Group 1 - Samsung Electronics' subsidiary Harman International announced the acquisition of Masimo's audio business for $350 million (approximately 500 billion KRW), signaling expectations for further mergers and acquisitions by Samsung [1] - Industry experts view this acquisition as the beginning of large-scale mergers for Samsung, with potential targets in AI, automotive electronics, and biomedical equipment [1][2] - Samsung's recent shareholder meeting emphasized the importance of acquiring new technologies for sustained growth, indicating that more significant mergers may be forthcoming [1] Group 2 - In the automotive electronics sector, companies producing automotive communication and power system semiconductors are seen as primary targets for acquisition [2] - Samsung has been eyeing major automotive semiconductor companies like NXP and Infineon as potential acquisition targets, which could enhance its semiconductor foundry business [2] - The establishment of a future business planning group within Samsung aims to discover new business opportunities that align with its operational model, with a focus on biomedical devices and robotics [2]

Group 1 - Li Auto's founder and CEO Li Xiang's reported salary of 639 million RMB for 2024 is inaccurate, consisting of 2.665 million RMB in salary, 160,000 RMB in retirement contributions, and 636.309 million RMB in stock-based compensation [1][2] - Li Auto has set a target for Li Xiang to achieve annual sales of 500,000 vehicles and for the company's stock price to significantly exceed $29.26 to realize stock compensation, with a current stock price of $25.68 requiring Li Xiang to pay the company $32 million, equivalent to 230 million RMB [2] Group 2 - Geely Auto plans to acquire all outstanding shares of Zeekr, aiming for a complete merger, as Geely currently holds approximately 65.7% of Zeekr's shares [1] - Geely's chairman Li Shufu emphasized the need for business integration and innovation to enhance long-term value in a competitive market [1] Group 3 - Douyin's VP Li Liang commented on the recent incident involving complaints against a brand, advocating for legal action as a more effective means of protecting corporate rights [1] - He highlighted the challenges platforms face in proactively addressing infringement without sufficient information from affected parties [1] Group 4 - Nayuki Tea is undergoing a brand upgrade, introducing a new logo and name as part of its tenth-anniversary celebration [3][5] - This marks the second name change for Nayuki in three years, having previously simplified its name from "Nayuki no Cha" to "Nayuki Tea" [5] Group 5 - JD's customer service acknowledged delays in food delivery during peak times, attributing issues to various factors including city conditions and weather [1] - The platform is currently offering a promotion for free orders if delivery exceeds 20 minutes [1] Group 6 - Nvidia announced the release of the RTX 5060 graphics card, priced at 2499 RMB, with availability starting on May 20 [1] Group 7 - Xiaopeng Motors is considering an IPO for its flying car subsidiary, Xiaopeng Huitian, with plans to list in Hong Kong or the US [1][9] - The company has invited multiple banks to participate in the IPO process [9] Group 8 - Tesla's sales in Europe saw a significant decline in April, with a drop of 81% in Sweden and 46% in Germany, attributed to increased competition and consumer backlash against Elon Musk's political stance [16] - This decline led to a 1.75% drop in Tesla's stock price [16] Group 9 - OpenAI plans to reduce its revenue-sharing ratio with Microsoft by at least half by the end of the decade [16] - Apple is exploring AI-driven search options for its Safari browser, potentially challenging Google's dominance in search [16] Group 10 - TikTok announced a new data center project in Finland with an investment of 1 billion euros, part of a broader initiative to enhance data security in Europe [16] Group 11 - Uber is set to invest an additional 100 million USD in WeRide, marking its largest investment in the autonomous driving sector to date [17] - Samsung's Harman International has acquired Masimo's audio business for 350 million USD [17]

Core Viewpoint - Masimo Corporation reported strong financial results for the first quarter of 2025, with significant year-over-year growth in adjusted earnings per share (EPS) and revenues, indicating robust performance in its healthcare segment and a positive outlook for the year ahead [1][2][12]. Financial Performance - Adjusted EPS for Q1 2025 was $1.36, a 56.3% increase year over year, surpassing the Zacks Consensus Estimate by 9.7% [1] - GAAP EPS for the quarter was 86 cents, reflecting a 45.8% increase from 59 cents in the same period last year [1] - Revenues reached $372 million, up 9.5% year over year, exceeding the Zacks Consensus Estimate by 1.3% [2] - At constant exchange rates, revenues were $375.2 million, marking a 10.5% increase year over year [2] Revenue Breakdown - Revenue excluding related party revenues was $340.2 million, up 10.1% year over year, while related party revenues were $31.8 million, up 3.9% year over year [4] - Healthcare revenues totaled $371 million, a 9.2% increase on a reported basis and 10% at constant exchange rates year over year [5] - Consumable and service revenues grew by 8%, while capital equipment and other revenues surged by 32% year over year [5] Margin Analysis - Gross profit increased by 13.3% year over year to $234 million, with a gross margin expansion of 207 basis points to 62.9% [6] - Total adjusted operating profit was $80.7 million, reflecting a 51.9% increase from the previous year, with an adjusted operating margin of 21.7%, up 606 basis points [7] Financial Position - Cash and cash equivalents at the end of Q1 2025 were $130.8 million, up from $123.6 million at the end of 2024 [9] - Long-term debt decreased to $636 million from $714.3 million at the end of 2024 [9] - Net cash provided by operating activities was $37.9 million, slightly down from $38.6 million a year ago [9] Guidance - For 2025, total revenues are expected to be in the range of $1,500 million to $1,530 million, representing an 8-11% increase at constant exchange rates from 2024 [10] - Adjusted EPS for 2025 is projected to be between $5.30 and $5.60, reflecting a growth of 22-29% from 2024 figures [11] Strategic Developments - Masimo has entered into an agreement to sell its Sound United consumer audio business to HARMAN International, focusing on its core professional healthcare segment [13] - Management anticipates an increasing impact of tariffs each quarter for the remainder of the year, which may affect future performance [14]

