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Wednesday, Jun 12, 2024

Masimo Shares Fall on Missed Expectations, Trimmed Outlook

Irvine-based medical device maker Masimo Corp. missed analysts’ expectations with its third-quarter results and cut its full-year forecast.

Masimo makes patient-monitoring devices that measure things such as oxygen and hemoglobin.

The company’s profit fell 9% to $14.8 million in the third quarter from a year earlier.

Analysts expected Masimo to post a profit of $16.5 million.

Revenue rose to $104 million, up 3% from last year’s third quarter but below analysts’ forecasts of $109.7 million.

Masimo said that quarterly sales of its Masimo SET pulse oximeters and Masimo Rainbow SET pulse CO-oximetry units fell 11%.

Investors sent Masimo’s shares down about 6% in afterhours trading today, to a recent market value of $1.3 million.

Masimo said it now expects a profit of $63.5 million to $64.7 million, down from a previous estimate of $71.5 million to $76.4 million.

Wall Street had expected Masimo to make $70.8 million for the year.

Full-year revenue now is seen at $436 million to $439 million, compared to a previous forecast of $446 million to $463 million.

Analysts had expected full-year revenue of $449.5 million.

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