Natus Medical Announces Fourth Quarter 2020 Financial Results

  Q4-2020   Key Results
Revenue (millions) $118.7  
  • Revenue increased 15.5% compared to 3rd quarter
  • Generated $16.3 million in operating cash flow
  • Reduced debt by $10.0 million during the quarter
  • Acquired Babybe GmbH during the quarter
GAAP EPS $0.15  
Non-GAAP EPS $0.39  
     

PLEASANTON, Calif., Feb. 25, 2021 (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 months and full year ended December 31, 2020.

For the fourth quarter ended December 31, 2020, the Company reported revenue of $118.7 million, a decline of 9.7% compared to $131.4 million reported for the fourth quarter 2019. GAAP gross margin was 55.3% during the fourth quarter of 2020 compared to 61.2% in the fourth quarter 2019. GAAP net income was $5.2 million, or $0.15 earnings per diluted share, compared with GAAP net income of $3.0 million, or $0.09 earnings per diluted share in the fourth quarter 2019.

Non-GAAP gross margin was 58.1% in the fourth quarter 2020 compared to 62.0% reported for the fourth quarter of 2019. Non-GAAP earnings per diluted share was $0.39 for the fourth quarter 2020, compared to $0.46 in the fourth quarter 2019. Non-GAAP net income was $13.1 million in the fourth quarter 2020 compared to $15.6 million in the fourth quarter 2019.

For the full year ended December 31, 2020, the Company reported revenue of $415.7 million, a decrease of 16.1% compared to $495.2 million reported for the same period in 2019. GAAP gross margin was 52.1% vs. 58.9% reported for the same period in 2019. GAAP net loss was $16.6 million, or $0.49 per share, compared with GAAP net loss of $15.7 million, or $0.47 per share in the same period in 2019.

Non-GAAP gross margin was 56.6% in 2020 vs. 60.6% reported for the same period in 2019. Non-GAAP earnings per diluted share was $0.39 for the full year ended December 31, 2020, compared to $1.21 in the same period in 2019. The Company reported non-GAAP net income of $13.1 million for the full year ended December 31, 2020, compared to prior year's non-GAAP net income of $40.8 million.

“The dynamic environment in 2020 produced significant and unforeseen challenges for our Company. Our business began to recover in the second half of the year and that recovery continued in the fourth quarter, with revenues increasing 15.5% from third quarter. While the effects of the pandemic had a major impact on our business, the strategic decisions, organizational changes and cost structure improvements we made over the last two years enabled us to manage through this demanding period and emerge a stronger and more efficient company. These steps helped us generate over $34 million in operating cash this year and allowed us to continue investing in new and refreshed products which will drive our success in the future,” said Jonathan Kennedy, President and Chief Executive Officer of Natus.

“Our focus and commitment to providing new and improved products to our customers was evident in the fourth quarter with the release of our new standard setting pediatric ocular imaging system, Retcam Envision, as was the acquisition of Babybe GmbH and its patented remote mother to baby communication technology. Looking ahead to 2021, we expect to continue to bring innovative new products and solutions including a new handheld newborn hearing screener, cloud telemedicine capability for select products and a variety of product software enhancements,” Mr. Kennedy concluded.

Financial Guidance

For the first quarter 2021, the Company's revenue is expected to be between $108.0 million and $112.0 million and non-GAAP earnings per share is expected to be between $0.11 and $0.18.

The Company's non-GAAP earnings per share guidance excludes charges for amortization expense associated with intangible assets from prior acquisitions, certain other expenses, and related tax effect, which the Company expects to be approximately $4.4 million for the first quarter 2021, which the Company expects will reduce GAAP earnings per share by approximately $0.13.

