second quarter ended June 30, 2020, the Company reported revenue of $84.8 million, a decrease of 32.4% compared to $125.5 million reported for the second quarter 2019. GAAP gross margin was 47.8% during the second quarter of 2020 compared to 56.9% in the second quarter 2019. GAAP net loss was $8.9 million, or $0.26 per share, compared with GAAP net income of $3.5 million, or $0.10 per diluted share in the second quarter 2019.

Non-GAAP loss per share was $0.13 for the second quarter 2020, compared to earnings per diluted share of $0.32 in the second quarter 2019. Non-GAAP net loss was $4.4 million in the second quarter 2020 compared to net income of $10.6 million in the second quarter 2019. Non-GAAP gross margin was 51.5% in the second quarter 2020 compared to 59.1% reported for the second quarter of 2019.

For the six months ended June 30, 2020, the Company reported revenue of $194.2 million, a decrease of 19.2% compared to $240.3 million reported for the same period in 2019. GAAP gross margin was 53.2% vs. 57.4% reported for the same period in 2019. GAAP net loss was $12.5 million, or $0.37 per share, compared with GAAP net loss of $26.9 million, or $0.80 per share in the same period in 2019.

Non-GAAP loss per share was $0.09 for the first six months in 2020, compared to earnings per diluted share of $0.39 in the same period in 2019. The Company reported non-GAAP net loss of $3.1 million for the six months ended June 30, 2020, compared to the prior year's non-GAAP net income of $13.3 million. Non-GAAP gross margin was 55.8% in 2020 vs. 59.3% reported for the same period in 2019.

COVID-19 Operational Impacts

Beginning in March of this year, Natus implemented safeguards in its facilities to protect its team members. These measures included social distancing practices, the ability to work from home and other safety procedures consistent with specific regulatory requirements and guidance from health authorities. As an essential supplier of healthcare products and services, all of Natus's manufacturing, engineering and customer support functions remain fully operational and continue to support customers with vital supplies, service and equipment. Our Company has adapted quickly and efficiently to this new environment and we will continue to operate in this manner until the global pandemic subsides.

Natus made investments in inventory during the second quarter to help mitigate any potential supply chain disruptions. Going into the third quarter, supply appears to be stable, which could allow for the reduction of inventory levels in future quarters. The Company has also taken actions to reduce costs, including reducing travel, tradeshows, employee and certain discretionary expenses. Natus will continue to prioritize investment spending to allow for continued innovation in its products and services, which is a key element of its strategy for profitable growth in the years ahead.

“As expected, we saw significant impact from COVID-19 during the second quarter, with revenue declining 32.4% compared to the second quarter of 2019. Our Neuro end market was impacted by the decline in spending at many hospitals and Hearing & Balance revenue declined due to the reduced activity in audiologist's offices and retail hearing centers. Our Newborn Care business performed well during the quarter increasing 1% compared to the second quarter last year as births continued at normal rates and we benefited from the release of our NICVIEW II NICU video streaming product,” said Jonathan Kennedy, President and Chief Executive Officer of Natus.

“Looking ahead to the third quarter, we expect Neuro and Hearing & Balance revenues to remain below pre-pandemic levels, but to improve compared to the second quarter. We expect Newborn Care to remain closer to historical levels. We see our customers adapting to the COVID environment with elective procedures resuming, which we believe will result in increased capital spending, improving our business over the remainder of 2020,” Mr. Kennedy continued.

Financial Guidance

Although we see our revenues and margins improving compared to the second quarter for the remainder of 2020, a significant amount of uncertainty still exists as a result of the COVID-19 pandemic. With this in mind, the Company will not provide detailed guidance at this time.

Use of Non-GAAP Financial Measures

The Company presents in this release its non-GAAP net income and loss, non-GAAP earnings per diluted share and loss 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 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. 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 a conference call to discuss this announcement beginning at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) today, July 30, 2020. 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 1467486. 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 1467486. 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 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 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, 2019 and Quarterly Report on Form 10-Q for the period ended March 31, 2020. Natus disclaims any obligation to update information contained in any forward looking statement, except as required by law.

