Masimo Reports Fourth Quarter and Full-Year 2020 Financial Results

Masimo Reports Fourth Quarter and Full-Year 2020 Financial Results




Masimo Reports Fourth Quarter and Full-Year 2020 Financial Results

Fourth Quarter 2020 Highlights:

  • Product revenue increased 19.2% to $295.1 million, or 18.1% on a constant currency basis;
  • GAAP net income per diluted share was $1.21; and
  • Non-GAAP net income per diluted share was $0.98.

Full-Year 2020 Highlights:

  • Product revenue increased 22.1% to $1,143.7 million, or 22.1% on a constant currency basis;
  • GAAP net income per diluted share was $4.14; and
  • Non-GAAP net income per diluted share was $3.60.

 

IRVINE, Calif.–(BUSINESS WIRE)–Masimo (Nasdaq: MASI) today announced its financial results for the fourth quarter and full-year ended January 2, 2021.

Fourth Quarter 2020 Results:

Total revenue for the fourth quarter of 2020, including royalty and other revenue, increased 19.2% to $295.1 million, compared to $247.5 million in the fourth quarter of 2019. Product revenue increased 19.2% to $295.1 million, or 18.1% on a constant currency basis, compared to $247.4 million in the fourth quarter of 2019. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments increased 35.2% to 83,000 in the fourth quarter of 2020, compared to 61,400 in the fourth quarter of 2019.

For the fourth quarter 2020, GAAP operating margin was 22.0%, compared to 24.9% in the fourth quarter of 2019. Fourth quarter 2020 non-GAAP operating margin was 23.1%, compared to 25.7% in the fourth quarter of 2019.

For the fourth quarter 2020, GAAP net income was $70.7 million, or $1.21 per diluted share, compared to GAAP net income of $52.9 million or $0.92 per diluted share, in the fourth quarter 2019. Fourth quarter 2020 non-GAAP net income was $57.3 million, or $0.98 per diluted share, compared to net income of $52.1 million or $0.91 per diluted share, in the fourth quarter 2019.

Full-Year 2020 Results:

Total revenue for the full-year of 2020, including royalty and other revenue, increased 22.0% to $1,143.7 million, compared to $937.8 million for the full-year 2019. Product revenue increased 22.1% on a reported and constant currency basis to $1,143.7 million, compared to $936.4 million for the full-year 2019. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments increased 91.8% to 472,300 for the full-year 2020, compared to 246,200 for the full-year 2019.

For the full-year of 2020, GAAP operating margin was 22.4%, compared to 23.6% in the prior year period. Full-year 2020 non-GAAP operating margin was 23.1%, compared to 24.0% in the prior year period.

For the full-year of 2020, GAAP net income was $240.3 million, or $4.14 per diluted share compared to net income of $196.2 million, or $3.44 per diluted share in 2019. Non-GAAP net income was $209.2 million or $3.60 per diluted share compared to net income of $183.9 million, or $3.22 per diluted share in 2019.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said “Throughout 2020, as our customers on the front lines responded to this crisis and rose to the challenge, so did our team. We have invested heavily in innovation and product supply efforts to deliver clinically relevant solutions that improve patient outcomes and reduce the cost of care. As we enter a new year, I am confident that Masimo will continue its leadership in delivering innovative solutions to clinicians and patients around the world.”

2021 Financial Guidance

The Company provided the following estimates for its full-year 2021 guidance:

 

 

2021 Guidance(1)

(in millions, except percentages and earnings per share)

 

GAAP

 

Non-GAAP

Total revenue

 

$

1,200.0

 

 

$

1,200.0

 

Product revenue

 

$

1,200.0

 

 

$

1,200.0

 

Percentage growth – as reported

 

4.9

%

 

 

N/A

 

Percentage growth – constant currency

 

 

N/A

 

 

3.6

%

Gross margin

 

66.8

%

 

67.0

%

Operating margin

 

23.5

%

 

24.5

%

Diluted earnings per share

 

$

3.81

 

 

$

3.80

 

Estimated tax rate

 

20.7

%

 

24.1

%

______________

(1)

Consistent with prior guidance provided on January 13, 2021.