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. 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, February 25, 2021. Individuals interested in listening to the conference call may do so by dialing 1-844-634-1441 for domestic callers, or 1-508-637-5658 for international callers, and entering reservation code 8646785. 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 8646785. 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, Quarterly Report on Form 10-Q for the periods ended March 31, 2020, June 30, 2020, September 30, 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   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
Revenue $ 118,718       $ 131,416       $ 415,684       $ 495,175    
Cost of revenue 51,247       49,259       185,912       196,551    
Intangibles amortization 1,801       1,679       13,241       6,916    
Gross profit 65,670       80,478       216,531       291,708    
Gross profit margin 55.3   %   61.2   %   52.1   %   58.9   %
Operating expenses:              
Marketing and selling 27,715       32,268       107,282       129,109    
Research and development 14,722       17,567       61,296       58,733    
General and administrative 12,359       15,261       49,113       59,649    
Intangibles amortization 3,894       3,844       15,224       15,144    
Restructuring 1,966       3,592       3,809       44,739    
Total operating expenses 60,656       72,532       236,724       307,374    
Income (loss) from operations 5,014       7,946       (20,193 )     (15,666 )  
Interest expense (856 )     (775 )     (3,656 )     (4,835 )  
Other income (expense), net 2,182       105       1,784       (756 )  
Income (loss) before provision for (benefit from) income tax 6,340       7,276       (22,065 )     (21,257 )  
Provision for (benefit from) income tax 1,135       4,266       (5,452 )     (5,586 )  
Net income (loss) $ 5,205       $ 3,010       $ (16,613 )     $ (15,671 )  
Net income (loss) per share:              
Basic $ 0.15       $ 0.09       $ (0.49 )     $ (0.47 )  
Diluted $ 0.15       $ 0.09       $ (0.49 )     $ (0.47 )  
Weighted-average shares:              
Basic 33,861       33,691       33,562       33,696    
Diluted 33,903       33,829       33,562       33,696    


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
       
  December 31,   December 31,
  2020   2019
ASSETS      
       
Current assets:      
Cash and investments $ 82,082     $ 63,297  
Accounts receivable 93,133     115,889  
Inventories 75,650     71,368  
Other current assets 20,837     19,195  
Total current assets 271,702     269,749  
       
Property and equipment 24,516     24,702  
Operating lease right-of-use assets 11,669     15,046  
Goodwill and intangible assets 244,040     261,166  
Deferred income tax 27,563     30,355  
Other assets 20,904     21,509  
Total assets $ 600,394     $ 622,527  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
       
Current liabilities:      
Accounts payable $ 23,429     $ 27,253  
Current portion of long-term debt 50,000     35,000  
Accrued liabilities 44,236     54,451  
Deferred revenue 21,308     20,246  
Current portion of operating lease liabilities 6,779     5,871  
Total current liabilities 145,752     142,821  
       
Long-term debt 5,840     19,665  
Deferred income tax 10,298     14,251  
Operating lease liabilities 8,959     12,051  
Other long-term liabilities 18,451     17,616  
Total liabilities 189,300     206,404  
Total stockholders’ equity 411,094     416,123  
Total liabilities and stockholders’ equity $ 600,394     $ 622,527  


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
           
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
Operating activities:              
Net income (loss) $ 5,205       $ 3,010       $ (16,613 )     $ (15,671 )  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Provision for losses on accounts receivable 32       328       1,190       4,262    
Impairment of intangible assets             6,678          
Depreciation and amortization 7,126       7,776       28,115       30,722    
Loss on equity method investment adjustment 133             133          
(Gain) loss on disposal of property and equipment 119       (33 )     268       449    
Warranty reserve 880       298       2,009       2,886    
Share-based compensation 2,507       1,975       9,566       8,352    
Loss on commencement of sales-type leases 20             1,881          
Impairment charge for held for sale assets                   24,571    
Non cash lease expense 1,353             1,353          
Changes in operating assets and liabilities:              
Accounts receivable (12,716 )     (7,711 )     17,651       7,139    
Inventories 8,356       9,259       1,939       7,185    
Prepaid expenses and other assets 9,021       7,041       (1,055 )     (2,486 )  
Accounts payable (4,504 )     (3,443 )     (4,523 )     (1,367 )  
Accrued liabilities 417       (5,083 )     (13,427 )     (4,010 )  
Deferred revenue 1,779       1,021       838       3,392    
Deferred income tax (3,403 )     (2,292 )     (1,577 )     (5,364 )  
Net cash provided by operating activities 16,325       12,146       34,426       60,060    
Investing activities:              
Acquisition of businesses, net of cash acquired (1,997 )           (1,997 )        
Purchase of property and equipment (992 )     (1,454 )     (8,609 )     (5,326 )  
Purchase of intangible assets                   (13 )  
Purchase of equity investments (1,000 )           (2,000 )        
Net cash used in investing activities (3,989 )     (1,454 )     (12,606 )     (5,339 )  
Financing activities:              
Proceeds from stock option exercises and ESPP 656       1,442       1,314       3,635    
Repurchase of common stock             (10,495 )        
Taxes paid related to settlement of equity awards (58 )     (93 )     (1,994 )     (1,689 )  
Deferred debt issuance costs             (1,175 )        
Principal payments of financing lease liability (112 )     (74 )     (527 )     (478 )  
Proceeds from long-term borrowings             60,000          
Payments on borrowings (10,000 )     (15,000 )     (58,000 )     (50,000 )  
Net cash used in financing activities (9,514 )     (13,725 )     (10,877 )     (48,532 )  
Exchange rate changes effect on cash and cash equivalents 4,724       3,268       7,842       735    
Net increase (decrease) in cash and cash equivalents 7,546       235       18,785       6,924    
Cash and cash equivalents, beginning of period 74,536       63,062       63,297       56,373    
Cash and cash equivalents, end of period $ 82,082       $ 63,297       $ 82,082       $ 63,297    


