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Natus Medical Announces Third Quarter 2020 Financial Results


Q3-2020

Key Results

Revenue (millions)

$

102.8

  • Revenue increased 21.3% compared to 2nd quarter

  • Generated $7.5 million in operating cash flow

  • Revenue declined 16.8% year over year

  • Reduced debt by $20.0 million during the quarter

GAAP loss per share

$

0.28

Non-GAAP EPS

$

0.09

PLEASANTON, Calif., Oct. 29, 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 nine months ended September 30, 2020.

For the third quarter ended September 30, 2020, the Company reported revenue of $102.8 million, a decline of 16.8% compared to $123.5 million reported for the third quarter 2019. GAAP gross margin was 46.2% during the third quarter of 2020 compared to 59.4% in the third quarter 2019. GAAP net loss was $9.3 million, or $0.28 loss per share, compared with GAAP net income of $8.2 million, or $0.24 earnings per diluted share in the third quarter 2019.

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Non-GAAP gross margin was 56.2% in the third quarter 2020 compared to 61.5% reported for the third quarter of 2019. Non-GAAP earnings per diluted share was $0.09 for the third quarter 2020, compared to $0.35 in the third quarter 2019. Non-GAAP net income was $3.2 million in the third quarter 2020 compared to $11.9 million in the third quarter 2019.

For the nine months ended September 30, 2020, the Company reported revenue of $297.0 million, a decrease of 18.4% compared to $363.8 million reported for the same period in 2019. GAAP gross margin was 50.8% vs. 58.1% reported for the same period in 2019. GAAP net loss was $21.8 million for the nine months ended September 30, 2020, or $0.65 per share, compared with GAAP net loss of $18.7 million, or $0.55 per share in the same period in 2019.

Non-GAAP gross margin was 56.0% in 2020 vs. 60.1% reported for the same period in 2019. Non-GAAP earnings per diluted share was $0.00 for the nine months ended September 30, 2020, compared to $0.75 in the same period in 2019. The Company reported non-GAAP net income of $0.1 million for the nine months ended September 30, 2020, compared to prior year's non-GAAP net income of $25.2 million.

“We are very encouraged by the rate of business recovery in the third quarter. Our revenue grew by 21% compared to the second quarter of 2020. The revenue increase was led by Neuro and Hearing & Balance, respectively. Our Newborn Care end market continues to be the least impacted by the pandemic compared to last year. Although, revenues remain below historical levels, we generated $7.5 million of cash flows from operations, paid down $20.0 million of debt and returned to a net cash position. Looking ahead, we expect further business recovery in the fourth quarter,” said Jonathan Kennedy, President and Chief Executive Officer of Natus.

“We expect revenues from all three of our end markets to increase sequentially in the fourth quarter. Our supplies revenue increased sequentially 26% during the third quarter, indicating a return toward a more normal pace of hospital activity. Device sales increased from the previous quarter as well, up 21%, highlighting an increase in capital spending. Our backlog and pipeline rose in the fourth quarter compared the third quarter, increasing the confidence in our outlook for the fourth quarter,” Mr. Kennedy continued.

Financial Guidance

For the fourth quarter 2020, the Company's revenue guidance is expected to be between $104.0 million and $114.0 million and non-GAAP earnings per share guidance is expected to be between $0.19 and $0.31.

For the full year 2020, the Company's revenue guidance is expected to be between $401.0 million and $411.0 million and non-GAAP earnings per share guidance is expected to be between $0.20 and $0.31.

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 $4.1 million and $26.1 million for the fourth quarter 2020 and full year, respectively, and which the Company expects will reduce GAAP earnings per share by approximately $0.12 and $0.77 for the respective periods.

Guidance for the fourth quarter assumes a steady, but gradual increase in our business and does not consider the potential of a significant COVID-19 resurgence and its impact, if any, on the economy and our customers.

