Masimo Q2 2023 Earnings Report
Key Takeaways
Masimo Corporation reported consolidated revenue of $455.3 million for Q2 2023, with healthcare revenue at $281.1 million and non-healthcare revenue at $174.2 million. GAAP net income was $15.7 million, or $0.29 per diluted share, while non-GAAP net income was $33.7 million, or $0.62 per diluted share. The company gained new hospital customers at a record level but is disappointed with the results due to lower inpatient volumes and delayed large orders.
Consolidated revenue reached $455.3 million.
Healthcare revenue amounted to $281.1 million.
Non-healthcare revenue totaled $174.2 million.
GAAP net income per diluted share was $0.29; Non-GAAP net income per diluted share was $0.62.
Masimo
Masimo
Forward Guidance
The Company provided the following updated estimates for its third-quarter 2023 and full-year financial guidance: The company expects GAAP consolidated revenue of $475 to $525 million and updated full year 2023 revenue of $2,100 to $2,200 million.
Positive Outlook
- Third-quarter 2023 GAAP consolidated revenue is projected between $475 million and $525 million.
- Third-quarter 2023 GAAP healthcare revenue is expected to range from $305 million to $335 million.
- Third-quarter 2023 GAAP non-healthcare revenue is forecasted between $170 million and $190 million.
- Third-quarter 2023 GAAP operating income is guided to be between $27 million and $37 million.
- Third-quarter 2023 GAAP net income per diluted share is projected between $0.19 and $0.32.
Challenges Ahead
- Full-year 2023 healthcare revenue guidance includes year-over-year foreign currency headwinds of $1 million.
- Third-quarter 2023 revenue guidance includes year-over-year foreign currency tailwinds of $2 million.
- Guidance assumes inpatient volumes will not return to the levels we expected this year.
- The company will not receive some of the new large orders we are expecting for W1â„¢, Rad-Gâ„¢ and Rad-97â„¢.
- The company is disappointed with its results this quarter.