Masimo (Nasdaq: MASI) reported Street-beating first-quarter results and maintained its full-year 2023 guidance ahead of a proxy battle at the annual meeting of shareholders.
Investors reacted by sending MASI shares up 1% to $186.50 apiece in after-hours trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.
The Irvine, California–based company earned $21.3 million, or 39¢ per diluted share, off of $565.0 million in revenue for the quarter that ended March 31, 2023.
Adjusted to exclude one-time items, Masimo had a Q1 EPS of 87¢. The result came in 4¢ ahead of the predictions of Wall Street analysts, who expected earnings per share of 83¢ and $557.85 million in revenue.
“Our strong performance this quarter reflects our long track record of innovation in our professional healthcare business, our thoughtful stewardship of our established luxury and premium consumer audio brands, and our progress marrying the two to build a trusted, clinically proven consumer health business,” Masimo Chair and CEO Joe Kiani said in a news release.
For full-year 2023, Masimo maintained its prior guidance of $2.415–2.460 billion in revenue and adjusted EPS of $4.70–4.80. The Wall Street consensus is $2.44 billion in revenue and adjusted EPS of $4.75.
Masimo’s annual meeting is scheduled for June 26, 2023.