Masimo reports Q1 EPS 77c, consensus 69c

Reports Q1 revenue $492.8M, consensus $487.6M. Joe Kiani, CEO, said, “It’s good to see that our business is reaching a steady state after a period of robust growth during Covid and the wake of volatility that followed. Healthcare revenues were at the high end of our guidance range, driven by strong sensors orders in the U.S. and Europe. Our team’s incredible effort and success in moving the bulk of our sensor manufacturing from Mexico to Malaysia yielded improved gross margins ahead of schedule for healthcare. Based on our first quarter results and a more positive outlook for 2024, we are increasing our guidance for healthcare revenues and non-GAAP EPS. At the behest of the majority of our shareholders, we are pursuing a separation of our consumer business. Management is working diligently to finalize the proposed structure and options for our board of directors to review. I am hopeful that we can create two businesses that can each achieve great results, and together improve life.”