Press release
Masimo Announces Preliminary Second Quarter 2023 Revenue Results
Management to announce and discuss complete second quarter 2023 financial results on Tuesday, August 8, 2023. IRVINE, Calif.--(BUSINESS WIRE)-- Masimo
About this update from Masimo Corporation
[{"type":"text","content":"\nManagement to announce and discuss complete second quarter 2023 financial results on Tuesday, August 8, 2023.\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nMasimo Corporation (Nasdaq: MASI) today announced preliminary revenue results for the second quarter ended July 1, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230717088647/en/(Graphic: Business Wire)\nPreliminary Second Quarter 2023 Revenue Results\n\n\nMasimo expects its consolidated revenue for the second quarter 2023 to range from $453 million to $457 million, with healthcare revenue expected to range from $280 million to $282 million and non-healthcare revenue expected to range from $173 million to $175 million.\n\n\nThough the healthcare business made significant market share gains through new contracting in the second quarter, healthcare revenue for the second quarter 2023 was lower than expected due to multiple factors, including the following:\n\n\n\nLarge orders that were anticipated for the second quarter were delayed to the second half of the year.\n\n\n\nSingle-patient use sensor sales were down due to:\n\n\nLower than expected U.S. hospital inpatient census, which drives usage of single-patient use sensors; and\n\n\n\nElevated sensor inventory levels at some customers due to discounting in prior quarters, which was discontinued during the second quarter, and the abnormally early end of the flu season, which faded quickly in the first quarter this year.\n\n\n\n\n\n\nConversions of new customers who have contracted to switch to Masimo were less than expected due to labor shortages in hospitals, and our OEM partners not being able to provide the patient monitoring equipment needed to complete the installations in a timely manner.\n\n\n\nContinued increased hospital labor costs have strained hospital budgets, lowering demand for capital equipment in the second quarter.\n\n\n\nNon-healthcare revenue for the second quarter 2023 fell below expectations as the decline in demand previously seen in lower-end consumer audio categories extended into the premium and luxury audio categories and across more geographies.\n\n\nPreliminary Outlook\n\n\nWith second quarter revenues below expectations, the Company is taking actions to reduce costs in the second half of the year. Management will share more details...