Masimo Corp Stock Research

Market Summary

USD175.16+2.02

Delayed

1.17%

MASI Alerts

Big jump in Revenue (Y/Y)

MASI Stock Price

MASI RSI Chart

MASI Valuation

Market Cap

9.2B

Price/Earnings (Trailing)

53.83

Price/Sales (Trailing)

4.52

EV/EBITDA

27.27

Price/Free Cashflow

-392.99

MASI Price/Sales (Trailing)

MASI Profitability

EBT Margin

9.50%

Return on Equity

12.76%

Return on Assets

5.32%

Free Cashflow Yield

-0.25%

MASI Fundamentals

MASI Revenue

Revenue (TTM)

2.0B

Revenue Y/Y

88.35%

Revenue Q/Q

12.32%

MASI Earnings

Earnings (TTM)

170.8M

Earnings Y/Y

-34.43%

Earnings Q/Q

109.39%

Price Action

52 Week Range

108.89184.97

(Low)(High)

Last 7 days

-1.5%

Last 30 days

4.7%

Last 90 days

20.0%

Trailing 12 Months

24.8%

MASI Financial Health

Current Ratio

2.08

Debt/Equity

0.78

Debt/Cashflow

0.22

MASI Investor Care

Buy Backs (1Y)

5.06%

Diluted EPS (TTM)

2.6

Peers (Alternatives to Masimo)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MDT	105.5B	30.8B	-7.09%	-24.59%	25.94	3.43	-3.19%	-17.38%
ISRG	84.2B	6.2B	-4.47%	-13.27%	63.66	13.53	8.97%	-22.43%
EW	49.8B	5.4B	2.41%	-25.12%	32.74	9.26	2.86%	1.25%
ALGN	25.2B	3.7B	-2.18%	-18.57%	69.75	6.75	-5.51%	-53.17%
HOLX	19.4B	4.5B	-6.15%	10.39%	19.57	4.34	-18.71%	-42.28%
MID-CAP
PEN	10.2B	847.1M	-3.64%	34.52%	-5.1K	12.05	13.32%	-137.89%
NVST	6.3B	2.6B	-5.67%	-16.73%	25.77	2.44	2.40%	-18.20%
CNMD	2.8B	1.0B	-8.51%	-34.72%	-34.66	2.67	3.45%	-228.84%
TMDX	2.4B	93.5M	9.82%	320.78%	-67.51	26.17	208.83%	18.06%
LIVN	2.3B	1.0B	-24.45%	-43.12%	-26.13	2.21	-1.31%	36.50%
SMALL-CAP
ESTA	1.7B	161.7M	-0.60%	21.99%	-22.89	10.65	27.64%	-82.82%
AVNS	1.3B	820.0M	-8.35%	-12.22%	25.89	1.59	10.13%	701.59%
BLFS	853.3M	154.8M	-6.04%	0.61%	-8.2	5.51	60.29%	-2309.58%
INGN	307.0M	377.2M	-43.75%	-56.70%	-3.66	0.81	5.37%	-1222.79%
SDC	50.9M	470.7M	-28.69%	-81.07%	-0.59	0.11	-26.17%	15.66%

Financials for Masimo

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	16.6%	2,036	1,746	1,505	1,244	1,239
Gross Profit	10.3%	1,059	960	881	816	808
Operating Expenses	13.7%	849	746	655	546	533
S&GA Expenses	14.2%	657	576	502	407	395
R&D Expenses	12.4%	191	170	153	139	137
EBITDA	17.6%	330	280	328	305	-
EBITDA Margin	0.9%	0.16*	0.16*	0.22*	0.25*	-
Earnings Before Taxes	-9.8%	193	214	230	269	274
EBT Margin	-22.6%	0.10*	0.12*	0.15*	0.22*	-
Net Income	-10.4%	171	191	223	230	-
Net Income Margin	-14.2%	0.08*	0.10*	0.13*	0.18*	-
Free Cahsflow	-125.2%	-23.40	93.00	164	192	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	5.0%	3,211	3,056	2,961	1,909	1,887
Current Assets	5.1%	1,309	1,246	1,158	1,225	1,239
Cash Equivalents	-4.5%	210	220	218	720	745
Inventory	1.1%	501	495	449	213	201
Net PPE	8.1%	403	372	371	300	273
Goodwill	-0.2%	445	446	435	352	100
Liabilities	3.8%	1,872	1,804	1,758	327	337
Current Liabilities	7.3%	630	587	552	254	268
LT Debt, Non Current	-1.0%	942	951	922	-	-
Shareholder's Equity	6.9%	1,339	1,253	1,203	1,582	1,550
Retained Earnings	2.4%	1,714	1,674	1,636	1,617	1,571
Additional Paid-In Capital	0.9%	782	775	759	741	753
Accumulated Depreciation	-	158	-	-	-	-
Shares Outstanding	-0.2%	53.00	53.00	53.00	56.00	55.00

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-78.0%	29.00	134	205	229	265
Share Based Compensation	-9.7%	48.00	53.00	52.00	43.00	45.00
Cashflow From Investing	-1.6%	-1,057	-1,040	-1,047	-50.84	-37.53
Cashflow From Financing	-1.7%	520	529	510	-4.78	-122
Buy Backs	0.0%	402	401	401	0.00	129

Risks for MASI

What is the probability of a big loss on MASI?

