Masimo (NASDAQ:MASI) shares fell 8% in after-hours trading on Tuesday after the company reported its third-quarter earnings and provided guidance for the fourth quarter and full year.
In the third quarter, the company's earnings per share (EPS) was $0.63, which outperformed the analysts' estimate of $0.59. However, the revenue for the quarter was $478.9 million, which was lower than the consensus estimate of $498.8 million.
Looking ahead to the fourth quarter of 2023, Masimo expects EPS in the range of $0.74 to $0.94, which falls short of the analysts' consensus of $1.34. The revenue projection for the fourth quarter is between $526.00 million and $576.00 million, also missing the analysts' consensus of $613.20 million.
For the full year 2023, Masimo anticipates EPS in the range of $2.85 to $3.05, while the analysts' consensus was $3.42. The company also expects full-year revenue to be in the range of $2.03 billion to $2.08 billion. Analysts were looking for $2.13 billion.
Joe Kiani, Chairman and Chief Executive Officer of Masimo, said “Our performance in the third quarter was achieved in a challenging environment and made possible by commendable contributions from our entire team.”