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, October 29, 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 7889667. 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 7889667. 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 period ended March 31, 2020, and Quarterly Report on Form 10-Q for the period ended June 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

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Revenue

$

102,803

$

123,463

$

296,966

$

363,759

Cost of revenue

47,160

48,389

134,665

147,291

Intangibles amortization

8,117

1,736

11,440

5,237

Gross profit

47,526

73,338

150,861

211,231

Gross profit margin

46.2

%

59.4

%

50.8

%

58.1

%

Operating expenses:

Marketing and selling

26,035

30,787

79,567

96,841

Research and development

14,670

14,447

46,574

41,166

General and administrative

12,384

15,394

36,754

44,390

Intangibles amortization

4,025

3,751

11,330

11,300

Restructuring

350

1,106

1,842

41,147

Total operating expenses

57,464

65,485

176,067

234,844

Income (loss) from operations

(9,938

)

7,853

(25,206

)

(23,613

)

Interest expense

(1,107

)

(1,165

)

(2,800

)

(4,059

)

Other income (expense), net

160

(444

)

(398

)

(862

)

Income (loss) before provision for (benefit from) income tax

(10,885

)

6,244

(28,404

)

(28,534

)

Benefit from income tax

(1,569

)

(1,987

)

(6,588

)

(9,852

)

Net income (loss)

$

(9,316

)

$

8,231

$

(21,816

)

$

(18,682

)

Net income (loss) per share:

Basic

$

(0.28

)

$

0.24

$

(0.65

)

$

(0.55

)

Diluted

$

(0.28

)

$

0.24

$

(0.65

)

$

(0.55

)

Weighted-average shares:

Basic

33,828

33,655

33,577

33,666

Diluted

33,828

33,738

33,577

33,666


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

September 30,

December 31,

2020

2019

ASSETS

Current assets:

Cash and investments

$

74,536

$

63,297

Accounts receivable

84,107

115,889

Inventories

80,135

71,368

Other current assets

27,740

19,195

Total current assets

266,518

269,749

Property and equipment

24,245

24,702

Operating lease right-of-use assets

11,960

15,046

Goodwill and intangible assets

241,746

261,166

Deferred income tax

28,749

30,355

Other assets

23,672

21,509

Total assets

$

596,890

$

622,527

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

27,597

$

27,253

Current portion of long-term debt

40,000

35,000

Accrued liabilities

39,034

54,451

Deferred revenue

20,034

20,246

Current portion of operating lease liabilities

5,343

5,871

Total current liabilities

132,008

142,821

Long-term debt

25,697

19,665

Deferred income tax

14,786

14,251

Operating lease liabilities

9,358

12,051

Other long-term liabilities

19,574

17,616

Total liabilities

201,423

206,404

Total stockholders’ equity

395,467

416,123

Total liabilities and stockholders’ equity

$

596,890

$

622,527


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Operating activities:

Net income (loss)

$

(9,316

)

$

8,230

$

(21,816

)

$

(18,682

)

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

Provision for losses on accounts receivable

209

711

1,158

3,934

Impairment of intangible assets

6,678

6,678

Depreciation and amortization

7,312

7,519

20,989

22,946

Loss on disposal of property and equipment

127

149

482

Warranty reserve

(151

)

911

1,129

2,588

Share-based compensation

2,395

1,915

7,059

6,377

Loss on commencement of sales-type leases

766

1,861

Impairment charge for held for sale assets

24,571

Changes in operating assets and liabilities:

Accounts receivable

3,120

(2,057

)

30,367

14,850

Inventories

4,777

32

(6,417

)

(2,074

)

Prepaid expenses and other assets

(7,012

)

856

(11,078

)

(9,527

)

Accounts payable

(4,343

)

5,291

(19

)

2,076

Accrued liabilities

2,499

3,693

(13,844

)

1,073

Deferred revenue

(1,243

)

(368

)

(941

)

2,371

Deferred income tax

1,671

(2,867

)

1,826

(3,072

)

Net cash provided by operating activities

7,489

23,866

17,101

47,913

Investing activities:

Purchase of property and equipment

(690

)

(953

)

(7,617

)

(3,872

)

Purchase of intangible assets

(13

)

Net cash used in investing activities

(690

)

(953

)

(7,617

)

(3,885

)

Financing activities:

Proceeds from stock option exercises and ESPP

519

658

2,193

Repurchase of common stock

(10,495

)

Taxes paid related to settlement of equity awards

(10

)

(23

)

(1,936

)

(1,596

)

Deferred debt issuance costs

(1,175

)

(1,175

)

Principal payments of financing lease liability

(173

)

(139

)

(415

)

(404

)

Proceeds from long-term borrowings

60,000

Payments on borrowings

(20,000

)

(10,000

)

