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Masimo (MASI) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changin ...

# 财报详情 Q4财报亮点 总体收入为 6.01亿美元 ，按报告和固定汇率计算增长9%； 医疗保健收入为 3.68亿美元 ，按报告计算增长8%，按固定汇率计算增长9%； 非医疗保健收入为 2.32亿美元 ，按报告和固定汇率计算增长11%； 合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 展位有限 报名：首届全球心血管大会 | 奖项评选 报名：首届全球骨科大会 | 奖项评选 2025年2月26日，迈心诺Masimo（纳斯达克股票代码：MASI） 公布了超出市场预期 的 第 四季度财务业绩 ，并 上调 了2025年全年盈利指引 。 早盘交 易中，MASI股价上涨 超过8% ，达到每股 184美 元 。 Masimo 公司在2024年经历了一段动荡时期。创始人兼时任首席执行官Joe Kiani在9月辞职，此前股东投票将他从董事会主席职位上罢免，结束了Masimo 与Politan Capital Management之间漫长的代理权争夺战。几个月内，公司总部还进行了裁员。 基本每股GAAP净亏损为（6.52美元），其中包括对Sound United的商誉和无形资产减值； 非 GAAP稀释每股净 ...

Masimo Corporation (MASI) delivered adjusted earnings per share (EPS) of $1.80 in the fourth quarter of 2024, up 44% year over year. The figure beat the Zacks Consensus Estimate by 20.8%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The adjustments include acquired intangible asset amortization, and acquisitions, integrations, divestitures, and related costs, among others.GAAP loss per share for the quarter was $6.52 (which included an impairment of goodwill and intangibles for Soun ...

Core Insights - Masimo reported revenue of $600.7 million for the quarter ended December 2024, reflecting a year-over-year increase of 9.4% [1] - The company's EPS was $1.80, up from $1.25 in the same quarter last year, indicating a significant improvement [1] - The reported revenue exceeded the Zacks Consensus Estimate of $596.07 million, resulting in a surprise of +0.78% [1] - Masimo delivered an EPS surprise of +20.81%, with the consensus EPS estimate being $1.49 [1] Revenue Breakdown - Non-healthcare revenue was $232.20 million, surpassing the average estimate of $224.29 million, marking an 11.1% year-over-year increase [4] - Healthcare revenue reached $368.50 million, slightly below the estimated $369.46 million, but still showing an 8.4% increase compared to the previous year [4] Profit Metrics - Gross profit from non-healthcare was reported at $81 million, exceeding the average estimate of $77.12 million [4] - Gross profit from healthcare was $232.30 million, which was below the estimated $236.40 million [4] Stock Performance - Over the past month, Masimo's shares returned +0.1%, while the Zacks S&P 500 composite declined by -1.8% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Masimo (MASI) came out with quarterly earnings of $1.80 per share, beating the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.81%. A quarter ago, it was expected that this medical technology company would post earnings of $0.84 per share when it actually produced earnings of $0.98, delivering a surprise of 16.67%.Over the last four quarters, th ...

