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 …