Thursday, June 5, 2008
Natus Medical cuts full-year profit expectations
NEW YORK (Associated Press) - Natus Medical Inc., a provider of medical devices for newborn care, said Thursday it lowered its 2008 full-year profit projection as a result of an acquisition and two stock offerings. Natus now expects full-year profit between 68 cents and 70 cents per share on revenue between $163 million and $164 million. Previously, the company projected per-share profit between 70 cents and 72 cents and revenue between $161 million and $162 million. Analysts surveyed by Thomson Financial expect full-year profit of 69 cents on revenue of $161.7 million. The company reaffirmed its second-quarter earnings projection of between 14 cents and 15 cents per share. Analysts expect earnings of 14 cents per share. For the second quarter, the company now expects revenue of $38.3 million to $39.3 million. It had previously said it expected revenue of $38 million to $39 million. Analysts expect revenue of $39 million. In May, Natus completed its $9 million acquisition of privately held Sonamed Corp., which makes products to test for hearing loss in newborns. Natus also completed a public offering of 4.6 million shares in May, bringing in proceeds of $84.3 million before expenses. In April, the company closed a 885,500 share offering, raising $15.4 million.