Delaware | 77-0154833 | |
(State or other jurisdiction of Incorporation) | (I.R.S. Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit No. | Description | |
99.1 | Press release dated July 22, 2015 describing the Company's results for its second quarter ended June 30, 2015 and other financial information. |
NATUS MEDICAL INCORPORATED (Registrant) | ||||||
Dated: July 22, 2015 | By: | /s/ Jonathan A. Kennedy | ||||
Senior Vice President Finance and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press release dated July 22, 2015 describing the Company's results for its second quarter ended June 30, 2015 and other financial information. |
• | Record second quarter non-GAAP earnings per share of $0.34 |
• | Achieves second quarter 63.2% non-GAAP gross margin and 18.5% non-GAAP operating margin |
• | Increases full year 2015 non-GAAP earnings guidance |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES | |||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Quarter Ended | Year to Date | ||||||||||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||
Revenue | $ | 91,937 | $ | 86,325 | $ | 181,332 | $ | 171,948 | |||||||
Cost of revenue | 33,844 | 35,500 | 68,948 | 69,480 | |||||||||||
Intangibles amortization | 683 | 156 | 1,366 | 1,202 | |||||||||||
Gross profit | 57,410 | 50,669 | 111,018 | 101,266 | |||||||||||
Gross profit margin | 62.4 | % | 58.7 | % | 61.2 | % | 58.9 | % | |||||||
Operating expenses: | |||||||||||||||
Marketing and selling | 22,108 | 22,061 | 42,850 | 42,690 | |||||||||||
Research and development | 7,309 | 7,634 | 14,167 | 14,811 | |||||||||||
General and administrative | 11,656 | 10,165 | 23,208 | 21,798 | |||||||||||
Intangibles amortization | 2,174 | 646 | 3,129 | 1,782 | |||||||||||
Restructuring | 161 | 218 | 316 | 853 | |||||||||||
Total operating expenses | 43,408 | 40,724 | 83,670 | 81,934 | |||||||||||
Income from operations | 14,002 | 9,945 | 27,348 | 19,332 | |||||||||||
Other income/(expense), net | (380 | ) | 795 | (1,210 | ) | 1,107 | |||||||||
Income before tax | 13,622 | 10,740 | 26,138 | 20,439 | |||||||||||
Provision for income tax expense | 3,771 | 3,279 | 7,691 | 6,223 | |||||||||||
Net income | $ | 9,851 | $ | 7,461 | $ | 18,447 | $ | 14,216 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.31 | $ | 0.24 | $ | 0.57 | $ | 0.45 | |||||||
Diluted | $ | 0.30 | $ | 0.23 | $ | 0.56 | $ | 0.44 | |||||||
Weighted-average shares: | |||||||||||||||
Basic | 32,273 | 31,424 | 32,201 | 31,244 | |||||||||||
Diluted | 33,204 | 32,444 | 33,158 | 32,315 |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||||
