Core Viewpoint - Masimo's financial performance in Q1 2025 showed a significant loss despite revenue growth, leading to a strategic decision to divest its consumer audio business to focus on its core medical technology operations [5][12][14]. Financial Performance - For Q1 2025, Masimo reported a loss of $170.7 million (approximately 1.23 billion RMB), equating to a loss of $3.12 per share, with sales of $372 million, reflecting a 9.5% increase year-over-year [3][4]. - The company's GAAP revenue increased by 10% from Q1 2024, with a gross profit of $234 million and a gross margin of 62.9%, up from 60.8% [4]. - Non-GAAP earnings per share were $1.36, exceeding Wall Street expectations by $0.15, with revenue surpassing the forecast of $367.8 million [5][6]. Future Guidance - For the full year 2025, Masimo expects non-GAAP revenue to be between $1.5 billion and $1.53 billion, representing an 8% to 11% growth at constant currency [6]. - The updated guidance, which includes the impact of new tariffs, projects non-GAAP operating profit between $383 million and $403 million, a 16% to 22% increase year-over-year [8]. Strategic Decisions - Masimo plans to sell its Sound United consumer audio business for approximately $350 million to Harman International, a move aimed at refocusing on its medical technology core [16][18]. - The acquisition of Sound United in 2022 for $1.025 billion did not yield the expected growth, leading to a strategic reevaluation and subsequent divestiture [9][12][14]. Market Context - Sound United, acquired for $1.025 billion, had revenues of approximately $900 million at the time of acquisition, but its revenue declined to $773 million in 2023 [13]. - Analysts suggest that the medical business's gross and operating margins are significantly higher than those of the consumer audio segment, indicating a potential for improved cash flow post-divestiture [14].

# 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 ...