Shares in Masimo (NSDQ:MASI) have fallen today despite the medical diagnostic maker posting first quarter 2019 earnings that topped expectations on Wall Street.
The Irvine, Calif.-based company posted profits of $49.3 million, or 87¢ per share, on sales of approximately $231.7 million for the three months ended March 30, seeing 8.1% growth on the bottom line while sales grew 8.8% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 79¢, just ahead of the 75¢ consensus on Wall Street where analysts expected to see sales of $223.7 million, which the company also topped.
“We’re off to a great start to 2019 and we are happy to report first quarter results that once again exceeded expectations. Our first quarter results illustrate the strength of our global business. Our product revenue increased 14.3% on a constant currency basis to reach $230.5 million, while we had record worldwide shipments of 63,700 noninvasive technology boards and monitors. While we are enabling more customers to improve their patient care while simultaneously helping them reduce their cost of care, our clinical leading noninvasive monitoring technologies are the driving force behind our financial success. As we celebrate our 30th anniversary, we are delighted to be able raise our revenue and earnings guidance for 2019,” CEO Joe Kiani said in a press release.
The company lifted its sales guidance for its full 2019 fiscal year, expecting to see sales of between $919.1 million, up from previous guidance of $912 million, equating to a growth rate of 10.6%, up from 9.9%. Masimo added that it now expects to post EPS of between $3.25 for the year, up from previous guidance of $3.19.
Masimo shares have fallen approximately 2.8% today, at $135.72 as of 2:51 p.m. EDT.
Last month, Masimo released results from a study seeking to establish a normal range of values for cerebral oxygenation and explore the relationship between cerebral oxygenation and other physical and hemodynamic characteristics using Masimo’s O3 Regional Oximetry.