(in thousands) | |||||||||||
June 30, | March 31, | December 31, | |||||||||
2015 | 2015 | 2014 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 73,238 | $ | 66,999 | $ | 66,558 | |||||
Accounts receivable, net | 83,341 | 81,990 | 82,277 | ||||||||
Inventories | 44,873 | 41,371 | 40,051 | ||||||||
Other current assets | 26,909 | 27,879 | 28,919 | ||||||||
Total current assets | 228,361 | 218,239 | 217,805 | ||||||||
Property and equipment, net | 18,351 | 18,214 | 17,923 | ||||||||
Goodwill and intangible assets | 198,785 | 198,758 | 189,077 | ||||||||
Other assets | 8,361 | 8,529 | 10,016 | ||||||||
Total assets | $ | 453,858 | $ | 443,740 | $ | 434,821 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 19,270 | $ | 22,253 | $ | 21,371 | |||||
Accrued liabilities | 35,988 | 37,122 | 36,024 | ||||||||
Deferred revenue | 11,112 | 12,014 | 11,745 | ||||||||
Total current liabilities | 66,370 | 71,389 | 69,140 | ||||||||
Long-term liabilities: | |||||||||||
Other long-term liabilities | 13,722 | 13,786 | 12,966 | ||||||||
Total liabilities | 80,092 | 85,175 | 82,106 | ||||||||
Total stockholders’ equity | 373,766 | 358,565 | 352,715 | ||||||||
Total liabilities and stockholders’ equity | $ | 453,858 | $ | 443,740 | $ | 434,821 |
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES | |||||||||||||||
RECONCILIATION OF NON-GAAP ADJUSTMENTS (UNAUDITED) | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Quarter Ended | Year to Date | ||||||||||||||
June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | ||||||||||||
GAAP based results: | |||||||||||||||
Income before provision for income tax | $ | 13,622 | $ | 10,740 | $ | 26,138 | $ | 20,439 | |||||||
Restatement adjustment | — | 360 | — | (346 | ) | ||||||||||
Non-GAAP adjustments: | |||||||||||||||
Amortization of intangibles: | |||||||||||||||
Cost of revenue | 683 | 156 | 1,366 | 1,202 | |||||||||||
Marketing and selling | 1,820 | (32 | ) | 2,422 | 757 | ||||||||||
Research and development | 354 | 678 | 707 | 1,025 | |||||||||||
Restructuring charges (G&A) | 161 | 218 | 316 | 853 | |||||||||||
Direct costs of acquisitions (G&A) | — | 144 | — | 339 | |||||||||||
Non-GAAP income before provision for income tax | 16,640 | 12,264 | 30,949 | 24,269 | |||||||||||
Income tax expense, as adjusted | 5,482 | 3,336 | 9,518 | 7,050 | |||||||||||
Non-GAAP net income | $ | 11,158 | $ | 8,928 | $ | 21,431 | $ | 17,219 | |||||||
Non-GAAP earnings per share: | |||||||||||||||
Basic | $ | 0.35 | $ | 0.28 | $ | 0.67 | $ | 0.55 | |||||||
