Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________________

FORM 8-K

________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 9, 2024

MASIMO CORPORATION

(Exact name of registrant as specified in its charter)

________________________________________________

001-33642

33-0368882

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

52 Discovery

Irvine,

92618

(Address of Principal Executive Offices)

(Zip Code)

(949)

297-7000

Registrant’s telephone number, including area code:

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

MASI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Item 2.02.			Results of Operations and Financial Condition.

On July 9, 2024, Masimo Corporation (the “Company”) issued a press release announcing certain preliminary revenue and select financial results for the second quarter ended June 29, 2024 (the “Press Release”) and provided a supplemental presentation to the Press Release (the “Presentation”). A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and a copy of the Presentation is furnished as Exhibit 99.2 to this Current Report. The preliminary revenue and selected financial information presented in the Press Release and the Presentation is based on the Company’s current expectations and may be adjusted as a result of, among other things, completion of customary quarter-end close review procedures and financial review.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01.			Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
99.1			Press Release, Dated July 9, 2024, Reporting Preliminary Second Quarter 2024 Revenue and Select Financial Results
99.2			Masimo Prelimi n a ry S econd Quarter 20 2 4 Supplement al Pres entation to Press R elease
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Masimo Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MASIMO CORPORATION

Date: July 9, 2024

By:

/s/ MICAH YOUNG

Micah Young

Executive Vice President & Chief Financial Officer

(Principal Financial Officer)

Exhibit 99.1

Masimo Announces Preliminary Second Quarter 2024 Revenue and Select Financial Results

Irvine, California, July 9, 2024 - Masimo Corporation (Nasdaq: MASI) today announced preliminary revenue and select financial results for the second quarter ended June 29, 2024.

Preliminary Second Quarter 2024 Revenue and Select Financial Results:

•Consolidated revenue is expected to be approximately $496 million, representing 9% growth on a reported basis and 10% growth on a constant currency basis;

•Healthcare revenue is expected to be approximately $344 million, representing 22% growth on a reported basis and 23% growth on a constant currency basis;

•Non-healthcare revenue is expected to be approximately $152 million, representing a 13% decline on a reported basis and an 11% decline on a constant currency basis;

•Incremental value of new healthcare contracts(1) is expected to be approximately $134 million; and

•Driver shipments(2) are expected to be approximately 58 thousand.

Joe Kiani, Chairman and CEO of Masimo, stated, “We are excited to see the growth and strength of our healthcare business in the second quarter combined with a very strong order backlog as we enter the third quarter. Sensor utilization and hospital census has meaningfully improved from last year. Further, our healthcare team’s ability to dramatically increase our market share has been on full display over the last few years and we are off to a great start in 2024. We achieved a record second quarter in terms of converting customers to our technologies with an expected $134 million of incremental contract value, which is the best sign of a healthy future for Masimo.”

Management plans to discuss Masimo’s complete second quarter 2024 financial results and provide updated fiscal year 2024 financial guidance on the second quarter 2024 earnings call. The preliminary financial information presented in this press release is based on Masimo’s current expectations and may be adjusted as a result of the completion of customary quarterly review procedures and other processes.

For additional details, please reference the investor presentation in the Investor Relations section of the Company’s website at investor.masimo.com.

____________________________

(1) This metric represents total contract revenue over the multi-year term of the contracts, including contracts with new customers and incremental new contracted business with existing customers.

(2) Represents shipments of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters.

Supplementary Non-GAAP Financial Information

For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at investor.masimo.com to access Supplementary Financial Information.

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.

Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

-1-

The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s net operating results on an on-going basis: (i) constant currency revenue and (ii) constant currency revenue growth percentage. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s operating results with those of other companies. Management believes constant currency revenue and constant currency revenue growth are important measures in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items:

Constant currency revenue adjustments

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our revenue growth rate will continue to occur in future periods.

Second Quarter 2024 Preliminary Revenue versus Second Quarter 2023 Actuals:


RECONCILIATION OF GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE(1):
	Three Months Ended
(in millions, except percentages)	June 29, 2024		July 1, 2023
GAAP consolidated revenue	$	496	$	455

Constant currency revenue adjustments	5		N/A

Non-GAAP consolidated constant currency revenue	$	501	$	455


GAAP consolidated revenue growth %	9	%
Non-GAAP consolidated constant currency revenue growth %	10	%

__________________

(1) May not foot due to rounding.