41.1%

Probability that Masimo stock will be more than 20% underwater in next one year

20.8%

Probability that Masimo stock will be more than 30% underwater in next one year.

19.6%

Probability that Masimo stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MASI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Masimo was unfortunately bought at previous high price.

Drawdowns

Returns for MASI

Cumulative Returns on MASI

24.2%

10-Year Cumulative Returns

23.7%

7-Year Cumulative Returns

14.8%

5-Year Cumulative Returns

-2.5%

3-Year Cumulative Returns

What are the long-term rolling returns for MASI?

FIve years rolling returns for Masimo.

Annualized Returns

Which funds bought or sold MASI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-7.92	-54,067	1,487,930	-%
2023-03-10	BAILLIE GIFFORD & CO	added	2.67	1,006,170	14,223,200	0.01%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-91.4	-17,750,000	1,758,000	0.01%
2023-03-06	NORTH STAR ASSET MANAGEMENT INC	reduced	-25.57	-245,314	870,686	0.05%
2023-02-28	Voya Investment Management LLC	reduced	-0.39	120,654	2,857,650	-%
2023-02-24	NATIXIS	new	-	148	148	-%
2023-02-24	National Pension Service	unchanged	-	56.00	1,480	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	52,000	1,145,000	0.01%
2023-02-22	CVA Family Office, LLC	sold off	-100	-3,000	-	-%
2023-02-21	Blue Whale Capital LLP	sold off	-100	-734,000	-	-%

Latest Funds Activity

Are funds buying MASI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MASI

No. of Funds

MASI Alerts

Big jump in Revenue (Y/Y)

Masimo News

Schedule 13G FIlings of Masimo

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 13, 2023	politan capital management lp	9.0%	4,739,963	SC 13D/A
Mar 06, 2023	politan capital management lp	9.0%	4,739,963	SC 13D/A
Feb 14, 2023	kiani joe e	9.3%	4,975,021	SC 13G/A
Feb 09, 2023	vanguard group inc	9.24%	4,855,501	SC 13G/A
Jan 26, 2023	blackrock inc.	11.3%	5,956,832	SC 13G/A
Jan 20, 2023	blackrock inc.	11.3%	5,956,832	SC 13G/A
Jan 10, 2023	fmr llc	-	0	SC 13G
Oct 21, 2022	politan capital management lp	8.8%	4,648,869	SC 13D/A
Sep 27, 2022	politan capital management lp	8.8%	4,648,869	SC 13D/A
Aug 16, 2022	politan capital management lp	8.4%	4,431,284	SC 13D

MASI Fair Value

Masimo fair value in different scenarios

The table shows the Fair Value estimates for Masimo for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	130.76 -25.35%	166.51 -4.94%	245.79 40.32%	317.36 81.18%	391.05 123.25%
Current Inflation	119.88 -31.56%	150.39 -14.14%	217.63 24.25%	277.36 58.35%	338.92 93.49%
Very High Inflation	106.47 -39.22%	130.91 -25.26%	184.42 5.29%	230.92 31.83%	278.96 59.26%

Historical Masimo Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Masimo

View All Filings

Date Filed	Form Type	Document
Mar 13, 2023	SC 13D/A	13D - Major Acquisition
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 06, 2023	SC 13D/A	13D - Major Acquisition
Mar 01, 2023	10-K	Annual Report
Feb 28, 2023	3	Insider Trading

Latest Insider Trading transactions for MASI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-03	Levy Tao	acquired	-	-	5,016	evp, bus dev
2023-03-03	McClenahan Thomas Samuel	sold (taxes)	-486,723	182	-2,668	evp, gen counsel & corp sec
2023-03-03	McClenahan Thomas Samuel	acquired	-	-	5,016	evp, gen counsel & corp sec
2023-03-03	Levy Tao	sold (taxes)	-487,453	182	-2,672	evp, bus dev
2023-03-03	KIANI JOE E	acquired	-	-	50,161	ceo and chairman of the board
2023-03-03	Young Micah W	acquired	-	-	5,016	evp & chief financial officer
2023-03-03	Young Micah W	sold (taxes)	-485,811	182	-2,663	evp & chief financial officer
2023-03-03	KIANI JOE E	sold (taxes)	-4,817,980	182	-26,410	ceo and chairman of the board
2023-03-03	Muhsin Bilal	sold (taxes)	-967,244	182	-5,302	chief operating officer
2023-03-03	Muhsin Bilal	acquired	-	-	10,032	chief operating officer

