MASI - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to Masimo's First Quarter 2022 Earnings Conference Call. The company's press release is available at www.masimo.com. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. I'm pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations. ahead. go Please

Eli Kammerman

good and Thank afternoon, you, everyone.

management's today Kiani; Joe me This regarding will which fiscal and our financial certain Officer, CEO, Executive Vice call reflect statements, forward-looking Chairman year and contain judgment, President expectations Young. including of Joining Micah are current performance. and XXXX Financial Chief

forecasts to actual are factors and that Risk subject uncertainties discussed results However, our materially differ are risks they from that could in filings cause our detail differ and to cause to materially actual our results the with in could projections periodic SEC.

principles these Investor not GAAP. this are of to refer You in will non-GAAP We website. a financial our certain section calculated Also, in find measures. generally will discussion or include as the accounting these Relations accordance that of financial with measures call accepted generally

decisions. all SEC, our order the XX-K consider the the within earnings to of in of non-GAAP today, In reflect intended ongoing and with budget, as the comparable transparency GAAP the Form Management to in financial sees increase are better of such underlying management these and measures non-GAAP financial financial an to investment are company including enable make financial should the included indicator Investors recent with the release statements these informed company's measure measures assesses provide on to the business. measures measures company's GAAP information of company's addition measures evaluate investors Reconciliation website. reports results, most performance. to results operating that performance the supplementary financial these results together The way and assess most information to our these same believes directly our our non-GAAP filed to uses additional business XX-Q performance and and results.

be presentation covering the quarterly In Investor posted will addition I'll now pass to content within this our to website supplement today, Joe earnings earnings release we of the a we the to call section the issued have afternoon. Relations Kiani.

Joe Kiani

you thank joining first XXXX Thank quarter you, Earnings for Masimo's for us and Good Eli. Call. afternoon,

an second are component in our manufactured manufacturing revenue our believe to from saw happy facilities. have that that have are was today, of any supply backordered supply quarter of out expectations. we the track products shipment all we I'm barring the the quarter as quarter limited related quarter of anomaly first We to perspective This earnings almost the and report meet shortages on of chain due from at the first problems. availability and to addressed delays revenue challenges control, to chain labor and we we reported the

happy addition, normal I'm manufacturing steadily sales easing, are returning revenues we expected procedure surgeries which stock. significantly to and sufficient a rebound our With but within not seeing about for hospitals should level that and to to meet hospitalization a we elective better are of have report access output, volumes. concerns our seeing safety practices the only simultaneously increased our hospitals. force pandemic up us build allow In in

consistent while X% existing as at by our to win continue the months There renewal we grew and customers. no for past base contracts been demand fast Our demand in with a technologies. in XX to has installed a new slowdown strong rate strong pace, customer due our maintaining

successful as exciting health markets telemedicine. be we for first in and year. rose growth revenue wellness, as to due and quarter double-digit XXXX chain very very highly enabling some constant innovative While our the group Sound expect brands Masimo with some at transaction Masimo our we a company of schedule. as large our health products Sound invaluable The us care the XX for revenues technologies the United an can still issues, brings beyond. April, to ahead of we team into into for to over The deliver only the new upcoming also regarded of that closed will will supply business create launches theirs. consumer technologies combine modestly extend year in and months and products next United our leverage we In well be this currency that reach telehealth

planned Sound and broad channels as serve innovations. introduce of augmented global many as watch United hearing a will has built biosensing devices distribution our well we network that such products among us other

plans our call. We strategic on to from trend moving businesses our I'll capitalize in more outlook of to are about of excited about care the combined discuss the the hospital later potential and growing home.

our Now I our guidance. to with more provide an you and ask detail Micah on in financial XXXX review will first results quarter update

Micah Young

good and everyone. Joe, you, Thank afternoon,

Before I of direct covers detail presentation Masimo to to on which earnings want today. will you the website, the we get started, the I be that much discussing

and our to shipments, for driver be illustrate of of in limited results met of our shipments our quarter the increase by been earnings supply from durable, has in sales ability demand the demonstrate. hospitals approximately patient consecutive shipments these strength The customers we monitoring as quarter third units. first results growth. that Our in our XX,XXX XX,XXX even as had expectations our our which chain issues can driver reaching Increased seen in face demand

shipped instruments now XX years. over over technology X.X and have the boards million We last

X% XXXX, growth. of million, first growth revenue reported the constant quarter we representing $XXX X% reported and of currency For

were demand. we occurred, Had Our revenue we the our issues, which strong quarter adversely exceeded due certain have earnings this expectations our chain results supply and not for to by addressed. have customer would affected continued

Moving down the P&L.