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)
               
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
GAAP based results:              
Income (loss) before provision for income tax $ 6,340        $ 7,276        $ (22,065 )     $ (21,257 )  
               
Non-GAAP adjustments:              
Intangibles amortization (COGS) 1,801       1,679       13,241       6,916    
Recall accrual and remediation efforts (COGS) (63 )     (492 )     (428 )     (425 )  
Restructuring and other non-recurring costs (COGS) 1,615             5,849       989    
Direct costs of acquisitions (COGS)       (159 )           881    
Intangibles amortization (OPEX) 3,894       3,844       15,224       15,145    
Direct costs of acquisitions (OPEX) 112       617       112       1,573    
Restructuring and other non-recurring costs (OPEX) 3,033       6,759       4,793       20,653    
Restructuring and other non-recurring costs (OI&E) 206       (103 )     206       28,115    
Litigation (OPEX)       185             887    
Non-GAAP income (loss) before provision for (benefit from) income tax 16,938       19,606       16,932       53,477    
               
Income tax expense (benefit), as adjusted $ 3,885       $ 3,996       $ 3,790       $ 12,662    
               
Non-GAAP net income $ 13,053        $ 15,610        $ 13,142        $ 40,815     
Non-GAAP earnings per share:              
Basic $ 0.39       $ 0.46       $ 0.39       $ 1.21    
Diluted $ 0.39       $ 0.46       $ 0.39       $ 1.21    
               
Weighted-average shares used to compute              
Basic non-GAAP earnings per share 33,861       33,692       33,562       33,696    
Diluted non-GAAP earnings per share 33,903       33,829       33,628       33,800    
               


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)
               
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
GAAP Gross Profit $ 65,670       $ 80,478       $ 216,531       $ 291,708    
Amortization of intangibles 1,801       1,679       13,241       6,916    
Direct cost of acquisitions       (159 )           881    
Recall accrual and remediation efforts (63 )     (492 )     (428 )     (425 )  
Restructuring and other non-recurring costs 1,615             5,849       989    
Non-GAAP Gross Profit $ 69,023       $ 81,506       $ 235,193       $ 300,069    
Non-GAAP Gross Margin 58.1    %   62.0    %   56.6    %   60.6    %
               
GAAP Operating Income (Loss) $ 5,014       $ 7,946       $ (20,193 )     $ (15,666 )  
Amortization of intangibles 5,695       5,523       28,465       22,061    
Recall accrual and remediation efforts (63 )     (492 )     (428 )     (425 )  
Litigation       185             887    
Restructuring and other non-recurring costs 4,648       6,759       10,642       49,860    
Direct cost of acquisitions 112       458       112       2,454    
Non-GAAP Operating Income $ 15,406       $ 20,379       $ 18,598       $ 59,171    
Non-GAAP Operating Margin 13.0    %   15.5    %   4.5    %   11.9    %
               
GAAP Income Tax Expense (Benefit) $ 1,135       $ 4,266       $ (5,452 )     $ (5,586 )  
Effect of accumulated change of pretax income 2,237       643       8,729       9,489    
Effect of change in annual expected tax rate (139 )     (692 )     (139 )     (2,432 )  
Repatriation tax adjustment                   (177 )  
Restructuring and other expenses 652       (221 )     652       11,368    
Non-GAAP Income Tax Expense (Benefit) $ 3,885       $ 3,996       $ 3,790       $ 12,662    
               
               
  Three Months Ended            
  March 31,
2021
           
GAAP EPS Guidance ($0.02) - $0.05            
Amortization of intangibles 0.16
           
Restructuring and other non-recurring costs 0.01
           
Tax effect (0.04)            
Non-GAAP EPS Guidance $0.11 - $0.18            


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GROSS MARGIN BY END MARKETS (unaudited)
(in thousands)
       
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
Neuro:              
Revenue $ 68,228     $ 81,057     $ 236,156     $ 287,236  
Cost of revenue 29,301     28,412     98,745     104,255  
Intangibles amortization 828     883     9,697     3,702  
Gross profit $ 38,099     $ 51,762     $ 127,714     $ 179,279  
Gross profit margin 55.8 %   63.9 %   54.1 %   62.4 %
               
