Use of Non-GAAP Financial Measures
The Company's non-GAAP results for the fourth quarter and full year ended December 31, 2011 exclude a goodwill impairment charge, amortization expense and an impairment charge associated with certain acquisition-related intangible assets, restructuring charges associated primarily with employee severance costs, and directs costs and inventory fair value adjustments associated with the Embla acquisition.
The Company believes that the presentation of historical results and guidance excluding these items provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results. Therefore, the Company believes these non-GAAP financial measures facilitate comparison of operating results across reporting periods. A reconciliation of the Company's historical results of operations on a GAAP and non-GAAP basis for the periods reported is included as part of the condensed consolidated statements of operations at the end of this release.
The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and when planning, forecasting, and analyzing future periods. 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.
Natus has scheduled an investment-community conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) today, February 28, 2012. Individuals interested in listening to the conference call may do so by dialing 800-901-5241 for domestic callers, or 1-617-786-2963 for international callers, and entering reservation code 18213103. A telephone replay will be available for 48 hours following the conclusion of the call by dialing 888-286-8010 for domestic callers, or 1-617-801-6888 for international callers, and entering reservation code 36378103.