05:28 PM EDT, 05/07/2024 (MT Newswires) -- Masimo ( MASI ) reported Q1 non-GAAP net income Tuesday of $0.77 per diluted share, down from $1.03 per share a year earlier.

Analysts polled by Capital IQ expected $0.70.

Revenue in the quarter ended March 30 fell to $492.8 million from $565 million a year earlier. Analysts surveyed by Capital IQ expected $487.7 million.

The company expects Q2 non-GAAP EPS of $0.73 to $0.79 on revenue of $480 million to $510 million. The consensus is for normalized EPS of $0.80 on revenue of $502.7 million.

For 2024, Masimo ( MASI ) raised its non-GAAP EPS estimates to $3.54 to $3.70 from previous guidance of $3.44 to $3.60. Analysts are looking for normalized EPS of $3.52.

The company expects 2024 revenue between $2.06 billion and $2.17 billion. Analysts polled by Capital IQ expect $2.10 billion.

The company's shares rose 1.1% in after-hours activity.

Price: 137.45, Change: +1.45, Percent Change: +1.07