Masimo Corp., an Irvine-based medical device maker, on Tuesday reported a better-than-expected second-quarter profit but saw slowing sales that led it to lower its revenue outlook for the rest of the year.
Investors sent Masimo’s stock down about 5% in afterhours trading on a recent market value of about $1.4 billion.
Masimo, which makes patient monitoring devices, said it posted a second-quarter profit of $13.1 million, up 24% from a year ago.
Analysts expected Masimo to make $12.1 million.
Masimo’s sales came in at $84 million, which were up 12% from a year earlier but below Wall Street expectations of $87 million.
For the rest of the year, the device maker reaffirmed its profit forecast of $47.7 million to $50 million.
Analysts on average expect Masimo to make $50.6 million.
Revenue, including royalties, is seen coming in at $339 million to $346 million, down from a previous projection of $352 million to $361 million.
Wall Street had been expecting Masimo to see $359 million in 2009 revenue.
