• Fourth quarter revenue of $131.8 million
  • Fourth quarter GAAP earnings per diluted share of $0.10
  • Fourth quarter non-GAAP earnings per diluted share of $0.46
  • Provides annual revenue and earnings guidance for 2020

PLEASANTON, Calif., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Natus Medical Incorporated (NASDAQ:NTUS) (the “Company” or “Natus”), a leading provider of medical device solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages, today announced financial results for the three months and full year ended December 31, 2019.

Key Results During the Quarter

  • GAAP gross profit margins increased 440 basis points during the fourth quarter year over year
  • GAAP and Non-GAAP EPS increased $0.45 and $0.03, respectively
  • Reduced inventory by $8.5 million during the fourth quarter
  • Generated $12.7 million in operating cash flow
  • Reduced debt by $15.0 million, with net cash exceeding net debt

For the fourth quarter ended December 31, 2019, the Company reported revenue of $131.8 million, a decrease of 6.5% compared to $141.0 million reported for the fourth quarter 2018. GAAP gross profit margin was 61.3% during the fourth quarter of 2019 compared to 56.9% in the fourth quarter 2018. GAAP net income was $3.2 million, or $0.10 per diluted share, compared with GAAP net loss of $11.6 million, or $0.35 per share in the fourth quarter 2018.

Non-GAAP earnings per diluted share was $0.46 for the fourth quarter 2019, compared to $0.43 in the fourth quarter 2018. Non-GAAP net income was $15.4 million for the fourth quarter 2019 compared to $14.5 million in the fourth quarter 2018. Non-GAAP gross profit margin was 62.1% in the fourth quarter 2019 compared to 58.2% reported for the fourth quarter of 2018.

For the full year ended December 31, 2019, the Company reported revenue of $495.5 million, a decrease of 6.7% compared to $530.9 million reported for the same period in 2018. GAAP gross profit margin was 59.0% vs. 57.3% reported for the same period in 2018. GAAP net loss was $14.1 million, or $0.42 per share, compared with GAAP net loss of $22.9 million, or $0.69 per share in the same period in 2018.

Non-GAAP earnings per diluted share was $1.24 for the full year ended December 31, 2019, compared to $1.42 in the same period in 2018. The Company reported non-GAAP net income of $42.0 million for the year ended December 31, 2019, compared to the prior year's non-GAAP net income of $47.5 million.

“Our Neuro business showed significant growth during the quarter with a 14.5% increase in year over year after adjusting for the divestiture of GND, driven by new cybersecurity features and Windows® 10 upgrades in our EEG products as well as strength in our sleep and neurosurgery business. Overall, we achieved organic revenue growth of 1% after adjusting for our divestitures. Our non-GAAP gross profit margins improved 390 basis points during the quarter. Strong operating cash flows of $12.7 million and another $15 million in debt reduction put Natus in a net cash position at the end of the year,” said Jonathan Kennedy, President and Chief Executive Officer of Natus. “Both the Newborn Care and the Hearing & Balance businesses declined during the quarter. However, we expect them to return to growth in the first quarter of 2020 as we return key products to the market.”

“2019 was a year of major transformation and accomplishment for Natus,” continued Mr. Kennedy. “We completed our ‘One Natus’ restructuring project, exited five non-core businesses and, focused on the execution of our central nervous and sensory systems strategy. We simplified our supply chain, consolidating multiple distribution centers and two of our manufacturing locations. We also executed a strategic agreement with industry leader Pediatrix Medical Group to supply our best-in-class ALGO newborn hearing screeners and supplies to their 500 hospitals.”

“With most of our restructuring complete, we can now focus on the execution of our strategic plan and growing our business,” concluded Mr. Kennedy.

Financial Guidance

For the first quarter of 2020, the Company's revenue is expected to be between $113.0 million and $117.0 million and non-GAAP earnings per share is expected to be between $0.19 and $0.25.

For the full year 2020, the Company's revenue is expected to be between $480.0 million and $490.0 million and non-GAAP expected earnings per share to be between $1.45 and $1.55.

The Company's non-GAAP earnings per share guidance excludes charges of approximately $4.6 million and $19.1 million for amortization expense associated with intangible assets from prior acquisitions, certain other expenses, and related tax effects for the first quarter 2020 and full year, respectively, which the Company anticipates will reduce GAAP earnings per share by approximately $0.13 and $0.56 for the respective periods.

Use of Non-GAAP Financial Measures

The Company presents in this release its non-GAAP net income, non-GAAP earnings per share, non-GAAP gross margin and non-GAAP operating margin results which exclude amortization expense associated with certain acquisition-related intangibles, restructuring charges, certain discrete items, direct costs of acquisitions, and the related tax effects. A reconciliation between non-GAAP and GAAP financial measures is included in this press release.