  • Product revenue increasing to $1.200 billion, which reflects reported growth of 4.9% and constant currency growth of 3.6%;
  • GAAP diluted earnings per share increasing to $3.81;
  • Non-GAAP diluted earnings per share increasing to $3.80; and
  • Included in our full-year 2021 revenue guidance is approximately $15.0 million of year-over-year currency tailwinds.

     

Supplementary Non-GAAP Financial Information

For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information.

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.

Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s core net operating results on an on-going basis: (i) constant currency product revenue growth %, (ii) non-GAAP net income, (iii) non-GAAP (net income) earnings per diluted share and (iv) non-GAAP operating income/margin. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s core operating results with those of other companies. Management believes constant currency product revenue growth, non-GAAP operating income/margin, non-GAAP net income and non-GAAP earnings per diluted share are important measures in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items, as well as the related income tax effects thereof:

Constant currency adjustments.

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period to period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our product revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our product revenue growth rate will continue to occur in future periods.

Royalty and other revenue, net of related costs.

We derive royalty and other revenue, net of related costs, from certain non-recurring contractual arrangements that we do not expect to continue in the future. We believe the exclusion of royalty and other revenue, net of related costs, associated with these non-recurring revenue streams is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis.

Acquisition/Strategic investment-related costs, including depreciation and amortization.

In the event the Company acquires, invests in or divests certain business operations, there may be non-recurring gains, losses or expenses that will be recognized related to the assets and/or liabilities sold or acquired that are not representative of normal on-going cash flows. Furthermore, there may be depreciation and amortization related to the revaluation of assets and liabilities (primarily intangible assets, property, plant and equipment adjustments, inventory revaluation, lease liabilities, etc.) to fair value through purchase accounting related to value created by the seller prior to the acquisition/strategic investment that does not reflect the normal on-going costs of operating our core business. We believe that exclusion of these gains, losses or costs in presenting non-GAAP financial measures provides management and investors a more effective means of evaluating historical performance and projected costs and the potential for realizing cost efficiencies within our core business. Depreciation and amortization related to the revaluation of acquisition related assets and liabilities will generally recur in future periods.

Litigation damages, awards and settlements.

In connection with litigation proceedings arising in the course of our business, we have recorded expenses as a defendant in such proceedings in the form of damages, as well as gains as a plaintiff in such proceedings in the form of litigation awards and settlement proceeds. Litigation matters can vary in their characteristics, frequency and significance to our operating results. We believe that exclusion of these gains (net of any related costs incurred in the period the award or settlement is recognized) and losses is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. In this regard, we note that these expenses and gains are generally unrelated to our core business and/or are infrequent in nature.

Realized and unrealized gains or losses from foreign currency transactions.

We are exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As the Company does not actively hedge these currency exposures, changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Since such realized and unrealized foreign currency gains and losses are the result of macro-economic factors and can vary significantly from one period to the next, we believe that exclusion of such realized and unrealized gains and losses are useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. Realized and unrealized foreign currency gains and losses are likely to recur in future periods.

Excess tax benefits from stock-based compensation.

Current authoritative accounting guidance requires that excess tax benefits or costs recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. Since we cannot control or predict when stock option awards will be exercised or the price at which such awards will be exercised, the impact of such guidance can create significant volatility in our effective tax rate from one period to the next. We believe that exclusion of these excess tax benefits or costs is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. These excess tax benefits or costs will generally recur in future periods as long as we continue to issue equity awards to our employees.

