Masimo Corp. stock drops more than 10% after mixed Q1 earnings

masimo-corp.-stock-drops-more-than-10%-after-mixed-q1-earnings

Masimo Corp. MASI, -0.99% stock fell more than 10% in the extended session Tuesday after the medical technology company reported mixed first-quarter earnings, saying that it faced “unexpected” supply-chain problems in the period. Masimo said it earned $46.6 million, or 81 cents a share, compared with $53.4 million, or 92 cents a share, in the first quarter of 2021. Adjusted for one-time items, the company earned 93 cents a share. Revenue rose 2% to $304 million, the company said. FactSet consensus called for EPS of 90 cents a share on sales of $308 million. “We experienced strong demand for our products during the quarter while facing some unexpected supply-chain challenges,” Chief Executive Joe Kiani said in a statement. “Our actions to address those issues are ongoing and we still expect to achieve the growth in our core healthcare business this year that we had anticipated at the beginning of the year.” Masimo guided for 2022 revenue between $2 billion and $2.06 billion and EPS between $4.46 and $4.73 for the full year. The analysts polled by FactSet expect revenue of $1.35 billion and EPS of $4.32 for the year. The stock ended the regular trading day down 1%.

Source: Marketwatch

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