Masimo (NSDQ:MASI) shares dipped after hours today despite first-quarter results that topped the consensus forecast.
The Irvine, Calif.-based company posted profits of $53.4 million, or 92¢ per share, on sales of $299 million for the three months ended April 3, 2021, for a -17.2% bottom-line slide on sales growth of 10.9%.
Adjusted to exclude one-time items, earnings per share were 90¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $295.2 million.
“Our first quarter results illustrate the resiliency of our customers and our business. Following a year in 2020 where we achieved over 20% revenue growth and shipped over two times the usual number of drivers due to the rise of the COVID pandemic, we delivered double-digit revenue growth and driver shipments that exceeded expectations in the first quarter,” Masimo chairman & CEO Joe Kiani said in a news release. “We are happy to see signs of the pandemic receding in most states in the U.S. and in many countries with the successful development and deployment of vaccines, and expect hospital census to eventually return to pre-COVID levels.
“We met the moment in 2020 by not only fulfilling unprecedented demand for our products, but also by delivering new innovative products that are lifesavers. There are more advancements ahead which we believe will be well received by our existing and new customers around the world.”
Masimo said it now expects to log adjusted EPS of $3.83 in 2021, compared with $3.81 previously. The company updated its prior sales guidance from $1.2 million to $1.205 million.
MASI shares were down -1.9% at $237.96 per share after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day down -0.2%.