Fourth Quarter and Full-Year 2020 Actuals versus Fourth Quarter and Full-Year 2019 Actuals:

RECONCILIATION OF GAAP TO NON-GAAP CONSTANT CURRENCY PRODUCT REVENUE(1):

 

 

 

 

 

Quarter Ended

(in thousands, except percentages)

 

January 2,
2021

 

December 28,
2019

GAAP product revenue

 

$

295,054

 

 

 

$

247,434

 

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

(2,917

)

 

 

 

 

 

Total non-GAAP constant currency adjustments

 

(2,917

)

 

 

 

 

 

 

Non-GAAP constant currency product revenue

 

$

292,137

 

 

 

$

247,434

 

 

Product revenue growth %

GAAP

19.2

%

Non-GAAP constant currency

18.1

%

__________________

(1)

May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP CONSTANT CURRENCY PRODUCT REVENUE(1):

 

 

 

 

 

Year Ended

(in thousands, except percentages)

 

January 2,
2021

 

December 28,
2019

GAAP product revenue

 

$

1,143,744

 

 

$

936,408

 

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

(491

)

 

 

 

 

Total non-GAAP constant currency adjustments

 

(491

)

 

 

 

 

 

Non-GAAP constant currency product revenue

 

$

1,143,253

 

 

$

936,408

 

 

 

 

 

 

 

 

 

Product revenue growth %

 

 

 

 

 

GAAP

 

22.1

%

 

 

 

Non-GAAP constant currency

 

22.1

%

 

 

 

__________________

(1)

May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

Quarter Ended

 

 

 

January 2,
2021

 

December 28,
2019

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

70,669

 

 

 

$

1.21

 

 

 

$

52,921

 

 

 

$

0.92

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Royalty and other revenue, net of related costs

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

Acquisition/strategic investment related costs

 

3,249

 

 

 

0.06

 

 

 

2,135

 

 

 

0.04

 

 

 

Non-operating other (income) expense

 

(1,384

)

 

 

(0.02

)

 

 

312

 

 

 

0.01

 

 

 

Tax impact of pre-tax non-GAAP adjustments above

 

(5,214

)

 

 

(0.09

)

 

 

(566

)

 

 

(0.01

)

 

 

Excess tax benefits from stock-based compensation

 

(10,001

)

 

 

(0.17

)

 

 

(2,631

)

 

 

(0.05

)

 

 

Total non-GAAP adjustments

 

(13,350

)

 

 

(0.23

)

 

 

(796

)

 

 

(0.01

)

 

Non-GAAP net income

 

$

57,318

 

 

 

$

0.98

 

 

 

$

52,126

 

 

 

$

0.91

 

 

Weighted average shares outstanding – diluted

 

 

 

58,237

 

 

 

 

 

57,267

 

 

__________________

(1)

May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

 

 

 

 

Year Ended

 

 

 

January 2,
2021

 

December 28,
2019

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

240,302

 

 

 

$

4.14

 

 

 

$

196,216

 

 

 

$

3.44

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Royalty and other revenue, net of related costs

 

 

 

 

 

 

 

(1,262

)

 

 

(0.02

)

 

 

Acquisition/strategic investment related costs

 

8,286

 

 

 

0.14

 

 

 

4,729

 

 

 

0.08

 

 

 

Litigation damages, awards and settlements

 

(474

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

Non-operating other (income) expense

 

(2,631

)

 

 

(0.05

)

 

 

627

 

 

 

0.01

 

 

 

Tax impact of pre-tax non-GAAP adjustments above

 

(6,096

)

 

 

(0.11

)

 

 

(689

)

 

 

(0.01

)

 

 

Excess tax benefits from stock-based compensation

 

(30,172

)

 

 

(0.52

)

 

 

(15,692

)

 

 

(0.27

)

 

 

Total non-GAAP adjustments

 

(31,086

)

 

 

(0.54

)

 

 

(12,286

)

 

 

(0.22

)

 

Non-GAAP net income

 

$

209,216

 

 

 

$

3.60

 

 

 

$

183,930

 

 

 

$

3.22

 

 

Weighted average shares outstanding – diluted

 

 

 

58,037

 

 

 

 

 

57,100

 

 

__________________

(1)

May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN(1):

 

 

 

 

Quarter Ended

 

 

 

 

January 2,
2021

 

December 28,
2019

(in thousands, except percentages)

 

$

 

$

GAAP operating income/margin

 

$

64,895

 

 

$

61,557

 

Non-GAAP adjustments:

 

 

 

 

Royalty and other revenue, net of related costs

 

 

 

(45

)

Acquisition/strategic investment related costs

 

3,249

 

 

2,135

 

Total non-GAAP adjustments

 

