Natus Medical Announces 2012 Second Quarter Financial Results

Additional information about Natus Medical can be found at www.natus.com.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, particularly statements regarding the expectations, beliefs, plans, intentions and strategies of Natus. These forward-looking statements include statements regarding the contribution of the Nicolet business to profitability, growth in the incubator market, and revenue and non-GAAP profitability in the third and fourth quarters and full year 2012 These statements relate to current estimates and assumptions of our management as of the date of this press release, and future events or Natus' future financial performance or results, 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. Our future results could differ materially due to a number of factors, including the effects of competition, the demand for our products and services, the impact of adverse global economic conditions on our target markets, our ability to expand our sales in international markets, our ability to maintain current sales levels in a mature domestic market, our ability to control costs, risks associated with bringing new products to market and integrating acquired businesses, and our ability to fulfill product orders on a timely basis. Natus disclaims any obligation to update information contained in any forward looking statement.

More information about potential risk factors that could affect the business and financial results of Natus is included in Natus' annual report on Form 10-K for the year ended December 31, 2011, and its quarterly reports on Form 10-Q, and in other reports filed from time to time by Natus with the U.S. Securities and Exchange Commission.

NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
		Three Months Ended								Six Months Ended
		June				June				June				June
		2012				2011				2012				2011
Revenue		$	61,013			$	58,095			$	120,522			$	117,203
Cost of revenue			26,771				25,028				52,812				49,400
Gross profit			34,242				33,067				67,710				67,803
Operating expenses:
Marketing and selling			15,930				15,754				32,954				30,130
Research and development			6,594				6,171				13,349				12,458
General and administrative			10,913				7,986				20,441				17,018
Total operating expenses			33,437				29,911				66,744				59,606
Income from operations			805				3,156				966				8,197
Other income/(expense):
Interest income			4				7				9				17
Interest expense			(8	)			(64	)			(16	)			(112	)
Other income, net			289				(12	)			461				(119	)
Total other income/(expense)			285				(69	)			454				(214	)
Income before provision for income tax			1,090				3,087				1,420				7,983
Provision for income tax expense			645				726				617				2,518
Net income		$	445			$	2,361			$	803			$	5,465
Earnings per share:
Basic		$	0.02			$	0.08			$	0.03			$	0.19
Diluted		$	0.01			$	0.08			$	0.03			$	0.18
Weighted-average shares used to compute
Basic earnings per share			28,921				28,439				28,888				28,393
Diluted earnings per share			29,697				29,739				29,610				29,642

NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (UNAUDITED)
(in thousands, except per share amounts)
		Three Months Ended								Six Months Ended
		June				June				June				June
		2012				2011				2012				2011
GAAP based results:
Income (loss) before provision for income tax (benefit)		$	1,090			$	3,087			$	1,420			$	7,983
Non-GAAP adjustments:
Amortization expense associated with certain acquired intangible assets reported as a component of:																		(a)
Cost of revenue			532				530				1,060				1,062
Marketing and selling			538				393				929				825
Research and development			345				370				675				740
Restructuring charge reported as a component of general and administrative expense			679				630				1,256				793			(b)
Direct costs of acquisitions (G&A)			1,992				-				1,992				-			(c)
Accelerate ERP system depreciation (G&A)			451				-				902				-			(d)
Embla inventory FMV adjustment (COGS)			-				-				55				-			(e)
Non-GAAP income before provision for income tax			5,627				5,010				8,289				11,403
Provision for income tax expense, as adjusted			2,206				1,234				2,840				3,576
Non-GAAP net income		$	3,421			$	3,776			$	5,449			$	7,827
Non-GAAP earnings per share:
Basic		$	0.12			$	0.13			$	0.19			$	0.28
Diluted		$	0.12			$	0.13			$	0.18			$	0.26
Weighted-average shares used to compute
Basic non-GAAP earnings per share			28,921				28,439				28,888				28,393
Diluted non-GAAP earnings per share			29,697				29,739				29,610				29,642
Memo, Gross profit percentage:
GAAP basis			56.1	%			56.9	%			56.2	%			57.9	%
non-GAAP basis			57.0	%			57.8	%			57.1	%			58.8	%

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