The Irvine, Calif.-based company posted profits of $64 million, or $1.12 per share, on sales of $269.6 million for the three months ended March 28, 2020, for a 30.7% bottom-line gain on sales growth of 16.4%.
Adjusted to exclude one-time items, earnings per share were 97¢, 6¢ ahead of Wall Street projections.
“I am extremely proud of our team and feel fortunate that we were able to respond to the demand of our customers during the first quarter and the month of April,” Masimo chairman & CEO Joe Kiani said in a news release. “The potential positive impacts [of COVID-19] include increased demand for our products from both direct and OEM customers, which has continued into the first month of the second quarter. The potential negative impacts include potential interruptions in our manufacturing operation and our suppliers’ manufacturing operations, and potential reductions in future demand if there has been overbuying of our products due to the pandemic.”
At the beginning of this month, Masimo withdrew its 2020 guidance amid uncertainties caused by the COVID-19 pandemic. The company’s first-quarter results fell in line with its projections at that time, as it expected revenue between $265 million and $271 million.
In response to the coronavirus crisis, Masimo developed the Masimo SafetyNet to offer hospitals a way to monitor and manage patients remotely from anywhere, including their own homes, as healthcare facilities deal with patient surges, according to a news release.
Masimo also develops pulse oximeters, which are flying off shelves everywhere after claims that they may help in detecting COVID-19.
MASI shares were up 1.95% at $216.71 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.6%.