Irvine-based medical device maker Masimo Corp. on Wednesday reported lower second-quarter profits but offered a full-year outlook that surpassed Wall Street expectations.
Masimo, a maker of devices to measure patients’ oxygen levels, said it earned $10.6 million in the second quarter, down 23% from a year ago.
The earnings report is the company’s first since its $202 million initial public offering in August.
The profit slide reflected expected decreases in royalties and interest income resulting from a 2006 settlement of a long-running patent legal battle with Tyco International Ltd., Masimo said.
The device maker’s revenue was up 26% to $47.6 million.
Masimo’s shares closed up 5% on Wednesday, before the company’s earnings release. The shares don’t trade afterhours.
The company’s market value is about $1.3 billion.
Masimo also offered a full-year outlook that surpassed Wall Street expectations.
The company said it could see yearly profits of $22.7 million on sales of $245 million.
Analysts had expected $21 million in profits on sales of $236 million.
