Masimo founder, chief executive Joe Kiani

Masimo founder, chief executive Joe Kiani

Masimo Corp. (Nasdaq: MASI) narrowly exceeded expectations in its first quarter as product sales increased, despite the company shipping fewer technology boards compared to the same period a year ago. 

The Irvine-based medical device maker said sales totaled $299 million, up 10.9% from a year ago. Analysts on average expected $296 million. 

Masimo shipped about 66,000 technology boards and instruments in its first quarter, compared to 72,1000 in the first quarter of 2020. 

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The company recorded earnings per share of 90 cents, beating consensus estimates of 87 cents per share. 

Masimo bumped its full-year 2021 revenue guidance to $1.205 billion from $1.2 billion and reduced its anticipated pandemic-related currency tailwinds to $10 million from $15 million.

The company, with a recent market cap of $13.3 billion, was trading down 2.3% in after-hours trading Monday.

For more, see the May 3 print edition of the Business Journal.