Natus Medical Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter of 2014; Revises Earnings Guidance for the Full Year 2014; Reports Intangible Asset Impairment Charges for the Fourth Quarter Ended December 31, 2013
For the year, the company reported revenue of $344,112,000 compared to $292,280,000 a year ago. Income from operations was $34,279,000 compared to $5,254,000 a year ago. Income before tax was $31,563,000 compared to $4,419,000 a year ago. Net income was $22,878,000 or $0.74 per diluted share compared to $3,883,000 or $0.13 per diluted share a year ago. Non-GAAP income before provision for income tax was $43,901,000 compared to $25,913,000 a year ago. Non-GAAP net income was $31,697,000 or $1.03 per diluted share compared to $19,003,000 or $0.64 per diluted share a year ago. Non-GAAP operating profit was $46,617,000 compared to $26,748,000 a year ago.
As previously announced, for the first quarter of 2014, the company expects to report revenue of $82 million to $86 million and non-GAAP earnings per share of $0.21 to $0.24, an increase of 40% to 60% over the first quarter of 2013 non-GAAP earnings per share of $0.15. Non-GAAP effective tax rate to be approximately 28%. The company expects the depreciation and amortization expense for the first quarter of 2014 to be about $13 million, included about $8 million of amortization expense associated with acquired intangibles. At the midpoint of its first quarter 2014 guidance, the company expects non-GAAP gross profit margin of about 59% to 60%, and non-GAAP operating expenses of about 47%.
The company updated its non-GAAP earnings guidance for the full year 2014 and now expects to report non-GAAP earnings per share of $1.14 to $1.18, an increase from previous guidance of $1.12 to $1.16. Full year 2014 revenue guidance remained unchanged at $345 million to $350 million. Depreciation and amortization expense for the first quarter of 2014 will be about $13 million, included about $8 million of amortization expense associated with acquired intangibles.
For the fourth quarter ended December 31, 2013, the company reported intangible asset impairment charges (M&S) of $1,500,000 compared to $560,000 a year ago.