Masimo Reports Fourth Quarter 2017 Financial Results

Q4 2017 Highlights (compared to Q4 2016):

  • Total revenue, including royalty and other revenue, increased 22.9% to $225.2 million
  • Product revenue increased 13.4% to $199.2 million
  • Masimo rainbow® revenue increased 42.5% to $24.0 million
  • 54,100 SET® and rainbow SET oximeters were shipped
  • GAAP net income of $0.4 million, or $0.01 per diluted share, which included a non-recurring charge of $43.5 million, or $0.78 per diluted share, related to the Tax Cuts and Jobs Act of 2017. Non-GAAP net income was $40.0 million, or $0.72 per diluted share.

IRVINE, Calif.--()--Masimo (NASDAQ: MASI) today announced its financial results for the fourth quarter ended December 30, 2017.

Fourth Quarter 2017 Results:

Fourth quarter total revenue, including royalty and other revenue, increased 22.9% to $225.2 million, up from $183.2 million for the fourth quarter of 2016. Product revenues for the fourth quarter of 2017 increased 13.4% to $199.2 million, compared to $175.7 million for the fourth quarter of 2016.

The Company’s worldwide direct product revenue, which accounted for 87.1% of total product revenue, increased by 13.5% to $173.4 million in the fourth quarter of 2017 compared to $152.8 million for the fourth quarter of 2016. OEM sales, which accounted for 12.9% of total product revenue, increased 12.6% to $25.8 million in the fourth quarter of 2017 compared to $22.9 million for the fourth quarter of 2016. Revenue from sales of Masimo rainbow® products increased 42.5% to $24.0 million in the fourth quarter of 2017 compared to $16.9 million for the fourth quarter of 2016.

GAAP net income for the fourth quarter of 2017 was $0.4 million, or $0.01 per diluted share, compared to GAAP net income of $215.3 million, or $3.97 per diluted share, in the fourth quarter of 2016. Included in the fourth quarter 2017 earnings per share was a non-recurring charge of $43.5 million, or $0.78 per diluted share, related to the Tax Cuts and Jobs Act of 2017 (2017 Tax Act) that was signed into law on December 22, 2017. The fourth quarter 2016 earnings per share included a non-recurring gain of $270.0 million, or $3.43 per diluted share, related to the Philips Settlement Agreement. On a non-GAAP basis, the Company reported fourth quarter net income of $40.0 million, or $0.72 per diluted share, compared to net income of $24.6 million, or $0.45 per diluted share, in the fourth quarter of 2016.

During the fourth quarter of 2017, the Company shipped approximately 54,100 SET® pulse oximeters and rainbow SET Pulse CO-Oximeters®, excluding handheld and finger oximeters. Masimo estimates its worldwide installed base of oximeters to be 1,591,000 units as of December 30, 2017, up 5.8% from 1,504,000 units as of December 31, 2016.

As of December 30, 2017, total cash and cash equivalents were $315.3 million compared to $306.0 million as of December 31, 2016. During 2017, the Company repurchased approximately 0.8 million shares of common stock at a total cost of $68.3 million.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, “Our fourth quarter and full year 2017 results clearly illustrate the strength of our technology and hence, our business as we once again exceeded expectations for product revenues and earnings. We realized another record high for shipments of our SET® Pulse Oximeters which reached 54,100 for the quarter and exceeded 200,000 for the year, a significant milestone for the Company. We anticipate rising adoption of our technologies as more care providers appreciate the value they provide for patients.”

2018 Financial Guidance

The Company provided the following estimates for its full year 2018 guidance:

  2018 Guidance
(in millions, except percentages and earnings per share) GAAP   Non-GAAP
Total revenue, including royalty and other revenue $ 836 $ 836
Product revenue $ 808 $ 808
Royalty and other revenue $ 28 $ 28
Operating margin 24.2 % 24.4 %
Diluted earnings per share $ 2.90 $ 2.80
EBITDA 26.9 % 29.9 %
Estimated tax rate 22.0 % 25.0 %
  • Total revenue, including royalty and other revenue, of $836 million;
  • Product revenue increasing 9% to $808 million compared to $741 million for 2017;
  • GAAP diluted earnings per share of $2.90, an increase of approximately 23% compared to $2.36 for 2017; and
  • Non-GAAP diluted earnings per share of $2.80, an increase of approximately 14% compared to $2.45 for 2017.

