Natus Medical (BABY) is a case in point as to why I'm always skeptical around growth stories built on rampant M&A activity, particularly when those growth stories are awarded the sort of multiples that go with the strongest organic growth names in the med-tech space. To that end, while Natus had a career-making run through the first decade of this century, the going has gotten a lot tougher post-2008, during which time Natus has lagged another famous (or infamous) growth-by-acquisition story Integra LifeSciences (IART) and other less-than-stellar performers like Medtronic (MDT).
Unfortunately, for Natus longs, I don't see this story getting dramatically better. While I do believe Natus will generate sufficient...
Only subscribers can access this article, which is part of the PRO research library covering 3,758 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: