Natus Medical Announces Second Quarter 2019 Financial Results


  • Second quarter revenue of $125.5 million exceeded expectations
  • Second quarter GAAP earnings per share of $0.12
  • Second quarter non-GAAP earnings per share of $0.34 exceeded expectations
  • NASDAQ ticker symbol change to “NTUS,” effective July 26, 2019

PLEASANTON, Calif., July 25, 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 six months ended June 30, 2019.

Key Results During the Quarter

  • Achieved organic revenue growth after divestitures of 5%
  • Reduced inventory by $2.5 million during the quarter
  • Reduced days sales outstanding by 11 days year over year
  • Generated $17.6 million in operating cash flow
  • Reduced debt by $20.0 million

For the second quarter ended June 30, 2019, the Company reported revenue of $125.5 million, a decrease of 4.0% compared to $130.7 million reported for the second quarter 2018. GAAP gross profit margin was 57.1% during the second quarter of 2019 compared to 57.4% in the second quarter 2018. GAAP net income was $4.2 million, or $0.12 per diluted share, compared with GAAP net loss of $2.6 million, or $0.08 per share in the second quarter 2018.

Non-GAAP earnings per diluted share was $0.34 for the second quarter 2019, compared to $0.35 in the second quarter 2018. Non-GAAP net income was $11.3 million for the second quarter 2019 compared to the prior year's second quarter non-GAAP net income of $11.6 million. Non-GAAP gross profit margin was 59.3% in the second quarter 2019 compared to 62.1% reported for the second quarter of 2018.

For the six months ended June 30, 2019, the Company reported revenue of $240.3 million, a decrease of 7.3% compared to $259.3 million reported for the same period in 2018. GAAP gross profit margin was 57.5% vs. 56.6% reported for the same period in 2018. GAAP net loss was $25.8 million, or $0.77 per share, compared with GAAP net loss of $5.7 million, or $0.17 per share in the same period in 2018.

Non-GAAP earnings per diluted share was $0.43 for the first six months in 2019, compared to $0.59 in the same period in 2018. The Company reported non-GAAP net income of $14.4 million for the six months ended June 30, 2019, compared to the prior year's non-GAAP net income of $19.6 million.

“Second quarter results exceeded the high end of our expectations. Revenue from our neuro end market, grew 7% adjusted for the divested GND business. Sales of our Otoscan digital ear scanner and hearing aid fitting products drove growth in our audiology market. Sales of our Neoblue® phototherapy devices and Algo® hearing screening devices and supplies grew within newborn care market,” said Jonathan Kennedy, President and Chief Executive Officer of Natus. “Completing the divestitures of GND, Neurocom® and Medix in the first half of the year, enhances our ability to grow our core businesses, drive operational efficiency and increase cash flows.”

“Our One Natus initiatives are progressing according to plan, allowing us to now look forward beyond the reorganization. Natus has a rich portfolio of solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages. With our customer focused organization and strategic direction now in place, we are in a solid position to expand and grow within our markets.” Kennedy continued. “Today, we also announced the change of our ticker symbol to NTUS, better reflecting the identity and diversity of our business.”

Financial Guidance

For the third quarter of 2019, the Company's revenue guidance is expected to be between $122.0 million and $126.0 million and non-GAAP earnings per share guidance is expected to be between $0.32 and $0.39.

For the full year 2019, the Company narrowed its expected revenue guidance to be between $492.0 million and $500.0 million from $489.0 million to $505.0 million and non-GAAP expected earnings per share guidance to be between $1.19 and $1.32 from $1.17 to $1.44.