Supplementary Non-GAAP Financial Information

For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information.

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. generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results or that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s core net operating results on an on-going basis: (i) non-GAAP net income, (ii) non-GAAP diluted earnings per share, (iii) non-GAAP gross profit, (iv) non-GAAP operating income and (v) adjusted EBITDA. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s core operating results with those of other companies. Management believes non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA are important measures in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items, as well as the related income tax effects thereof:

Acquisition-related costs, including depreciation and amortization.

Depreciation and amortization related to the revaluation of assets and liabilities (primarily intangible assets, property, plant and equipment adjustments, inventory revaluation, lease liabilities, etc.) to fair value through purchase accounting related to value created by the seller prior to the acquisition rather than ongoing costs of operating our core business. As a result, we believe that exclusion of these costs in presenting non-GAAP financial measures provides management and investors a more effective means of evaluating historical performance and projected costs and the potential for realizing cost efficiencies within our core business. Depreciation and amortization related to the revaluation of acquisition related assets and liabilities will generally recur in future periods.

Litigation damages, awards and settlements.

In connection with litigation proceedings arising in the course of our business, we have recorded expenses as a defendant in such proceedings in the form of damages, as well as gains as a plaintiff in such proceedings in the form of litigation awards and settlement proceeds; most recently in connection with our November 2016 settlement agreement with Koninklijke Philips N.V. We believe that exclusion of these expenses and gains is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. In this regard, we note that these expenses and gains are generally unrelated to our core business and/or infrequent in nature.

Excess tax benefits from stock-based compensation.

Accounting Standard Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), requires that excess tax benefits or costs recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. Since we cannot control or predict when stock option awards will be exercised or the price at which such awards will be exercised, the impact of ASU 2016-09 can create significant volatility in our effective tax rate from one period to the next. We believe that exclusion of these excess tax benefits or costs is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. These excess tax benefits or costs will generally recur in future periods as long as we continue to issue equity awards to our employees.

Tax impacts that may not be representative of the ongoing results of our core operations.

The 2017 Tax Act was signed into law in December 2017, and became effective January 1, 2018. The 2017 Tax Act included a number of changes to existing U.S. federal tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 35% to 21%, a one-time transition tax on the “deemed repatriation” of cumulative undistributed foreign earnings as of December 31, 2017 and changes in the prospective taxation of the foreign operations of U.S. multinational companies. We believe that exclusion of the tax charges related to the 2017 Tax Act is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. In this regard, we note that this tax charge is unrelated to our core business and non-recurring in nature.

Fourth Quarter 2017 Actuals versus Fourth Quarter 2016 Actuals:

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE

     
Three Months Ended
December 30, 2017 December 31, 2016
(in thousands, except earnings per share) $   Per Diluted Share $   Per Diluted Share
GAAP net income $ 367 $ 0.01 $ 215,293 $ 3.97
Non-GAAP adjustments:
Acquisition related depreciation and amortization 390 434 0.01
Litigation damages, awards and settlements (270,000 ) (4.98 )
Tax impact of above item1 (88 ) 84,096 1.55
Excess tax benefits from stock-based compensation (4,149 ) (0.07 ) (5,263 ) (0.10 )
Tax impact of U.S. Tax Reform2 43,483   0.78      
Total non-GAAP adjustments 39,636   0.71   (190,733 ) (3.52 )
Non-GAAP net income $ 40,003   $ 0.72   $ 24,560   $ 0.45  
Weighted average shares outstanding - diluted 55,595 54,166
 

1

  The impact results from tax effecting the pre-tax adjustments above at the effective statutory rate, taking into account any discrete items applicable to the pre-tax non-GAAP adjustments.
 

2

The 2017 Tax Act resulted in an unfavorable charge of $43.5 million in the fourth quarter of 2017. Included in this charge was $9.0 million related to the re-measurement of deferred taxes due to the reduction in the federal corporate tax rate, $28.0 million related to the transition tax on the deemed repatriation of foreign earnings, and $6.5 million related to estimated foreign withholding taxes, net of estimated foreign tax credit benefit, and state income taxes related to the Company’s tentative decision to repatriate up to $180.0 million of accumulated undistributed foreign earnings to the U.S. in the future. The amount recognized is a provisional estimate and subject to change, possibly materially, due to, among other things, refinements of the Company’s calculations, changes in interpretations and assumptions the Company has made or additional guidance issued by the U.S. Treasury, Securities and Exchange Commission or Financial Accounting Standards Board.
 

Full Year 2017 Actuals versus Full Year 2018 Guidance:

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE

         
2017 Actuals 2018 Guidance1
(in thousands, except earnings per share) $   Per Diluted Share $   Per Diluted Share
GAAP net income $ 131,616 $ 2.36 $ 161,500 $ 2.90
Non-GAAP adjustments:
Acquisition related depreciation and amortization 1,597 0.02 1,500 0.03
Tax impact of above item2 (366 ) (0.01 ) (300 ) (0.01 )
Excess tax benefits from stock-based compensation (39,242 ) (0.70 ) (6,500 ) (0.12 )
Tax impact of U.S. Tax Reform3 43,483   0.78      
Total non-GAAP adjustments 5,472   0.09   (5,300 ) (0.10 )
Non-GAAP net income $ 137,088   $ 2.45   $ 156,200   $ 2.80  
Weighted average shares outstanding - diluted 55,874 55,750
 

1

  Estimated effective tax rate of 22% applied to GAAP earnings and 25% applied to non-GAAP earnings.
 

2

The impact results from tax effecting the pre-tax adjustments above at the effective statutory rate, taking into account any discrete items applicable to the pre-tax non-GAAP adjustments.
 

3

The 2017 Tax Act resulted in an unfavorable charge of $43.5 million in the fourth quarter of 2017. Included in this charge was $9.0 million related to the re-measurement of deferred taxes due to the reduction in the federal corporate tax rate, $28.0 million related to the transition tax on the deemed repatriation of foreign earnings, and $6.5 million related to estimated foreign withholding taxes, net of estimated foreign tax credit benefit, and state income taxes related to the Company’s tentative decision to repatriate up to $180.0 million of accumulated undistributed foreign earnings to the U.S. in the future. The amount recognized is a provisional estimate and subject to change, possibly materially, due to, among other things, refinements of the Company’s calculations, changes in interpretations and assumptions the Company has made or additional guidance issued by the U.S. Treasury, Securities and Exchange Commission or Financial Accounting Standards Board.
 

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING INCOME

         
Full Year 2017 Actuals Full Year 2018 Guidance
(in thousands, except earnings per share) $   % of Revenue $   % of Revenue
GAAP gross profit $ 535,100 67.0 % $ 557,700 66.7 %
Non-GAAP adjustments:
Acquisition related depreciation and amortization 500   0.1   500   0.1  
Total non-GAAP adjustments 500   0.1   500   0.1  
Non-GAAP gross profit $ 535,600   67.1 % $ 558,200   66.8 %
 
GAAP operating income $ 197,360 24.7 % $ 202,600 24.2 %
Non-GAAP adjustments:
Acquisition related depreciation and amortization 1,597   0.2   1,500   0.2  
Total non-GAAP adjustments 1,597   0.2   1,500   0.2  
Non-GAAP operating income $ 198,957   24.9 % $ 204,100   24.4 %
 

RECONCILIATION OF EBITDA TO ADJUSTED EBITDA

         
Full Year 2017 Actuals Full Year 2018 Guidance

(in thousands, except earnings per share)

$   % of Revenue $   % of Revenue
GAAP net income $ 131,616 16.5 % $ 161,500 19.3 %
Other (income)/expense1 (2,013 ) (0.3 ) (4,000 ) (0.5 )
Provision for income taxes 67,758 8.5 45,200 5.4
Depreciation and amortization 20,061   2.5   22,400   2.7  
EBITDA 217,422 27.2 225,100 26.9
Add: Non-cash stock-based compensation expense 17,187   2.2   25,000   3.0  
Adjusted EBITDA $ 234,609   29.4 % $ 250,100   29.9 %

1 Other (income)/expense includes interest (income)/expense and net foreign currency (gains)/losses.

Conference Call

Masimo will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. A live webcast of the call will be available online from the investor relations page of the Company’s website at www.masimo.com. The dial-in numbers are (888) 520-7182 for domestic callers and +1 (706) 758-3929 for international callers. The reservation code for both dial-in numbers is 9789137. After the live webcast, the call will be available on Masimo’s website through March 27, 2018. In addition, a telephonic replay of the call will be available through March 6, 2018. The replay dial-in numbers are (855) 859-2056 for domestic callers and +1 (404) 537-3406 for international callers. Please use reservation code 9789137.

