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Apr 03, 2021
Masimo Q1 2021 Earnings Report
Reported product revenue increased and GAAP net income per diluted share was announced.
Key Takeaways
Masimo announced its Q1 2021 financial results, revealing a product revenue increase of 10.9% to $299.0 million compared to Q1 2020. GAAP net income was $53.4 million, or $0.92 per diluted share.
Product revenue increased 10.9% to $299.0 million.
GAAP net income per diluted share was $0.92.
Non-GAAP net income per diluted share was $0.90.
Total cash and cash equivalents were $552.0 million.
Masimo
Masimo
Masimo Revenue by Segment
Forward Guidance
The Company provided the following updated estimates for its full-year 2021 guidance: Product revenue increasing to $1.205 billion, which reflects reported growth of 5.4% and constant currency growth of 4.5%; GAAP earnings per diluted share increasing to $3.83; Non-GAAP earnings per diluted share increasing to $3.83.
Positive Outlook
- Product revenue increasing to $1.205 billion, which reflects reported growth of 5.4% and constant currency growth of 4.5%.
- GAAP earnings per diluted share increasing to $3.83.
- Non-GAAP earnings per diluted share increasing to $3.83.
- Gross margin 66.7%
- Operating margin 23.2%
Challenges Ahead
- Estimated tax rate 20.0 %
- Currency tailwinds compared to $15.0 million of currency tailwinds in our prior guidance.
- Risks related to global economic and marketplace uncertainties related to the impact of the COVID-19 pandemic
- Dependence on Masimo SET® and Masimo rainbow SET™ products and technologies for substantially all of our revenue
- Any failure in protecting our intellectual property exposure to competitors’ assertions of intellectual property claims