XXX non-GAAP XX.X% XXXX period. year increased the to prior XX.X% quarter to margin first in Our basis compared gross points

driven improvement adhesive higher revenues a sensors product of by to margin we was proportion derived mix, our from gross favorable as Our equipment. compared

XX.X%. $XX non-GAAP operating an million an comparison, was XX.X%. Our first profit XXXX first quarter margin of of or non-GAAP quarter XXXX In profit $XX or operating operating million margin operating was

In diluted Our diluted comparison, first first we $X.XX achieved Overall, held and growth per sales quarter was illustrating quarter, shipments our was quarter in in share. our first XXXX driver strength $XX face for earnings $XX the per line was volume, share. income $X.XX non-GAAP business. XXXX million the affected net $XX,XXX, non-GAAP million chain that growth or income have steady the challenges supply at of core of roughly production with that or

you and in update year. the like ranges Due we stemming timing to chain which revenues business, XXXX Sound on ago. are guidance, and provide recently United full I'd with financial providing first three acquisition our for consolidated an weeks Now for supply for second quarter quarter, of expectations including challenges the from the acquired guidance the to the closed

dollar strengthening increased major U.S. of guidance currencies. foreign Our against incorporates most from currency headwinds the the

of from revenue consolidated includes million April revenue $XXX on $XXX closing quarter the second transaction XXXX, we the $XXX quarter. of Sound the United $XXX to to projecting are XX of through of for the For million the million of which million, end

includes are $XXX year-over-year revenue, million Healthcare million which projecting $X we headwinds. $XXX For our currency of million to business, of

supply recapturing illustrates revenues while $XXX For health mentioned of thoughtful earlier the quarter, chain Joe our call, broader Consistent $XXX and business, environment the the the for in challenges. a of the X% care confidence portion which large first being XX% our logistics in range year, to constant reflects second this half million this what delayed about with in to revenue growth. a million of the implies currency outlook

quarter guidance. Going back to second our

$X.XX XX% earnings and gross $X.XX. consolidated projecting per of non-GAAP from of operating XX%, margins are to ranging margins share We

on year to Now XXXX moving full our financial guidance.

transaction year, the full Sound billion $X.XX the includes which of projecting million on through from end closing million of consolidated we of year. to revenue for the to $X XX the are For United billion, the of $XXX $XXX revenue April

currency revenue are $X.XXX $XX business. implies billion billion billion guidance $X.XX This to currency range $X.XXX constant compared we million for growth year-over-year our XX% business, which care billion, For of our This a to of to currency our to Healthcare X.X% reflects billion. health of projecting revenue $X.XX update currency of headwinds. $X.XX constant prior includes constant

the enter Sound business. and and manufacturing margin this co-commercialization XX.X% share-based in increased per is than It our also partially assumes expenses, projecting a markets business, guidance allow and acquisition. that our believe us and investments are that health this projecting of shipments offset of reduction operating for benefits care per Furthermore, assumes XX% which includes operating expand important XX.X% Incorporated Sound at expected On These order today. this United the are Sound efforts. business. projecting be remainder our for X% and gross roughly instruments least in XX% We our which the markets investments year. serve margin non-GAAP product we higher business, XX% that X% Sound XXX,XXX our note which XX% consolidated revenue. of to for compensation represent to cost larger into the to of Sound technology for represent a These United of and to will margin we of co-development margins amortization of boards margins are depreciation, drive gross basis, are year On care of will includes we growing X% freight XX% health an operating United's are and by and United's basis, costs, will efficiencies consolidated to revenue. initiatives non-cash and non-GAAP guidance approximately we X% of United's guidance magnitude which large for of

of United's the currencies dollar Lastly, Sound the impacted strengthening against a by most X of points. magnitude major U.S. percentage negatively continued has margins operating

Moving further the down P&L.

