Masimo Reports Fourth Quarter 2007 and Full Year 2007 Financial Results
For the fiscal fourth quarter, Masimo reported product revenues of$55.2 million representing a 29% increase over $42.9 million for the fourthquarter of 2006. Including royalty revenues, Masimo reported total fourthquarter revenues of $69.3 million compared to $61.6 million for the fourthquarter of 2006. Net income for the quarter was $12.1 million representing$0.20 earnings per common share, including $0.02 per common share relating toa year-to-date tax benefit recorded in the fourth quarter. Masimo alsoreported that it shipped 29,400 Masimo SET and Masimo Rainbow SET oximetryunits, excluding handheld units, during the fourth quarter of 2007, up 10%from 26,700 in the comparable prior year period, resulting in a new estimatedworldwide installed base of 470,000 Masimo SET pulse oximeters.
For the year ended December 29, 2007, Masimo's product revenues were$199.7 million, up 29% from $155.1 million in 2006. Including royaltyrevenues, Masimo's total revenues were $256.3 million for the year endedDecember 29, 2007, up from $224.3 million in 2006. In the year endedDecember 29, 2007, Masimo shipped 116,300 Masimo SET and Masimo Rainbow SETpulse oximeter units, excluding handheld pulse oximeters, compared to 96,600in 2006, representing a 20% increase in new pulse oximeter and Pulse CO-Oximeter shipments.
Net income for the year ended December 29, 2007, was $42.3 millioncompared to $181.8 million in 2006, which included $262.6 million in netpatent litigation settlement proceeds and various one-time stock option basedbonus payments related to a January 2006 patent litigation settlement. Forthe year ended December 29, 2007, Masimo's reported net income attributable tocommon stockholders was $23.1 million, or $0.60 per common share, as comparedto $3.04 per common share for the year ended December 31, 2006.
Cash, cash equivalents and short-term investments rose to $96.7 million atDecember 29, 2007 up from $88.6 million at September 29, 2007 and from$55.4 million at December 31, 2006.
For the full year 2008, Masimo expects total revenues to be approximately$292 million and total product revenues to be approximately $246 million.Masimo also expects full year 2008 earnings per common share to beapproximately $0.52 per share. Included in the $0.52 per common shareprojection is approximately $11.0 million in expected 2008 non cash stockbased compensation charges, up from $3.9 million in 2007. Stock basedcompensation charges are expected to increase due principally to the increasein the market price of our common stock and to due to the increase in thenumber of options granted consistent with the increase in our total employeeheadcount. The projections and guidance set forth above are estimates onlyand actual performance could differ.
Masimo will hold a conference call today at 2:00 p.m. PT (5:00 p.m. ET) todiscuss the results. The dial-in numbers are (800) 295-4740 for domesticcallers and (617) 614-3925 for international callers. The reservation numberfor both dial-in numbers is 39491099. A live web cast of the conference callwill be available online from the "investor relations" page of the Company'scorporate web site at http://www.masimo.com.
After the live web cast, the call will remain available on Masimo's website through March 26, 2008. In addition, a telephonic replay of the callwill be available until March 10, 2008. The replay dial-in numbers are(888) 286-8010 for domestic callers and (617) 801-6888 for internationalcallers. Please use reservation code 89834871.
The financials results included in this re
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