Financial Data and Key Metrics Changes - For Q4 2024, consolidated revenues were $601 million, representing 9% growth on a constant currency basis [24] - Healthcare revenues grew 9% to reach $368 million, while non-healthcare revenues grew 11% to $232 million [24] - Consolidated gross margin was 52%, with healthcare gross margins at 63% and non-healthcare at 35% [25] - Operating profit was $134 million, representing 46% growth year-over-year, with an operating margin of 22.4% [25][26] - Non-GAAP net earnings per share was $1.80, representing 44% growth year-over-year [26] - For fiscal 2024, consolidated revenues were $2.94 billion, with healthcare revenues of $1.395 billion and non-healthcare revenues of $699 million [29] Business Line Data and Key Metrics Changes - Healthcare business revenues grew 10% for the year, driven by substantial growth in consumable and service revenues [30] - Consumable and service revenues exceeded growth targets across major product platforms, including pulse oximetry and hemodynamics [30] - Capital equipment revenues declined due to a change in accounting rules affecting revenue recognition [31] Market Data and Key Metrics Changes - Incremental value of new contracts was $432 million, indicating strong market positioning and future revenue growth potential [33] - The company shipped nearly 235,000 technology boards and monitors, exceeding expectations [32] Company Strategy and Development Direction - The company is refocusing on its core professional healthcare market and optimizing its cost structure [23][28] - Management is committed to building programs that engage and develop talent to support long-term growth [19] - The potential sale of the consumer business is under evaluation, with no final decisions made yet [5][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive profitable growth and improve margins due to recent cost structure optimizations [25][38] - The guidance for 2025 projects healthcare revenue of $1.5 billion to $1.53 billion, representing approximately 8% to 10% growth [38] - Management highlighted the importance of continuous patient monitoring and the opportunity to expand into new areas of healthcare [17][20] Other Important Information - The company incurred a net loss of $6.52 per share on a GAAP basis due to non-cash impairment charges [26] - The Sound United business will be classified as held for sale starting in 2025, impacting future financial reporting [35] Q&A Session Summary Question: Inquiry about operating margin guidance - Management noted that the increase in operating margin guidance to 27.5% - 28% for 2025 is due to earlier-than-expected margin improvement initiatives and project rationalization [44][46] Question: Hospital census and flu activity assumptions for 2025 - Guidance assumes low-single-digit growth in sensors and inpatient admissions, with strong contracting performance expected to carry into 2025 [50][51] Question: CEO's focus on executing against the financial framework - The new CEO emphasized understanding core markets and expanding leadership positions while focusing on healthcare innovation [56][58] Question: Update on tariff contingency plans - Management discussed the flexibility gained from expanded manufacturing in Malaysia to mitigate potential tariff impacts [63][66] Question: Hemodynamic monitoring opportunities - The CEO expressed excitement about the potential for growth in hemodynamic monitoring, emphasizing the need to treat more patients [72][73] Question: Quarterly revenue flow and seasonality - Management indicated that the first quarter is expected to follow historical seasonality, with an extra week contributing to fourth-quarter results [76][78] Question: Update on hospital automation focus - Management confirmed that hospital automation remains a strong growth area, with continued investment planned [108][110] Question: Status of Apple litigation - Management provided an update on ongoing litigation with Apple, confirming it will remain part of the healthcare business [114][120]

Core Insights - Masimo reported strong earnings driven by its healthcare segment, with revenue of $601 million, exceeding analyst expectations of $592 million [2][6] - Non-GAAP EPS reached $1.80, surpassing both analyst forecasts of $1.43 and management's guidance of $1.35 to $1.50 [2][6] - The company faced challenges in its non-healthcare operations, impacted by strategic decisions and impairment charges [2][7] Financial Performance - Q4 2024 revenue grew by 9% year-over-year to $601 million, with healthcare revenue increasing by 8% to $368 million [3][6] - Non-healthcare revenue also saw an 11% increase to $232 million [3][6] - The company's profitability was affected by a $304 million impairment charge related to the acquisition of Sound United, leading to a GAAP net loss [7] Strategic Focus - Masimo is realigning its strategies to focus on core healthcare operations following the acquisition of Sound United [4][5] - The appointment of CEO Katie Szyman marks a shift back towards healthcare products, moving away from consumer electronics [7] - The company is leveraging partnerships with OEMs to enhance the deployment of its noninvasive monitoring technologies [4] Future Outlook - For fiscal year 2025, Masimo projects healthcare revenue between $1,500 million and $1,530 million, with non-GAAP EPS expectations of $5.10 to $5.40 [9] - The company is conducting a strategic review of the Sound United business to strengthen profitability and shareholder value [9][10] - Investors are encouraged to monitor Masimo's response to competitive pressures and its strategic realignments [10]

