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Masimo Corporation (NASDAQ:MASI) shares are trading lower on Tuesday.
Yesterday, Masimo reportedly disclosed that a potential joint venture partner is poised to bid between $850 million and $950 million for its consumer business encompassing health and audio products, reported Reuters.
Masimo is currently engaged in active discussions with this unnamed partner regarding the joint venture terms, including Masimo’s proposal to manage ongoing litigation outcomes with Apple Inc. (NASDAQ:AAPL).
Today, the company disclosed the preliminary results for the second quarter of 2024.
The company’s consolidated revenue is expected to be approximately $496 million (street view stands at $493.56 million), representing 9% growth on a reported basis and 10% growth on a constant currency basis.
Joe Kiani, Chairman and CEO of Masimo, stated, “We are excited to see the growth and strength of our healthcare business in the second quarter combined with a very strong order backlog as we enter the third quarter.”
Masimo’s healthcare revenue is expected to be approximately $344 million, representing 22% growth on a reported basis and 23% growth on a constant currency basis.
Sensor utilization and hospital census have meaningfully improved from last year.
The company’s non-healthcare revenue is expected to be approximately $152 million, representing a 13% decline on a reported basis and an 11% decline on a constant currency basis.
“We achieved a record second quarter in terms of converting customers to our technologies with an expected $134 million of incremental contract value, which is the best sign of a healthy future for Masimo,” Kiani added.
Price Action: MASI shares are trading lower by 2.64% to $109.68 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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