The Company believes that the presentation of results excluding these charges or gains provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and better reflects the ongoing economics of the Company's operations. The Company believes these non-GAAP financial measures facilitate comparison of operating results across reporting periods.

Specifically, the Company excludes the following charges, gains, and their related tax effects in the calculation of non-GAAP net income, non-GAAP earnings per share and non-GAAP operating expense: 1) Non-cash amortization expense associated with certain acquisition-related intangibles. The charges reflect an estimate of the cost of acquired intangible assets over their estimated useful lives. 2) Restructuring and other non-recurring charges. The Company has over time completed multiple acquisitions of other companies and businesses. Following an acquisition the Company will, as it determines appropriate, initiate restructuring events to eliminate redundant costs. Restructuring expenses, which are excluded in the non-GAAP items, are exclusively related to permanent reductions in our workforce and redundant facility closures. Other non-recurring costs are associated with the transition of the executive management team. These costs can include stock compensation from accelerated vesting of stock, severance payouts and related payroll expenses.  3) Certain discrete items. These items represent significant infrequent charges or gains that management believes should be viewed outside of normal operating results, and each significant discrete transaction is evaluated to determine whether it should be excluded from non-GAAP reporting. These items are specifically identified when they occur. 4) Direct costs of acquisitions.  These are direct acquisition-related costs that occur when the Company makes an acquisition, such as professional fees, due diligence costs, and earn-out adjustments.

The Company applies GAAP methodologies in computing its non-GAAP tax provision by determining the annual expected effective tax rate after taking into account items excluded for non-GAAP financial reporting purposes.  The Company’s non-GAAP tax expense and its non-GAAP effective tax rate are generally higher than its GAAP tax expense and GAAP effective tax rate because the income subject to taxes would be higher due to the effect of the expenses excluded from non-GAAP financial reporting. The nature of each quarterly discrete transaction will be evaluated to determine whether it should be excluded from non-GAAP reporting.

The Company's management uses these non-GAAP financial measures in assessing the Company's performance and when planning, forecasting, and analyzing future periods and the Company believes that investors also benefit from being able to refer to these non-GAAP financial measures along with the GAAP operating results. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for or superior to financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated.

Conference Call

Natus has scheduled a conference call to discuss this announcement beginning at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) today, February 6, 2020. Individuals interested in listening to the conference call may do so by dialing 1-844-634-1441 for domestic callers, or 1-508-637-5658 for international callers, and entering reservation code 1227558. A telephone replay will be available for 48 hours following the conclusion of the call by dialing 1-855-859-2056 for domestic callers, or 1-404-537-3406 for international callers, and entering reservation code 1227558. The conference call also will be available real-time via the Internet at http://investor.natus.com, and a recording of the call will be available on the Company’s Web site for 90 days following the completion of the call.

About Natus Medical Incorporated

Natus is a leading provider of medical device solutions focused on the diagnosis and treatment of central nervous and sensory system disorders for patients of all ages.

Additional information about Natus Medical can be found at www.natus.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will”, “outlook” and similar expressions. Forward-looking statements are based on management's current plans, estimates, assumptions and projections, and speak only as of the date they are made. These forward-looking statements include, without limitation, statements regarding the Company's ability to achieve improvements in operational efficiency and to execute its strategic plans and the anticipated performance and product offerings of the Company's business units. These statements relate to current estimates and assumptions of our management as of the date of this press release and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are only predictions and the actual events or results may differ materially. Natus cannot provide any assurance that its future results or the results implied by the forward-looking statements will meet expectations. The Company's future results could differ materially due to a number of factors, including the ability of the Company to realize the anticipated benefits from its new structure or from its consolidation strategy, effects of competition, the Company's ability to successfully integrate and achieve its profitability goals from recent acquisitions, the demand for Natus products and services, the impact of adverse global economic conditions and changing governmental regulations, including foreign exchange rate changes, on the Company's target markets, the Company's ability to expand its sales in international markets, the Company's ability to maintain current sales levels in a mature domestic market, the Company's ability to control costs, risks associated with bringing new products to market, and the Company's ability to fulfill product orders on a timely basis, as well as those factors identified under the heading Item 1A “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Natus disclaims any obligation to update information contained in any forward looking statement, except as required by law.