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 $4.9 million and $49.8 million for the third quarter 2019 and full year, respectively, and which the Company expects will reduce GAAP earnings per share by approximately $0.13 and $1.45 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, July 25, 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 1776809. 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 1776809. 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 creating a more efficient operating model, creating a stronger and more profitable company, enhancing focus on operational excellence, positioning the company for growth and driving long-term value for stakeholders. 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 Six Months Ended
 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Revenue$125,539  $130,653  $240,296  $259,261 
Cost of revenue52,164  52,897  98,534  108,266 
Intangibles amortization1,746  2,717  3,502  4,305 
Gross profit71,629  75,039  138,260  146,690 
Gross profit margin57.1% 57.4% 57.5% 56.6%
Operating expenses:       
Marketing and selling32,236  33,401  65,966  69,273 
Research and development12,769  15,616  25,827  31,059 
General and administrative12,691  23,721  28,995  41,169 
Intangibles amortization3,763  4,151  7,549  8,957 
Restructuring2,668  1,938  40,040  2,750 
Total operating expenses64,127  78,827  168,377  153,208 
Income (loss) from operations7,502  (3,788) (30,117) (6,518)
Interest expense(1,388) (1,647) (2,894) (3,596)
Other income (expense)188  (751) (418) (622)
Income (loss) before tax6,302  (6,186) (33,429) (10,736)
Provision for income tax expense (benefit)2,114  (3,609) (7,616) (5,009)
Net income (loss)$4,188  $(2,577) $(25,813) $(5,727)
Earnings (loss) per share:       
Basic$0.12  $(0.08) $(0.77) $(0.17)
Diluted$0.12  $(0.08) $(0.77) $(0.17)
Weighted-average shares:       
Basic33,639  32,859  33,630  32,809 
Diluted33,690  32,859  33,630  32,809 


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
      
 June 30, March 31, December 31,
 2019 2019 2018
ASSETS     
      
Current assets:     
Cash and investments$52,009  $53,423  $56,373 
Accounts receivable106,934  110,900  127,041 
Inventories78,275  82,866  79,736 
Other current assets28,022  26,793  22,625 
Total current assets265,240  273,982  285,775 
      
Property and equipment26,547  26,280  22,913 
Operating lease right-of-use assets17,217  18,982   
Goodwill and intangible assets274,725  279,595  287,097 
Deferred income tax19,187  19,165  22,639 
Other assets25,084  20,559  19,716 
Total assets$628,000  $638,563  $638,140 
      
LIABILITIES AND STOCKHOLDERS’ EQUITY     
      
Current liabilities:     
Accounts payable$25,235  $25,103  $28,805 
Current portion of long-term debt35,000  35,000  35,000 
Accrued liabilities51,605  51,157  52,568 
Deferred revenue19,861  19,017  17,073 
Current portion of operating lease liabilities5,960  6,251   
Liabilities and accrued impairment held for sale  24,786   
Total current liabilities137,661  161,314  133,446 
      
Long-term liabilities:     
Long-term debt44,570  64,522  69,474 
Deferred income tax8,649  8,467  16,931 
Operating lease liabilities14,326  15,234   
Other long-term liabilities21,237  21,325  19,845 
Total liabilities226,443  270,862  239,696 
Total stockholders’ equity401,557  367,701  398,444 
Total liabilities and stockholders’ equity$628,000  $638,563  $638,140 


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 
(in thousands)
      
 Three Months Ended Six Months Ended
 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Operating activities:       
Net income (loss)$4,188  $(2,577) $(25,813) $(5,727)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       
Provision for losses on accounts receivable360  3,171  960  4,089 
Depreciation and amortization7,716  8,779  15,427  16,694 
(Gain) loss on disposal of property and equipment303  108  482  160 
Warranty reserve1,323  2,100  1,677  975 
Share-based compensation1,908  3,270  4,462  5,632 
Impairment of intangible assets held for sale       
Impairment charge for held for sale assets    24,571   
Changes in operating assets and liabilities:       
Accounts receivable3,615  4,306  19,170  2,064 
Inventories2,141  (5,368) (2,475) (2,483)
Prepaid expenses and other assets(3,357) (9,753) (11,060) (15,141)
Accounts payable(81) 258  (3,517) (364)
Accrued liabilities(1,301) 95  (2,620) 3,414 
Deferred revenue757  373  2,739  1,687 
Deferred income tax(18) 239  44  326 
Net cash provided by operating activities17,554  5,001  24,047  11,326 
Investing activities:       
Acquisition of businesses, net of cash acquired  151    151 
Purchases of property and equipment(458) (914) (2,919) (3,387)
Purchase of intangible assets(13) (298) (13) (298)
Net cash used in investing activities(471) (1,061) (2,932) (3,534)
Financing activities:       
Proceeds from stock option exercises and ESPP1,406  4,515  1,674  5,092 
Repurchase of common stock  (894)   (5,630)
Taxes paid related to settlement of equity awards(6) (307) (1,573) (326)
Principal payments of financing lease liability(100)   (265)  
Contingent consideration earn-out      (147)
Payments on borrowings(20,000) (10,000) (25,000) (35,000)
Net cash used in financing activities(18,700) (6,686) (25,164) (36,011)
Exchange rate changes effect on cash and cash equivalents203  (6,817) (315) (5,823)
Net decrease in cash and cash equivalents(1,414) (9,563) (4,364) (34,042)
Cash and cash equivalents, beginning of period53,423  64,471  56,373  88,950 
Cash and cash equivalents, end of period$52,009  $54,908  $52,009  $54,908 


