Natus Medical (NSDQ:NTUS) this week posted fourth-quarter results that beat the overall consensus on Wall Street.
The Pleasanton, California-based company makes devices and software to diagnose, monitor and treat brain and nervous system disorders. It reported profits of $1.7 million, or 5¢ per share, on sales of $128.7 million for the three months ended Dec. 31, 2021, for a bottom-line loss of 66.5% on sales growth of 8.37% compared with Q4 2020.
Adjusted to exclude one-time items, earnings per share were 47¢, 3¢ ahead of The Street, where analysts were looking for sales of $125.8 million.
“I would like to thank our Natus teammates for their efforts to deliver growth in both revenue and income in the fourth quarter despite challenges from both COVID and supply chain-related constraints,” president and CEO Thomas Sullivan said in a news release. “Throughout the year we focused on ensuring our products were available to clinicians and despite incurring over $1.7 million in higher costs in the fourth quarter alone, our non-GAAP earnings per share increased more than 200%.”
Natus Medical said it is realigning its commercial organization to focus on clinical areas involving the brain, neural pathways and eight sensory nervous systems as part of its Q1 plans. It will transition to a matrix infrastructure of non-commercial resources to support innovation and growth for each clinical focus area. Because of this, Natus Medical is only providing annual guidance that excludes the impact of any acquisitions or divestitures.
Dr. Christopher Chung, Natus’ VP of quality and regulatory affairs and chief medical officer, plans to retire in April after 22 years at the company.
The company expects full-year 2022 revenue to be in the range of $491 million and $499 million with non-GAAP earnings per share between $1.36 and $1.49.
Shares in NTUS were up more than 15% at $27.64 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up 1%.