Masimo (Nasdaq:MASI) shares were down after hours on first-quarter results that topped the consensus forecast.
MASI shares were down 6.8% at $110 per share after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — closed the day down 0.2%.
The Irvine, California-based company posted profits of $46.6 million, or 81¢ per share, on sales of $304.2 million for the three months ended April 2, 2022, for a 12.7% bottom-line slide despite sales growth of 1.7%.
Adjusted to exclude one-time items, earnings per share were 93¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $303.8 million.
“We experienced strong demand for our products during the quarter while facing some unexpected supply chain challenges,” Masimo Chair and CEO Joe Kiani said in a news release. “Our actions to address those issues are ongoing and we still expect to achieve the growth in our core healthcare business this year that we had anticipated at the beginning of the year. We have now completed our [$1.025 billion] acquisition of Sound United and are deeply engaged in combined efforts to generate some exciting new product launches in consumer health & wellness.
“Our outlook for 2022 is positive as we are consistently winning new customers for our broad portfolio of breakthrough technologies.”
Masimo said it expects to log adjusted EPS of between $4.46 and $4.73, and set its sales guidance for between $2 billion and $2.06 billion for the full year 2022. That guidance factors in between $660 million and $700 million in projected revenues from Sound United.
