Masimo (NASDAQ:MASI) Releases Q1 2024 Earnings Guidance

Masimo (NASDAQ:MASI) updated its first quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.670-0.740 for the period, compared to the consensus earnings per share estimate of 0.690. The company issued revenue guidance of $476.0 million-$501.0 million, compared to the consensus revenue estimate of $487.6 million.

Masimo Stock Performance

Shares of NASDAQ MASI traded down $1.45 during mid-day trading on Wednesday, hitting $136.73. 173,157 shares of the company were exchanged, compared to its average volume of 583,562. The company has a quick ratio of 1.22, a current ratio of 2.18 and a debt-to-equity ratio of 0.64. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of 90.52 and a beta of 0.97. The stock has a 50 day simple moving average of $135.65 and a 200-day simple moving average of $113.89. Masimo has a 1-year low of $75.22 and a 1-year high of $198.00.

Masimo (NASDAQ:MASI) last posted its quarterly earnings results on Tuesday, February 27th. The medical equipment provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.43. The firm had revenue of $548.90 million for the quarter, compared to the consensus estimate of $545.69 million. Masimo had a return on equity of 13.77% and a net margin of 3.98%. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.32 earnings per share. On average, sell-side analysts forecast that Masimo will post 3.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MASI has been the subject of several analyst reports. Stifel Nicolaus raised shares of Masimo from a hold rating to a buy rating and boosted their target price for the company from $148.00 to $170.00 in a research note on Monday. Wells Fargo & Company raised Masimo from an equal weight rating to an overweight rating and increased their price target for the stock from $117.00 to $160.00 in a research note on Monday, March 25th. BTIG Research lifted their price objective on Masimo from $145.00 to $166.00 and gave the company a buy rating in a research report on Monday, March 25th. Piper Sandler raised their price target on Masimo from $70.00 to $117.00 and gave the stock a neutral rating in a research note on Monday, February 26th. Finally, Jefferies Financial Group reissued a hold rating and issued a $121.00 target price (up from $107.00) on shares of Masimo in a research report on Tuesday, January 30th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Masimo currently has an average rating of Hold and an average target price of $137.43.

Institutional Trading of Masimo

A number of large investors have recently modified their holdings of the company. American Century Companies Inc. boosted its position in Masimo by 2.3% during the 1st quarter. American Century Companies Inc. now owns 8,799 shares of the medical equipment provider’s stock worth $1,281,000 after acquiring an additional 194 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Masimo by 24.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 59,540 shares of the medical equipment provider’s stock worth $9,049,000 after buying an additional 11,543 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Masimo by 3.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 226,526 shares of the medical equipment provider’s stock worth $32,977,000 after acquiring an additional 8,501 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Masimo by 1,011.6% in the first quarter. Canada Pension Plan Investment Board now owns 2,390 shares of the medical equipment provider’s stock valued at $348,000 after acquiring an additional 2,175 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Masimo by 1.5% in the first quarter. Vanguard Group Inc. now owns 4,775,660 shares of the medical equipment provider’s stock worth $695,050,000 after purchasing an additional 71,918 shares during the period. Institutional investors and hedge funds own 85.96% of the company’s stock.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.