The Irvine, Calif.-based medical device company reported profits of $13.8 million, or 24¢ per share, on sales of $119.1 million during the 3 months ended Sept. 29.
That represents a 14.4% uptick in sales compared with Q3 2011.
"During the third quarter, we continued to leverage Masimo’s innovation leadership and recurring-revenue business model to seize multiple growth opportunities across a range of patient care settings. Our third quarter product revenue and global installed base growth continued to outpace the industry, and third quarter rainbow product sales were among the highest yet," chairman & CEO Joe Kiani said in prepared remarks. "We are happy to announce the Board’s decision to declare a special cash dividend, which reflects not only the strength of our financial position and confidence in our long-term outlook, but also demonstrates our commitment to enhance stockholder value. In addition, by declaring the dividend now, Masimo stockholders can take advantage of current dividend tax rates, which may increase in 2013. Today’s action marks the fourth instance of a special dividend paid by Masimo in the past six years, and the third since we became a public company in 2007. In fact, including the dividend announced today, since becoming a public company, we have returned approximately $220 million to stockholders in the form of special cash dividends and another $62.5 million in the form of repurchases of our common stock. This total of $282.5 million represents a return of approximately 88% of the cash generated from operations between 2008 and September 2012."
MASI shares closed up 2.4% yesterday at $22.45 apiece.