Masimo Corp . (NASDAQ:MASI) released better-than-expected earnings and revenue for the fiscal fourth quarter, sending its shares rising 4% following the market close on Tuesday.
The health technology firm posted earnings per share (EPS) of $1.25, beating the consensus estimates of $0.88. The company's revenue for the quarter also surpassed forecasts, reaching $548.9 million against an expected $544.81 million.
For the upcoming quarter, Masimo forecasts an EPS range of $0.67 to $0.74, slightly below the consensus projection of $0.73. It anticipates fiscal Q1 2024 revenue to be between $476 million and $501 million, which falls short of the expected $514.4 million.
For the full fiscal 2024, Masimo sets its EPS guidance at $3.44 to $3.60, surpassing the expectations of $3.32. Revenue is estimated to be between $2.045 billion and $2.165 billion, compared to the $2.1 billion estimated by analysts.
“We exited 2023 with growing momentum driven by record contract wins for the year in our healthcare business, important FDA clearances for innovative new products and strong growth in our hearables business,” said Joe Kiani, Chairman and CEO of Masimo.
“With stabilization of hospital census and operations post pandemic, our healthy contract backlog and our cutting-edge innovations in growing markets, Masimo is well-positioned for 2024.”