	Three Months Ended
(in millions, except percentages)	June 29, 2024		July 1, 2023
GAAP healthcare revenue	$	344	$	281

Constant currency revenue adjustments	2		N/A

Non-GAAP healthcare constant currency revenue	$	346	$	281


GAAP healthcare revenue growth %	22	%
Non-GAAP healthcare constant currency revenue growth %	23	%

__________________

(1) May not foot due to rounding.

-2-



	Three Months Ended
(in millions, except percentages)	June 29, 2024		July 1, 2023
GAAP non-healthcare revenue	$	152	$	174

Constant currency revenue adjustments	3		N/A

Non-GAAP non-healthcare constant currency revenue	$	155	$	174


GAAP non-healthcare revenue growth %	(13)	%
Non-GAAP non-healthcare constant currency revenue growth %	(11)	%

__________________

(1) May not foot due to rounding.

-3-

About Masimo

Masimo (Nasdaq: MASI) is a global technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight iconic audio brands, including Bowers & Wilkins®, Denon®, Marantz®, and Polk Audio®. Our mission is to improve life, improve patient outcomes; and reduce the cost of care. Masimo SET® Measure-through Motion and Low Perfusion™ pulse oximetry, introduced in 1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies. Masimo SET® has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates, improve CCHD screening in newborns, and, when used for continuous monitoring with Masimo Patient SafetyNet™ in post-surgical wards, reduce rapid response team activations, ICU transfers, and costs. Masimo SET® is estimated to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world, and is the primary pulse oximetry at 9 of the top 10 hospitals as ranked in the 2022-23 U.S. News and World Report Best Hospitals Honor Roll. In 2005, Masimo introduced rainbow® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively and intermittently, including total hemoglobin (SpHb®), oxygen content (SpOC™), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), Pleth Variability Index (Pvi®), RPVi™ (rainbow® Pvi), and Oxygen Reserve Index (Ori™). In 2013, Masimo introduced the Root® Patient Monitoring and Connectivity Platform, built from the ground up to be as flexible and expandable as possible to facilitate the addition of other Masimo and third-party monitoring technologies; key Masimo additions include Next Generation SedLine® Brain Function Monitoring, O3® Regional Oximetry, and ISA™ Capnography with NomoLine® sampling lines. Masimo’s family of continuous and spot-check monitoring Pulse CO-Oximeters® includes devices designed for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7®, Radius-PPG® and Radius VSM™, portable devices like Rad-67®, fingertip pulse oximeters like MightySat® Rx, and devices available for use both in the hospital and at home, such as Rad-97®. Masimo hospital and home automation and connectivity solutions are centered around Root and the Masimo Hospital Automation™ platform, and include Iris® Gateway, iSirona™, Patient SafetyNet, Replica®, Halo ION, UniView®, UniView :60™, and Masimo SafetyNet™. Masimo’s growing portfolio of health and wellness solutions include Radius T™ and the Masimo W1™ watch, Stork™, Opioid Halo™, Bridge™, and PerL™. Additional information about Masimo and its products may be found at www.masimo.com. Published clinical studies on Masimo products can be found at www.masimo.com/evidence/featured-studies/feature/.

Ori and RPVi have not received FDA 510(k) clearance and are not available for sale in the United States. The use of the trademark Patient SafetyNet is under license from University HealthSystem Consortium.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including our expectations regarding our second quarter 2024 consolidated revenue, healthcare revenue, non-healthcare revenue, incremental value of new healthcare contracts, driver shipments, revenue growth and order backlog. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: the completion of customary quarterly financial statement review procedures; our dependence on Masimo SET® and Masimo rainbow SET™ products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors’ assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; our ability to successfully integrate Sound United’s brands into our business; our ability to address and expand into new markets; the lack of acceptance of any of our current or future products and technologies; obtaining regulatory approval of our current and future products and technologies; the risk that the implementation of our international realignment will not continue to produce anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers; the failure to retain and recruit senior management; product liability claims exposure; a failure to obtain expected returns from the amount of intangible assets we have recorded; the maintenance of our brand; the amount and type of equity awards that we may grant to employees and service providers in the future; our ongoing litigation and related matters; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

# # #


Investor Contact: Eli Kammerman						Media Contact: Evan Lamb
(949) 297-7077						(949) 396-3376
ekammerman@masimo.com						elamb@masimo.com

Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI and ORI are trademarks or registered trademarks of Masimo Corporation.

