Masimo shares tumble despite posting Street-beating Q1

Shares in Masimo (NSDQ:MASI) have fallen nearly 15% today despite the medical device maker beating expectations on Wall Street with its 1st quarter results.

The Irvine, Calif.-based company posted profits of $45.3 million, or 82¢ per share, on sales of $186.3 million for the 3 months ended April 1, for bottom-line growth of 64.4% on sales growth of 8.8% compared with the same period in the previous year.

Masimo’s earnings per share were solidly ahead of the 54¢ consensus on Wall Street, where analysts were looking for sales of $183.6 million.

“Our first quarter results illustrate the strength in our business as we continue to see broad adoption of our products on a global basis, evidenced by our third highest quarterly product shipments on record,” CEO & chair Joe Kiani said in a press release.

The company released adjustments to its 2017 financial guidance, expecting to see revenues of approximately $759 million for the full year, up from previous guidance of $752 million. Earnings per diluted share are expected to be approximately $2.65, up from previous guidance of $2.30.

Shares are down 14.6% today, at $88.36 as of 2:44 p.m. EDT.

The post Masimo shares tumble despite posting Street-beating Q1 appeared first on MassDevice.

from MassDevice http://ift.tt/2qwILeX