Natus Medical Inc. has a market cap of $459.7 million; its shares were traded at around $16.18 with a P/E ratio of 35.1 and P/S ratio of 2.8. BABY is in the portfolios of David Nierenberg of D3 Family of Funds, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: Our revenue increased 47%, or $15.8 million, to $49.2 million for the three month period ended March 31, 2010 compared to $33.4 million in the comparable 2009 period. Revenue of Alpine Biomed contributed to $7.4 million of the increase, while revenue from our hearing products increased by $2.3 million to $17.9 million, and revenue from our neurology products other than from Alpine Biomed increased $4.1 million to $14.7 million.
Revenue from devices and systems increased $11.9 million, or 61%, to $31.4 million in the three months ended March 31, 2010, compared to $19.5 million in the same period in 2009. Revenue from Alpine Biomed contributed to $6.6 million of the increase, while revenue from our hearing products contributed to $2.8 million of the increase and revenue from our other neurology products contributed to $2.4 million of the increase. Revenue from devices and systems was 64% of total revenue in the three months ended March 31, 2010 compared to 58% of total revenue for the first quarter of 2009.
Revenue from sales outside the U.S. increased 106%, or $11.0 million, to $21.4 million in the first quarter of 2010 compared to $10.4 million for the same period in 2009. Revenue from Alpine Biomed contributed to $6.7 million of the increase in international revenue, while revenue from our hearing screening devices increased 107% or $2.0 in international markets. Revenue from supplies and services, exclusive of Alpine Biomed, increased by $1.0 million or 34%, in international markets.
General and administrative expenses increased $5.4 million, or 98%, to $10.9 million in the three months ended March 31, 2010, compared to $5.5 million in the same period in 2009. The operations of Alpine Biomed contributed to $1.3 million of the increase. We also recorded a $3.0 million restructuring charge for which there was no similar charge in the first quarter of 2009. Other general and administrative expenses exclusive of those associated with Alpine Biomed and restructuring costs, were $1.0 million higher in the 2010 first quarter compared to the same period in 2009, which resulted primarily from increased payroll, related benefit costs, and outside consulting services.
As of March 31, 2010, we had cash, cash equivalents, and short-term investments of $39.4 million, stockholders equity of $243.4 million, and working capital of $76.6 million, compared with cash, cash equivalents, and short-term investments of $33.5 million, stockholders equity of $243.2 million, and working capital of $75.0 million as of December 31, 2009.
Cash provided by operations increased by $827,000 for the three months ended March 31, 2010 to $7.4 million, compared to $6.6 million for the same period in 2009. The sum of our net income and certain non-cash expense items, such as reserves, depreciation and amortization, and share based compensation was approximately $3.2 million in the 2010 period, compared to $5.0 million in 2009. The overall impact of changes in certain operating assets and liabilities on total operating cash flows resulted in a cash inflow of $4.2 million and $1.6 million in 2010 and 2009, respectively. In particular, our cash flow from operations in the first quarter of 2010 was positively affected by our reduction of accounts receivable of $7.1 million compared to the positive impact of $4.8 million from the reduction of accounts receivable in the first quarter of 2009.
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