Healthcare Segment Focus - The healthcare segment focuses on noninvasive patient monitoring technologies, with a goal of improving lives by providing patient-centered solutions and expanding into home care [15]. - The healthcare segment's product portfolio includes advanced technologies such as noninvasive hemoglobin monitoring and telehealth solutions [15]. - The Masimo Hospital Automation Platform integrates data and connectivity solutions to improve clinical workflows and patient care [15]. - The Patient SafetyNet solution allows for the simultaneous monitoring of up to 200 patients, enhancing clinician workflows and reducing care costs [25]. - The introduction of Iris connectivity in the Root platform facilitates integration of multiple standalone devices, improving patient care and reducing costs by leveraging existing infrastructure [26]. - The company offers a range of home wellness and remote patient monitoring solutions, including disposable sensors and mobile applications, sold directly to end-users and through distributors [73]. - The company’s remote monitoring solutions provide real-time alerts for opioid-induced respiratory depression, enhancing patient safety [76]. - The company’s hemodynamic monitoring solutions are scalable to each patient's age, height, and weight, enhancing personalized patient care [70]. Innovation and Product Development - The company aims to enhance long-term growth by focusing on innovation, expanding market share, and leveraging existing customer relationships for product offerings [20]. - The company has a proven track record of innovation, with a focus on developing differentiated and clinically superior technologies [20]. - Masimo's rainbow SET platform enables noninvasive monitoring of hemoglobin species, including SpCO and SpMet, which were previously only measurable through invasive procedures [24]. - The Masimo SET platform has been shown to improve clinical outcomes, including reducing severe retinopathy in neonates and enhancing CCHD screening in newborns [22]. - The company has developed a cloud-based patient management platform, Masimo SafetyNet, which features clinical-grade spot-checking and continuous measurements [72]. - The automation suite includes software and hardware that enables third-party devices to connect through Patient SafetyNet, documenting data in the EMR [60]. Financial Performance and Growth Strategy - The company plans to supplement internal growth with strategic acquisitions, investments, and partnerships to expand its product portfolio [20]. - Healthcare revenues from pulse oximetry products to hospitals associated with GPOs reached $794.0 million in 2024, up from $678.1 million in 2023, representing a growth of approximately 17.1% [124]. - The company reported that one just-in-time healthcare distributor represented approximately 18.5% of total healthcare revenue for the year ended December 28, 2024 [121]. - The company’s sales and marketing strategy for pulse oximetry focuses on building end-user awareness of the clinical and cost-saving benefits of its technologies [122]. - The company’s success in the U.S. market largely depends on the ability of healthcare providers to receive reimbursement for monitoring procedures [108]. - The company’s healthcare products are significantly influenced by Medicare's coverage and reimbursement policies, especially since a large percentage are used by Medicare beneficiaries [107]. Regulatory Compliance and Risks - The company is subject to significant government regulations, including compliance with FDA requirements for medical devices, which can impact product marketing and development timelines [82]. - The majority of the company's regulated medical products fit into Class II device types, requiring 510(k) clearance, while some are classified as Class I or exempt [86]. - The company is subject to stringent international, federal, state, and local environmental regulations, which may increase compliance costs [116]. - The company must comply with numerous laws related to data privacy and protection, which may incur incremental costs to modify business practices [113]. - The company’s international operations are subject to the U.S. Foreign Corrupt Practices Act and other global anti-corruption laws, which could result in fines or penalties for non-compliance [105]. - Non-compliance with regulatory requirements could lead to enforcement actions or penalties, harming the company's business [208]. - The company is also subject to inspections by various regulatory authorities, which may have differing standards from the FDA [209]. Intellectual Property and Legal Matters - The company has developed a diverse intellectual property portfolio, holding hundreds of patents and trademarks, which is crucial for maintaining competitive advantage [130]. - The company has a cross-licensing agreement with Willow Laboratories, allowing shared rights to certain intellectual property and technology applications [79]. - The Cross-Licensing Agreement with Willow Laboratories restricts the commercialization of new products and technologies, potentially impairing growth [164]. - The company is currently involved in litigation against Apple Inc. for patent infringement and trade secret misappropriation, which may result in significant legal expenses and management distraction [198]. - The company has entered into a one-year alternative fee agreement for ongoing legal fees related to the litigation against Apple, which could result in additional payments if a favorable judgment is obtained [198]. Market Challenges and Competition - The company’s primary competitor in the healthcare market is Medtronic plc, which holds a substantial share of the pulse oximetry market [120]. - The company faces risks related to the market acceptance of new products, which may limit growth and adversely affect financial results [162]. - Allegations regarding product safety and effectiveness could impair acceptance and sales of the company's healthcare products [161]. - The company may incur significant expenses to generate clinical data to demonstrate the safety, efficacy, and cost-effectiveness of its products for favorable reimbursement policies [172]. - The company faces risks from counterfeit sensors and third-party reprocessed sensors, which may harm its reputation and reduce revenue [183]. Operational Efficiency and Workforce - The company is committed to cost reduction efforts through continuous value engineering and increasing efficiency in manufacturing capabilities [20]. - Full-time employees decreased from approximately 3,800 in December 2023 to 3,600 in December 2024, while dedicated contract personnel increased from approximately 5,200 to 5,600 in the same period [146]. - The company has agreements with major suppliers that allow for pricing adjustments and annual negotiations, ensuring flexibility in supply chain management [140]. Strategic Initiatives and Realignment - The strategic realignment initiative approved by the Board aims to streamline the healthcare segment, focusing on cost rationalization and enhancing R&D efficiencies [145]. - The company is engaged in a review of alternatives for its consumer audio and healthcare businesses, with financial and legal advisors appointed for the process [149]. - The company initiated litigation against RTW Investment and others, alleging manipulation of stock voting power, with defendants holding up to 19% of the company's common stock [150].

Fourth Quarter and Full Year 2024 Earnings February 25, 2025 Forward-Looking Non-GAAP Financial Measures: This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related c ...