Natus Medical Incorporated (NASDAQ:BABY) today announced financial results for the three and nine months ended September 30, 2011.
The Company reported revenue of $51.3 million for the third quarter ended September 30, 2011, compared to revenue of $53.2 million reported in the comparable quarter of the previous year. Embla Systems, which the company acquired on September 15, 2011, contributed $1.3 million of revenue. Net income was $153,000 or $0.01 per diluted share, compared to net income of $3.6 million or $0.12 per diluted share for the third quarter of 2010.
For the nine months ended September 30, 2011, the Company reported net income of $5.6 million, or $0.19 per diluted share, compared to net income of $6.7 million, or $0.23 per diluted share, for the comparable period in 2010.
The Company reported non-GAAP earnings per share of $0.07 per diluted share for the third quarter of 2011 compared to $0.16 per diluted share for the same period in 2010. Non-GAAP net income was $2.1 million in the 2011 period compared to $4.8 million in the third quarter of 2010. For the nine months ended September 30, 2011 non-GAAP net income was $9.9 million, or $0.34 per share, compared to $12.0 million or $0.41 per share for the same period in 2010.In commenting on the third quarter revenue results, Jim Hawkins, Chief Executive Officer of the Company said, “The third quarter revenue shortfall, which is consistent with the expected results we announced on October 10th, was primarily attributable to our neurology business where we experienced order delays in both domestic and international markets and also a reduction in order size in the United States. Our Medix subsidiary, with newborn care products sold primarily in Latin America, also experienced a shortfall that was due to delayed orders. Our other newborn care products, including our newborn hearing screening, newborn brain monitoring, and phototherapy product lines performed to expectations in the third quarter.”
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