Diluted | $ | 0.34 | $ | 0.28 | $ | 0.65 | $ | 0.53 | |||||||
Weighted-average shares | |||||||||||||||
used to compute | |||||||||||||||
Basic non-GAAP earnings per share | 32,273 | 31,424 | 32,201 | 31,244 | |||||||||||
Diluted non-GAAP earnings per share | 33,204 | 32,444 | 33,158 | 32,315 | |||||||||||
GAAP Gross profit | $ | 57,410 | $ | 50,669 | $ | 111,018 | $ | 101,266 | |||||||
Restatement adjustment | — | 360 | — | (346 | ) | ||||||||||
Amortization of intangibles | 683 | 156 | 1,366 | 1,202 | |||||||||||
Non-GAAP Gross Profit | $ | 58,093 | $ | 51,185 | $ | 112,384 | $ | 102,122 | |||||||
Non-GAAP Gross Margin | 63.2 | % | 59.3 | % | 62.0 | % | 59.4 | % | |||||||
GAAP Operating profit | $ | 14,002 | $ | 9,945 | $ | 27,348 | $ | 19,332 | |||||||
Restatement adjustment | — | 360 | — | (346 | ) | ||||||||||
Amortization of intangibles | 2,857 | 802 | 4,495 | 2,984 | |||||||||||
Restructuring and other charges | 161 | 362 | 316 | 1,192 | |||||||||||
Non-GAAP Operating profit | $ | 17,020 | $ | 11,469 | $ | 32,159 | $ | 23,162 | |||||||
Non-GAAP Operating margin | 18.5 | % | 13.3 | % | 17.7 | % | 13.5 | % |
I?"O_`)!FH?\`79?Y5&*_A,Z,G_WN/S_([^BBBO*/ ML@KYQF_U\G^\?YU]'5\XS?Z^3_>/\Z[L%]H^=S_:G\_T&5);_P#'S%_OC^=1 MU)`0MQ&2<`."?SKO9\ZMSZ-HHHKPC]$"BBB@`KR[XJ?\A'3O^N+?SKU&O+OB MI_R$=._ZXM_.NC"_Q4>9G'^Z2^7YGG]%%%>J?&GK/PN_Y%ZZ_P"OH_\`H"UW M%<+\+6!T"[7/S"Z)(^JK_A7=5Y&(_B,^WRW_`'2'H%%%%8G<E@_X;]3Y3/?\`>8_X?U85WWPK M_P"0K?\`_7`?^A5P-=]\*_\`D*W_`/UP'_H5:XC^$SDRS_>X?UT/4Z***\@^ MV"LC7/#6G>((0MY%B51A)DX=?Q[CV-:]%-2<7=$5*<:D>6:NCR?4/ACJD#DV M-Q! )<_\`(/!_[;Q__%5[9172L741Y<\DPLG=77S_`,[G MB?\`P@/B7_H'#_O_`!__`!5'_"`^)?\`H'#_`+_Q_P#Q5>V44_KE3LB/["PW M=_>O\CQ/_A`?$O\`T#A_W_C_`/BJS-3\/ZKHX!O[*2%2VLEM`=:;2_$4<#MBWO"(G'8-_"?SX_$U[/7SA' M(T4J2(<,C!@?0BOHR)_-ACD'\:AOSKS\9%*2EW/ILBK.5.5-]/U'T445Q'O' MS=1117NGYT;7A'_D;=,_Z[BO=Z\(\(_\C;IG_7<5[O7G8WXT?4Y#_!EZ_H%% M%%<9[@5X1XN_Y&W4_P#KN:]WKPCQ=_R-NI_]=S79@OC9X>??P8^OZ&+1117H MGRQ]`>'_`/D6]+_Z](O_`$`5HUG>'_\`D6]+_P"O2+_T`5HUXDOB9^@T?X M1'A?C*U:T\6ZBC#[\OF#W#?-_6L*O3_B7H+SP1:Q;IEH5\N<`?PYX;\"?UKS M"O6H34Z:9\7F%!T<1*+ZZKYA7MWA/Q/:Z[IL2-*JWT:A98B<$D?Q#U!_2O$: M4$J002".A%%:BJJLPP.-GA)N25T]T?2%%?.OVV[_`.?F;_OX:/MMW_S]3?\` M?PUR_4G_`#'K_P!OQ_Y]_C_P#Z*HKYV^WWO_`#]S_P#?PT?;[W_G[G_[^&CZ MD^X?V_'_`)]_C_P#T#XK]=(_[;?^R5YO4DMQ-/CSII)-O3>Q.*CKKI0Y(*)X MF,Q"Q%:55*U_\K!7J7PK_P"09J'_`%V7^5>6UZE\*_\`D&:A_P!=E_E6>*_A M,ZLG_P![C\_R._HHHKRC[(*^=]1@:UU.ZMV&&BF=#^!(KZ(KR+XC:*UCK?\` M:,:_Z/> OYUV8.24G'N>)GE%SHQJ+[+_,XNBBBO1/E3UKPCXXLK MJPALM3N$M[N)0@DD.%D`Z'/8_6NL_M/3_P#G^MO^_P`O^-?/-% :_%6!O,TRY`^7#QD^AX(_K7I58/C#13KGAZ:W MC7-Q&?