Shares of Masimo Corp. (NSDQ:MASI) plunged more than 12 percent today after the patient monitoring device maker missed third-quarter earnings expectations and lowered its sales and earnings guidance for the rest of 2011.
MASI shares were trading at $19.61 as of about 1 p.m. today, down 12.1 percent.
Irvine, Calif.-based Masimo reported profits of $14.8 million, or 24 cents per share, on sales of $104.0 million for the three months ended Oct. 1. That’s a bottom-line slide of 9.7 percent, despite a sales increase of 3.0 percent, compared with profits of $16.4 million, or 27 cents per share, on sales of $101.0 million.
Excluding one-time items, adjusted EPS was 25 cents; analysts had anticipated adjusted EPS of 27 cents.
Masimo reduced its full-year sales and earnings guidance to revenues of between $436 million and $439 million, down from $446 million to $463 million, and EPS of $1.04 to $1.06 per share (down from $1.17 to $1.25).