Masimo (MASI) Reports 9% Revenue Growth

By Tamara Parker • Tuesday, July 09 15:11 • Permanent Link

Masimo Corporation (NASDAQ: MASI) has reported its preliminary revenue and select financial results for the second quarter ended June 29, 2024.

The company's consolidated revenue for the second quarter of 2024 is expected to be approximately $496 million, representing a 9% growth on a reported basis and a 10% growth on a constant currency basis. Healthcare revenue is anticipated to be approximately $344 million, showing a substantial 22% growth on a reported basis and 23% growth on a constant currency basis. In contrast, non-healthcare revenue is expected to be approximately $152 million, representing a 13% decline on a reported basis and an 11% decline on a constant currency basis.

Masimo's incremental value of new healthcare contracts is projected to be around $134 million, and driver shipments are expected to be approximately 58 thousand.

Joe Kiani, Chairman and CEO of Masimo, expressed his excitement at the growth and strength of the healthcare business in the second quarter, highlighting a robust order backlog as they enter the third quarter. He also noted the team's ability to significantly increase market share, achieving a record second quarter in terms of converting customers to their technologies with an expected $134 million of incremental contract value.

Management plans to discuss Masimo’s complete second quarter 2024 financial results and provide updated fiscal year 2024 financial guidance on the second quarter 2024 earnings call.

While the company has presented supplementary non-GAAP financial information, for the purpose of this report, the focus is on the GAAP metrics. The preliminary financial information released is based on Masimo’s current expectations and may be adjusted as a result of the completion of customary quarterly review procedures and other processes.

Masimo Corporation, a global technology company, develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. Masimo's mission is to improve life, improve patient outcomes, and reduce the cost of care. Following these announcements, the company's shares moved -4.0%, and are now trading at a price of $108.14. For more information, read the company's full 8-K submission here.

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