According to Piper Jaffray, Masimo MASI reported 1Q11 revenue above its and Street consensus expectations, with in-line EPS.
Piper Jaffray said that rainbow was below estimate due to the timing of last year's large military order, but much stronger than expected SET revenue drove 1Q11 top-line upside. “Driver placements remain strong and once again topped our expectations (43,100 vs. PJC: 37,536). Although EPS was in-line with consensus, gross margin was below our estimate, with ~50% of the difference due to non-recurring absorption, which we expect to rebound. F2011 guidance remains unchanged. We maintain our Overweight rating and $38 price target on MASI shares.”
Masimo closed yesterday at $33.73.
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