Newborn Care:              
Revenue $ 28,003     $ 27,807     $ 104,634     $ 110,912  
Cost of revenue 10,763     10,027     46,277     45,293  
Intangibles amortization 67     64     260     257  
Gross profit $ 17,173     $ 17,716     $ 58,097     $ 65,362  
Gross profit margin 61.3 %   63.7 %   55.5 %   58.9 %
               
Hearing & Balance:              
Revenue $ 22,487     $ 22,552     $ 74,894     $ 97,027  
Cost of revenue 11,183     10,820     40,890     47,003  
Intangibles amortization 906     732     3,284     2,957  
Gross profit $ 10,398     $ 11,000     $ 30,720     $ 47,067  
Gross profit margin 46.2 %   48.8 %   41.0 %   48.5 %
               
Consolidated:              
Revenue $ 118,718     $ 131,416     $ 415,684     $ 495,175  
Cost of revenue 51,247     49,259     185,912     196,551  
Intangibles amortization 1,801     1,679     13,241     6,916  
Gross profit $ 65,670     $ 80,478     $ 216,531     $ 291,708  
Gross profit margin 55.3 %   61.2 %   52.1 %   58.9 %
               
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   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
Neuro:              
GAAP Gross Profit $ 38,099       $ 51,762       $ 127,714       $ 179,279    
Amortization of intangibles 828       883       9,697       3,702    
Direct costs of acquisitions       (153 )           887    
Recall accrual and remediation efforts       (67 )           (67 )  
Restructuring and other non-recurring costs 511             2,804          
Non-GAAP Gross Profit $ 39,438       $ 52,425       $ 140,215       $ 183,801    
Non-GAAP Gross Margin 57.8    %   64.7    %   59.4    %   64.0    %
               
Newborn Care:              
GAAP Gross Profit $ 17,173       $ 17,716       $ 58,097       $ 65,362    
Amortization of intangibles 67       64       260       257    
Recall accrual and remediation efforts (63 )     (425 )     (428 )     (996 )  
Restructuring and other non-recurring costs 753             1,075       814    
Non-GAAP Gross Profit $ 17,930       $ 17,355       $ 59,004       $ 65,437    
Non-GAAP Gross Margin 64.0    %   62.4    %   56.4    %   59.0    %
               
Hearing & Balance:              
GAAP Gross Profit $ 10,398       $ 11,000       $ 30,720       $ 47,067    
Amortization of intangibles 906       732       3,284       2,957    
Direct costs of acquisitions       (6 )           (6 )  
Recall accrual and remediation efforts                   638    
Restructuring and other non-recurring costs 351             1,970       175    
Non-GAAP Gross Profit $ 11,655       $ 11,726       $ 35,974       $ 50,831    
Non-GAAP Gross Margin 51.8    %   52.0    %   48.0    %   52.4    %
               
Consolidated:              
GAAP Gross Profit $ 65,670       $ 80,478       $ 216,531       $ 291,708    
Amortization of intangibles 1,801       1,679       13,241       6,916    
Direct costs of acquisitions       (159 )           881    
Recall accrual and remediation efforts (63 )     (492 )     (428 )     (425 )  
Restructuring and other non-recurring costs 1,615             5,849       989    
Non-GAAP Gross Profit $ 69,023       $ 81,506       $ 235,193       $ 300,069    
Non-GAAP Gross Margin 58.1    %   62.0    %   56.6    %   60.6    %


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GEOGRAPHIC REVENUE (unaudited)
(in thousands)
               
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
Consolidated Revenue:              
United States $ 69,317     $ 79,344     $ 252,496     $ 292,400  
International 49,401     52,072     163,188     202,775  
Totals $ 118,718     $ 131,416     $ 415,684     $ 495,175  
               
United States 58 %   60 %   61 %   59 %
International 42 %   40 %   39 %   41 %
Totals 100 %   100 %   100 %   100 %


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
REVENUE AFTER EXITED PRODUCTS (unaudited)
(in millions)
                   
  Three Months Ended   Twelve Months Ended
  December 31,
2020
  December 31,
2019
  December 31,
2020
  December 31,
2019
  December 31,
2018
Revenue $ 118.7     $ 131.4       $ 415.7     $ 495.1       $ 530.9    
Newborn care*     (0.5 )         (4.5 )     (20.6 )  
Neuro*     (0.1 )         (1.2 )     (14.3 )  
Hearing & balance*     (0.1 )         (0.1 )     (11.3 )  
Revenue after exited products $ 118.7     $ 130.7       $ 415.7     $ 489.3       $ 484.7    
                   
*Newborn care, Neuro, and Hearing & balance include exited businesses (GND, Neurocom, Medix) and other end of sales products.

 


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Source: Natus Medical Incorporated