MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Masimo beats Street in Q2 as healthcare business catches up

Masimo beats Street in Q2 as healthcare business catches up

By

Masimo logoMasimo (Nasdaq: MASI) posted second-quarter results today that beat the consensus forecast on Wall Street.

The Irvine, California-based patient monitoring tech company reported profits of $18.1 million, or $0.33 per diluted share, on sales of $565.3 million for the three months ended July 2, 2022, for a bottom-line decrease of 64% and sales growth of 85.3% compared with Q2 2021.

Adjusted to exclude one-time items, earnings per share were $1.35, $0.15 ahead of the Street, where analysts were looking for EPS of $1.20 on sales of $540.6 million.

“Our healthcare business fulfilled most of the delayed shipments from the first quarter by increasing manufacturing output, which boosted our growth in the second quarter. As a result, our healthcare business delivered 11% constant currency revenue growth for the first half of the year,” Masimo CEO and Chair Joe Kiani said in a news release.

Masimo said it expects to log adjusted EPS of $4.34 to $4.57 this year, down from prior guidance of $4.46 to $4.73. The company also decreased its top-line outlook to a range of $1.99 billion to $2.05 billion compared with a range of $2 billion to $2.06 billion previously.

“We are raising our financial guidance on a constant currency basis for fiscal year 2022,” Kiani said. “I’m excited about the expanded potential to address new markets with our recently acquired consumer business, which will advance solutions for our customers at hospitals and at home.”

Marie Thibault and Sam Eiber of BTIG, in a note after Masimo’s earnings call, said the company’s W1 biosensing watch is in limited release and is set to enter a full launch in Q3. There is also an expected 2023 launch of another watch, called Freedom, that is meant to be more consumer-facing. “We continue to expect added investments in product development and marketing will be needed before MASI can report significant revenue contribution from the new consumer health products.”

MASI shares were down slightly in after-hours trading.

In case you missed it

RSS From Medical Design & Outsourcing

  • In vivo electroporation is an engineering solution for drug and gene delivery
    Why the new buzz about an old technique? Harness the potential of an existing technology for modern medicine. Daniel Friedrichs, Minnetronix Medical Reversible electroporation is the use of an electric field to open pores in a cell wall, allowing transport of drugs, DNA or other “cargo” into a cell — in particular, allowing delivery of… […]
  • FDA and VA Ventures Innovation Institute partner on new medical device testing tools
    The Department of Veterans Affairs’ VA Ventures Innovation Institute in Seattle will host up to a dozen FDA staffers in a new collaboration to develop and share new tools for medical device testing safety and efficacy. The agencies intend to provide developers of devices and new technology with off-the-shelf tools that can help streamline regulatory… […]
  • How Boston Scientific is managing labor shortages with cobots and Spanish
    Boston Scientific (NYSE: BSX) executives said two labor-shortage strategies are paying off in a big way for the medical device maker, which has around 41,000 employees across the globe. Collaborative robotics and Spanish-speaking shifts are helping Boston Scientific deal with labor shortages in the U.S. and elsewhere. That’s according to Global Operations EVP Brad Sorenson… […]
  • 6 power management considerations for developing and scaling smaller, smarter micromedical devices
    Supercharge every phase of micromedical device product development with these questions. Mitch Johnson, Intricon Some of the biggest considerations for designing, manufacturing and scaling today’s smaller, smarter medical innovations center on providing power to microelectronic systems. From mechanical functionality to data operations and wireless communications, effective power management drives continued device innovation. Addressing five fundamental… […]
  • Evonik, Coopmed agree on wound dressing distro deal
    Evonik announced today that it signed an agreement for medical technology company Coopmed to distribute the epicite wound dressing. Jena, Germany-based Evonik said Coopmed will distribute the epicite dressing made from biosynthetic cellulose exclusively to the German market for chronic wound care. Epicite represents part of the portfolio from JeNaCell, which Evonik acquired in 2021.… […]
  • Spartech hires Bosch VP Dan Gallo as chief operating officer
    Spartech today said it hired Dan Gallo as chief operating officer of the engineered thermoplastics and custom packaging manufacturer. Gallo started this month, according to his LinkedIn page. His career leading operations, supply chain and logistics functions spans more than three decades. He was most recently an operations VP at Robert Bosch. Before his time… […]
  • 3M launches Verify platform to spot counterfeit products
    3M (NYSE:MMM) announced today that it established a new 3M Verify platform to report potential counterfeit 3M products. The effort builds upon its anti-counterfeit efforts during the height of the COVID-19 pandemic. At the time, a number of sellers claimed to offer 3M respirators. Instead, many offered fake, defective and damaged N95 masks at inflated… […]
  • FDA will review fewer COVID-19 test EUA submissions
    The FDA is pushing COVID-19 test developers away from emergency use authorization (EUA) submissions in favor of more traditional pathways, the agency said today. The FDA said it intends to review “only a small subset” of new EUA submissions, encouraging test makers to seek regulatory approval through de novo classification or 510(k) clearance pre-market review… […]
  • Integra plans to shrink the C-suite after executive’s exit
    Integra Lifesciences (Nasdaq: IART) will eliminate the position of chief operating officer next week — though the office is already empty. Former COO Glenn Coleman’s last day at Integra was Friday, according to a separation agreement filed with the Securities and Exchange Commission that same day. Coleman was scheduled to start as the new EVP and… […]
  • Steris plans to build a new medical device testing facility
    Steris (NYSE: STE) plans to build a new packaging and microbiological testing facility for medical devices in Leipzig, Germany. The facility will offer packaging testing services such as accelerated and real-time aging, transportation and integrity testing. The new location will also offer microbiological testing in collaboration with the medical device manufacturer and sterilizer’s laboratory in… […]
  • 10 medical device startups you need to know
    Some of the most interesting medical device startups of 2022 are advancing a wide range of innovative medtech: robotics, catheter-delivered brain-computer interfaces and more. The editors here at Medical Design & Outsourcing and MassDevice are writing about medical device startups all the time. But there are some device companies starting out that have technologies that… […]