finance the for expected consolidated $XXX XXXX. to credit million with This expense comprised roughly against the be the expense business in used new to associated of non-GAAP is Our is drawdown interest the non-operating $XX primarily facility acquisition. the million

weighted assumptions, care year, rate to to a I've non-GAAP for of our our $XX.X long-term are We range XX% commitment revenue long-term exceed of are business. our tax EPS to is to for business. basis. financial XX.X% a track projecting the of this achieving projecting expectations consolidated average non-GAAP been business more health of about on these steadfast on excited this and Based meet are and X% never on also $X.XX or in growth consolidated shares a $X.XX outstanding future. summarize, we To core million we

presentation our call turn Joe. please of on today's XXXX details Relations website our guidance, to earnings masimo.com. that, additional Investor For the at I'll the section financial to within With refer back

Joe Kiani

hospital Thank to part to in our health it leader care strategy of acquire as in announced can our all moving Sound you, of technology from Micah. trend well be to to in deploy growing where home, be the United settings as we Masimo as Back plans useful. a February,

consumer announced on acquisition, the potential high including we watch and our to hearing area, the launch products earbuds. enhanced intent biosensing to some in health and create wellness With biosensing our

presence Sound United has healthy with a brand. and its premium growing

as points and can and as valuable acquire through its advertising serve expertise, health Bowers the we to can that wellness beyond. the for connectivity and than sound global premium as sales, to successful telemedicine products United decision launches. Denon our Sound a influenced platform next devices advanced home distribution distribution and type for In product least a a before. HELOs software ear foundation stream saw a of our marketing XXXX, theater digital and called brands, device be over a into devices, wellness network processing flow that with In can and that launch with Wilkins our at Three, cloud, at team buds Two, the which strong assets addition and professionals for XX company. technologies. a consumer four the saw hearing strong months network health ever products in [ph] consumer of signal access very any such we connect And of & can for over more United demand systems. One, upcoming useful that channels content wearable telehealth four, home we Sound facilitate leadership consumers can and and incorporate XX,XXX augmented biosensing brand data well-established Masimo's accomplished to creating

the in loudspeakers, wireless product such brand Bowers the headphones wireless numerous XXX with reinvested Wilkins and as has PXX Series and Diamond & United Zipline PXX speaker. Sound launches iconic

which its continue from Bowers soundbars. the of can automotive brand new reach across premium Maran XXXX also process products Atmos and offering sound home extending well as renowned McLaren and design enhanced models. expanding sound brand, streams plans United high-resolution the company should to such it. connected such bar speakers the and of Sound as The The entertainment Pop theater industrial drive with Dolby as its from has Panorama new its growth be for functionality Launch adoption growing will systems, [ph] also with BMW, audio Global. wireless solutions, lineup Wilkes home and home of at and products partnership an as several and include surround of new that suite brands with Denon the Looking should benefit XXXX, headphone

can acquisition our $XXX markets. you total Sound we and and $XX billion our consumer growing website, the from market the into presentation earnings as on potential over large annually new, see health United As to from billion increases expand wellness

consumer brands home more their we While like from entire Polk organization including revenues. expect achieve health believe help products majority we and vast the hospitals will care own, our & will help Bowers our do on eventually and to Denon strong business, with grow brands growth - our constitute of rapidly and Wilkins,

opportunities devices. Some augmented truly as be for I'm of the biosensing markets combined will products hearing about introducing the we such and excited are watches

telehealth with announced efforts XXXX innovations theory pioneered signal combination experienced Examples SafetyNet the technologies. in We other betterment The many the and continuous engineering all the market consumer Masimo's we together, limited of include incredible yesterday, and years and Radius XXXX, the pioneered well pulse of technologies launch of focused in for these development our believe filters, arena. & for we in release life. the as top-tier WX, advanced XXXX, imagine with with of of the processing home AI we biosensing processing with and digital incorporation, XXXX. ago and in products sound PPG work the will such new of our in as incredible audio cases Radius incredible Sleep and accurate into just first oximetry as the for Just use wellness bio-sensing use system Masimo offering pioneer temperature and Denon and of and anniversary watch, health capitalize solutions and strategic emerging on we a adaptive T those Marantz advanced began research They in signal and and XXrd our brands, Bowers Masimo for engineering. And monitoring iSpOX biosensing of for Wilkins, on measurements. to the

Our beyond ability long-term go of confines facilities. can hospitals and to the help lives care

improve settings, we are very lives in to especially what by excited help We can do to home. other

more of you'll We Irvine. learn at to it join to Day and to mean about our be the to in what here in will able lives all future upcoming will have I September say us Masimo Investor hope of more the monitoring of sites that, and care we improving outcomes, remain We've committed life, we'll open our many. call cost to improve expanded reducing Operator? new our and With to to the mission the to and patient of mission applications. taking non-invasive questions.

