Natus Medical (NSDQ:NTUS) yesterday reported second-quarter numbers that beat expectations and changed its ticker symbol to reflect its shift from neonatal to central nervous and sensory disorder devices.
The Pleasanton, Calif.-based company swung to black for the three months ended June 30, posting profits of $4.2 million, or 12¢ per share, on sales of $125.5 million, a -3.9% top-line slip. Adjusted to exclude one-time items, earnings per share were 34¢, 4¢ ahead of the consensus on Wall Street, where analysts were looking for revenues of $122.8 million.
“Second-quarter results exceeded the high end of our expectations. Revenue from our neuro end market grew 7%, adjusted for the divested GND business. Sales of our Otoscan digital ear scanner and hearing aid fitting products drove growth in our audiology market. Sales of our Neoblue phototherapy devices and Algo hearing screening devices and supplies grew within newborn care market,” president & CEO Jonathan Kennedy said in prepared remarks. “Completing the divestitures of GND, Neurocom and Medix in the first half of the year, enhances our ability to grow our core businesses, drive operational efficiency and increase cash flows.”
Natus narrowed its outlook on the rest of the year, saying it now expects adjusted EPS of $1.19 to $1.32, compared with $1.17 to $1.44 previously. Sales are now expected to be between $492.0 million and $500.0 million, compared with prior guidance of $489.0 million to $505.0 million
Third-quarter adjusted EPS are pegged at 32¢ to 39¢ on sales of $122.0 million to $126.0 million, the company said.
Natus also said it changed its ticker symbol from BABY to NTUS, effective today.
“We have diversified our products, solutions, and core capabilities well beyond the neonatal care market since our IPO in 2001. The new ticker symbol better reflects our identity as a global provider of innovative healthcare solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages,” Kennedy said.
NTUS shares were off -4.1% to $25.65 apiece today in mid-day trading.