(48,000

)

(35,000

)

Net cash used in financing activities

(21,358

)

(9,643

)

(1,363

)

(34,807

)

Exchange rate changes effect on cash and cash equivalents

4,217

(2,217

)

3,118

(2,532

)

Net increase (decrease) in cash and cash equivalents

(10,342

)

11,053

11,239

6,689

Cash and cash equivalents, beginning of period

84,878

52,009

63,297

56,373

Cash and cash equivalents, end of period

$

74,536

$

63,062

$

74,536

$

63,062


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, 2020

September 30, 2019

September 30, 2020

September 30, 2019

GAAP based results:

Income (loss) before provision for income tax

$

(10,885

)

$

6,244

$

(28,404

)

$

(28,534

)

Non-GAAP adjustments:

Intangibles amortization (COGS)

8,117

1,736

11,440

5,237

Recall accrual and remediation efforts (COGS)

(366

)

(366

)

67

Restructuring and other non-recurring costs (COGS)

2,457

4,233

989

Direct costs of acquisitions (COGS)

917

1,040

Intangibles amortization (OPEX)

4,025

3,751

11,330

11,300

Direct costs of acquisitions (OPEX)

698

956

Restructuring and other non-recurring costs (OPEX)

353

1,855

1,760

42,112

Litigation (OPEX)

5

702

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

3,701

15,206

(7

)

33,869

Income tax expense (benefit), as adjusted

$

505

$

3,325

$

(95

)

$

8,666

Non-GAAP net income

$

3,196

$

11,881

$

88

$

25,203

Non-GAAP earnings per share:

Basic

$

0.09

$

0.35

$

0.00

$

0.75

Diluted

$

0.09

$

0.35

$

0.00

$

0.75

Weighted-average shares used to compute

Basic non-GAAP earnings per share

33,828

33,655

33,577

33,666

Diluted non-GAAP earnings per share

33,841

33,738

33,637

33,772


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, 2020

September 30, 2019

September 30, 2020

September 30, 2019

GAAP Gross Profit

$

47,526

$

73,338

$

150,861

$

211,231

Amortization of intangibles

8,117

1,736

11,440

5,237

Direct cost of acquisitions

917

1,040

Recall accrual and remediation efforts

(366

)

(366

)

67

Restructuring and other non-recurring costs

2,457

4,233

989

Non-GAAP Gross Profit

$

57,734

$

75,991

$

166,168

$

218,564

Non-GAAP Gross Margin

56.2

%

61.5

%

56.0

%

60.1

%

GAAP Operating Income (Loss)

$

(9,938

)

$

7,853

$

(25,206

)

$

(23,613

)

Amortization of intangibles

12,142

5,487

22,770

16,537

Recall accrual and remediation efforts

(366

)

(366

)

67

Litigation

5

702

Restructuring and other non-recurring costs

2,810

1,855

5,993

43,101

Direct cost of acquisitions

1,615

1,996

Non-GAAP Operating Income

$

4,648

$

16,815

$

3,191

$

38,790

Non-GAAP Operating Margin

4.5

%

13.6

%

1.1

%

10.7

%

GAAP Income Tax Expense (Benefit)

$

(1,569

)

$

(1,987

)

$

(6,588

)

$

(9,852

)

Effect of accumulated change of pretax income

2,402

3,140

6,493

8,847

Effect of change in annual expected tax rate

(328

)

(1,134

)

(1,740

)

Repatriation tax adjustment

(177

)

Restructuring and other expenses

3,306

11,588

Non-GAAP Income Tax Expense (Benefit)

$

505

$

3,325

$

(95

)

$

8,666

Three Months Ended

Year Ended

December 31, 2020

December 31, 2020

GAAP EPS Guidance

$0.07 - $0.19

($0.57) - ($0.46)

Amortization of intangibles

0.16

0.83

Restructuring and other non-recurring costs

0.17

Tax effect

(0.04)

(0.23)

Non-GAAP EPS Guidance

$0.19 - $0.31

$0.20 - $0.31


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES

GROSS MARGIN BY END MARKETS (unaudited)

(in thousands)

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Neuro:

Revenue

$

58,735

$

72,192

$

167,681

$

206,179

Cost of revenue

27,157

25,207

73,765

75,749

Intangibles amortization

7,163

938

8,869

2,819

Gross profit

$

24,415

$

46,047

$

85,047

$

127,611

Gross profit margin

41.6

%

63.8

%

50.7

%

61.9

%

Newborn care:

Revenue

$

25,711

$

27,005

$

76,744

$

83,105

Cost of revenue

12,610

11,359

37,105

35,238

Intangibles amortization

66

64

193

193

Gross profit

$

13,035

$

15,582

$

39,446

$

47,674

Gross profit margin

50.7

%

57.7

%

51.4

%

57.4

%

Hearing & balance:

Revenue

$

18,357

$

24,266

$

52,541

$

74,475

Cost of revenue

7,393

11,823

23,795

36,304

Intangibles amortization

888

734

2,378

2,225

Gross profit

$

10,076

$

11,709

$

26,368

$

35,946

Gross profit margin

54.9

%

48.3

%

50.2

%

48.3

%

Consolidated:

Revenue

$

102,803

$

123,463

$

296,966

$

363,759

Cost of revenue

47,160

48,389

134,665

147,291

Intangibles amortization

8,117

1,736

11,440

5,237

Gross profit

$

47,526

$

73,338

$

150,861

$

211,231

Gross profit margin

46.2

%

59.4

%

50.8

%

58.1

%

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

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Neuro:

GAAP Gross Profit

$

24,415

$

46,047

$

85,047

$

127,611

Amortization of intangibles

7,163

938

8,869

2,819

Direct costs of acquisitions

917

1,040

Restructuring and other non-recurring costs

1,588

2,292

Non-GAAP Gross Profit

$

33,166

$

47,902

$

96,208

$

131,470

Non-GAAP Gross Margin

56.5

%

66.4

%

57.4

%

63.8

%

Newborn care:

GAAP Gross Profit

$

13,035

$

15,582

$

39,446

$

47,674

Amortization of intangibles

66

64

193

193

Recall accrual and remediation efforts

(366

)

(366

)

(571

)

Restructuring and other non-recurring costs

322

322

814

Non-GAAP Gross Profit

$

13,057

$

15,646

$

39,595

$

48,110

Non-GAAP Gross Margin

50.8

%

57.9

%

51.6

%

57.9

%

Hearing & balance:

GAAP Gross Profit

$

10,076

$

11,709

$

26,368

$

35,946

Amortization of intangibles

888

734

2,378

2,225

Recall accrual and remediation efforts

638

Restructuring and other non-recurring costs

547

1,619

175

Non-GAAP Gross Profit

$

11,511

$

12,443

$

30,365

$

38,984

Non-GAAP Gross Margin

62.7

%

51.3

%

57.8

%

52.3

%

Consolidated:

GAAP Gross Profit

$

47,526

$

73,338

$

150,861

$

211,231

Amortization of intangibles

8,117

1,736

11,440

5,237

Direct costs of acquisitions

917

1,040

Recall accrual and remediation efforts

(366

)

(366

)

67

Restructuring and other non-recurring costs

2,457

4,233

989

Non-GAAP Gross Profit

$

57,734

$

75,991

$

166,168

$

218,564

Non-GAAP Gross Margin

56.2

%

61.5

%

56.0

%

60.1

%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES

GEOGRAPHIC REVENUE (unaudited)

(in thousands)

Three Months Ended

Nine Months Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

Consolidated Revenue:

United States

$

63,553

$

73,553

$

183,181

$

213,055

International

39,250

49,910

113,785

150,704

Totals

$

102,803

$

123,463

$

296,966

$

363,759

United States

62

%

60

%

62

%

59

%

International

38

%

40

%

38

%

41

%

Totals

100

%

100

%

100

%

100

%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES

REVENUE AFTER EXITED PRODUCTS (unaudited)

(in millions)

Three Months Ended

Nine Months Ended

Year Ended

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

December 31, 2019

December 31, 2018

Revenue

$

102.8

$

123.5

$

297.0

$

363.8

$

495.1

$

530.9

Newborn care*

(0.6

)

(4.6

)

(4.5

)

(20.6

)

Neuro*

(0.2

)

(1.2

)

(1.2

)

(14.3

)

Hearing & balance*

(0.1

)

(0.1

)

(11.3

)

Revenue after exited products

$

102.8

$

122.7

$

297.0

$

357.9

$

489.3

$

484.7

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