Masimo (NSDQ:MASI) yesterday raised its outlook for the rest of the year after posting first-quarter results that beat both sales and earnings forecasts, despite lower profits.
Irvine, Calif.-based Masimo reported profits of $45.6 million, or 82¢ per share, on sales of $213.0 million for the three months ended March 31, for a bottom-line slide of -11.5% on sales growth of 8.3% compared with Q1 2017.
Adjusted to exclude one-time items, earnings per share were 75¢, 6¢ ahead of the consensus forecast on Wall Street, where analysts were looking for revenues of $205.8 million.
“We had another record quarter for product revenues and earnings, demonstrating once again the clinical and economic value of our innovative technologies for improving patient care. We achieved another strong quarter of shipments of our noninvasive monitoring technologies, at 53,600. Our positive outlook is visible in our higher guidance for sales and earnings in 2018 as we introduce important new products and gain new customers around the world,” founder, chairman & CEO Joe Kiani said in prepared remarks.
Masimo said it now expects to report adjusted EPS of $2.88, up from prior guidance for $2.80, on sales of $846 million, compared with $836 million previously.
MASI shares were up 1.4% to $93.00 apiece today in mid-day trading.
