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Masimo (MASI) investor relations material
Masimo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 8.2% year-over-year to $371.5 million, driven by healthcare demand, operational improvements, and higher capital equipment and OEM sales.
Non-GAAP EPS increased 38% to $1.32, with GAAP EPS at $0.99; operating margin improved by 450 basis points to 27.1%.
Completed sale of Sound United/non-healthcare business, resulting in a $154.1 million Q3 loss from discontinued operations and proceeds used for debt repayment and share repurchases.
Expanded strategic partnership with Philips to accelerate AI algorithm adoption and next-gen monitoring technologies.
A cybersecurity incident in April 2025 temporarily disrupted operations, incurring $5.5 million in expenses, mostly offset by insurance.
Financial highlights
Q3 2025 revenue: $371.5 million (+8.2% YoY); gross profit: $230.6 million (62.1% margin); operating income: $83.6 million (22.6% margin).
Non-GAAP operating margin: 27.1% (up 450 bps YoY); non-GAAP EPS: $1.32 (up 38% YoY).
Net income from continuing operations: $53.7 million; net loss for Q3 2025: $(100.4) million, driven by discontinued operations.
Cash and cash equivalents at quarter-end: $312.3 million; working capital: $678.6 million.
Returned $350 million to shareholders via share repurchases in Q3 and Q4.
Outlook and guidance
2025 non-GAAP revenue guidance: $1,510–$1,530 million, up 8.5%–10.0% on a constant currency basis.
Non-GAAP EPS guidance: $5.40–$5.55 (including tariffs); $5.62–$5.79 (excluding tariffs).
Non-GAAP operating profit guidance: $412–$424 million (including tariffs); $428–$440 million (excluding tariffs).
Guidance reflects new tariffs, an additional fiscal week, and transition to a distributor model in some markets.
Management expects strong Q4 finish, driven by consumables growth and contract execution.
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