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In a report published Thursday, BMO Capital Markets analyst Joanne K. Wuensch reiterated a Market Perform rating on
Masimo CorporationMASI, and raised the price target from $22.00 to $24.00.
In the report, BMO Capital Markets noted, “MASI reported 3Q13 results that missed slightly on the top line, but beat on the bottom. Total revenue of $131.4 million (up 12% ex-fx) compared with the Street's $132.5 million, including product sales of $124.5 million (up 12.7% ex-fx) and royalty revenue of $6.9 million (down 0.5%). Masimo shipped 44,000 (up 32.9% y/y) SET and Rainbow SET pulse oximetry units, bringing the worldwide installed base to 1,180,000 units (up 11.7% y/y), as the company continues to expand its footprint. By product line, SET revenue was $109.8 million (up 11.3% y/y); Rainbow SET revenue was $12.0 million (up 8.9%), and acquisitions contributed $2.7 million. EPS of $0.27 (up 14.6%) was a penny ahead of our consensus matching estimate of $0.26.”
Masimo Corporation closed on Wednesday at $28.38.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBMO Capital MarketsHealth CareHealth Care EquipmentJoanne K. Wuensch
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