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


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
(in thousands, except per share amounts)









Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
Revenue
$
84,780



$
125,539



$
194,163



$
240,296


Cost of revenue
42,573



52,393



87,506



98,903


Intangibles amortization
1,654



1,746



3,322



3,502


Gross profit
40,553



71,400



103,335



137,891


Gross profit margin
47.8

%

56.9

%

53.2

%

57.4

%
Operating expenses:







Marketing and selling
22,802



32,324



53,532



66,054


Research and development
14,336



13,324



31,905



26,718


General and administrative
11,187



12,690



24,368



28,996


Intangibles amortization
3,644



3,763



7,305



7,549


Restructuring
621



2,668



1,492



40,040


Total operating expenses
52,590



64,769



118,602



169,357


Income (loss) from operations
(12,037
)


6,631



(15,267
)


(31,466
)

Interest expense
(976
)


(1,388
)


(1,693
)


(2,894
)

Other income (expense), net
219



188



(558
)


(418
)

Income (loss) before provision for (benefit from) income tax
(12,794
)


5,431



(17,518
)


(34,778
)

Provision for (benefit from) income tax
(3,891
)


1,944



(5,018
)


(7,865
)

Net income (loss)
$
(8,903
)


$
3,487



$
(12,500
)


$
(26,913
)

Net income (loss) per share:







Basic
$
(0.26
)


$
0.10



$
(0.37
)


$
(0.80
)

Diluted
$
(0.26
)


$
0.10



$
(0.37
)


$
(0.80
)

Weighted-average shares:







Basic
33,827



33,639



33,624



33,630


Diluted
33,827



33,690



33,624



33,630


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)





June 30,

December 31,

2020

2019
ASSETS







Current assets:



Cash and investments
$
84,878


$
63,297

Accounts receivable
89,230


115,889

Inventories
83,589


71,368

Other current assets
21,059


19,195

Total current assets
278,756


269,749





Property and equipment
26,673


24,702

Operating lease right-of-use assets
12,926


15,046

Goodwill and intangible assets
249,901


261,166

Deferred income tax
30,204


30,355

Other assets
22,346


21,509

Total assets
$
620,806


$
622,527





LIABILITIES AND STOCKHOLDERS’ EQUITY







Current liabilities:



Accounts payable
$
31,654


$
27,253

Current portion of long-term debt
35,000


35,000

Accrued liabilities
38,857


54,451

Deferred revenue
21,186


20,246

Current portion of operating lease liabilities
5,533


5,871

Total current liabilities
132,230


142,821





Long-term debt
51,761


19,665

Deferred income tax
14,267


14,251

Operating lease liabilities
10,224


12,051

Other long-term liabilities
16,851


17,616

Total liabilities
225,333


206,404

Total stockholders’ equity
395,473


416,123

Total liabilities and stockholders’ equity
$
620,806


$
622,527


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)







Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
Operating activities:







Net income (loss)
$
(8,903
)


$
3,486



$
(12,500
)


$
(26,913
)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:







Provision for losses on accounts receivable
1,480



360



3,044



960


Impairment on intangibles held for sale
—



—



—



—


Depreciation and amortization
6,683



7,716



13,677



15,427


Loss on disposal of property and equipment
(20
)


303



22



482


Warranty reserve
576



1,323



1,280



1,677


Share-based compensation
2,373



1,908



4,664



4,462


Loss on commencement of sales-type leases
800



—



1,095



—


Impairment charge for held for sale assets
—



—



—



24,571


Changes in operating assets and liabilities:







Accounts receivable
10,582



3,615



25,152



19,170


Inventories
(7,751
)


2,370



(11,194
)


(2,106
)

Prepaid expenses and other assets
(3,007
)


(3,016
)


(4,066
)


(10,383
)

Accounts payable
(1,714
)


221



4,324



(3,215
)

Accrued liabilities
(7,014
)


(1,301
)


(16,343
)


(2,620
)

Deferred revenue
(1,888
)


757



302



2,739


Deferred income tax
52



(188
)


155



(205
)

Net cash provided by (used in) operating activities
(7,751
)


17,554



9,612



24,046


Investing activities:







Purchase of property and equipment
(3,352
)


(458
)


(6,927
)


(2,919
)

Purchase of intangible assets
—



(13
)


—



(13
)

Net cash used in investing activities
(3,352
)


(471
)


(6,927
)


(2,932
)

Financing activities:







Proceeds from stock option exercises and ESPP
658



1,406



658



1,674


Repurchase of common stock


—



(10,495
)


—


Taxes paid related to settlement of equity awards
(43
)


(6
)


(1,926
)


(1,573
)

Principal payments of financing lease liability
(109
)


(100
)


(242
)


(265
)

Proceeds from long-term borrowings
—



—



60,000



—


Payments on borrowings
(13,000
)


