Masimo Corporation · NASDAQ:MASI
Masimo — Q1 2021 Earnings Presentation
20 slides from Masimo's earnings presentation, Apr 26, 2021
Slide 1: First Quarter 2021 Earnings Presentation
Improving Patient Outcomes Reducing the Cost of Care® First Quarter 2021 Earnings Presentation | April 26, 2021
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS These presentations contain 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,” “p
Slide 3: Non-GAAP Financial Measures
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 certain items that are more fully described in the Appendix. Management belie
Slide 4: First Quarter 2021 Highlights
First Quarter 2021 Highlights Product revenue increased 10.9% to $299.0 million, or 9.5% on a constant currency basis(1) Shipments of noninvasive technology boards and monitors were 66,000 GAAP operating margin was 22.0% Non-GAAP operating margin(1) was 22.9% GAAP EPS was $0.92 per diluted
Slide 5: First Quarter 2021 Results – GAAP
First Quarter 2021 Results – GAAP(1) (in millions; except % and EPS) Q1 2021 Q1 2020 vs. Prior Year Comments Revenue $299.0 $269.6 10.9% Tough YoY comparison to Q1 2020 growth rate of ~17%2-year compound annual growth rate (CAGR) of ~14% vs. Q1 2019 Gross Margin 65.8% 68.8% (300 bps) Gross margin de
Slide 6: First Quarter 2021 Results – Non-GAAP vs. Prior Year
First Quarter 2021 Results – Non-GAAP(1) vs. Prior Year (in millions; except % and EPS) Q1 2021 Q1 2020 Reported Constant Currency Comments Revenue $299.0 $269.6 10.9% 9.5% Tough YoY comparison to Q1 2020 growth rate of ~17% 2-year compound annual growth rate (CAGR) of ~14% vs. Q1 2019 Gross Margin
Slide 7: First Quarter 2021 Results – Non-GAAP
First Quarter 2021 Results – Non-GAAP(1) Q1 2020 Q1 2021 (340 bps) Q1 2020 Q1 2021 Q1 2020 Q1 2021 $299M +9.5% (7.2%) Non-GAAP(1) Operating MarginProduct Revenue Non-GAAP(1) EPS $270M Constant Currency Growth(1) 22.9% 26.3% $0.90 $0.97 (1) Non-GAAP measures shown have been adjusted for certain items
Slide 8: Full Year 2021 Financial Guidance
Full Year 2021 Financial Guidance Product revenue increasing 5.4% to $1,205 million or 4.5% on a constant currency basis(1) GAAP operating margin of 23.2% Non-GAAP operating margin(1) of 24.5% GAAP EPS of $3.83 per diluted share Non-GAAP EPS(1) of $3.83 per diluted share Revenue Profitabil
Slide 9: Full Year 2021 Financial Guidance – GAAP
Full Year 2021 Financial Guidance – GAAP(1) (in millions; except % and EPS) FY 2021 FY 2020 vs. Prior Year Comments Revenue $1,205.0 $1,143.7 5.4% Tough year-over-year comparison to FY 2020 growth rate of ~22% 2-year compound annual growth rate (CAGR) of ~13% vs. FY 2019 Gross Margin 66.7% 65.0% 170
Slide 10: Full Year 2021 Financial Guidance – Non-GAAP vs. Prior Year
Full Year 2021 Financial Guidance – Non-GAAP(1) vs. Prior Year (in millions; except % and EPS) FY 2021 FY 2020 Reported Constant Currency Comments Revenue $1,205.0 $1,143.7 5.4% 4.5% Tough year-over-year comparison to FY 2020 growth rate of ~22% 2-year compound annual growth rate (CAGR) of ~13% vs.
Slide 11: Full Year 2021 Financial Guidance – Non-GAAP
Full Year 2021 Financial Guidance – Non-GAAP(1) FY 2020 FY 2021 140 bps FY 2020 FY 2021 FY 2020 FY 2021 $1,205M +4.5% +6.4% Non-GAAP(1) Operating MarginProduct Revenue Non-GAAP(1) EPS $1,144M Constant Currency Growth(1) 24.5% 23.1% $3.83 $3.60 (1) Non-GAAP measures shown have been adjusted for certa
Slide 12: Appendices: GAAP to Non-GAAP Adjustments and Reconciliations
Improving Patient Outcomes Reducing the Cost of Care® APPENDICES GAAP to Non-GAAP Adjustments and Reconciliations
Slide 13: Non-GAAP Adjustments: Constant Currency
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 reven
Slide 14: Realized and Unrealized Foreign Currency Gains or Losses
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
Slide 15: Reconciliation of GAAP Product Revenue Growth to Constant Currency
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it
Slide 16: Reconciliation of GAAP Gross Profit/Margin to Non-GAAP
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it
Slide 17: Non-GAAP Operating Expense %
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it
Slide 18: Reconciliation of GAAP Operating Income/Margin to Non-GAAP
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it
Slide 19: Non-GAAP Net Income and Diluted EPS
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it
Slide 20: Adjusted Free Cash Flow Reconciliation
(1) Please visit the Investor Relations section of the Company’s website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (2) Reported amounts may vary from amounts previously reported due to rounding conventions; Note it