Masimo Q3 beats The Street

Masimo (NSDQ:MASI) today released third quarter earnings that topped expectations on Wall Street and lifted its guidance for the remaining year.

The Irvine, Calif.-based company posted profits of $57.1 million, or $1.02 per share, on sales of $210.6 million for the three months ended September 29, for bottom-line growth of 59.3% on sales growth of 8.9% compared with the same period last year.

Adjusted to exclude one-time items, earnings per share were 71¢, ahead of the 69¢ consensus on The Street, where analysts were looking for sales of $207.6 million, which the company also topped.

“We are happy to report results for the third quarter that exceeded expectations. Our product revenue increased 12.8% on a constant currency basis to reach $202 million for the quarter. We also shipped a record 59,100 noninvasive technology boards and monitors. Our strong growth is the result of increasing demand for our innovative technologies and systems solutions, which enable our customers to automate patient management across the continuum of care and improve patient safety. We are once again raising guidance for revenue and earnings in 2018 as we continue to grow due to our life saving and life improving technologies,” chair & CEO Joe Kiani said in a press release.

Maismo lifted its guidance for the remaining fiscal year, expecting to see total sales of $854 million, up from earlier guidance of $850 million. The company now expects to post non-GAAP EPS of $2.92, up from previous guidance of $2.90.

Shares in Masimo traded up very slightly today, closing at $115.60.

Earlier this month, Masimo said that it won FDA 510(k) clearance for its RD SET sensors with measure-through motion and low perfusion SET pulse oximetry.

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