Masimo reports fourth quarter and full-year 2020 financial results

Masimo today announced its financial results for the fourth quarter and full-year ended.

Fourth Quarter 2020 Results:
Total revenue for the fourth quarter of 2020, including royalty and other revenue, increased 19.2% to $295.1 million, compared to $247.5 million in the fourth quarter of 2019. Product revenue increased 19.2% to $295.1 million, or 18.1% on a constant currency basis, compared to $247.4 million in the fourth quarter of 2019. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments increased 35.2% to 83,000 in the fourth quarter of 2020, compared to 61,400 in the fourth quarter of 2019.

For the fourth quarter 2020, GAAP operating margin was 22.0%, compared to 24.9% in the fourth quarter of 2019. Fourth quarter 2020 non-GAAP operating margin was 23.1%, compared to 25.7% in the fourth quarter of 2019.

For the fourth quarter 2020, GAAP net income was $70.7 million, or $1.21 per diluted share, compared to GAAP net income of $52.9 million or $0.92 per diluted share, in the fourth quarter 2019. Fourth quarter 2020 non-GAAP net income was $57.3 million, or $0.98 per diluted share, compared to net income of $52.1 million or $0.91 per diluted share, in the fourth quarter 2019.

Full-Year 2020 Results:
Total revenue for the full-year of 2020, including royalty and other revenue, increased 22.0% to $1,143.7 million, compared to $937.8 million for the full-year 2019. Product revenue increased 22.1% on a reported and constant currency basis to $1,143.7 million, compared to $936.4 million for the full-year 2019. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments increased 91.8% to 472,300 for the full-year 2020, compared to 246,200 for the full-year 2019.

For the full-year of 2020, GAAP operating margin was 22.4%, compared to 23.6% in the prior year period. Full-year 2020 non-GAAP operating margin was 23.1%, compared to 24.0% in the prior year period.

For the full-year of 2020, GAAP net income was $240.3 million, or $4.14 per diluted share compared to net income of $196.2 million, or $3.44 per diluted share in 2019. Non-GAAP net income was $209.2 million or $3.60 per diluted share compared to net income of $183.9 million, or $3.22 per diluted share in 2019.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said “Throughout 2020, as our customers on the front lines responded to this crisis and rose to the challenge, so did our team. We have invested heavily in innovation and product supply efforts to deliver clinically relevant solutions that improve patient outcomes and reduce the cost of care. As we enter a new year, I am confident that Masimo will continue its leadership in delivering innovative solutions to clinicians and patients around the world.”

Business Wire