San Carlos, Calif.-based Natus Medical (NSDQ:BABY) lost a few more points after releasing its official Q2 earnings release, which was pretty much in line with the company’s preliminary report.
BABY shares were down another 2.2% as of close yesterday, but shares have regained losses suffered after the company released the preliminary report. Natus had plunged more than 12% to trade at about $12.50 on July 8, when the prelims were released, but closed at $13.68 last night.
Overall the medical products maker posted $4 million in profit, or 13¢ per diluted share, on sales of $82.3 million during the 3 months ended June 30, 2013. That’s a 1141% boost in profits and a 34.8% jump in sales compared with the same period last year, when Natus reported profits of $324,000, or 1¢ per share, on sales of $61 million.
That’s impressive growth and record profits for Natus, but the figures came in lower than Natus had hoped. The company had projected sales in the range of $86-90 million for its 2nd quarter, but had to lower its sights due to softness in overseas markets.
Adjusted to exclude special charges, Natus’ adjusted per-share earnings of 21¢ beat analysts’ consensus estimates by 2 pennies.
"I am very pleased with both our record second quarter non-GAAP earnings and gross profit margin that increased to 60% from 57% last year," president & CEO Jim Hawkins said in prepared remarks. "As we previously announced, weakness in international markets, particularly Europe and to a lesser extent Latin America, led to a second quarter revenue shortfall from the guidance we issued earlier in the quarter. This shortfall was in both our newborn and neurodiagnostic product categories."
Skyrocketing growth has been a hallmark of Natus’ year so far. The company’s Q1 2013 profits came in 1000% higher than during Q1 2012 and sales rose 45%.