Masimo (NASDAQ:MASI) today provided its revenue forecast for the year 2024.
The company is expecting it to be in the range of $2.05 billion to $2.17 billion, surpassing the consensus estimate of $2.09 billion. MASI also forecasts adjusted earnings per share (EPS) for the same period to be between $3.44 and $3.60, exceeding the estimated $3.08.
MASI stock gained 2.2% on the news.
The company also announced preliminary results for the fourth quarter, and it anticipates revenue to be in the range of $541 million to $551 million, above the Street’s $537 million estimate.
“Effective fiscal year 2024, we are updating our non-GAAP financial measures to exclude the impact of all expenses related to our litigation against Apple,” MASI said.
“Masimo believes all of the Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance and is therefore excluding them from its non-GAAP financial measures.”