Masimo (MASI) 2025 Conference June 04, 2025 01:25 PM ET Speaker0 And welcome to this session. I'm Matt Taylor, the US medical supplies and devices analyst here with the team from Massimo in the chapel. We're gonna have a half hour for q and a with Katie Seisman, the new CEO of Massimo, imo and Micah Young, the CFO and thanks also to Eli Cameraman, IR and Visdad for being here today. So we'll have a moderated chat here. So we wanted to start with, you know, some high level questions. I'm sure there's some fo ...

纪要涉及的公司 Masimo公司 纪要提到的核心观点和论据 1. **业务战略调整** - 核心观点：公司在去年第四季度进行业务调整，重新聚焦核心业务，以实现长期增长 [2][4] - 论据：核心业务包括脉搏血氧仪（占营收超70%）、彩虹血流动力学、大脑监测、二氧化碳监测和气体监测以及医院工作流程自动化等；长期计划实现7 - 10%的营收增长和30%的运营利润率 [2][3][4] 2. **新CEO的影响** - 核心观点：新CEO Katie带来丰富经验，专注商业卓越和产品发布，有望推动业务发展 [5][6] - 论据：Katie将在5、6月进行路演和参加会议；她专注于销售团队，带来AI领域经验，关注医院决策支持算法的产品商业化 [6] 3. **Q1业绩分析** - 核心观点：Q1营收符合预期，但结构不同，资本业务增长强劲，耗材业务受订单时间影响 [7][8] - 论据：资本业务增长32%，主要因一份大型招标订单；耗材业务若调整订单影响，有两位数增长；流感季对Q1增长贡献0.5 - 1个百分点 [8][9][13] 4. **全年业务预期** - 核心观点：全年业务有正常季节性，资本需求稳定，耗材业务将按合同交付 [10][12][20] - 论据：预计全年资本需求在60,000 - 65,000的范围内；耗材业务将在接下来三个季度交付；第四季度因财务结算日历多一周营收 [10][12][20] 5. **网络安全事件影响** - 核心观点：网络安全事件有短期干扰，但不影响全年指引，正在恢复系统 [15][17] - 论据：公司每天都在取得进展，优先恢复关键系统；目前无法确定Q2影响及能否在Q3恢复，但对全年订单有信心 [15][17] 6. **关税影响及应对策略** - 核心观点：关税有影响，但可通过多种策略缓解，有望降低成本 [26][31] - 论据：中国关税降低可能使关税影响减半；公司通过定价、调整生产地等策略应对；墨西哥业务关税暴露从25%降至10% [26][31][32] 7. **利润率目标及驱动因素** - 核心观点：公司有信心提高利润率，通过多种方式实现增长 [37][40] - 论据：目标是长期接近66%的毛利率，最终达到70%；通过向RD传感器转型、工程团队降本、利用安装基数增加耗材收入等方式推动利润率增长 [38][39][40] 8. **资本部署策略** - 核心观点：优先考虑股票回购，同时平衡债务偿还和提高流动性 [48][49] - 论据：公司认为未来2 - 3年盈利将大幅增长，目前倾向于股票回购；也会考虑债务偿还和提高流动性，为核心业务技术收购做准备 [48][49] 9. **诉讼进展** - 核心观点：与苹果的诉讼处于不同阶段，专利侵权案是重要阶段 [52][53] - 论据：苹果手表使用公司脉搏血氧仪的禁令在上诉；贸易秘密盗窃案等待最终判决；专利侵权案一个在加州11月开庭，另一个在特拉华州未安排 [52][53] 其他重要但是可能被忽略的内容 1. 公司财务结算日历每五到六年第四季度会多一周营收 [20] 2. 公司安装基数在Q1增长3%，全年预计增长2 - 3%，耗材收入每驱动增长5 - 7% [24] 3. 公司目前运营利润率指引为28 - 28.5%，Q1达到28.8%，同比全年提高超400个基点 [41] 4. 公司目前税率指引约24.5%，受Pillar two影响，长期来看海外利润占比增加可降低税率 [45][47]

Masimo (MASI) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Company Participants Eli Kammerman - Vice President of Business Development & Investor RelationsKatie Szyman - CEOMicah Young - Executive VP & CFORick Wise - Managing Director - Medical Technology & SuppliesMatt Taylor - Managing Director Conference Call Participants Vik Chopra - AnalystJason Bednar - Senior Research AnalystMike Matson - Senior Equity Research AnalystMike Polark - Senior Equity Research Analyst - Medical Devices Operator Good afte ...

Masimo (MASI) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Speaker0 Good afternoon, ladies and gentlemen, and welcome to Masimo's First Quarter twenty twenty five Earnings Conference Call. The company's press release is available at www.masimo.com. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I'm pleased to introduce Eli Hammerman, Masimo's Vice President of Business Development and Investor Rela ...

The first-quarter 2025 earnings season is underway for the Medical sector (one of the 16 broad Zacks sectors within the Zacks Industry classification), with several MedTech companies already releasing their quarterly results. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Per the latest Earnings Preview, the Medical sector is one of the nine sectors whose first-quarter earnings are expected to be above the year-earlier period. It is also one of the sectors that is likely to witness ...