“Our Newborn Care hearing business posted increased revenue in the third quarter compared to the 2011 quarter, signaling that birth rates around the world may have stabilized, reversing the downward trend of the last few years,” added Hawkins. “Nicolet also had excellent results in their first quarter as part of Natus.”
“We remain committed to achieving our goal of a 12% pretax operating profit in 2013 on a non-GAAP basis and believe our third quarter results clearly demonstrate progress towards this objective,” stated Hawkins.
As of September 30, 2012, the Company had cash and cash equivalents of $19.5 million, stockholders' equity of approximately $260 million, and working capital of approximately $64 million. On June 28, 2012 the Company borrowed $31 million on its line of credit and on July 2, 2012 used those proceeds and approximately $27 million of its existing cash to fund the Nicolet acquisition.
Financial GuidanceNatus updated its 2012 financial guidance. For the full year 2012, the Company expects to report revenue of $293 million to $296 million and non-GAAP earnings per share of $0.58 to $0.61. The Company had earlier said that it expected to report revenue of $295 million to $300 million and non-GAAP earnings per share of $0.58 to $0.63. For the fourth quarter of 2012, the Company expects to report revenue of $92 million to $95 million and non-GAAP earnings per share of $0.25 to $0.28. This compares to revenue of $64.1 million and non-GAAP earnings per share of $0.14 reported in the fourth quarter of 2011. The Company's full year 2012 and quarterly non-GAAP earnings per share guidance exclude the following charges: - Amortization expense associated with acquisition-related intangible assets. - Restructuring charges that the Company expects to incur in 2012 associated with acquisitions and reorganizations, which charges were $8.9 million for the nine months ended September 30, 2102. The charges are comprised primarily of employee severance benefits and associated exit and disposal costs.
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