Natus Medical Incorporated
Drew Davies
Executive Vice President and Chief Financial Officer
(925) 223-6700
InvestorRelations@Natus.com

 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
(in thousands, except per share amounts)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Revenue$131,756  $140,991  $495,515  $530,891 
Cost of revenue49,251  58,103  196,491  217,952 
Intangibles amortization1,679  2,689  6,916  8,924 
Gross profit80,826  80,199  292,108  304,015 
Gross profit margin61.3% 56.9% 59.0% 57.3%
Operating expenses:       
Marketing and selling31,696  34,206  128,509  136,680 
Research and development18,354  15,296  58,295  61,482 
General and administrative15,310  13,632  59,419  70,599 
Intangibles amortization3,844  9,151  15,144  22,585 
Restructuring3,592  23,049  44,739  37,231 
Total operating expenses72,796  95,334  306,106  328,577 
Income (loss) from operations8,030  (15,135) (13,998) (24,562)
Interest expense(878) (1,545) (4,937) (6,785)
Other income (expense)105  (1,209) (757) (913)
Income (loss) before tax7,257  (17,889) (19,692) (32,260)
Provision for income tax expense (benefit)4,018  (6,256) (5,579) (9,325)
Net income (loss)$3,239  $(11,633) $(14,113) $(22,935)
Earnings (loss) per share:       
Basic$0.10  $(0.35) $(0.42) $(0.69)
Diluted$0.10  $(0.35) $(0.42) $(0.69)
Weighted-average shares:       
Basic33,691  33,495  33,696  33,111 
Diluted33,829  33,495  33,696  33,111 


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
      
 December 31, September 30, December 31,
 2019 2019 2018
ASSETS     
      
Current assets:     
Cash and investments$63,297  $63,062  $56,373 
Accounts receivable115,226  108,964  127,041 
Inventories71,215  75,107  79,736 
Other current assets19,204  27,735  22,625 
Total current assets268,942  274,868  285,775 
      
Property and equipment24,702  25,095  22,913 
Operating lease right-of-use assets15,046  16,059  — 
Goodwill and intangible assets262,116  265,152  287,097 
Deferred income tax31,006  21,955  22,639 
Other assets21,509  25,984  19,716 
Total assets$623,321  $629,113  $638,140 
      
LIABILITIES AND STOCKHOLDERS’ EQUITY     
      
Current liabilities:     
Accounts payable$27,065  $30,096  $28,805 
Current portion of long-term debt35,000  35,000  35,000 
Accrued liabilities53,851  56,657  52,568 
Deferred revenue20,246  19,242  17,073 
Current portion of operating lease liabilities5,871  5,901  — 
Liabilities and accrued impairment held for sale—  —  — 
Total current liabilities142,033  146,896  133,446 
      
Long-term liabilities:     
Long-term debt19,665  34,618  69,474 
Deferred income tax14,249  8,129  16,931 
Operating lease liabilities12,051  13,112  — 
Other long-term liabilities17,644  20,200  19,845 
Total liabilities205,642  222,955  239,696 
Total stockholders’ equity417,679  406,158  398,444 
Total liabilities and stockholders’ equity$623,321  $629,113  $638,140 


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
      
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Operating activities:       
Net income (loss)$3,239  $(11,633) $(14,113) $(22,935)
Adjustments to reconcile net loss to net cash provided by operating activities:       
Provision for losses on accounts receivable409  1,038  1,903  6,909 
Depreciation and amortization7,308  8,211  30,254  33,863 
Goodwill impairment—  14,846  —  14,846 
(Gain) loss on disposal of property and equipment(33) 336  449  746 
Warranty reserve298  2,095  2,886  2,168 
Share-based compensation1,975  1,605  8,352  17,051 
Impairment of intangible assets—  8,192  —  8,192 
Impairment charge for sale of entity—  —  24,571  — 
Changes in operating assets and liabilities:       
Accounts receivable(7,137) (8,154) 10,153  (5,199)
Inventories9,412  (2,260) 7,338  (7,443)
Prepaid expenses and other assets8,749  9,280  (1,894) (5,118)
Accounts payable(3,162) 7,904  (1,555) 4,105 
Accrued liabilities(6,134) (3,495) (5,061) (2,527)
Deferred revenue1,021  331  3,392  2,076 
Deferred income tax(3,198) (14,231) (6,015) (13,714)
Net cash provided by operating activities12,747  14,065  60,660  33,020 
Investing activities:       
Acquisition of businesses, net of cash acquired—  —  —  151 
Purchases of property and equipment(986) (2,748) (4,858) (7,875)
Purchase of intangible assets—  (28) (13) (665)
Net cash used in investing activities(986) (2,776) (4,871) (8,389)
Financing activities:       
Proceeds from stock option exercises and ESPP1,441  933  3,634  11,448 
Repurchase of common stock—  —  —  (5,630)
Taxes paid related to settlement of equity awards(93) (10) (1,689) (5,183)
Principal payments of financing lease liability(198) —  (602) — 
Contingent consideration earn-out—  —  —  (147)
Payments on borrowings(15,000) (10,000) (50,000) (50,000)
Net cash used in financing activities(13,850) (9,077) (48,657) (49,512)
Exchange rate changes effect on cash and cash equivalents2,324  (279) (208) (7,696)
Net decrease in cash and cash equivalents235  1,933  6,924  (32,577)
Cash and cash equivalents, beginning of period63,062  54,440  56,373  88,950 
Cash and cash equivalents, end of period$63,297  $56,373  $63,297  $56,373 


