Masimo shares drop despite Q2 beat and raise

Shares in Masimo (NSDQ:MASI)  fell today despite the diagnostic-focused medical device maker beating expectations on Wall Street with its 2nd quarter earnings results.

The Irvine, Calif.-based company posted profits of $46.7 million, or 83¢ per share, on sales of $192.9 million for the 3 months ended July 1, for bottom-line growth of 55.5% while sales grew 11.8% compared with the same period last year.

Earnings per share were well ahead of the 71¢ consensus on Wall Street, where analysts were expecting to see revenues of $189 million for the quarter.

“Our 2nd quarter results exceeded our expectations and continue to illustrate the strength in our business. I am very happy to be able to report that for the 1st time ever, excluding handheld and finger oximeters, we shipped 50,000 SET Pulse Oximeters and rainbow SET Pulse CO-Oximeters in the quarter as we continue to see broad adoption of our products throughout the world. Our outlook for the remainder of 2017 remains strong and we are happy to be able to increase our financial guidance for fiscal 2017,” CEO & chair Joe Kiani said in a press release.

Masimo lifted its financial guidance for the year, expecting to post $769 million in revenue, up from previous guidance of $759 million. Earnings per share are now expected to be $2.80, up from previous guidance of $2.65, the company said.

Despite the Street-topping earnings, Masimo shares have fallen approximately 9% so far today, at $87.45 as of 11:05 a.m. EDT.

The post Masimo shares drop despite Q2 beat and raise appeared first on MassDevice.

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