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Massimo (Nasdaq: MASI ) reported second-quarter results today that beat the consensus forecast on Wall Street.
The Irvine, Calif.-based patient monitoring technology company reported earnings of $18.1 million, or $0.33 per diluted share, on sales of $565.3 million for the three months ended July 2, 2022, a 64% decline and sales growth of 85.3% compared to Q2 2021.
Adjusted to exclude one-time items, earnings per share were $1.35, $0.15 ahead of the estimate, analysts were looking for EPS of $1.20 on sales of $540.6 million.
“Our healthcare business increased manufacturing output to make up for delayed shipments from the first quarter, which boosted our growth in the second quarter. As a result, our healthcare business achieved 11% constant currency revenue growth in the first half,” Massimo CEO and Chairman Joe Kiani said in a news release. .
Massimo said it expects to post adjusted EPS of $4.34 to $4.57 this year, down from previous guidance of $4.46 to $4.73. The company lowered its top-line outlook to $2.05 billion from $1.99 billion, down from $2 billion to $2.06 billion previously.
“We are raising our financial guidance for fiscal year 2022 in constant currency,” Kiani said. “I am excited about the broad potential to address new markets with our recently acquired consumer business, which advances solutions for our customers in hospitals and at home.”
Shares of MASI were flat at $148.43 in after-hours trading.
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