Masimo Corporation · NASDAQ:MASI
Masimo — Q2 2025 Earnings Presentation
12 slides from Masimo's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 5, 2025 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words “may,” “will,” “expect,” “beli
Slide 3: Executive Summary | Continuing Operations
Executive Summary | Continuing Operations(1) Non-GAAP results including new tariffs: • Revenue(2) of $370 million grew 7% on a constant currency(3) basis. • Operating profit(2) of $102 million grew 38% versus prior year. • Operating margin(2) of 27.5% improved 600 basis points versus prior year. Sec
Slide 4: Second Quarter 2025 Results vs. Prior Year | Continuing Operations
Second Quarter 2025 Results vs. Prior Year | Continuing Operations(1,2) vs. Prior ($ in millions; except EPS) Q2 2025 Q2 2024 Year GAAP Revenue $371 $344 8% Operating Profit $64 $42 54% Operating Margin 17.4% 12.2% 520 bps Earnings Per Share $0.82 $0.46 78% Non-GAAP Revenue $370 $344 8% Constant Cur
Slide 5: Second Quarter 2025 Results vs. Prior Year | Continuing Operations
Second Quarter 2025 Results vs. Prior Year | Continuing Operations(1,2) Non-GAAP Revenue Consumable and Service Revenue Capital and Other Revenue $MM, shown as reported $MM, shown as reported $MM, shown as reported $370 $344 $338 $311 $33 $32 2024 2025 2024 2025 2024 2025 Non-GAAP Earnings Per Share
Slide 6: Updated Full Year 2025 Guidance | Continuing Operations
Updated Full Year 2025 Guidance | Continuing Operations(1) Updated guidance includes the impact of new tariffs, net of mitigation implemented to-date Updated (1) vs. vs. (2) FY 2025 Guidance Prior Year Prior Guidance ($ in millions; except EPS) Low - High Low - High Low - High Non-GAAP Revenue $1,50
Slide 7: Tariff and Mitigation Update | 2025 Guidance Framework
Tariff and Mitigation Update | 2025 Guidance Framework • Our updated guidance(1) incorporates a $17 to $19 million increase to cost of sales for fiscal 2025, which represents a 120 to 130 basis point impact to operating margin and a 25 cent impact to EPS. • Given that tariff costs are capitalized in
Slide 8: Tariff and Mitigation Update | Annualized Impact to Cost of Goods Sold
Tariff and Mitigation Update | Annualized Impact to Cost of Goods Sold 70 – 100 bps 120 – 190 bps (390 - 550) bps 100 – 110 bps (200 - 260) bps (100 – 150) bps Gross Impact to Changes in Mitigation Actions Net Impact to COGS, Additional Medium Medium Term Impact COGS, Before Any Tariff Policy and Ra
Slide 9: Appendix
Appendix • GAAP to Non-GAAP Reconciliations 9
Slide 10: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (4) (Unaudited; in millions, except percentages) (1,2,3) Quarterly Performance Full-Year FY 2025 Guidance Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 Low High GAAP revenue 339.6 343.9 343.3 368.4 372.0 370.9 1,275.5 1,395.2
Slide 11: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except per share data) (1),(2) Quarterly Performance Full-Year Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 GAAP revenue $339.6 $343.9 $343.3 $368.4 $372.0 $370.9 $1,275.5 $1,395.2 Business transitio
Slide 12: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except per share data) (1),(2) Quarterly Performance Full-Year Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 GAAP non-operating income (expense) ($11.6) ($11.1) ($9.0) ($9.5) ($9.6) ($9.1) ($53.0) ($4