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, 2019 June 30, 2018 June 30, 2019 June 30, 2018
GAAP based results:       
Income (loss) before provision for income tax$6,302  $(6,186) $(33,429) $(10,736)
        
Non-GAAP adjustments:       
Intangibles amortization (COGS)1,746  2,717  3,502  4,305 
Recall accrual and remediation efforts (COGS)322  2,305  67  2,573 
Restructuring and other non-recurring costs (COGS)738  27  989  27 
Direct costs of acquisitions (COGS)40  1,072  123  3,480 
Intangibles amortization (OPEX)3,763  4,151  7,549  8,957 
Direct costs of acquisitions (M&S)15  387  33  409 
Recall accrual and remediation efforts (R&D)  1,741    3,587 
Direct costs of acquisitions (R&D)46  138  91  184 
Restructuring and other non-recurring costs (OPEX)2,594  4,239  40,258  5,206 
Direct costs of acquisitions (G&A)90  789  134  3,180 
Restructuring and other non-recurring costs (OI&E)  (2)   366 
Extraordinary annual meeting expenses  2,214    2,214 
Litigation (OPEX)10  754  697  996 
Non-GAAP income before provision for income tax15,666  14,346  20,014  24,748 
        
Income tax expense, as adjusted$4,350  $2,755  $5,591  $5,130 
        
Non-GAAP net income$11,316  $11,591  $14,423  $19,618 
Non-GAAP earnings per share:       
Basic$0.34  $0.35  $0.43  $0.60 
Diluted$0.34  $0.35  $0.43  $0.59 
        
Weighted-average shares used to compute       
Basic non-GAAP earnings per share33,639  32,859  33,630  32,809 
Diluted non-GAAP earnings per share33,690  33,241  33,733  33,196 


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, 2019 June 30, 2018 June 30, 2019 June 30, 2018
GAAP Gross Profit$71,629  $75,039  $138,260  $146,690 
Amortization of intangibles1,746  2,717  3,502  4,305 
Direct cost of acquisitions40  1,072  123  3,480 
Recall accrual and remediation efforts322  2,305  67  2,573 
Restructuring and other non-recurring costs738  27  989  27 
Non-GAAP Gross Profit$74,475  $81,160  $142,941  $157,075 
Non-GAAP Gross Margin59.3% 62.1% 59.5% 60.6%
        
GAAP Operating Income (Loss)$7,502  $(3,788) $(30,117) $(6,518)
Amortization of intangibles5,509  6,868  11,051  13,262 
Recall accrual and remediation efforts322  4,046  67  6,160 
Litigation10  754  697  996 
Restructuring and other non-recurring costs3,332  4,266  41,247  5,233 
Direct cost of acquisitions191  2,386  381  7,253 
Extraordinary annual meeting expenses  2,214    2,214 
Non-GAAP Operating Profit$16,866  $16,746  $23,326  $28,600 
Non-GAAP Operating Margin13.4% 12.8% 9.7% 11.0%
        
GAAP Income Tax Benefit (Expense)$2,114  $(3,609) $(7,616) $(5,009)
Effect of accumulated change of pretax income2,662  7,072  5,707  10,791 
Effect of change in annual expected tax rate(503) (1,531) (606) (1,584)
Repatriation tax adjustment  (88) (177) 101 
Stock-based compensation adjustment  911    831 
Restructuring expenses77    8,283   
Non-GAAP Income Tax Expense$4,350  $2,755  $5,591  $5,130 
        
 Three Months
Ended
 Year
Ended
    
 September 30,
2019
 December 31,
2019
    
GAAP EPS Guidance$0.19 - $0.26 ($0.26) - ($0.13)    
Amortization of intangibles0.17  0.66     
Restructuring and other non-recurring costs0.01  1.24     
Litigation—  0.02     
Direct cost of acquisitions—  0.01     
Tax effect(0.05) (0.48)    
Non-GAAP EPS Guidance$0.32 - $0.39 $1.19 - $1.32    



NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GROSS MARGIN BY END MARKETS (unaudited)
(in thousands)
    
 Three Months Ended Six Months Ended
 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Neuro:       
Revenue$71,598  $70,375  $133,988  $136,244 
Cost of revenue27,906  26,381  50,579  54,232 
Intangibles amortization940  1,814  1,882  2,464 
Gross profit$42,752  $42,180  $81,527  $79,548 
Gross profit margin59.7% 59.9% 60.8% 58.4%
        