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
GAAP based results:       
Income (loss) before provision for income tax$7,257  $(17,889) $(19,692) $(32,260)
        
Non-GAAP adjustments:       
Intangibles amortization (COGS)1,679  2,689  6,916  8,924 
Recall accrual and remediation efforts (COGS)(492) 163  (425) 1,538 
Restructuring and other non-recurring costs (COGS)—  (548) 989  326 
Direct costs of acquisitions (COGS)(153) (439) 887  3,443 
Intangibles amortization (OPEX)3,844  9,151  15,145  22,591 
Recall accrual and remediation efforts (R&D)—  1,328  —  6,203 
Restructuring and other non-recurring costs (OPEX)6,759  23,156  20,653  41,476 
Restructuring and other non-recurring costs (OI&E)—  —  28,218  366 
Direct costs of acquisitions (OPEX)285  273  1,241  4,399 
Extraordinary annual meeting expenses—  —  —  2,230 
Litigation (OPEX)185  310  887  1,306 
            
Non-GAAP income before provision for income tax19,364  18,194  54,819  60,542 
        
Income tax expense, as adjusted$3,923  $3,692  $12,846  $13,049 
        
Non-GAAP net income$15,441  $14,502  $41,973  $47,493 
Non-GAAP earnings per share:       
Basic$0.46  $0.43  $1.25  $1.43 
Diluted$0.46  $0.43  $1.24  $1.42 
        
Weighted-average shares used to compute       
Basic non-GAAP earnings per share33,691  33,495  33,696  33,111 
Diluted non-GAAP earnings per share33,829  33,658  33,800  33,455 


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP ADJUSTMENTS (unaudited)
(in thousands, except per share amounts)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
GAAP Gross Profit$80,826  $80,199  $292,108  $304,015 
Amortization of intangibles1,679  2,689  6,916  8,924 
Direct cost of acquisitions(153) (439) 887  3,443 
Recall accrual and remediation efforts(492) 163  (425) 1,538 
Restructuring and other non-recurring costs—  (548) 989  326 
Non-GAAP Gross Profit$81,860  $82,064  $300,475  $318,246 
Non-GAAP Gross Margin62.1% 58.2% 60.6% 59.9%
        
GAAP Operating Income (Loss)$8,030  $(15,135) $(13,998) $(24,562)
Amortization of intangibles5,523  11,840  22,061  31,515 
Recall accrual and remediation efforts(492) 1,491  (425) 7,741 
Litigation185  310  887  1,306 
Restructuring and other non-recurring costs6,759  22,608  49,860  41,802 
Direct cost of acquisitions132  (166) 2,128  7,842 
Extraordinary annual meeting expenses—  —  —  2,230 
Non-GAAP Operating Profit$20,137  $20,948  $60,513  $67,874 
Non-GAAP Operating Margin15.3% 14.9% 12.2% 12.8%
        
GAAP Income Tax Benefit (Expense)$4,018  $(6,256) $(5,579) $(9,325)
Effect of accumulated change of pretax income407  24,704  9,254  20,003 
Effect of change in annual expected tax rate(558) (16,719) (2,298) (2,599)
Repatriation tax adjustment—  2,576  (177) 2,676 
Stock-based compensation adjustment—  79  —  1,701 
Valuation allowance for GAAP purposes—  (15) —  1,270 
Restructuring and other expenses56  (677) 11,646  (677)
Non-GAAP Income Tax Expense$3,923  $3,692  $12,846  $13,049 
        
 Three Months Ended Year Ended    
 March 31, 2020 December 31, 2020    
GAAP EPS Guidance $0.06 - $0.12  $0.89 - $0.99    
Amortization of intangibles 0.16  0.64    
Restructuring and other non-recurring costs 0.01  0.02    
Tax effect (0.04)  (0.10)    
Non-GAAP EPS Guidance $0.19 - $0.25  $1.45 - $1.55    