-4-

Preliminary Second Quarter 2024 Revenue and Select Financial Results July 9, 2024

2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “estimate,” “project,” “assume,” “guide,” “target,” “forecast,” “see,” “seek,” “can,” “should,” “could,” “would,” “intend,” “predict,” “potential,” “strategy,” “is confident that,” “future,” “opportunity,” “work toward,” and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this presentation are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this presentation. The risks and uncertainties that may cause actual results to differ materially from Masimo’s current expectations are more fully described in Masimo’s reports filed with the U.S. Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.masimo.com or upon request. All financial information contained in this presentation with respect to the second quarter of 2024 is preliminary and based on Masimo’s current expectations and may be adjusted as a result of the completion of customary quarterly review procedures and other processes. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude certain items that are more fully described in the Appendix. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. The Company has presented the following non-GAAP financial measures to assist investors in understanding the Company’s core net operating results on an on-going basis: non-GAAP revenue (constant currency), pro forma non-GAAP revenue (constant currency) and pro forma non-GAAP revenue growth (constant currency). These non-GAAP financial measures may also assist investors in making comparisons of the company’s core operating results with those of other companies. Management believes these non-GAAP financial measures are important in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business. For additional financial details, including GAAP to non-GAAP reconciliations, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information.

3 • Consolidated revenue is expected to be approximately $496 million, including Healthcare revenues of approximately $344 million and Non-Healthcare revenues of approximately $152 million. • Healthcare revenue growth is expected to be 22% on a reported basis and 23% on a constant currency basis(1). o Consumable and service revenue growth is expected to be 29%, partially offset by a 9% decline in capital equipment and other revenues(1). o Incremental value of new healthcare contracts(2) is expected to be $134 million. o Driver shipments(3) are expected to be 58 thousand. o Annualized consumable and service revenue per driver is expected to be $481, representing 25% growth(1). Preliminary Results | Second Quarter 2024 $281 $346 2023 2024 Second Quarter Total Healthcare Revenue $MM, shown at constant currency(1) Notes: 1. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 2. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 3. Represents shipments of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters. $242 $313 2023 2024 Second Quarter Total Consumable & Service Revenue $MM, shown at constant currency(1) $104 $134 2023 2024 Second Quarter Incremental Value of New Contracts(1) $MM

4 • Consolidated revenue is expected to be approximately $989 million, including Healthcare revenues of approximately $683 million and Non-Healthcare revenues of approximately $306 million. • Healthcare revenue growth is expected to be 9% on both a reported and constant currency basis(1). o Consumable and service revenue growth is expected to be 14%, partially offset by a 16% decline in capital equipment and other revenues(1). o Incremental value of new healthcare contracts(2) is expected to be $234 million. o Driver shipments(3) are expected to be 108 thousand. o Annualized consumable and service revenue per driver is expected to be $476, representing 11% growth(1). Preliminary Results | Year-to-Date Through the Second Quarter 2024 $628 $687 2023 2024 Year-to-Date Through the Second Quarter Total Healthcare Revenue $MM, shown at constant currency(1) $538 $615 2023 2024 Year-to-Date Through the Second Quarter Total Consumable & Service Revenue $MM, shown at constant currency(1) $186 $234 2023 2024 Year-to-Date Through the Second Quarter Incremental Value of New Contracts(1) $MM Notes: 1. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 2. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 3. Represents shipments of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters.

Driver Installed Base # of Units (MM) Total Consumable & Service Revenue $MM, shown at constant currency(2) Consumable & Service Revenue Per Driver Annualized Revenue $ per Driver(3) Key Performance Indicators (KPI) Professional Healthcare | Year-to-Date Through the Second Quarter 1.55 1.65 1.78 2.01 2.22 2.39 2.52 2.58 2017 2018 2019 2020 2021 2022 2023 2024 $303 $333 $384 $425 $480 $563 $538 $612 2017 2018 2019 2020 2021 2022 2023 2024 $392 $404 $431 $423 $432 $472 $426 $474 2017 2018 2019 2020 2021 2022 2023 2024 Notes: 1. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 2. The information presented is based on constant currency exchange rates used by management for 2024 financial planning and analysis purposes. Management uses this information to analyze business trends. 3. Reflects annualized figures for 2024 based on year-to-date consumable & service revenue. $42 $59 $58 $76 $129 $126 $186 $234 2017 2018 2019 2020 2021 2022 2023 2024 Incremental Value of New Contracts(1) $MM 5 As of the End of the Second Quarter of Each YearYear-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year

