Masimo (NASDAQ:MASI) stock is taking a beating on Tuesday after the patient monitoring tech company released preliminary earnings for Q2 2023.
The bad news for investors in MASI stock starts with its expected revenue of $453 million to $457 million for the second quarter of the year. That’s nowhere close to the $540.87 million that Wall Street is expecting for the quarter.
Masimo contributes the lower-than-expected revenue to a drop in healthcare revenue. It attributes this decline to delays in large orders, falling single-patient use sensor sales, lower customer conversions, and decreasing demand for its products from hospitals.
MASI Outlook Hits Stock
Also not helping MASI stock today is the company’s latest outlook. This has it dropping the lower end of its annual revenue guidance for the healthcare business to $1.3 billion. The prior was $1.45 billion.
Adding to this, Masimo is dropping the annual non-healthcare business revenue to between $800 million and $850 million. The prior guidance had this revenue ranging from $965 million to $995 million.
With this news comes strong trading of MASI stock on Tuesday morning. As of this writing, more than 307,000 shares of the company’s stock have been traded. That’s closing in on its daily average trading volume of about 476,000 shares.
MASI stock is down 29.7% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