3,249

 

 

2,090

 

Non-GAAP operating income/margin

 

$

68,145

 

 

$

63,647

 

 
GAAP operating income/margin %

22.0

%

24.9

%

Non-GAAP operating income/margin %

23.1

%

25.7

%

__________________

(1)

May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN(1):

 

 

 

 

Year Ended

 

 

 

 

January 2,
2021

 

December 28,
2019

(in thousands, except percentages)

 

$

 

$

GAAP operating income/margin

 

$

255,823

 

 

$

221,216

 

Non-GAAP adjustments:

 

 

 

 

Royalty and other revenue, net of related costs

 

 

 

(1,262

)

Acquisition/strategic investment related costs

 

8,286

 

 

4,729

 

Litigation damages, awards and settlements

 

(474

)

 

 

Total non-GAAP adjustments

 

7,812

 

 

3,467

 

Non-GAAP operating income/margin

 

$

263,636

 

 

$

224,683

 

 
GAAP operating income/margin %

22.4

%

23.6

%

Non-GAAP operating income/margin %

23.1

%

24.0

%

__________________

(1)

May not foot due to rounding.

Full-Year 2021 Guidance versus Full-Year 2020 Actuals:

RECONCILIATION OF GAAP PRODUCT REVENUE GROWTH % TO CONSTANT CURRENCY PRODUCT REVENUE GROWTH %(1):

(in thousands, except percentages)

 

Full-Year 2021

Guidance(2)

 

Full-Year 2020
Actuals

GAAP product revenue

 

$

1,200,000

 

 

$

1,143,744

 

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

(15,000

)

 

 

 

 

Total non-GAAP constant currency adjustments

 

(15,000

)

 

 

Non-GAAP constant currency product revenue

 

$

1,185,000

 

 

$

1,143,744

 

 

Product revenue growth %:

GAAP

4.9

%

Non-GAAP constant currency

3.6

%

__________________

(1)

May not foot due to rounding.

(2)

Consistent with prior guidance provided on January 13, 2021.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

 

 

 

 

 

 

 

 

Full-Year 2021

Guidance(2)

 

Full-Year 2020
Actuals

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

223,600

 

 

 

$

3.81

 

 

 

$

240,302

 

 

 

$

4.14

 

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Acquisition/strategic investment related costs

 

12,000

 

 

 

0.20

 

 

 

8,286

 

 

 

0.14

 

 

 

Litigation damages, awards and settlements

 

 

 

 

 

 

 

(474

)

 

 

(0.01

)

 

 

Non-operating other (income) expense

 

 

 

 

 

 

 

(2,631

)

 

 

(0.05

)

 

 

Tax impact of pre-tax non-GAAP adjustments above

 

(2,500

)

 

 

(0.04

)

 

 

(6,096

)

 

 

(0.11

)

 

 

Excess tax benefits from stock-based compensation

 

(10,000

)

 

 

(0.17

)

 

 

(30,172

)

 

 

(0.52

)

 

 

Total non-GAAP adjustments

 

(500

)

 

 

(0.01

)

 

 

(31,086

)

 

 

(0.54

)

 

Non-GAAP product net income

 

$

223,100

 

 

 

$

3.80

 

 

 

$

209,216

 

 

 

$

3.60

 

 

Weighted average shares outstanding – diluted

 

 

 

58,700

 

 

 

 

 

58,037

 

 

__________________

(1)

May not foot due to rounding.

(2)

Consistent with prior guidance provided on January 13, 2021.

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING MARGIN(1):

 

 

 

 

 

 

 

 

 

Full-Year 2021

Guidance(2)

 

Full-Year 2020
Actuals

(in thousands, except percentages)

 

$

 

$

GAAP gross margin

 

$

801,300

 

 

$

743,065

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition/strategic investment-related costs

 

 

2,500

 

 

 

1,807

 

 

Total non-GAAP adjustments

 

 

2,500

 

 

 

1,807

 

Non-GAAP gross margin

 

$

803,800

 

 

$

744,872

 

 

 

 

 

 

 

GAAP gross margin %

 

66.8

%

 

65.0

%

Non-GAAP gross margin %

 

67.0

%

 

65.1

%

GAAP operating income/margin

$

281,900

$

255,823

 

Non-GAAP adjustments:

Acquisition/strategic investment-related costs

12,000

8,286

 

Litigation damages, awards and settlements

(474

)

Total non-GAAP adjustments

12,000

7,812

 

Non-GAAP operating income/margin

$

293,900

$

263,636

 

GAAP operating income/margin %

23.5

%

22.4

%

Non-GAAP operating income/margin %

24.5

%

23.1

%

__________________

(1)

May not foot due to rounding.

