Masimo (NSDQ:MASI) shares took a hit this week despite 3rd-quarter results that beat analysts’ expectations and prompted the medical device company to raise its earnings forecast for the rest of the year.
Irvine, Calif.-based Masimo reported profits of $15.6 million, or 27¢ per share, on sales of $131.4 million for the 3 months ended Sept. 28, for profit growth of 13.1% on a top-line gain of 10.4%.
Analysts on Wall Street were looking for earnings per share of 26¢.
"Masimo’s ability to innovate technology that improves care, increases patient safety and lowers overall healthcare costs is the key success factor driving our strong third quarter results. As evidenced by our strong quarterly pulse oximetry and Pulse CO-Oximetry shipments, we are consistently expanding our customer base and, as a result, we are optimistic about our future," chairman & CEO Joe Kiani said in prepared remarks.
Masimo affirmed its sales guidance for 2013 of roughly $548 million and raised its EPS forecast from $1.14 to $1.16.
Still, investors sent MASI shares down 9.7% to a $25.62 close yesterday. The stock was trading at $26.06 apiece today as of about 10:50 a.m., up 1.7%.