Masimo Corp., an Irvine maker of patient monitoring devices and supplies, on Tuesday posted first-quarter results that beat analysts’ projections.
Masimo reported a first-quarter profit excluding items of $14.3 million, up 10% from a year earlier and surpassing Wall Street estimates of $13.3 million.
Including gains offset by charges, Masimo’s profit was $26.7 million.
The device maker’s first-quarter revenue was $98.8 million, up 15% from a year ago. First-quarter revenue beat Wall Street’s expectation of $94.4 million.
Masimo didn’t offer a forecast for the current quarter or 2010 in its earnings release.
Analysts project the device maker to have a $13.9 million second-quarter profit on revenue of $97.5 million.
As for 2010, Masimo said in February that it expected its full-year profit to come in at $56 million to $59.4 million, excluding an $8.6 million onetime gain related to resolving a legal dispute with longtime rival Covidien Ltd., which operates out of Massachusetts.
Analysts on average expect Masimo to post a $58 million profit in 2010. Wall Street estimates usually exclude onetime charges or gains.
Masimo has said it sees full-year revenue coming in at $390 million to $405 million, compared to analysts’ expectations of $399.4 million.