Operator

question [Operator ahead. Rick Please Wise comes Instructions] Our from first from Stifel. go

open. is line Your

Rick Wise

afternoon, Good hi, Joe, Micah.

think full for the me Let in, the one mean, quarter Micah, business. I start came Help clearly and business of us you the United. your ask one with middle track. I'll for the is on Sound on about Clearly, second business, on in - setup the perhaps range. core the Base Base The year

quarter? in think of guidance. now been? quantify have what the play that But on things? your think, top do would have us about first layer you that quarter on you do How of You second reiterated cadence do maybe might And catch-up we the what the been, for as revenues side we

Micah Young

Yeah.

think quarters. confidence to supply that I quarter at a think, being more Rick, the portion implies for providing also That of shipping challenges, range $XXX in large seeing the in experienced best million for is of the to to we're recover chain QX. and those guidance We're it shortfall way we've I because we're we're basically second at of $XXX that quarter second a about the like the million recovering Masimo. look in revenues our logistics just ability end thoughtful

business, made implies quarter year, to So think an for second at the the in I on but constant prepared half million for that a point care in which growth our million a my $XXX currency reflects range important $XXX to first revenue XX% X% of revenue of I is revenue the year-to-date, half first you our remarks health the basis. look if -

that's the way it. I look should So at think you

Rick Wise

confused, me what to concerned about word know angles, acquisition. people don't Sound mean, clearly you. what been it that this us and Joe, you right the deal, about several about Maybe have let future. needs done I the to Obviously, to be maybe think Got laying out understand vision your turn is I the talk integrate very - Okay. United. help I you're from

do and clear get to pipeline. United when the Now we when - And I to and truly this unfold start vision talking pipeline - how combined don't And see talk the Masimo that and about. see know maybe you're both how that the contribute to effect? we're growth, pipeline, going to San about

Joe Kiani

you were - no right. No,

great, You're Rick.

have So about teams this combined at doing. gotten, one, both Masimo that seen working are Everyone's about feedback really I from teams, Sound I've excited and that United together. engineering the Sound The we is really and United team the acquisition. everything well excited projects are

Masimo few to the it's market kicked to the off so development hope in begin And coming we product and XXXX. maps seeing which We've product together, road team. a already

In addition, that to we consumer long-term a monitoring things. health well telehealth, comes the combined home we path home very are for working the ultimately the companies side in on care, of ensuring both as vision have fruition of as the

that be the Sound in WX far of the on they and are what XXXX. of WX I future. already, when see products of the each revenue that doing getting combination the through other But of this the their think to are you As we're think coming team are beyond the as United impact own, it will as will benefit launch derivatives

from six thing that far And I'm tell honeymoon feels hope really I so year the up you this but it stage. So months can is and around. same all now, good. thumbs a the I

Rick Wise

very you much.\ Thank Okay.

Joe Kiani

Rick. you, Thank

Operator

question go from from Jayson James. Raymond ahead. next Bedford comes Please Our

open. is line Your

Jayson Bedford

on the and of good close managing both And the deal. congrats Hi, XQ afternoon.

just couple guide What's So on United Sound Sound questions growth the in rate of a XXX of assumed United. $XXX? revenue to the

Micah Young

team closed than working What's and in very last March There's guidance, as audit, our what December. yet. a as fiscal they far as we - can't forma really give fiscal We're us. to soon to were. hoping United opposed year at on pro closed this Jason, Yes. and results They numbers Sound still different year Yes, is those XX our their financial in provide in year their ending year's is implied Micah. year-end the through the

We're So working they through because just stub closed recently on closed the audit. April working the transition period XX. through we the the also They're for year. financials the transaction

growth headwinds single-digit at a out, that back rate that organic mind for they're keep there's XX in $XXX businesses forma well of as million currency. that growth, United, to So constant single-digit through the revenue from guidance currency the is mind, high that lot revenue Keep looking assuming full you that implies, Sound on we're year. though, a guiding growth to end pro full if the the But revenue experiencing. are year. it What for we're our year a is of April both in an $XXX the in million as about high

