Masimo crushes the Q3 earnings forecast, raises outlook

Masimo (NSDQ:MASI) this week reported third-quarter results that crushed the consensus earnings forecast and raised its sales and earnings outlook for the rest of the year, but share prices still fell on missed sales expectations. Irvine, Calif.-based Masimo posted profits of $39.2 million, or 70¢ per share, on sales of $181.3 million for the three months ended Sept. 30, for a bottom-line gain of 41.3% on sales growth of $13.1%. Analysts on Wall Street were looking for earnings of just 53¢ but sales of $188.6 million. Investors reacted by sending MASI shares down -2.6% to $85.46 apiece since the Oct. 31 earnings release. “We are happy to again report results that were above our projections, including a record high for shipments of our SET Pulse Oximeters which reached 51,100. Our third-quarter results reflect the success we are achieving with an expanding customer base as clinicians and patients globally appreciate the improved outcomes realized with our technologies. We are raising our guidance once more for fiscal 2017, with a positive outlook for the remainder of the year and the long-term, as we prepare to implement our new long-term plan in 2018,” founder, chairman & CEO Joe Kiani said in prepared remarks. Masimo said it now expects to report 2017 adjusted EPS of $2.95, up from $2.80 previously, on sales of $774.0 million, compared with prior guidance of $769.0 million. The post Masimo crushes the Q3 earnings forecast, raises outlook appeared first o...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat Masimo Source Type: news