Masimo Corp., an Irvine maker of patient monitoring devices, said Monday that its third-quarter profit rose 90% from a year earlier, beating Wall Street’s expectations.
Masimo also raised its guidance for the rest of the year.
Masimo posted a third-quarter profit of $13.1 million, up from $6.9 million a year earlier. Analysts expected the company to make $9.1 million.
Revenue rose 21% to $78.1 million. Wall Street expected Masimo’s quarterly revenue to come in at $75.5 million.
For 2008, Masimo said the company now expects a full-year profit of $40.2 million, up from a previous forecast of $36.2 million.
The device maker said it expects its revenue to come in at $303 million, compared to an earlier forecast of $300 million.
Masimo’s guidance is above Wall Street’s expectations of a $36.8 million yearly profit on revenue of $301.3 million.
Masimo’s shares were up nearly 7% in afterhours trading on a market value of about $1.4 billion.
