Natus Medical Inc. (NASDAQ:BABY) Q1 2018 Earnings Conference Call - Preliminary Transcript
Apr 25, 2018 • 11:00 am ET
Ladies and gentlemen, thank you for standing by. Welcome to the Natus Medical First Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded today, April 25, 2018 and contains time-sensitive information that is accurate only as of today.
Earlier today, Natus Medical released financial results for the first quarter 2018. If you have not received the news release or if you would like to be added to the Company's distribution list, please e-mail your request to email@example.com. This call is being broadcast live over the Internet and on the Company's website at natus.com, and a replay of the call will be available on the website for the next 90 days.
The agenda for today's call will be as follows; Jim Hawkins, President and Chief Executive Officer of Natus, will be present opening comments. Then Jonathan Kennedy, Executive Vice President and Chief Financial Officer of Natus, will summarize the Company's financial results. And then, Jim Hawkins will conclude the prepared remarks with comments and the Company's financial guidance for 2018 before opening the call upto questions.
Some of the information to be furnished in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those focused on future performance, results, plans and events and include the Company's expected results for 2018. Natus reminds you that future results may differ materially from these forward-looking statements due to a number of risk factors. For a description of the relevant risks and uncertainties that may affect the Company's business, see it's periodic reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission.
I would now like to turn the call over to Jim Hawkins, President and Chief Executive Officer of Natus Medical. Mr. Hawkins?
Thank you, operator. Our first quarter results that we released earlier this morning reported revenue of $128.6 million compared with $124.6 million last year. We also reported non-GAAP earnings of $0.24 compared to $0.30 in our first quarter last year. In the first quarter, we reduced our bank debt by $25 million. Please note, our results in the first quarter last year included approximately $10 million in revenue from one-time order from Venezuela.
I am very pleased with our first quarter results; our revenues exceeded our guidance and our non-GAAP earnings per share came in at the high end of our guidance. We achieved organic revenue growth of 3% in the quarter. Newborn Care reported a strong first quarter while Otometrics and our Neuro business, each reported record revenues in the quarter. As planned, we invested during the first quarter in Otoscan, our revolutionary hearing aid fitting product. Otoscan was formally introduced last week at the American Academy of Audiology Conference, the world's largest gathering of audiologists.
We will continue to investment in Otoscan throughout 2018 and anticipate Otoscan revenue to start