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GROSS PROFIT MARGIN BY END MARKETS (unaudited)
(in thousands)
    
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Neuro:       
Revenue$80,879  $73,664  $287,058  $279,787 
Cost of revenue28,471  28,273  104,281  107,845 
Intangibles amortization883  980  3,702  4,487 
Gross profit$51,525  $44,411  $179,075  $167,455 
Gross profit margin63.7% 60.3% 62.4% 59.9%
        
Newborn care:       
Revenue$27,807  $35,174  $110,912  $133,872 
Cost of revenue10,016  13,634  45,197  57,054 
Intangibles amortization64  953  257  1,311 
Gross profit$17,727  $20,587  $65,458  $75,507 
Gross profit margin63.8% 58.5% 59.0% 56.4%
        
Hearing & balance:       
Revenue$23,070  $32,153  $97,545  $117,232 
Cost of revenue10,764  16,196  47,013  53,053 
Intangibles amortization732  756  2,957  3,126 
Gross profit$11,574  $15,201  $47,575  $61,053 
Gross profit margin50.2% 47.3% 48.8% 52.1%
        
Consolidated:       
Revenue$131,756  $140,991  $495,515  $530,891 
Cost of revenue49,251  58,103  196,491  217,952 
Intangibles amortization1,679  2,689  6,916  8,924 
Gross profit$80,826  $80,199  $292,108  $304,015 
Gross profit margin61.3% 56.9% 59.0% 57.3%
        


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP GROSS MARGIN BY END MARKETS (unaudited)
(in thousands)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Neuro:       
GAAP Gross Profit$51,525  $44,411  $179,075  $167,455 
Amortization of intangibles883  980  3,702  4,487 
Acquisition charges(153) (449) 887  3,383 
Recall accrual and remediation efforts(67) —  (67) — 
Restructuring and other non-recurring costs—  159  —  159 
Non-GAAP Gross Profit$52,188  $45,101  $183,597  $175,484 
Non-GAAP Gross Margin64.5% 61.2% 64.0% 62.7%
        
Newborn care:       
GAAP Gross Profit$17,727  $20,587  $65,458  $75,507 
Amortization of intangibles64  953  257  1,311 
Recall accrual and remediation efforts(425) 163  (996) 1,538 
Restructuring and other non-recurring costs—  (731) 814  118 
Non-GAAP Gross Profit$17,366  $20,972  $65,533  $78,474 
Non-GAAP Gross Margin62.5% 59.6% 59.1% 58.6%
        
Hearing & balance:       
GAAP Gross Profit$11,574  $15,201  $47,575  $61,053 
Amortization of intangibles732  756  2,957  3,126 
Acquisition charges—  10  —  60 
Recall accrual and remediation efforts—  —  638  — 
Restructuring and other non-recurring costs—  24  175  49 
Non-GAAP Gross Profit$12,306  $15,991  $51,345  $64,288 
Non-GAAP Gross Margin53.3% 49.7% 52.6% 54.8%
        
Consolidated:       
GAAP Gross Profit$80,826  $80,199  $292,108  $304,015 
Amortization of intangibles1,679  2,689  6,916  8,924 
Acquisition charges(153) (439) 887  3,443 
Recall accrual and remediation efforts(492) 163  (425) 1,538 
Restructuring and other non-recurring costs—  (548) 989  326 
Non-GAAP Gross Profit$81,860  $82,064  $300,475  $318,246 
Non-GAAP Gross Margin62.1% 58.2% 60.6% 59.9%


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
GEOGRAPHIC REVENUE (unaudited)
(in thousands)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Consolidated Revenue:       
United States$79,166  $78,725  $292,221  $300,860 
International52,590  62,266  203,294  230,031 
Totals$131,756  $140,991  $495,515  $530,891 
        
United States60% 56% 59% 57%
International40% 44% 41% 43%
Totals100% 100% 100% 100%


 
NATUS MEDICAL INCORPORATED AND SUBSIDIARIES
REVENUE AFTER EXITED PRODUCTS (unaudited)
(in millions)
        
 Quarter Ended Year Ended
 December 31,
2019		 December 31,
2018		 December 31,
2019		 December 31,
2018
Revenue$131.8  $141.0  $495.5  $530.9 
Newborn care*(0.4) (5.3) (4.5) (20.6)
Neuro*(0.1) (3.4) (1.2) (14.3)
Hearing & balance*(0.1) (1.5) (0.1) (11.3)
Revenue after exited products$131.2  $130.8  $489.7  $484.7 
        
*Newborn care, Neuro, and Hearing & balance include exited businesses (GND, Neurocom, Medix) and other end of sales products.

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