About Masimo

Masimo (NASDAQ: MASI) is a global leader in innovative noninvasive monitoring technologies. Our mission is to improve patient outcomes and reduce the cost of care by taking noninvasive monitoring to new sites and applications. In 1995, the Company debuted Masimo SET® Measure-through Motion and Low Perfusion® pulse oximetry, which has been shown in multiple studies to significantly reduce false alarms and accurately monitor for true alarms. Masimo SET® is estimated to be used on more than 100 million patients in leading hospitals and other healthcare settings around the world. In 2005, Masimo introduced rainbow® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb®), oxygen content (SpOC), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), Pleth Variability Index (PVi®) and more recently, Oxygen Reserve Index (ORi), in addition to SpO2, pulse rate and perfusion index (PI). In 2014, Masimo introduced Root, an intuitive patient monitoring and connectivity platform with the Masimo Open Connect® (MOC-9®) interface. Masimo is also taking an active leadership role in mobile health applications (mHealth) with products such as the Radius-7® wearable patient monitor and the MightySat fingertip pulse oximeter. Additional information about Masimo and its products may be found at www.masimo.com.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expectations for full fiscal year GAAP and non-GAAP 2018 total, product, royalty and other revenues, earnings per diluted share, operating margin, EBITDA, and estimated tax rate, and our long-term outlook; demand for our products; anticipated revenue and earnings growth; our financial condition, results of operations and business generally; expectations regarding our ability to design and deliver innovative new noninvasive technologies and reduce the cost of care; and demand for our technologies. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: our dependence on Masimo SET® and Masimo rainbow SET products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors’ assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; the lack of acceptance of any of our current or future products and technologies; obtaining regulatory approval of our current and future products and technologies; the risk that the implementation of our international realignment will not continue to produce anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers; the failure to retain and recruit senior management; product liability claims exposure; a failure to obtain expected returns from the amount of intangible assets we have recorded; the maintenance of our brand; the amount and type of equity awards that we may grant to employees and service providers in the future; our ongoing litigation and related matters; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI and ORI are trademarks or registered trademarks of Masimo Corporation.

 
MASIMO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
  December 30,
2017
  December 31,
2016
ASSETS
Current assets
Cash and cash equivalents $ 315,302 $ 305,970
Accounts receivable, net of allowance for doubtful accounts 121,309 101,667
Inventories 95,944 72,542
Prepaid income taxes 3,494 981
Other current assets 28,070   26,067  
Total current assets 564,119 507,227
Deferred cost of goods sold 99,600 79,948
Property and equipment, net 164,096 135,996
Intangible assets, net 27,123 29,376
Goodwill 20,617 19,780
Deferred income taxes 23,898 38,975
Other assets 10,782   9,223  

Total assets

$ 910,235   $ 820,525  

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable $ 33,779 $ 34,335
Accrued compensation 39,515 43,180
Accrued and other liabilities 38,052 28,266
Income taxes payable 4,292 76,316
Deferred revenue 35,929 38,198
Current portion of capital lease obligations   71  
Total current liabilities 151,567 220,366
Deferred revenue 237 25,336
Other liabilities 51,520   14,587  
Total liabilities 203,324 260,289
Commitments and contingencies
Stockholders’ equity:
Common stock 52 50
Treasury stock (472,536 ) (404,276 )
Additional paid-in capital 461,494 382,263
Accumulated other comprehensive loss (2,941 ) (7,027 )
Retained earnings 720,842   589,226  
Total stockholders’ equity 706,911   560,236  
Total liabilities and stockholders’ equity $ 910,235   $ 820,525  
 
MASIMO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
  Three Months Ended   Twelve Months Ended
December 30,
2017
  December 31,
2016
December 30,
2017
  December 31,
2016
Revenue:
Product $ 199,154 $ 175,663 $ 741,324 $ 663,846
Royalty and other revenue 26,027   7,538   56,784   30,779  
Total revenue 225,181 183,201 798,108 694,625
Cost of goods sold 71,317   58,872   263,008   230,826  
Gross profit 153,864 124,329 535,100 463,799
Operating expenses:
Selling, general and administrative 78,447 69,423 275,786 253,667
Research and development 16,094 14,506 61,953 59,362
Litigation settlement, award and/or defense costs   (270,000 )   (270,000 )
Total operating expenses 94,541   (186,071 ) 337,739   43,029  
Operating income 59,323 310,400 197,361 420,770
Non-operating (income) expense (694 ) 2,852   (2,013 ) 2,429  
Income before provision for income taxes 60,017 307,548 199,374 418,341
Provision for income taxes 59,650   92,255   67,758   117,675  
Net income $ 367   $ 215,293   $ 131,616   $ 300,666  
Other comprehensive gain (loss), net of tax:
Foreign currency translation gains (losses) (70 ) (2,008 ) 4,201 (2,288 )
Unrealized loss on marketable securities (115 )   (115 )  
Comprehensive income $ 182   $ 213,285   $ 135,702   $ 298,378  
 
