Masimo (NASDAQ:MASI) posted second-quarter results that beat the consensus forecast on Wall Street, with the patient monitoring tech company upping its 2021 guidance.
The Irvine, Calif.–based company yesterday evening reported profits of $50.2 million, or 88¢ per share, on sales of $305.1 million for the three months ended July 3, 2021, for a bottom-line slide of nearly –10% on sales growth of 1.4% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were 94¢, 4¢ ahead of The Street, where analysts were looking EPS of 90¢ on sales of $295.6 million.
“We are happy to report strong second-quarter results,” Masimo CEO Joe Kiani said in a news release.
“While we expected the drivers and capital orders of 2021 to be lower than we achieved in 2020 due to high demand during the height of COVID-19, and expected sensor volumes to rebound as elective surgeries recover, we did not anticipate the very strong increase in single-patient-use sensors that we realized this quarter. This produced higher revenues that exceeded expectations for this period,” Kiani said.
Masimo said it expects to log adjusted EPS of $3.85 this year, up from the prior guidance of $3.83. The company also boosted its top-line outlook to $1.216 billion, compared with $1.205 billion previously.
Investors reacted by sending MASI shares down nearly –1.9% to $263.82 apiece today in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.