Masimo Reaches New 52-Week High

Zacks

Shares of leading patient monitoring products maker Masimo Corporation (MASI) reached new 52-week high of $30.33 in intra-day trading yesterday. Shares of the company closed at $29.41 on the same day, representing a solid one-year return of 50.4%.

MASI has a market cap of $1.7 billion. Average volume of shares traded over the last three months stood at approximately 308.0K.

Shares of Masimo Corporation started escalating following its announcement of impressive third quarter results and upgraded guidance on Oct 30. The company posted a 13.0% rise in net earnings of $15.6 million or 27 cents per share in the quarter from $13.8 million or 24 cents per share in the same quarter of 2012. With this, earnings edged past the Zacks Consensus Estimate by a penny.

Revenues in the quarter (including royalties) scaled up 10% to $131.4 million, nearly meeting the Zacks Consensus Estimate of $132.0 million. Product revenues grew 11% to $124.5 million while global direct product revenue rose 12% in the third quarter, representing 85% of total product revenue. OEM sales, which accounted for 15% of product revenues, went up 7% in the quarter. MASI upgraded its 2013 earnings per share guidance to $1.16 from $1.14 based on encouraging year-to-date results.

MASI develops innovative monitoring technologies that significantly improve patient care -- helping solve unsolvable problems. The company sells its products to hospitals, emergency medical response organizations, and alternate care market through its direct sales force and distributors, as well as to original equipment manufacturer partners. Currently, it retains a Zacks Rank #3 (Hold).

Some better-ranked stocks in the medical instruments industry include Cepheid (CPHD), CryoLife Inc. (CRY), and AngioDynamics Inc. (ANGO). Both Cepheid and CryoLife carry a Zacks Rank #1 (Strong Buy), while AngioDynamics carries a Zacks Rank #2 (Buy).
 

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