Natus Medical Inc (BABY) said it has adopted a reorganization plan that is designed to eliminate redundant costs resulting from the acquisition of Alpine Biomed Holdings Corp. which was completed on September 14, 2009. As a result, Alpine operations in Montreal, Canada will be transitioned to the Company's existing Xltek facility in Oakville, Ontario, Canada; and Alpine's sales organization will be merged into the Company's global sales organization.
The Company expects the reorganization of the sales groups will be substantially completed in January 2010, while the transfer of product development and production activities from Montreal to Oakville will occur over the course of the first half of 2010. The Company expects to record a restructuring charge associated with these activities of approximately $2.5 million in the first quarter of 2010.
The company is now revising its guidance for the full year 2010 to give effect to the restructuring charge, which will reduce earnings per share by $0.05, and to increase its 2010 revenue guidance to $198 million in light of the company's perception of improved business conditions since early November 2009, with an associated positive impact on its earnings per share guidance of $0.01. The net impact of these two revisions is a reduction in the 2010 earnings per share guidance of $0.04, to a range to $0.45 to $0.47.
Further, the company provided 2010 non-GAAP earnings per share guidance. On a non-GAAP basis, the company expects earnings per share to range from $0.60 to $0.62. The non-GAAP earnings guidance excludes the restructuring charge as well as amortization expense associated with certain acquisition-related intangible assets.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.54 per share, on revenues of $197.19 million. Analysts' estimates typically exclude special items.
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