Masimo forecasts weak quarterly sales

Masimo Corp on Monday reported preliminary second-quarter sales below analysts’ estimates due to weak performance at its healthcare segment, sending the medical device maker’s shares down about 28% in after-market trading.

The company forecast consolidated revenue for the second quarter between $453 million and $457 million, compared with estimates of $553.2 million, according to Refinitiv.

Masimo said an increase in costs related to hospital personnel hit equipment demand during the quarter. It also reported lower demand for single-patient use sensors.

“On the consumer side, it is unclear when the softness in the premium and luxury categories will improve,” the company said.

Masimo’s shares fell to $106 in extended trading. Reuters