NTUS - Natus Medical Announces Third Quarter 2019 Financial Results

October, 24 2019 04:05 PM Natus Medical Incorporated

Third quarter revenue of $123.5 million
Third quarter GAAP earnings per diluted share of $0.25
Third quarter non-GAAP earnings per diluted share of $0.36

PLEASANTON, Calif., Oct. 24, 2019 (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 nine months ended September 30, 2019.

Key Results During the Quarter

Achieved organic revenue growth of 2% after divestitures
Reduced inventory by $1.6 million during the quarter
Reduced days sales outstanding by six days year-over-year
Generated $23.9 million in operating cash flow
Reduced debt by $10.0 million

For the third quarter ended September 30, 2019, the Company reported revenue of $123.5 million, a decrease of 5.4% compared to $130.6 million reported for the third quarter 2018. GAAP gross profit margin was 59.1% during the third quarter of 2019 compared to 59.0% in the third quarter 2018. GAAP net income was $8.5 million, or $0.25 per diluted share, compared with GAAP net loss of $5.6 million, or $0.17 per share in the third quarter 2018.

Non-GAAP earnings per diluted share was $0.36 for the third quarter 2019, compared to $0.40 in the third quarter 2018. Non-GAAP net income was $12.1 million for the third quarter 2019 compared to $13.4 million in the third quarter 2018. Non-GAAP gross profit margin was 61.3% in the third quarter 2019 compared to 60.6% reported for the third quarter of 2018.

For the nine months ended September 30, 2019, the Company reported revenue of $363.8 million, a decrease of 6.7% compared to $389.9 million reported for the same period in 2018. GAAP gross profit margin was 58.1% vs. 57.4% reported for the same period in 2018. GAAP net loss was $17.4 million, or $0.52 per share, compared with GAAP net loss of $11.3 million, or $0.34 per share in the same period in 2018.

Non-GAAP earnings per diluted share was $0.79 for the nine months in 2019, compared to $0.99 in the same period in 2018. The Company reported non-GAAP net income of $26.5 million for the nine months ended September 30, 2019, compared to the prior year's non-GAAP net income of $33.0 million.

“Our third quarter results represent continued improvement in our business. Our performance in the quarter drove significant cash flow from operations of $23.9 million. Revenue from our neuro end market grew 8% adjusted for divestitures for the second consecutive quarter. Our newborn care and hearing & balance markets were down year-over-year, but showed growth in phototherapy, vision screening and hearing fitting devices. Overall, we achieved revenue growth of 2%, adjusted for divestitures and discontinued products,” said Jonathan Kennedy, President and Chief Executive Officer of Natus. “During the quarter, we continued to execute our strategic plan of focusing our efforts in the central nervous systems and sensory markets and believe we have achieved significant improvements in our operational efficiency.”

Financial Guidance

For the fourth quarter of 2019, the Company's revenue guidance is expected to be between $128.0 million and $132.0 million and non-GAAP earnings per share guidance is expected to be between $0.44 and $0.50.

For the full year 2019, the Company updated its expected revenue guidance to be between $492.0 million and $496.0 million and non-GAAP expected earnings per share guidance to be between $1.23 and $1.29.

The Company's non-GAAP earnings per share guidance excludes charges for amortization expense associated with intangible assets from prior acquisitions, certain other expenses, and related tax effects, which the Company expects to be approximately $6.7 million and $50.5 million for the fourth quarter 2019 and full year, respectively, and which the Company expects will reduce GAAP earnings per share by approximately $0.19 and $1.49 for the respective periods.

Use of Non-GAAP Financial Measures

The Company presents in this release its non-GAAP net income, non-GAAP earnings per share, non-GAAP gross margin and non-GAAP operating margin results which exclude amortization expense associated with certain acquisition-related intangibles, restructuring charges, certain discrete items, direct costs of acquisitions, and the related tax effects. A reconciliation between non-GAAP and GAAP financial measures is included in this press release.

The Company believes that the presentation of results excluding these charges or gains provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and better reflects the ongoing economics of the Company's operations. The Company believes these non-GAAP financial measures facilitate comparison of operating results across reporting periods.