Group 1 - Masimo announced the final agreement to sell its Sound United audio business to Samsung's subsidiary Harman International for $350 million in cash, with potential adjustments [1] - The transaction is expected to be completed by the end of this year [1]

Company Performance - Masimo reported quarterly earnings of $1.36 per share, exceeding the Zacks Consensus Estimate of $1.24 per share, and up from $0.77 per share a year ago, representing an earnings surprise of 9.68% [1] - The company posted revenues of $372 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.29%, but down from $492.8 million year-over-year [2] - Over the last four quarters, Masimo has consistently surpassed consensus EPS and revenue estimates [2] Future Outlook - The sustainability of Masimo's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.27 on revenues of $372.12 million, and for the current fiscal year, it is $5.28 on revenues of $1.52 billion [7] - The estimate revisions trend for Masimo is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Medical - Instruments industry, to which Masimo belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported Healthcare revenue of $371 million, reflecting a 10% growth on a constant currency basis, with operating margin expansion of 750 basis points [9][18] - Non-GAAP earnings per share (EPS) was $1.36, representing a 56% growth year-over-year, while GAAP net income from continuing operations was $47 million or $0.86 per share [19][20] - The net loss from discontinued operations was $218 million or $4.4 per share, including an impairment charge of $295 million related to the Audio business [20] Business Line Data and Key Metrics Changes - Consumable and service revenue grew by 8%, while capital equipment and other revenue surged by 32% due to the timing of shipments related to a large tender contract renewal [18] - The company shipped over 72,000 technology boards and monitors during the quarter, exceeding expected ranges [18] Market Data and Key Metrics Changes - The company anticipates revenue growth for fiscal 2025 to be in the range of $1.5 billion to $1.53 billion, reflecting an 8% to 11% constant currency growth compared to the previous year [20][21] - The updated guidance for operating margins is set at 28% to 28.5% excluding new tariffs, with EPS guidance of $5.3 to $5.6 [21] Company Strategy and Development Direction - The company plans to invest in its core Healthcare business to accelerate revenue growth beyond the long-standing target of 7% to 10% [13] - Strategic initiatives include upgrading existing sensors, leveraging leadership in pulse oximetry, and restructuring sales forces to be regionally focused [14] - The divestiture of the Consumer Audio business is aimed at refocusing on the Professional Healthcare business and enhancing shareholder value [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and the ability to navigate macro uncertainties, highlighting the high recurring revenue and durable growth profile [16] - The CEO emphasized the commitment to innovation and the potential for improvement in commercial excellence [8][9] Other Important Information - The company is actively assessing the impact of potential tariffs and has developed mitigation plans to address these challenges [15][22] - A new Chief Human Resources Officer has joined the team to enhance company culture and talent development [11] Q&A Session Summary Question: Impact of large tender on revenues and margins - Management indicated that excluding the large tender, the rest of the business is performing well, with double-digit growth in consumables and services [29][30] Question: Future sales expectations - Management expects normal seasonality, with Q2 typically being flat to slightly down sequentially [32] Question: Long-term operating margin goals amid tariffs - Management remains confident in achieving long-term margin goals despite tariff impacts, with ongoing plans to mitigate these effects [42][43] Question: Use of proceeds from the sale of Sound United - The company plans to prioritize share repurchases with the proceeds from the sale, reflecting a focus on returning value to shareholders [47] Question: Hospital CapEx spending and demand - Management noted strong underlying demand and no signs of softness in the market, emphasizing the low dependency on capital equipment revenue [52] Question: Mitigation options for tariffs - Management is evaluating near-term and long-term mitigation strategies, including altering product sourcing and pricing opportunities [56][58] Question: Hemodynamic monitoring market potential - The company aims to enhance its presence in the hemodynamic monitoring market with new product launches planned for 2026 [66][68]

First Quarter 2025 Earnings May 6, 2025 3 1 Safe Harbor Statement Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words "may," "will," "expect," "believe," "anticipate," "plan," "estimate," "project," "assume," "guide," "target," "forecast," "see," "seek," "can," "should," "could," "would," "intend," "predict," "pote ...

