MASI earnings analysis
What we found in MASI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Masimo Corporation reported Q1 2026 earnings with revenues of $403.6M, an increase of 8.5% from Q1 2025's $372M, driven by strong consumables and service revenue. Gross margin fell slightly to 62.1% from 62.9%, and operating income was $77.4M, slightly down from $78.0M in the prior year. There was a net income of $57.1M compared to a loss of $170.7M in the previous year, marking a significant recovery.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue grew to $403.6M, an 8.5% increase from $372.0M in Q1 2025.
- Positive Net Income
- Net income reached $57.1M, a substantial turnaround from a loss of $170.7M in the prior year.
- High Gross Margin
- Despite a slight decline, gross margin remained robust at 62.1%.
- Increased Operating Income
- Operating income was $77.4M, just slightly below last year's $78.0M.
- Robust Cash Flow from Operations
- Cash provided by operating activities was $46.8M, an increase from $37.9M in Q1 2025.
- Effective Management of Tariffs
- Incremental tariffs incurred were $6.7M, managed through operational efficiencies.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Costs from Tariffs
- Incremental tariffs increased costs by $6.7M, which may affect future profitability.
- Cybersecurity Incident Impact
- A cybersecurity incident impacted operations; though recovered, risks remain.
- Merger-Related Expenses
- Transaction-related costs from the Danaher merger incurred approximately $17.9M.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.36
- Gross margin
- 62.1%
- Operating margin
- 19.2%
- Segment
- Healthcare
- Segment
- OEM
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · May 1, 2026
- Masimo's 10-K for the fiscal year ended January 3, 2026 reveals significant operational transitions, including an ongoing merger with Danaher Corporation, which could impact corporate strategy and financial positioning.…
- 10-K · February 27, 2026
- Masimo’s 2026 Form 10-K is dominated by the proposed Merger with Danaher (Merger Agreement dated February 16, 2026) that would pay $180.00 per share in cash and creates material transaction-related risks and costs…
- 10-Q · November 4, 2025
- Masimo reported Q3 revenue of $371.5M, up $28.2M (+8.2%) versus Q3 2024 ($343.3M), with gross profit of $230.6M (62.1% gross margin) and operating income of $83.6M (22.5% operating margin). Continuing operations…
- 10-Q · May 6, 2025
- Masimo reported quarterly revenue of $372.0 million, up from $339.6 million a year earlier, with gross margin expanding to 62.9% and operating income rising to $78.0 million. Continuing operations delivered diluted…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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