Specifically, the Company excludes the following charges, gains, and their related tax effects in the calculation of non-GAAP net income, non-GAAP earnings per share and non-GAAP operating expense: 1) Non-cash amortization expense associated with certain acquisition-related intangibles. The charges reflect an estimate of the cost of acquired intangible assets over their estimated useful lives. 2) Restructuring and other non-recurring charges. The Company has over time completed multiple acquisitions of other companies and businesses. Following an acquisition the Company will, as it determines appropriate, initiate restructuring events to eliminate redundant costs. Restructuring expenses, which are excluded in the non-GAAP items, are exclusively related to permanent reductions in our workforce and redundant facility closures. Other non-recurring costs are associated with the transition of the executive management team. These costs can include stock compensation from accelerated vesting of stock, severance payouts and related payroll expenses. 3) Certain discrete items. These items represent significant infrequent charges or gains that management believes should be viewed outside of normal operating results, and each significant discrete transaction is evaluated to determine whether it should be excluded from non-GAAP reporting. These items are specifically identified when they occur. 4) Direct costs of acquisitions. These are direct acquisition-related costs that occur when the Company makes an acquisition, such as professional fees, due diligence costs, and earn-out adjustments.

The Company applies GAAP methodologies in computing its non-GAAP tax provision by determining the annual expected effective tax rate after taking into account items excluded for non-GAAP financial reporting purposes. The Company’s non-GAAP tax expense and its non-GAAP effective tax rate are generally higher than its GAAP tax expense and GAAP effective tax rate because the income subject to taxes would be higher due to the effect of the expenses excluded from non-GAAP financial reporting. The nature of each quarterly discrete transaction will be evaluated to determine whether it should be excluded from non-GAAP reporting.

The Company's management uses these non-GAAP financial measures in assessing the Company's performance and when planning, forecasting, and analyzing future periods and the Company believes that investors also benefit from being able to refer to these non-GAAP financial measures along with the GAAP operating results. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for or superior to financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated.

Conference Call

Natus has scheduled a conference call to discuss this announcement beginning at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) today, October 24, 2019. Individuals interested in listening to the conference call may do so by dialing 1-844-634-1441 for domestic callers, or 1-508-637-5658 for international callers, and entering reservation code 8582045. 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 8582045. 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 forward-looking statements include, without limitation, statements regarding the Company's ability to achieve improvements in operational efficiency and to execute its strategic plans. These statements relate to current estimates and assumptions of our management as of the date of this press release and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are only predictions and the actual events or results may differ materially. Natus cannot provide any assurance that its future results or the results implied by the forward-looking statements will meet expectations. The Company's future results could differ materially due to a number of factors, including the ability of the Company to realize the anticipated benefits from its new structure or from its consolidation strategy, effects of competition, the Company's ability to successfully integrate and achieve its profitability goals from recent acquisitions, the demand for Natus products and services, the impact of adverse global economic conditions and changing governmental regulations, including foreign exchange rate changes, on the Company's target markets, the Company's ability to expand its sales in international markets, the Company's ability to maintain current sales levels in a mature domestic market, the Company's ability to control costs, risks associated with bringing new products to market, and the Company's ability to fulfill product orders on a timely basis, as well as those factors identified under the heading Item 1A “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018. 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

Nine Months Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018
Revenue
$
123,463


$
130,638


$
363,759


$
389,900

Cost of revenue
48,706


51,583


147,240


159,849

Intangibles amortization
1,736


1,930


5,237


6,235

Gross profit
73,021


77,125


211,282


223,816

Gross profit margin
59.1
%

59.0
%

58.1
%

57.4
%
Operating expenses:







Marketing and selling
30,848


33,200


96,813


102,474

Research and development
14,114


15,127


39,941


46,186

General and administrative
15,113


15,799


44,108


56,966

Intangibles amortization
3,751


4,477


11,300


13,434

Restructuring
1,106


11,432


41,147


14,182

Total operating expenses
64,932


80,035


233,309


233,242

Income (loss) from operations
8,089


(2,910
)

(22,027
)

(9,426
)
Interest expense
(1,165
)

(1,644
)

(4,059
)

(5,240
)
Other income (expense)
(444
)

918


(862
)

296

Income (loss) before tax
6,480


(3,636
)

(26,948
)

(14,370
)
Provision for income tax expense (benefit)
(1,981
)

1,940


(9,596
)

(3,069
)
Net income (loss)
$
8,461


$
(5,576
)

$
(17,352
)

$
(11,301
)
Earnings (loss) per share:







Basic
$
0.25


$
(0.17
)

$
(0.52
)

$
(0.34
)
Diluted
$
0.25


$
(0.17
)

$
(0.52
)

$
(0.34
)
Weighted-average shares:







Basic
33,655


33,321


33,666


32,982

Diluted
33,738


33,321


33,666


32,982


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







September 30,

June 30,

December 31,

2019

2019

2018
ASSETS











Current assets:





Cash and investments
$
63,062


$
52,009


$
56,373

Accounts receivable
108,964


106,934


127,041

Inventories
75,107


78,275


79,736

Other current assets
27,735


28,022


22,625

Total current assets
274,868


265,240


285,775







Property and equipment
25,095


26,547


22,913

Operating lease right-of-use assets
16,059


17,217


—

Goodwill and intangible assets
265,152


274,725


287,097

Deferred income tax
21,955


19,187


22,639

Other assets
25,984


25,084


19,716

Total assets
$
629,113


$
628,000


$
638,140







LIABILITIES AND STOCKHOLDERS’ EQUITY











Current liabilities:





Accounts payable
$
30,096


$
25,235


$
28,805

Current portion of long-term debt
35,000


35,000


35,000

Accrued liabilities
56,657


51,605


52,568

Deferred revenue
19,242


19,861


17,073

Current portion of operating lease liabilities
5,901


5,960


—

Liabilities and accrued impairment held for sale
—


—


—

Total current liabilities
146,896


137,661


133,446







Long-term liabilities:





Long-term debt
34,618


44,570


69,474

Deferred income tax
8,129


8,649


16,931

Operating lease liabilities
13,112


14,326


—

Other long-term liabilities
20,200


21,237


19,845

Total liabilities
222,955


226,443


239,696

Total stockholders’ equity
406,158


401,557


398,444

Total liabilities and stockholders’ equity
$
629,113


$
628,000


$
638,140

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







Three Months Ended

Nine Months Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018
Operating activities:







Net income (loss)
$
8,461


$
(5,576
)

$
(17,352
)

$
(11,301
)
Adjustments to reconcile net loss to net cash provided by operating activities:







Provision for losses on accounts receivable
534


1,782


1,494


5,871

Depreciation and amortization
7,519


8,958


22,946


25,652

(Gain) loss on disposal of property and equipment
—


250


482


410

Warranty reserve
911


(902
)

2,588


73

Share-based compensation
1,915


9,814


6,377


15,446

Impairment charge for held for sale assets
—


—


24,571


—

Changes in operating assets and liabilities:







Accounts receivable
(1,880
)

891


17,290


2,955

Inventories
401


(2,700
)

(2,074
)

(5,183
)
Prepaid expenses and other assets
417


743


(10,643
)

(14,398
)
Accounts payable
5,124


(3,435
)

1,607


(3,799
)
Accrued liabilities
3,693


(2,446
)

1,073


968

Deferred revenue
(368
)

58


2,371


1,745

Deferred income tax
(2,861
)

191


(2,817
)

517

Net cash provided by operating activities
23,866


7,628


47,913


18,956

Investing activities:







Acquisition of businesses, net of cash acquired
—


—


—


151

Purchases of property and equipment
(953
)

(1,740
)

(3,872
)

(5,127
)
Purchase of intangible assets
—


(339
)

(13
)

(637
)
Net cash used in investing activities
(953
)

(2,079
)

(3,885
)

(5,613
)
Financing activities:







Proceeds from stock option exercises and ESPP
519


5,423


2,193


10,515

Repurchase of common stock
—


—


—


(5,629
)
Taxes paid related to settlement of equity awards
(23
)

(4,847
)

(1,596
)

(5,173
)
Principal payments of financing lease liability
(139
)

—


(404
)

—

Contingent consideration earn-out
—


—


—


(147
)
Payments on borrowings
(10,000
)

(5,000
)

(35,000
)

(40,000
)
Net cash used in financing activities
(9,643
)

(4,424
)

(34,807
)

(40,434
)
Exchange rate changes effect on cash and cash equivalents
(2,217
)

(1,593
)

(2,532
)

(7,419
)
Net decrease in cash and cash equivalents
11,053


(468
)

6,689


(34,510
)
Cash and cash equivalents, beginning of period
52,009


54,908


56,373


88,950

Cash and cash equivalents, end of period
$
63,062


$
54,440


$
63,062


$
54,440

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, 2019

September 30, 2018

September 30, 2019

September 30, 2018
GAAP based results:







Income (loss) before provision for income tax
$
6,480


$
(3,636
)

$
(26,948
)

$
(14,370
)








Non-GAAP adjustments:







Intangibles amortization (COGS)
1,736


1,930


5,237


6,235

Recall accrual and remediation efforts (COGS)
—


(1,198
)

67


1,375

Restructuring and other non-recurring costs (COGS)
—


846


989


873

Direct costs of acquisitions (COGS)
917


402


1,040


3,882

Intangibles amortization (OPEX)
3,751


4,483


11,300


13,439

Direct costs of acquisitions (M&S)
7


14


40


423

Recall accrual and remediation efforts (R&D)
—


1,288


—


4,875

Direct costs of acquisitions (R&D)
61


50


152


235

Restructuring and other non-recurring costs (OPEX)
1,855


12,904


42,112


18,108

Direct costs of acquisitions (G&A)
630


502


764


3,682

Direct costs of acquisitions (OI&E)
—


—


—


366

Extraordinary annual meeting expenses
—


15


—


2,230

Litigation (OPEX)
5


—


702


996

Non-GAAP income before provision for income tax
15,442


17,600


35,455


42,349









Income tax expense, as adjusted
$
3,331


$
4,227


$
8,922


$
9,357









Non-GAAP net income
$
12,111


$
13,373


$
26,533


$
32,992

Non-GAAP earnings per share:







Basic
$
0.36


$
0.40


$
0.79


$
1.00

Diluted
$
0.36


$
0.40


$
0.79


$
0.99









Weighted-average shares used to compute







Basic non-GAAP earnings per share
33,655


33,321


33,666


32,982

Diluted non-GAAP earnings per share
33,738


33,551


33,772


33,388

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, 2019

September 30, 2018

September 30, 2019

September 30, 2018
GAAP Gross Profit
$
73,021


$
77,125


$
211,282


$
223,816

Amortization of intangibles
1,736


1,930


5,237


6,235

Direct cost of acquisitions
917


402


1,040


3,882

Recall accrual and remediation efforts
—


(1,198
)

67


1,375

Restructuring and other non-recurring costs
—


846


989


873

Non-GAAP Gross Profit
$
75,674


$
79,105


$
218,615


$
236,181

Non-GAAP Gross Margin
61.3
%

60.6
%

60.1
%

60.6
%








GAAP Operating Income (Loss)
$
8,089


$
(2,910
)

$
(22,027
)

$
(9,426
)
Amortization of intangibles
5,487


6,413


16,537


19,674

Recall accrual and remediation efforts
—


90


67


6,250

Litigation
5


—


702


996

Restructuring and other non-recurring costs
1,855


13,750


43,101


18,981

Direct cost of acquisitions
1,615


968


1,996


8,222

Extraordinary annual meeting expenses
—


15


—


2,230

Non-GAAP Operating Profit
$
17,051


$
18,326


$
40,376


$
46,927

Non-GAAP Operating Margin
13.8
%

14.0
%

11.1
%

12.0
%








GAAP Income Tax Benefit (Expense)
$
(1,981
)

$
1,940


$
(9,596
)

$
(3,069
)
Effect of accumulated change of pretax income
3,141


(15,493
)

8,847


(4,701
)
Effect of change in annual expected tax rate
(1,135
)

15,704


(1,740
)

14,120

Repatriation tax adjustment
—


—


(177
)

101

Stock-based compensation adjustment
—


791


—


1,621

Valuation allowance for GAAP purposes
—


1,285


—


1,285

Restructuring and other expenses
3,306


—


11,588


—

Non-GAAP Income Tax Expense
$
3,331


$
4,227


$
8,922


$
9,357










Three Months Ended

Year Ended





December 31, 2019

December 31, 2019




GAAP EPS Guidance
$0.24 - $0.30

($0.27) - ($0.21)




Amortization of intangibles
0.16

0.65





Restructuring and other non-recurring costs
—

1.28





Litigation
—

0.02





Direct cost of acquisitions
—

0.06





Tax effect
0.03

(0.52
)




Non-GAAP EPS Guidance
$0.44 - $0.50

$1.23 - $1.29


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





Three Months Ended

Nine Months Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018
Neuro:







Revenue
$
72,192


$
69,762


$
206,179


$
206,124

Cost of revenue
25,571


25,251


75,785


79,511

Intangibles amortization
938


1,042


2,819


3,507

Gross profit
$
45,683


$
43,469


$
127,575


$
123,106

Gross profit margin
63.3
%

62.3
%

61.9
%

59.7
%








Newborn care:







Revenue
$
27,005


$
34,220


$
83,105


$
98,697

Cost of revenue
11,058


13,912


35,238


40,050

Intangibles amortization
64


119


193


358

Gross profit
$
15,883


$
20,189


$
47,674


$
58,289

Gross profit margin
58.8
%

59.0
%

57.4
%

59.1
%








Hearing & balance:







Revenue
$
24,266


$
26,656


$
74,475


$
85,079

Cost of revenue
12,077


12,420


36,217


40,288

Intangibles amortization
734


769


2,225


2,370

Gross profit
$
11,455


$
13,467


$
36,033


$
42,421

Gross profit margin
47.2
%

50.5
%

48.4
%

49.9
%








Consolidated:







Revenue
$
123,463


$
130,638


$
363,759


$
389,900

Cost of revenue
48,706


51,583


147,240


159,849

Intangibles amortization
1,736


1,930


5,237


6,235

Gross profit
$
73,021


$
77,125


$
211,282


$
223,816

Gross profit margin
59.1
%

59.0
%

58.1
%

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 name Audiology.

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, 2019

September 30, 2018

September 30, 2019

September 30, 2018
Neuro:







GAAP Gross Profit
$
45,683


$
43,469


$
127,575


$
123,106

Amortization of intangibles
938


1,042


2,819


3,507

Acquisition charges
917


402


1,040


3,832

Non-GAAP Gross Profit
$
47,538


$
44,913


$
131,434


$
130,445

Non-GAAP Gross Margin
65.8
%

64.4
%

63.7
%

63.3
%








Newborn care:







GAAP Gross Profit
$
15,883


$
20,189


$
47,674


$
58,289

Amortization of intangibles
64


119


193


358

Recall accrual and remediation efforts
—


(1,198
)

(571
)

1,375

Restructuring and other non-recurring costs
—


846


814


848

Non-GAAP Gross Profit
$
15,947


$
19,956


$
48,110


$
60,870

Non-GAAP Gross Margin
59.1
%

58.3
%

57.9
%

61.7
%








Hearing & balance:







GAAP Gross Profit
$
11,455


$
13,467


$
36,033


$
42,421

Amortization of intangibles
734


769


2,225


2,370

Acquisition charges
—


—


—


50

Recall accrual and remediation efforts
—


—


638


—

Restructuring and other non-recurring costs
—


—


175


25

Non-GAAP Gross Profit
$
12,189


$
14,236


$
39,071


$
44,866

Non-GAAP Gross Margin
50.2
%

53.4
%

52.5
%

52.7
%








Consolidated:







GAAP Gross Profit
$
73,021


$
77,125


$
211,282


$
223,816

Amortization of intangibles
1,736


1,930


5,237


6,235

Acquisition charges
917


402


1,040


3,882

Recall accrual and remediation efforts
—


(1,198
)

67


1,375

Restructuring and other non-recurring costs
—


846


989


873

Non-GAAP Gross Profit
$
75,674


$
79,105


$
218,615


$
236,181

Non-GAAP Gross Margin
61.3
%

60.6
%

60.1
%

60.6
%

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









Three Months Ended

Nine Months Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018
Consolidated Revenue:







United States
$
73,553


$
77,980


$
213,055


$
222,135

International
49,910


52,658


150,704


167,765

Totals
$
123,463


$
130,638


$
363,759


$
389,900









United States
60
%

60
%

59
%

57
%
International
40
%

40
%

41
%

43
%
Totals
100
%

100
%

100
%

100
%

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













Three Months Ended

Nine Months Ended

Year Ended

September 30, 2019

September 30, 2018

September 30, 2 019

September 30, 2018

December 31, 2018**

December 31, 2017
Revenue
$
123.5


$
130.6


$
363.8


$
389.9


$
530.9


$
501.0

Newborn care*
(0.4
)

(5.2
)

(4.1
)

(15.4
)

(20.6
)

(35.0
)
Neuro*
(0.2
)

(3.2
)

(1.2
)

(10.9
)

(14.3
)

(14.6
)
Hearing & balance*
—


(1.5
)

—


(9.8
)

(7.9
)

(6.9
)
Revenue after exited products/ship holds
$
122.9


$
120.7


$
358.5


$
353.8


$
488.1


$
444.5













*Newborn care, Neuro, and Hearing & balance include exited businesses (GND, Neurocom, Medix) and other end of sales products.
**Year ended December 31, 2018 included $30.6M of Neurosurgery which did not exist before November 2017.

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

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