Natus Medical Incorporated (Nasdaq:BABY) today announced that it
has completed its acquisition of privately held NeuroCom International,
Inc. NeuroCom, based in Clackamas, Oregon, develops and markets
computerized systems for the assessment and rehabilitation of balance
and mobility disorders. The acquisition adds to Natus’
growth opportunities by broadening its product offerings in the Company’s
neurology business.
Natus acquired all outstanding shares of NeuroCom capital stock for $18
million, exclusive of direct costs of the acquisition. NeuroCom reported
revenue of $11.3 million in the twelve months ended June 30, 2008 and
had cash of approximately $3.6 million as of the closing.
Natus believes the acquisition will be immediately accretive to
earnings, excluding associated one-time charges.
Jim Hawkins, President and Chief Executive Officer of Natus commented, “We
are very pleased to announce the completion of this acquisition. This
acquisition expands our neurology footprint into the growing balance and
mobility assessment market. We are very excited about the growth
opportunities in this developing field and we believe NeuroCom products
can become the standard of care in this emerging field.”
2008 Guidance
As discussed in its September 3, 2008 press release announcing the
acquisition of NeuroCom, Natus intends to update its revenue and
earnings guidance for the fourth quarter and full year 2008 when it
releases financial results for its third quarter ended September 30,
2008.
About NeuroCom International, Inc.
Founded in 1984, NeuroCom International, Inc. is a world leader in the
development of computerized tools for the assessment and rehabilitation
of patients with balance and mobility disorders. This leadership,
maintained through a commitment to products with strong
scientific/clinical justification, extends to the best product support
in the industry, and continuous educational support related to clinical
applications and business opportunities.
Following the disablement model outlined by the World Health
Organization, NeuroCom assessment protocols provide clinicians with
specific diagnostic information related to underlying impairments and
the resultant functional limitations, complementing traditional
site-of-lesion diagnostic information.
NeuroCom initially developed the EquiTest Computerized Dynamic
Posturography, with NASA and NIH support. Today, NeuroCom's mission is
to advance healthcare in the areas of chronic balance, dizziness, and
vestibular disorders, and other balance dysfunction and mobility
problems related to neurological conditions, diseases, aging, and
injuries.
These systems are used around the globe in a broad spectrum of medical
disciplines including otolaryngology, neurology, physiatry, orthopedics,
sports medicine, geriatrics and physical rehabilitation, and are used in
the management strategies of a wide range of acute and chronic
disorders. There are currently more than one thousand medical and
academic institutions utilizing NeuroCom technology in the United States
and abroad.
Additional information about NeuroCom can be found at www.resourcesonbalance.com.
About Natus Medical Incorporated
Natus is a leading provider of healthcare products used for the
screening, detection, treatment, monitoring and tracking of common
medical ailments such as hearing impairment, neurological dysfunction,
epilepsy, sleep disorders, and newborn care. Product offerings include
computerized neurodiagnostic systems for audiology, neurology,
polysomnography, and neonatology, as well as newborn care products such
as hearing screening systems, phototherapy devices for the treatment of
newborn jaundice, head-cooling products for the treatment of brain
injury in newborns, and software systems for managing and tracking
disorders and diseases for public health laboratories.
Additional information about Natus Medical can be found at www.natus.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding the acquisition being immediately
accretive to Natus’ earnings and the potential
for NeuroCom products to become the standard of care in their field.
These statements relate to future events and involve known and unknown
risks, uncertainties and other factors that may cause actual results to
differ materially from those expressed or implied by the forward-looking
statements. Actual results could differ materially due to a number of
factors, including general political, economic and market conditions and
events. Natus disclaims any obligation to update information contained
in any forward-looking statement.
More information about potential risk factors that could affect the
business and financial results of Natus is included in Natus' annual
report on Form 10-K for the year ended December 31, 2007, and its
quarterly reports on Form 10-Q, and in other reports filed from time to
time by Natus with the U.S. Securities and Exchange Commission.
Natus Medical Incorporated
Steven J. Murphy, 650-802-0400
Chief
Financial Officer
InvestorRelations@Natus.com
