Masimo Corp . (NASDAQ:MASI) announced Tuesday preliminary revenue and select financial results for the second quarter of 2024. Consolidated revenue is expected to come in at around $496 million, said the company, which is higher than the consensus figure of $493.56M.
Following the announcement, MASI stock was initially trading slightly higher in Tuesday’s premarket session, but has since fallen to trade down 3.54% at the open at $108.66.
The preliminary revenue figure represents 9% growth on a reported basis and 10% growth on a constant currency basis.
Commenting on the preliminary results, Joe Kiani, Chairman and CEO of Masimo said, “We are excited to see the growth and strength of our healthcare business in the second quarter combined with a very strong order backlog as we enter the third quarter.”
Healthcare revenue is expected to be around $344M, representing 22% growth on a reported basis (23% constant currency); while non-healthcare revenue is expected to come in at $152M, which would represent a 13% decline on a reported basis (11% constant currency).
“Sensor utilization and hospital census has meaningfully improved from last year. Further, our healthcare team’s ability to dramatically increase our market share has been on full display over the last few years and we are off to a great start in 2024,” added Kiani
New healthcare contracts are expected to have an incremental value of $134M, said the company, while driver shipments are expected to be around 58,000.