(2)

Consistent with prior guidance provided on January 13, 2021.

Conference Call:

The conference call to review Masimo’s complete financial results for the fourth quarter and full-year ended January 2, 2021 will begin at 1:30 p.m. PT (4:30 p.m. ET) on February 23, 2021 and will be hosted by Joe Kiani, Chairman and Chief Executive Officer, and Micah Young, Executive Vice President and Chief Financial Officer. A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at www.masimo.com.

To register for the conference call and receive the dial-in number, please use the link below. Upon registering, each participant will be provided with call details and a registrant ID number.

Conference Call Registration Link:

http://www.directeventreg.com/registration/event/3927609

A replay of the webcast and conference call will be available shortly after the conclusion of the call and will be archived on the Company’s website.

About Masimo

Masimo (Nasdaq: MASI) is a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. Our mission is to improve patient outcomes and reduce the cost of care. Masimo SET® Measure-through Motion and Low Perfusionpulse oximetry, introduced in 1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies. Masimo SET® has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates, improve CCHD screening in newborns, and, when used for continuous monitoring with Masimo Patient SafetyNetin post-surgical wards, reduce rapid response team activations, ICU transfers, and costs. Masimo SET® is estimated to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world, and is the primary pulse oximetry at 9 of the top 10 hospitals listed in the 2019-20 U.S. News and World Report Best Hospitals Honor Roll. Masimo continues to refine SET® and in 2018, announced that SpO2 accuracy on RD SET® sensors during conditions of motion has been significantly improved, providing clinicians with even greater confidence that the SpO2 values they rely on accurately reflect a patient’s physiological status. In 2005, Masimo introduced rainbow® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb®), oxygen content (SpOC), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), Pleth Variability Index (PVi®), RPVi(rainbow® PVi), and Oxygen Reserve Index (ORi). In 2013, Masimo introduced the Root® Patient Monitoring and Connectivity Platform, built from the ground up to be as flexible and expandable as possible to facilitate the addition of other Masimo and third-party monitoring technologies; key Masimo additions include Next Generation SedLine® Brain Function Monitoring, O3®Regional Oximetry, and ISACapnography with NomoLine® sampling lines. Masimo’s family of continuous and spot-check monitoring Pulse CO-Oximeters® includes devices designed for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7®and Radius PPG, portable devices like Rad-67, fingertip pulse oximeters like MightySat® Rx, and devices available for use both in the hospital and at home, such as Rad-97. Masimo hospital automation and connectivity solutions are centered around the Iris® platform, and include Iris Gateway, Patient SafetyNet, Replica, Halo ION, UniView, and Masimo SafetyNet. Additional information about Masimo and its products may be found at www.masimo.com. Published clinical studies on Masimo products can be found at www.masimo.com/evidence/featured-studies/feature/.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expectations for full year 2021 financial guidance; including with respect to product revenue, product revenue growth and constant currency revenue growth, GAAP diluted earnings per share, Non-GAAP diluted earnings per share and year-over-year currency tailwinds; our long-term outlook; our ability to continue in its leadership in delivering innovative solutions to clinicians and patients worldwide; demand for our products; anticipated revenue and earnings growth; our financial condition, results of operations and business generally; expectations regarding our ability to design and deliver innovative new noninvasive technologies and reduce the cost of care; and demand for our technologies; .

Contacts

Investor Contact: Eli Kammerman
(949) 297-7077

ekammerman@masimo.com

Media Contact: Evan Lamb
(949) 396-3376

elamb@masimo.com

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