Newborn care:       
Revenue$26,563  $30,573  $56,099  $64,477 
Cost of revenue11,424  13,644  23,822  26,135 
Intangibles amortization64  119  129  239 
Gross profit$15,075  $16,810  $32,148  $38,103 
Gross profit margin56.8% 55.0% 57.3% 59.1%
        
Audiology:       
Revenue$27,378  $29,705  $50,209  $58,540 
Cost of revenue12,834  12,872  24,133  27,899 
Intangibles amortization742  784  1,491  1,602 
Gross profit$13,802  $16,049  $24,585  $29,039 
Gross profit margin50.4% 54.0% 49.0% 49.6%
        
Consolidated:       
Revenue$125,539  $130,653  $240,296  $259,261 
Cost of revenue52,164  52,897  98,534  108,266 
Intangibles amortization1,746  2,717  3,502  4,305 
Gross profit$71,629  $75,039  $138,260  $146,690 
Gross profit margin57.1% 57.4% 57.5% 56.6%
        
Note: The revenue and gross margin for our AccuScreen® newborn hearing screening product has been reclassified from Audiology to Newborn Care for both the current and prior periods.


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, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Neuro:       
GAAP Gross Profit$42,752  $42,180  $81,527  $79,548 
Amortization of intangibles940  1,814  1,882  2,464 
Acquisition charges40  1,022  123  3,430 
Non-GAAP Gross Profit$43,732  $45,016  $83,532  $85,442 
Non-GAAP Gross Margin61.1% 64.0% 62.3% 62.7%
        
Newborn care:       
GAAP Gross Profit$15,075  $16,810  $32,148  $38,103 
Amortization of intangibles64  119  129  239 
Recall accrual and remediation efforts(316) 2,305  (571) 2,573 
Restructuring and other non-recurring costs738  2  814  2 
Non-GAAP Gross Profit$15,561  $19,236  $32,520  $40,917 
Non-GAAP Gross Margin58.6% 62.9% 58.0% 63.5%
        
Audiology:       
GAAP Gross Profit$13,802  $16,049  $24,585  $29,039 
Amortization of intangibles742  784  1,491  1,602 
Acquisition charges  50    50 
Recall accrual and remediation efforts638    638   
Restructuring and other non-recurring costs  25  175  25 
Non-GAAP Gross Profit$15,182  $16,908  $26,889  $30,716 
Non-GAAP Gross Margin55.5% 56.9% 53.6% 52.5%
        
Consolidated:       
GAAP Gross Profit$71,629  $75,039  $138,260  $146,690 
Amortization of intangibles1,746  2,717  3,502  4,305 
Acquisition charges40  1,072  123  3,480 
Recall accrual and remediation efforts322  2,305  67  2,573 
Restructuring and other non-recurring costs738  27  989  27 
Non-GAAP Gross Profit$74,475  $81,160  $142,941  $157,075 
Non-GAAP Gross Margin59.3% 62.1% 59.5% 60.6%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GEOGRAPHIC REVENUE (unaudited)
(in thousands)
        
 Three Months Ended Six Months Ended
 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
Consolidated Revenue:       
United States$73,531  $75,467  $139,598  $144,154 
International52,008  55,186  100,698  115,107 
Totals$125,539  $130,653  $240,296  $259,261 
        
United States59% 58% 58% 56%
International41% 42% 42% 44%
Totals100% 100% 100% 100%


NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
REVENUE AFTER EXITED PRODUCTS (unaudited)
(in thousands)
            
 Three Months Ended Six Months Ended Year Ended
 June 30,
2019
 June 30,
2018
 June 30,
2019
 June 30,
2018
 December 31,
2018
 December 31,
2017
Revenue$125.5  $130.7  $240.3  $259.3  $530.9  $501.0 
Newborn care(1.4) (4.1) (3.7) (10.2) (20.6) (35.0)
Neuro(0.1) (4.4) (1.0) (7.7) (14.3) (14.6)
Audiology  (1.8)   (8.3) (7.9) (6.9)
Impact of ship holds2.8    6.6       
Revenue after exited products/ship holds$126.8  $120.4  $242.2  $233.1  $488.1  $444.5 
            
Note: Newborn care, Neuro, and Audiology include exited businesses (GND, Neurocom, Medix) and other end of sales products.


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