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Masimo Corp MASI

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Narrow-Moat Masimo Starts 2021 With Meaningful Sales Growth Offset by Mix-Related Margin Decline

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Masimo reported decent results to start 2021, with revenue meeting our expectations (though exceeding consensus aggregated by Visible Alpha), while profit margin fell short of last year’s comparable. We are maintaining our narrow moat rating and $195 per share fair value estimate.

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Company Profile

Business Description

Masimo is an Irvine, California-based medical device business that focuses on noninvasive patient monitoring. It began by developing superior signal processing algorithms to measure blood oxygenation levels through pulse oximetry and has expanded this expertise into a wide range of measurements and applications. The company generates revenue globally, with the United States the largest market (67% of 2020 sales), followed by Europe, the Middle East, and Africa (21%), Asia and Australia (9%), and North and South America excluding the U.S. (3%).

52 Discovery
Irvine, CA, 92618
T +1 949 297-7000
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 6,200