The Pleasanton, Calif.-based maker of monitoring and diagnostics for newborns posted losses of -$8.9 million, or -26¢ per share, on sales of $84.8 million for the three months ended June 30, 2020, for a bottom-line slide into the red on a sales decline of -32.5%.
Adjusted to exclude one-time items, earnings per share were -13¢, 18¢ behind Wall Street analysts’ projections.
Natus reported that its neuro end market took a hit because of the decline in spending at many hospitals during the COVID-19 pandemic, while hearing & balance revenue went down with reduced activity in audiologist offices and retail hearing centers.
However, the company did report a strong performance from its newborn care business, which saw revenues increase by 1% as births continued at normal rates and the company released its Nicview II NICU video streaming product.
Natus will continue to withhold its 2020 financial guidance at this time due to the uncertainties caused by the pandemic.
NTUS shares were down -4.8% at $17.69 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.1%.