About Masimo

Joe E. Kiani

www.masimo.com

6200

Masimo Corporation develops, manufactures, and markets noninvasive monitoring technologies and hospital automation solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry. It also provides Masimo rainbow SET platform that includes rainbow SET Pulse CO-Oximetry products that noninvasively monitor hemoglobin species, including oxygen saturation, pulse rate, perfusion index, pleth variability index, and respiration rate from the pleth; noninvasively monitor hemoglobin concentration, and carboxyhemoglobin and methemoglobin; monitor arterial oxygen saturation and acoustic respiration rate; and calculates oxygen content and oxygen reserve index. It offers SedLine brain function monitoring technology to measure the brain's electrical activity by detecting EEG signals; capnography and gas monitoring products comprising external plug-in-and-measure capnography and gas analyzers, integrated modules, handheld capnograph and capnometer devices, and capnography sampling lines; O3 regional oximetry for tissue oxygen saturation measurement; and hemodynamic monitoring solutions. Its Masimo Hospital Automation platform includes Patient SafetyNet, Patient SafetyNet surveillance, Kite, UniView, Replica, UniView : 60, and MyView. It offers connectivity devices; and nasal high flow ventilation and neuromodulation solutions. It provides its products through direct sales force, distributors, and original equipment manufacturers partners to hospitals, emergency medical service and home care providers, long-term care facilities, physician offices, veterinarians, and consumers; and non-medical/consumer products through e-commerce site, masimopersonalhealth.com. The company was incorporated in 1989 and is headquartered in Irvine, California.

MASI Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Jan. 02, 2021
Income Statement [Abstract]
Revenue	$ 2,035.8	$ 1,239.2	$ 1,143.7
Cost of goods sold	977.0	430.8	400.7
Gross profit	1,058.8	808.4	743.0
Selling, general and administrative	657.4	395.4	369.0
Research and development	191.4	137.2	118.7
Litigation awards, settlements/or defense costs	0.0	0.0	(0.5)
Total operating expenses	848.8	532.6	487.2
Operating income	210.0	275.8	255.8
Non-operating (loss) income	(16.6)	(1.4)	7.9
Income before provision for income taxes	193.4	274.4	263.7
Provision for income taxes	49.9	44.8	23.4
Net income	$ 143.5	$ 229.6	$ 240.3
Net income per share:
Basic (in dollars per share)	$ 2.68	$ 4.16	$ 4.39
Diluted (in dollars per share)	$ 2.60	$ 3.98	$ 4.14
Weighted-average shares used in per share calculations:
Basic (in shares)	53.6	55.2	54.7
Diluted (in shares)	55.2	57.7	58.0

MASI Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Jan. 01, 2022
Current assets
Cash and cash equivalents	$ 202.9	$ 745.3
Trade accounts receivable, net of allowance for credit losses of $7.7 and $2.2 at December 31, 2022 and January 1, 2022, respectively	445.9	200.8
Inventories	501.0	201.4
Other current assets	158.8	91.0
Total current assets	1,308.6	1,238.5
Lease receivable, non-current	73.1	73.6
Deferred costs and other contract assets	41.9	28.1
Property and equipment, net	402.5	272.8
Finite-lived intangible assets, net	460.6	72.5
Trademarks - (Note 9)	262.0	0.0
Goodwill	445.4	100.3
Deferred tax assets	102.5	52.6
Other non-current assets	114.0	48.6
Total assets	3,210.6	1,887.0
Current liabilities
Accounts payable	276.8	75.6
Accrued compensation	89.3	70.8
Deferred revenue and other contract-related liabilities, current	80.6	50.9
Other current liabilities	183.3	70.4
Total current liabilities	630.0	267.7
Long-term debt	941.6	0.0
Deferred tax liabilities	163.6	5.1
Other non-current liabilities	136.5	64.0
Total liabilities	1,871.7	336.8
Commitments and contingencies - (Note 24)
Stockholders’ equity
Preferred stock, $0.001 par value; 5.0 shares authorized; 0.0 shares issued and outstanding	0.0	0.0
Common stock, $0.001 par value; 100.0 shares authorized; 52.5 and 55.3 shares issued and outstanding at December 31, 2022 and January 1, 2022, respectively	0.1	0.1
Treasury stock, 19.5 and 16.5 shares at December 31, 2022 and January 1, 2022, respectively	(1,169.2)	(767.7)
Additional paid-in capital	782.2	752.5
Accumulated other comprehensive income (loss)	11.5	(5.5)
Retained earnings	1,714.3	1,570.8
Total stockholders’ equity	1,338.9	1,550.2
Total liabilities and stockholders’ equity	3,210.6	1,887.0
Customer relationships
Current assets
Finite-lived intangible assets, net	201.6	15.3
Acquired technologies
Current assets
Finite-lived intangible assets, net	160.1	19.7
Other intangible assets, net
Current assets
Finite-lived intangible assets, net	$ 98.9	$ 37.5