(20,000
)


(28,000
)


(25,000
)

Net cash provided by (used in) financing activities
(12,494
)


(18,700
)


19,995



(25,164
)

Exchange rate changes effect on cash and cash equivalents
1,459



203



(1,099
)


(314
)

Net increase (decrease) in cash and cash equivalents
(22,138
)


(1,414
)


21,581



(4,364
)

Cash and cash equivalents, beginning of period
107,016



53,423



63,297



56,373


Cash and cash equivalents, end of period
$
84,878



$
52,009



$
84,878



$
52,009


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)









Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
GAAP based results:







Income (loss) before provision for income tax
$
(12,794
)


$
5,431


$
(17,518
)


$
(34,778
)









Non-GAAP adjustments:







Intangibles amortization (COGS)
1,654



1,746


3,322



3,502


Recall accrual and remediation efforts (COGS)
—



322


—



67


Restructuring and other non-recurring costs (COGS)
1,486



738


1,776



989


Direct costs of acquisitions (COGS)
—



40


—



123


Intangibles amortization (OPEX)
3,644



3,763


7,305



7,549


Direct costs of acquisitions (OPEX)
—



151


—



258


Restructuring and other non-recurring costs (OPEX)
590



2,594


1,407



40,258


Litigation (OPEX)
—



10


—



697


Non-GAAP income (loss) before provision for (benefit from) income tax
(5,420
)


14,795


(3,708
)


18,665










Income tax expense (benefit), as adjusted
$
(1,009
)


$
4,180


$
(600
)


$
5,342










Non-GAAP net income (loss)
$
(4,411
)


$
10,615


$
(3,108
)


$
13,323


Non-GAAP earnings (loss) per share:







Basic
$
(0.13
)


$
0.32


$
(0.09
)


$
0.40


Diluted
$
(0.13
)


$
0.32


$
(0.09
)


$
0.39










Weighted-average shares used to compute







Basic non-GAAP earnings per share
33,827



33,639


33,624



33,630


Diluted non-GAAP earnings per share
33,827



33,690


33,624



33,733


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)









Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
GAAP Gross Profit
$
40,553



$
71,400



$
103,335



$
137,891


Amortization of intangibles
1,654



1,746



3,322



3,502


Direct cost of acquisitions
—



40



—



123


Recall accrual and remediation efforts
—



322



—



67


Restructuring and other non-recurring costs
1,486



738



1,776



989


Non-GAAP Gross Profit
$
43,693



$
74,246



$
108,433



$
142,572


Non-GAAP Gross Margin
51.5

%

59.1

%

55.8

%

59.3

%








GAAP Operating Income (Loss)
$
(12,037
)


$
6,631



$
(15,267
)


$
(31,466
)

Amortization of intangibles
5,298



5,509



10,627



11,051


Recall accrual and remediation efforts
—



322



—



67


Litigation
—



10



—



697


Restructuring and other non-recurring costs
2,076



3,332



3,183



41,247


Direct cost of acquisitions
—



191



—



381


Non-GAAP Operating Income (Loss)
$
(4,663
)


$
15,995



$
(1,457
)


$
21,977


Non-GAAP Operating Margin
(5.5
)
%

12.7

%

(0.8
)
%

9.1

%








GAAP Income Tax Expense (Benefit)
$
(3,891
)


$
1,944



$
(5,018
)


$
(7,865
)

Effect of accumulated change of pretax income
2,524



2,662



4,091



5,707


Effect of change in annual expected tax rate
358



(503
)


327



(606
)

Repatriation tax adjustment
—



—



—



(177
)

Restructuring and other expenses
—



77



—



8,283


Non-GAAP Income Tax Expense (Benefit)
$
(1,009
)


$
4,180



$
(600
)


$
5,342


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GROSS MARGIN BY END MARKETS (unaudited)
(in thousands)





Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
Neuro:







Revenue
$
43,509


$
71,598


$
108,830


$
133,988

Cost of revenue
21,194


27,674


47,605


50,575

Intangibles amortization
826


940


1,705


1,882

Gross profit
$
21,489


$
42,984


$
59,520


$
81,531

Gross profit margin
49.4
%

60.0
%

54.7
%

60.8
%








Newborn care:







Revenue
$
26,916


$
26,563


$
51,148


$
56,099

Cost of revenue
13,989


11,656


24,329


23,826

Intangibles amortization
64


64


127


129

Gross profit
$
12,863


$
14,843


$
26,692


$
32,144

Gross profit margin
47.8
%

55.9
%

52.2
%

57.3
%








Hearing & balance:







