Medical technology company Masimo Corp. (MASI), Tuesday announced financial results for the second quarter, reporting a profit that increased from the same quarter a year ago, helped mainly by an improvement in product revenues. Quarterly profit edged slightly above the streets' view, while revenues fell short of estimates. The company also reaffirmed earnings forecast for the full year, with a revision in its revenue forecast.
Irvine, California-based Masimo's quarterly net income increased to $13.1 million or $0.22 per share, compared to $10.6 million or $0.18 per share in the prior year period.
On average, 10 analysts polled by Thomson Reuters expected second-quarter earnings of $0.21 per share. Analysts' estimates typically exclude special items such as one-time charges or gains.
Operating income for the quarter improved to $19.948 million from $16.740 million in the same quarter last year.
Quarterly revenues increased to $83.6 million from $74.8 million in the same quarter last year, but fell short of the Street's view of $87.46 million. Wall Street currently expects earnings of $0.88 per share. Quarterly revenues were positively impacted by a 13% increase in product revenues, primarily boosted by an increase in revenues from Masimo Rainbow SET products.
Joe Kiani, chairman and chief executive officer, Masimo, commented "We had a good quarter given the recession--while revenues were down quarter over quarter, they grew 13% year over year, thanks to continued strong Masimo SET growth and even stronger Masimo Rainbow SET growth."
For the six-month period, net income attributable to the company increased to $26.113 million or $0.43 per share from $19.392 million or $0.32 per share in the same quarter a year ago.
Revenues for the period rose to $144.544 million from $121.829 million in the same quarter last year.
Looking forward to the fiscal year 2009, Masimo reaffirmed its earnings guidance in the range of $0.83 to $0.87 per share.
For the year 2009, total revenues are now expected in the range of $339 million to $346 million, down from the previous guidance ranging from $352 million to $361 million, while analysts currently anticipates revenues of $358.70 million for the full year.
Further, Masimo lowered its total product revenue guidance to a range of $295 million and $300 million from the previous guidance that ranged from $310 million to $315 million.
Masimo, however, increased its royalty revenue forecast to a range of $44 million to $46 million from the previous guidance in the range of $42 million to $46 million.
MASI closed Tuesday's trading at $23.40, down $0.95 or 3.90%, on a volume of 1.376 million shares on the Nasdaq. In the after hours, the stock gained $0.74 or 3.16% to trade at $24.14
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