Masimo Corp. (NDSQ:MASI) posted a strong quarter driven by a 26 percent boost in sales of its Rainbow SET pulse co-oximetry technology, which hit $9.1 million.
The Irvine, Calif.-based company followed its great earnings report by announcing that its board of directors authorized a repurchase of up to 3 million shares of the company’s common stock, effective August 12.
Sales for the three months ended July 2 increased 9 percent to $109.6 million, compared to $100.1 million during the same period last year.
"The increase reflects higher sales across all major Rainbow product categories, consumables, licensing, boards and instruments," CFO and executive VP Mark de Raad said during a conference call with investors.
It’s more good news for the noninvasive monitoring device maker, who just reversed a voluntary recall of a line of finger sensors earlier this week, and last month announced a deal to integrate its Rainbow SET technology into Philips Healthcare’s products.
Masimo ranked 86th on the MassDevice Big 100 list of the world’s largest medical device companies.