Masimo (Nasdaq: MASI) during its fourth quarter enjoyed a Street-beating 23% year-over-year increase in its revenue, fueled by rising adoption of the Irvine, Calif.–based company’s noninvasive patient monitoring technologies.
Revenue rose to $225.2 million for the quarter ended Dec. 30, the company reported after market close today. The sales beat the average of $201.4 million that analysts polled on Yahoo! Finance had predicted.
Fourth quarter earnings were $367,000, or 1 cent per share, down from $215.3 million, or $3.97 per share for the same quarter a year before. The quarter, however, saw a one-time charge of 78 cents per share related to the tax reform Congress passed at the end of last year, and the fourth quarter of 2016 saw a one-time $3.43 per share boost involving a $300 million lawsuit settlement from Philips.
Excluding one-time items, Masimo’s earnings were 79 cents per share during the fourth quarter, up from 54 cents per share a year before and beating the Street’s expectations of 61 cents per share.
“Our fourth quarter and full year 2017 results clearly illustrate the strength of our technology and hence, our business as we once again exceeded expectations for product revenues and earnings,” CEO Joe Kiani said in a news release after market close.
“We realized another record high for shipments of our SET pulse oximeters, which reached 54,100 for the quarter and exceeded 200,000 for the year, a significant milestone for the company,” Kiani said. “We anticipate rising adoption of our technologies as more care providers appreciate the value they provide for patients.”
For all of 2017, Masimo earned $131.6 million, or $2.36 per share, off $798.1 million in revenue, versus profits of $300.7 million, or $5.65 per share, off $394.6 million in sales in 2016.
Masimo in 2018 is predicting earnings of $1.61.5 million, or $2.90 per share, which is ahead of analysts’ estimates.
