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MASI

Masimo Corporation

MASI

Masimo Corporation • NASDAQ
$142.43 ▼ -1.06% (-1.53)
Market Cap $7.69 B
52w High $194.88
52w Low $133.70
Dividend Yield 0%
P/E -31.37
Volume 197.29K
Outstanding Shares 53.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $371.5M ▲ $147M ▼ $-100.4M ▼ -27.026% ▼ $-1.86 ▼ $91.9M ▲
Q2-2025 $370.9M ▼ $168.8M ▲ $51.3M ▲ 13.831% ▲ $0.95 ▲ $72M ▼
Q1-2025 $372M ▼ $156M ▼ $-170.7M ▲ -45.887% ▲ $-3.17 ▲ $85.8M ▲
Q4-2024 $600.7M ▲ $603.8M ▲ $-349.6M ▼ -58.199% ▼ $-6.52 ▼ $-320.9M ▼
Q3-2024 $504.6M $233.1M $9.8M 1.942% $0.18 $73.9M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $314.7M ▲ $1.817B ▼ $1.008B ▼ $810M ▼
Q2-2025 $149.6M ▲ $2.403B ▲ $1.36B ▲ $1.043B ▲
Q1-2025 $130.8M ▼ $2.293B ▼ $1.347B ▼ $946.4M ▼
Q4-2024 $177.6M ▲ $2.626B ▼ $1.574B ▼ $1.052B ▼
Q3-2024 $158.5M $3.088B $1.625B $1.463B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $53.7M ▲ $56.8M ▼ $282.3M ▲ $-218.4M ▼ $162.4M ▲ $50.9M ▼
Q2-2025 $44.9M ▼ $69.4M ▲ $-9.2M ▼ $-39.9M ▲ $20.6M ▲ $64.5M ▲
Q1-2025 $47.2M ▲ $31.1M ▼ $10.7M ▲ $-47.8M ▼ $-4.9M ▼ $27M ▼
Q4-2024 $-349.6M ▼ $50.5M ▲ $-16.5M ▼ $-6.5M ▼ $17.7M ▼ $47.5M ▲
Q3-2024 $-12.2M $25.6M $-13.5M $-1.6M $28.1M $-4.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Health Care Segment
Health Care Segment
 $710.00M ▲$370.00M ▼$370.00M ▲$370.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Masimo’s revenue has grown over the past five years, with a big step-up a few years ago and only modest growth since. The top line is holding up, but profitability has moved in the opposite direction. Operating margins have steadily eroded, and the company moved from solid profits to a noticeable loss in the most recent year. This pattern suggests that added costs from acquisitions, expansion into new areas (like consumer), higher spending on R&D and marketing, and possibly litigation or restructuring have outweighed the revenue gains. The business still demonstrates demand for its products, but the income statement shows real pressure on earnings quality and consistency.

Balance Sheet

Balance Sheet The balance sheet has transformed from very conservative to much more leveraged. A few years ago Masimo operated with minimal debt and strong cash; after its major expansion, total assets increased, but debt climbed sharply and cash balances fell to much more modest levels. Shareholder equity has also drifted down from its peak, pointing to a combination of losses, write-downs, or buybacks reducing the cushion. The company still has a positive net asset base, but financial flexibility is clearly lower than it used to be, and the balance sheet now depends more heavily on the success of the acquired and newer businesses to justify the added leverage.

Cash Flow

Cash Flow Despite the swing to an accounting loss, Masimo continues to generate positive cash from its operations, though at a thinner level than earlier in the period. Free cash flow has generally remained positive, dipping only briefly, helped by relatively modest capital spending needs. This indicates the core business still converts a portion of sales into cash, even while reported profits are under strain. The room for error, however, looks tighter than before: with less cash on hand and more debt to service, maintaining and improving cash generation will be important if the company wants to invest in innovation and manage its obligations without relying too much on external funding.

Competitive Edge

Competitive Edge Masimo holds a strong position in hospital monitoring, especially in pulse oximetry, where its technology is widely viewed as a high standard for accuracy in challenging conditions. Its strength rests on three main pillars: deeply embedded technology in hospital systems, a large and defended patent portfolio, and high switching costs for customers who would find it disruptive and risky to change monitoring platforms. The company’s integration into partner devices and hospital IT systems, along with long-term relationships and clinical trust, creates a sticky customer base. The flip side is that hospital capital budgets can be cyclical, pricing is always under pressure, and new or large competitors can try to chip away at contracts over time. Masimo’s expansion into consumer health also sets it against powerful consumer-tech and wearable players, adding a new dimension of competition beyond hospitals.

Innovation and R&D

Innovation and R&D Innovation is Masimo’s core strength. It pioneered advanced pulse oximetry and then expanded into multi-parameter, non-invasive monitoring that can estimate things like hemoglobin levels and various blood gases without a needle. This moves it beyond simple oxygen readings and deepens its value to clinicians. The company is now leaning into platforms, connectivity, and automation: central hubs at the bedside, remote monitoring systems for general wards, and tools that reduce manual charting for nurses. It is also pushing into remote and wearable monitoring, hospital-at-home models, and AI-driven algorithms that could predict patient deterioration earlier. These efforts require sustained R&D spending and careful regulatory and commercial execution. Masimo’s parallel push into consumer health (such as baby monitors and other wellness devices) could open new markets but also adds complexity and cost; how the company focuses or reshapes this portfolio will be an important driver of future efficiency and innovation payoff.

Summary

Masimo combines a very strong technology and clinical franchise with a more mixed recent financial picture. On the positive side, it has established itself as a leader in non-invasive monitoring, enjoys deep integration in hospitals, and continues to invest heavily in next-generation capabilities such as AI, remote care, and expanded physiological measurements. At the same time, profitability has deteriorated, turning to a loss even as revenue holds up, and the balance sheet is now more leveraged with less cash cushion than in the past. The business still generates cash, but with less margin for missteps. The central tension is clear: Masimo’s technological moat and ongoing innovation create meaningful long-term opportunity, while its recent cost structure, acquisition overhang, and higher debt introduce financial risk. How effectively the company can restore margins, streamline its portfolio (especially around consumer activities), and convert its innovation pipeline into sustainable, profitable growth will shape its trajectory from here.

NEWS

November 18, 2025 · 9:00 AM UTC

Knobbe Martens Guides Masimo to $634M Win Against Apple in Patent Infringement Case

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November 17, 2025 · 11:35 AM UTC

DRC Congratulates Knobbe Martens on its $634 Million Win for Masimo

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November 14, 2025 · 8:55 PM UTC

Masimo Issues Statement on California Jury Verdict Finding Patent Infringement by Apple and Awarding Masimo $634 Million in Damages

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November 4, 2025 · 4:05 PM UTC

Masimo Reports Third Quarter 2025 Results

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October 23, 2025 · 1:00 PM UTC

Halper Sadeh LLC Encourages Masimo Corporation Shareholders to Contact the Firm to Discuss Their Rights

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