IRVINE, Calif. - Masimo (NASDAQ:MASI) Corporation (NASDAQ:MASI) reported a first-quarter earnings beat but provided a lower-than-expected guidance for the second quarter and full-year 2024, which could raise concerns among investors. The medical technology company posted adjusted earnings per share (EPS) of $0.77 for the first quarter, surpassing the analyst consensus of $0.70. Revenue reached $492.8 million, also exceeding expectations of $487.7 million.
Despite a positive performance in the first quarter, Masimo's forecast for the second quarter indicates potential challenges ahead. The company anticipates adjusted EPS to be between $0.73 and $0.79 for Q2 2024, which is below the consensus estimate of $0.80. Revenue projections for the same period are set at $480 to $510 million, falling short of the expected $502.7 million.
For the full year 2024, Masimo predicts adjusted EPS in the range of $3.54 to $3.70 and revenue between $2.055 to $2.165 billion, both marginally below analyst expectations of an EPS of $3.52 and revenue forecast of $2.102 billion.
Joe Kiani, Chairman and CEO of Masimo, commented on the results: "It's good to see that our business is reaching a steady state after a period of robust growth during Covid and the wake of volatility that followed." Kiani also highlighted strong sensor orders in the U.S. and Europe as key drivers for healthcare revenues being at the high end of their guidance range.
The company's healthcare revenue saw a slight decline compared to last year's same quarter with GAAP healthcare revenue decreasing by 2.1% YoY from $346.7 million to $339.6 million this quarter.
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