Financial Data and Key Metrics Changes - The company reported Healthcare revenue of $371 million, reflecting a 10% growth on a constant currency basis, with operating margin expanding by 750 basis points [9][19] - Non-GAAP earnings per share (EPS) was $1.36, representing a 56% increase compared to the previous year [20] - The gross margin improved to 63.1%, an increase of 80 basis points year over year, while operating margin reached 28.8%, up 750 basis points year over year [20] Business Line Data and Key Metrics Changes - Consumable and service revenue grew by 8%, while capital equipment and other revenue surged by 32% [19] - The company shipped over 72,000 technology boards and monitors during the quarter, exceeding expectations due to strong core business performance [19] Market Data and Key Metrics Changes - The company anticipates revenue for fiscal 2025 to remain unchanged at a range of $1.5 billion to $1.53 billion, indicating an 8% to 11% constant currency growth compared to the prior year [21] - The impact of tariffs is projected to affect operating margins by 210 to 250 basis points and EPS by $0.45 to $0.50 [22][23] Company Strategy and Development Direction - The company aims to invest in its core Healthcare business to accelerate revenue growth beyond the long-standing target of 7% to 10% [13] - Plans include upgrading existing sensors and creating next-generation monitors with AI-based algorithms, leveraging leadership in pulse oximetry, and restructuring sales forces to be regionally focused [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and ability to navigate macro uncertainties, highlighting the high recurring revenue and durable growth profile [16] - The CEO emphasized the commitment to innovation and the potential for improvement in commercial excellence [8][9] Other Important Information - The company announced the divestiture of its Consumer Audio business, Sound United, to refocus on its Professional Healthcare business [10][11] - A new Chief Human Resources Officer, Lisa Hellman, has joined the company to enhance culture and talent development [11] Q&A Session Summary Question: Impact of large tender on revenues and margins - Management clarified that excluding the large tender, the rest of the business is performing well, with double-digit growth in consumables and services [31][32] Question: Future sales expectations - Management indicated that Q2 is typically flat to slightly down sequentially, but they expect to maintain strong demand [35] Question: Long-term impact of tariffs on operating margins - Management remains optimistic about underlying business performance and expects to mitigate tariff impacts through various plans [45] Question: Valuation from the sale of Sound United - Management confirmed that the sale price was in line with expectations and that proceeds will primarily be used for share repurchases [49] Question: Hospital CapEx spending and OEM partners - Management noted strong underlying demand and low dependency on capital equipment, indicating no signs of softness in the market [54] Question: Mitigation options for tariffs - Management is evaluating near-term and long-term mitigation strategies, including altering product sourcing and pricing opportunities [59][60] Question: Changes in salesforce model - Management explained the shift to a generalist salesforce model to leverage broader knowledge across product categories, aiming for increased efficiency [88][89]

Exhibit 99.1 Irvine, California, May 6, 2025 - Masimo Corporation (Nasdaq: MASI) today announced its financial results for the first quarter ended March 29, 2025. First Quarter 2025 Results From Continuing Operations : (1) First Quarter 2025 Results From Discontinued Operations : (2) Masimo Reports First Quarter 2025 Results ■ GAAP loss from discontinued operations, net of tax was ($218) million, which included an impairment of intangibles of $295 million for the non-healthcare consumer business. Katie Szym ...

Core Insights - The Medical sector is expected to see double-digit earnings growth in 2025, driven by strong product revenues and growing demand, despite geopolitical issues and a stronger U.S. dollar impacting costs for domestic companies [1][4]. Earnings Overview - As of April 30, 45% of Medical sector companies, representing 57.9% of the sector's market capitalization, reported earnings, with 66.7% exceeding earnings and revenue estimates. Year-over-year earnings increased by 85.2% on a revenue increase of 70.4% [3]. - First-quarter 2025 earnings for the Medical sector are projected to improve by 40% with an 8.3% sales increase, compared to 13.4% earnings growth and 9.4% revenue growth in the previous quarter [4]. MedTech Trends - The adoption of generative AI and digital therapies is enhancing patient-friendly services, driven by an aging population and increased healthcare awareness, creating new revenue opportunities for MedTech companies [5]. - Despite positive trends, challenges such as macroeconomic uncertainties, supply-chain disruptions, and labor shortages may have impacted the sector's performance [6]. Company-Specific Insights - **Fresenius Medical Care**: Expected to report revenues of $5.25 billion with an EPS estimate of 43 cents, benefiting from the FME25 transformation program, but facing challenges from high U.S. dialysis patient mortality and labor cost inflation [8][9]. - **Masimo Corporation**: Anticipated to report revenues of $367.3 million and an EPS of $1.24, supported by strong performance across major product platforms and manufacturing efficiencies [10][11]. - **Clover Health**: Projected to report revenues of $476.9 million with a loss per share estimate of 7 cents, driven by strong member retention and growth in Medicare Advantage membership, though facing near-term margin pressures due to rapid expansion [12][13].