Shares of Irvine-based Masimo Corp. were down about 8% in midday trading Wednesday likely after giving a profit forecast below Wall Street’s expectations.
Masimo, which makes patient monitoring devices and supplies, said it now expects its 2010 profit to come in at $56 million to $59.4 million. That figure excludes an $8.6 million onetime gain related to the resolution of a legal dispute with longtime rival Covidien Ltd., which operates out of Massachusetts.
Wall Street analysts on average expect Masimo’s yearly profit to come in at $60.5 million in 2010. Analysts’ estimates usually exclude onetime charges or gains.
Masimo said it sees full-year revenue coming in at $390 million to $405 million. Analysts are expecting 2010 revenue of $399.7 million.
The company didn’t offer a forecast for the first quarter in its earnings release.
Wall Street projects the device maker to have a first-quarter profit of $14.4 million on revenue of $94.7 million.
In the fourth quarter, Masimo swung to a profit of $14.1 million from a loss of $530,000 a year earlier. It beat the $12.7 million profit expected by analysts.
Revenue was up 11% to $92.6 million, above Wall Street’s forecast of $90 million.