Net income per share:
Basic $ 0.01   $ 4.31   $ 2.55   $ 6.07  
Diluted $ 0.01   $ 3.97   $ 2.36   $ 5.65  
 
Weighted-average shares used in per share calculations:
Basic 51,656   49,964   51,516   49,530  
Diluted 55,595   54,166   55,874   53,195  

The following table presents details of the stock-based compensation expense that is included in each functional line item in the condensed consolidated statements of operations (in thousands):

  Three Months Ended   Twelve Months Ended
December 30,
2017
  December 31,
2016
December 30,
2017
  December 31,
2016
Cost of goods sold $ 94 $ 86 $ 351 $ 355
Selling, general and administrative 4,588 2,129 13,272 9,443
Research and development 1,313   595   3,564   2,705
Total $ 5,995   $ 2,810   $ 17,187   $ 12,503
 
MASIMO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
  Twelve Months Ended
December 30, 2017   December 31, 2016
Cash flows from operating activities:
Net income including noncontrolling interest $ 131,616 $ 300,666
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization 20,061 16,817
Stock-based compensation 17,187 12,503
Loss on disposal of property, equipment and intangibles 522 658
Provision for doubtful accounts 251 259
Provision for amount due from former foreign agent 10,477
Gain on deconsolidation of variable interest entity (273 )
Benefit from deferred income taxes 24,023 5,405
Changes in operating assets and liabilities:
Increase in trade accounts receivable (19,772 ) (21,243 )
Increase in inventories (22,923 ) (10,831 )
Increase in deferred cost of goods sold (19,438 ) (8,251 )
Increase in prepaid expenses (3,855 ) (3,422 )
(Increase) decrease in prepaid income taxes (2,498 ) 1,355
Increase in other assets (8,905 ) (3,692 )
(Decrease) increase in accounts payable (4,058 ) 11,048
(Decrease) increase in accrued compensation (4,292 ) 5,675
Increase (decrease) in accrued and other current liabilities 11,156 (11,929 )
(Decrease) increase in income taxes payable (72,087 ) 73,755
(Decrease) increase in deferred revenue (27,370 ) 41,977
Increase in other liabilities 28,013   6,565  
Net cash provided by operating activities 58,108   417,042  
Cash flows from investing activities:
Purchases of property and equipment (43,684 ) (19,707 )
Increase in intangible assets (3,079 ) (4,644 )
Acquisition of long-term equity investments (1,145 ) (200 )
Reduction in cash resulting from deconsolidation of variable interest entity   (763 )
Net cash used in investing activities (47,908 ) (25,314 )
Cash flows from financing activities:
Borrowings under revolving line of credit 45,000
Repayments under revolving line of credit (230,000 )
Debt issuance costs (621 )
Repayments on capital lease obligations (71 ) (75 )
Proceeds from issuance of common stock 62,205 37,290
Repurchases of common stock (66,272 ) (68,218 )
Net cash used in financing activities (4,138 ) (216,624 )
Effect of foreign currency exchange rates on cash 3,269     (1,451 )
Net increase in cash, cash equivalents and restricted cash 7,285 175,736
Cash, cash equivalents and restricted cash at beginning of period 308,198   132,462  
Cash, cash equivalents and restricted cash at end of period $ 315,483   $ 308,198  

Contacts

Masimo
Investor Contact:
Eli Kammerman
(949) 297-7077
ekammerman@masimo.com
or
Media Contact:
Irene Paigah
(858) 859-7001
irenep@masimo.com

Contacts

Masimo
Investor Contact:
Eli Kammerman
(949) 297-7077
ekammerman@masimo.com
or
Media Contact:
Irene Paigah
(858) 859-7001
irenep@masimo.com