-A]V';\1D5-":A439KF%%UL-*$=_\`+4\,HI2"K%6!!!P0>U)7L'PQ MT?@_Q,?#FHLTJL]G.`LRKU&.C#W'/YUZS;>)M#NH1)%JMH%/9Y0A'U!P:\#H MKGJX:-1WV9Z>#S2KAH 7M2.96)_>*>@->/445T4J2 MIQLCR\;BWBJBFU:RL%=]\*_^0K?_`/7`?^A5P-=]\*_^0K?_`/7`?^A4L1_" M9IEG^]P_KH>IT445Y!]L%%>9_$G4K^RUFUCM;VX@1K?)6*5E!.X\\&N*_MW6 M/^@K??\`@0_^-=4,*YQ4KGC8C.(4*KIN+=CZ!HKY^_MW6/\`H*WW_@0_^-'] MNZQ_T%;[_P`"'_QJ_J4NYC_;U/\`D?WGT#17S]_;NL?]!6^_\"'_`,:/[=UC M_H*WW_@0_P#C1]2EW#^WJ?\`(_O/H&J.K:O9Z+8/=WDH15'RKGYG/H!W->&? MV[K'_05OO_`A_P#&JD]S<74GF7$\DS_WI'+']:<<%KJR*F?+E?)#7S'WUV]] M?W%W)P\\C2,!V).:KT45WK0^=;;=V26\+W-S%!&,O(X11[DX%?1<:".-4'10 M`*\C^'6A/?ZR-1E3_1K,Y!(X:3L/PZ_E6WKNL76JW6J%;B>WT;2R$F^S-MDG M AT5Y@EFT%W'#I0U;2]3> M(S6Z3RB2.X"C)!P>N/7BNETGQQIUUI=O->R"&Y9<2(!P"#C]<9_&N:5%I7CJ M>M2QT)/EJ>[^7Z:Z]CQBBNN_L73_`/GW_P#'V_QH_L73_P#GW_\`'V_QKT_: MQ/D_J53NC+\(_P#(VZ9_UW%>[UY=H&DV4.OV4D<&'64$'>W^->HUP8N2E)6/ MHLFI2ITI)]_T"BBBN4]@*\(\7?\`(VZG_P!=S7N]>7:_I-E-K][))!EVE))W MM_C75A)*,G<\?.:4JE**7?\`0\_HKKO[%T__`)]__'V_QH_L73_^??\`\?;_ M`!KO]K$^=^I5.Z/4O#__`"+>E_\`7I%_Z`*T:IZ2BQZ/8QH,*MN@`]!M%7*\ M>6[/MZ2M!+R&NB21M&ZAD8896&01Z5Y9XH^'US:2O=Z/&T]L>3`.7C^G]X?K M7JM%72JRINZ,,7@Z6*CRS^3/F]E9'*.I5@<$$8(I*^A+W1]-U'F\L;>=O[SQ M@G\^M9I\%>'"<_V7%^#-_C7:L;'JCP9Y#5O[LU;^O4\-HKW$^"/#9_YA\` MWV_^-(?`_AO_`*!:?]_'_P`:?UR'9D_V%B/YE^/^1X?17MQ\#>&_^@8O_?U_ M_BJ:?`OAK'_(,'_?Z3_XJCZY#LQ?V%B/YE^/^1XG17M?_"">&O\`H&C_`+_2 M?_%4?\()X:_Z!H_[_2?_`!5/ZY#LQ?V'B/YE^/\`D>*5ZE\*_P#D&:A_UV7^ M5;/_``@GAK_H&C_O])_\56KI.BZ?HL4D>GV_DI(VYAO9LG\2:QK8F,X +OI)'S>+R2UYT9:=F>.T5UYT33LG_`$?_`,?; M_&D_L73_`/GW_P#'V_QKI]K$\KZE4[HP-#_Y?^OJ+_P!#%?05>3Z9H]A' MJUFZP899T(.]NNX>]>L5PXN2DU8^@R:C*E":?<****Y#VC@/&7@1K^634M)4 M"X;F6#H)#ZK[^W?^?F,T$MM,T,\3Q2*<,CJ01^%?1M4[_2=/U--M]9PSXZ%T M!(^AZBNNEBG!6EJ>+C,GA6DYTWRM_/5%>O7?@OP\DQ"Z?@?]=I/_BJK_\` M"':#_P`^'_D:3_XJNGZU#LSRGD]=.UU^/^1Y317JW_"':#_SX?\`D:3_`.*H M_P"$.T'_`)\/_(TG_P`51]:AV8O[(K]U^/\`D>4T5ZM_PAV@_P#/A_Y&D_\` MBJ/^$.T'_GP_\C2?_%4?6H=F']D5^Z_'_(\IKOOA7_R%;_\`ZX#_`-"K8_X0 M[0?^?#_R-)_\56UX=T/3M*N9I+*W\IG0*QWLV1GW)K.MB(R@TCJP66U:6(C. M35EZ_P"1T-%%%>>?3'E/Q2_Y#MG_`->W_LS5PE>\ZOX;TG6;A)M0M/.D1-BG MS'7`SGL1ZUG_`/"!^&O^@;_Y'D_^*KOI8J$(*+3/G,9E->M7E4BU9^O^1XM1 M7M/_``@?AK_H&_\`D>3_`.*H_P"$#\-?]`W_`,CR?_%5I]+45[3_P`('X:_Z!O_`)'D_P#BJ/\`A`_#7_0-_P#(\G_Q5'URGV8?V'B/ MYE^/^1XM17M/_"!^&O\`H&_^1Y/_`(JC_A`_#7_0-_\`(\G_`,51]+5TGASP9J.O2I(R-;V6 %-"L6#P:9`''1G M! ,;->SSB>W0#F92X/'KQ@_GZ5ZC7.>,=+LKO1Y+N>W5KBW7,4H) M#+SZBN>E.TM>IZ6-P_-2O#3E3^YJS_X!AVMG'X5UR6_U&.>6U%H&M[F5V8PM MCYH^3U/./R[USNG>!M1U>QCU!2(UN,N%)QQDXJ3P7;QZ[K/EZJ9+Q(@2BS2L GP'X9KUP`*H50``,`#M6]2I*D[+ ,AS25H*]EUN[7O^A__9 ` end