SET Pulse Oximetry | Consumable Revenue Shown at constant currency(1) Rainbow & Hemodynamics | Consumable Revenue Shown at constant currency(1) Capnography & Gas Monitoring | Consumable Revenue Shown at constant currency(1) Brain Monitoring | Consumable Revenue Shown at constant currency(1) Consumable Revenue by Technology Platform 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Notes: 1. The information presented is based on constant currency exchange rates used by management for 2024 financial planning and analysis purposes. Management uses this information to analyze business trends. Professional Healthcare | Year-to-Date Through the Second Quarter 6 Year-to-Date Through the Second Quarter of Each YearYear-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year

Appendix

(Unaudited; in millions, except percentages) (1,2) Quarterly Performance Year-To-Date Q3 2024 Guidance (2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 YTD 2023 YTD 2024 Revenue Healthcare 347 281 308 340 340 344 628 683 Non-Healthcare 218 174 171 209 153 152 393 306 GAAP revenue $565 $455 $479 $549 $493 $496 $1,020 $989 Healthcare 6 2 (1) (1) 2 2 8 3 Non-Healthcare N/A N/A (2) (4) 1 3 N/A 4 Constant currency adjustments $6 $2 ($2) ($5) $3 $5 $8 $7 Healthcare 352 283 307 339 341 346 635 687 Non-Healthcare 218 174 170 205 154 155 393 310 Non-GAAP revenue (constant currency) $571 $457 $477 $544 $495 $501 $1,028 $996 Healthcare 14% -21% -6% -3% -2% 22% -5% 9% Non-Healthcare N/A N/A -23% -21% -30% -13% 88% -22% GAAP revenue growth 86% -19% -13% -11% -13% 9% 17% -3% Healthcare 16% -21% -6% -4% -2% 23% -4% 9% Non-Healthcare N/A N/A -24% -23% -29% -11% 88% -21% Non-GAAP revenue growth (constant currency) 88% -19% -13% -12% -12% 10% 18% -2% Pro Forma Revenue (3) Healthcare 347 281 308 340 340 344 628 683 Non-Healthcare 218 174 171 209 153 152 393 306 GAAP revenue $565 $455 $479 $549 $493 $496 $1,020 $989 Healthcare 6 2 (1) (1) 2 2 8 3 Non-Healthcare 10 4 (2) (4) 1 3 13 4 Constant currency adjustments $15 $6 ($2) ($5) $3 $5 $21 $7 Healthcare 352 283 307 339 341 346 635 687 Non-Healthcare 228 178 170 205 154 155 406 310 Non-GAAP revenue (constant currency) $580 $461 $477 $544 $495 $501 $1,041 $996 Healthcare 14% -21% -6% -3% -2% 22% -10% 9% Non-Healthcare -13% -19% -23% -21% -30% -13% -19% -22% GAAP revenue growth 2% -20% -13% -11% -13% 9% -14% -3% Healthcare 16% -21% -6% -4% -2% 23% -9% 9% Non-Healthcare -9% -17% -24% -23% -29% -11% -16% -21% Non-GAAP revenue growth (constant currency) 5% -19% -13% -12% -12% 10% -12% -2% 8 Revenue Notes: 1. Totals may not foot due to rounding. Reported amounts may vary from amounts previously reported due to rounding conventions. 2. Constant currency adjustments are intended to reflect revenue at prior year foreign exchange rates for comparison purposes. 3. Represents pro forma financial information, which is being provided for year-over-year comparison purposes only. Pro forma financial information includes historical results for the acquired Sound United business prior to the transaction date on April 11, 2022.

Document and Entity Information Document	Jul. 08, 2024
Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jul. 09, 2024
Entity Registrant Name	MASIMO CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-33642
Entity Tax Identification Number	33-0368882
Entity Address, Address Line One	52 Discovery
Entity Address, City or Town	Irvine,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(949)
Local Phone Number	297-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	MASI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000937556
Amendment Flag	false