Revenue
$
14,355


$
27,378


$
34,185


$
50,209

Cost of revenue
7,390


13,063


15,572


24,502

Intangibles amortization
764


742


1,490


1,491

Gross profit
$
6,201


$
13,573


$
17,123


$
24,216

Gross profit margin
43.2
%

49.6
%

50.1
%

48.2
%








Consolidated:







Revenue
$
84,780


$
125,539


$
194,163


$
240,296

Cost of revenue
42,573


52,393


87,506


98,903

Intangibles amortization
1,654


1,746


3,322


3,502

Gross profit
$
40,553


$
71,400


$
103,335


$
137,891

Gross profit margin
47.8
%

56.9
%

53.2
%

57.4
%








Note: The revenue and gross margin for our AccuScreen® newborn hearing screening product has been reclassified from Hearing & Balance to Newborn Care for both the current and prior periods. Hearing & Balance was formerly named Audiology.


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP GROSS MARGIN BY END MARKETS (unaudited)
(in thousands)









Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
Neuro:







GAAP Gross Profit
$
21,489


$
42,984



$
59,520


$
81,531


Amortization of intangibles
826


940



1,705


1,882


Acquisition charges
—


40



—


123


Restructuring and other non-recurring costs
414


—



704


—


Non-GAAP Gross Profit
$
22,729


$
43,964



$
61,929


$
83,536


Non-GAAP Gross Margin
52.2
%

61.4

%

56.9
%

62.3

%








Newborn care:







GAAP Gross Profit
$
12,863


$
14,843



$
26,692


$
32,144


Amortization of intangibles
64


64



127


129


Recall accrual and remediation efforts
—


(316
)


—


(571
)

Restructuring and other non-recurring costs
—


738



—


814


Non-GAAP Gross Profit
$
12,927


$
15,329



$
26,819


$
32,516


Non-GAAP Gross Margin
48.0
%

57.7

%

52.4
%

58.0

%








Hearing & balance:







GAAP Gross Profit
$
6,201


$
13,573



$
17,123


$
24,216


Amortization of intangibles
764


742



1,490


1,491


Recall accrual and remediation efforts
—


638



—


638


Restructuring and other non-recurring costs
1,072


—



1,072


175


Non-GAAP Gross Profit
$
8,037


$
14,953



$
19,685


$
26,520


Non-GAAP Gross Margin
56.0
%

54.6

%

57.6
%

52.8

%








Consolidated:







GAAP Gross Profit
$
40,553


$
71,400



$
103,335


$
137,891


Amortization of intangibles
1,654


1,746



3,322


3,502


Acquisition charges
—


40



—


123


Recall accrual and remediation efforts
—


322



—


67


Restructuring and other non-recurring costs
1,486


738



1,776


989


Non-GAAP Gross Profit
$
43,693


$
74,246



$
108,433


$
142,572


Non-GAAP Gross Margin
51.5
%

59.1

%

55.8
%

59.3

%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GEOGRAPHIC REVENUE (unaudited)
(in thousands)









Three Months Ended

Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019
Consolidated Revenue:







United States
$
51,175


$
73,531


$
119,513


$
139,598

International
33,605


52,008


74,650


100,698

Totals
$
84,780


$
125,539


$
194,163


$
240,296









United States
60
%

59
%

62
%

58
%
International
40
%

41
%

38
%

42
%
Totals
100
%

100
%

100
%

100
%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
REVENUE AFTER EXITED PRODUCTS (unaudited)
(in millions)













Three Months Ended

Six Months Ended

Year Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019

December 31, 2019

December 31, 2018
Revenue
$
84.8


$
125.5



$
194.2


$
240.3



$
495.1



$
530.9


Newborn care*
—


(1.8
)


—


(4.0
)


(4.5
)


(20.6
)

Neuro*
—


(0.2
)


—


(1.0
)


(1.2
)


(14.3
)

Hearing & balance*
—


—



—


(0.1
)


(0.1
)


(11.3
)

Revenue after exited products
$
84.8


$
123.5



$
194.2


$
235.2



$
489.3



$
484.7














*Newborn care, Neuro, and Hearing & balance include exited businesses (GND, Neurocom, Medix) and other end of sales products.

Company Name:	Natus Medical Incorporated
Stock Symbol:	NTUS
Market:	NYSE
Website:	natus.com

Twitter