Jayson Bedford

coming quarter Okay. assumed at I hate X Great. thought financial United a lower is X And the to than ask we for But Micah, off Sound the boring bit fourth question. call. margin op to another

EBITDA. mid-teens I at least we're think thinking

margin I here you think wondering bridging is think there And the way a term? about to in But the near weighing of cost I job temporary sub down guess I'm XX% the margin right costs good kind two. did business? of the are

Micah Young

over to managing to it But to getting of I think and job time. one about operating transitory think last way a done got I think They've they year of goes, the due that kind No, percentage the definitely room margins. year. financials good didn't margins this of Yeah. their is actually depending about where they've that's on currency they're headwinds currency in X have points thing improve but

So that's one piece.

to about The drive then the as strategic projects revenue of to are probably back we And projects for EBITDA to share-based other compensation depreciation initiatives of investment X% together. co-commercialization kind number to the number in and is other piece amortization the including a business have well. try the XX% now of that they XX% is you're that about and in and we X% X%, co-development of trying if as walk assuming you're

Jayson Bedford

- should back. get that So you. Thank

Micah Young

welcome. You're

Operator

Our Bednar next question Jason Please from ahead. Piper go Sandler. comes from

open. is line Your

Jason Bednar

a to several chain, with Hey. taking the dynamics Thanks they coming a chain start at then of and follow-up. issues last goods here and to Good starting for hand, Sound here afternoon. topical the terms where supply manufacturers supply to needed I for wanted questions in United here. the of for getting hiccups lot need both the finished then couple here But to with sourcing back have risen months, product the in be. of a

is that at it running any for can risk I don't wondering be the what's you issues be ensure the we Sound views first chain there color Masimo updated supply here can should level to call. you similar or of here repeat? appreciate So that confidence going the the then into challenge give or United. today's hit of And here talk about considering a forward, outset the But situation, quarter and in

Joe Kiani

Well, them. supply we were of many, to it immune as able chain. complained we companies the always past to many been had over mitigate about couple We years thought

tell shipment we have is had from problems. since we before. won't [indiscernible] have we I there can problem a guarantee issues lockdown couldn't to component you last-minute So predicted and What Shanghai can't one again myriad guess I a -- I shortage, labor of was once we shortage you that

the this end ship we we prepared components that we couldn't in expect earlier all at provided. not So to range need - in believe we as the to I of QX but fulfill have only said with Michael remarks, what at QX, point, we our do the what

the wrong go delays. shipments, could that now thing So shipment is really, one

we're everything need, with I thing we overboard. we on hiccups. The making the towards purchase want weather any had, But a making one I'll are the caught that tell we've if to make gone the it you they'll so labor shipping much reaching earlier shortage, just normally use out are end quarter the can. the stock We sure potential we the to little had but quarter more of any end everything doing we're have up hopefully our that only take we're we earlier, we of see customers problems. can shipment we planned pretty much safety not all not to we safety, that previously Not said to and than with as we orders don't

all they're done So I really and tell doing wonderful and there's we you, a everything have But can unfortunately everything. team, they've no guarantees.

Jason Bednar

Okay. Right. No, here. for anything follow-up Day picture, months. wait for that's the all on if know bigger or you just about just go-forward but can But four at we'll there's helpful. September. us And minute here I in Mike, rather discuss, more thinking here wonder maybe the Joe I the Investor United, having a Sound strategy hear

with what intermediate Just establishing WX and like consumer to move investments build term just you've how And find the might forward infrastructure anything platform willing the pipeline additional be you'd hearing you beyond be in Thank to plans brand, near necessary then share aids to what watch a you. are the on here, from. curious consumer to to I'd already? the that items other recent highlighted have beyond announcement? And the proper be really

Joe Kiani

United have for and this is both think line reasons. Sound can one. I Well, I Micah bought we several Bottom take

that our I think I prepared articulated remarks. during

logistics. is them sales, of management team consumer to their think and One advertisement, ability their through

distribution decades. been distribution that over is XX,XXX strong strong channel, points very built are have with over relations which there Secondly,

as also what that. use been expect doing, additional approaches to they've announce So later will to discussing We're to we we you which novel with share we add them.

distribution we a - the as try team. big without years products we as out and few preparing some WX over incredible other tried last reason And products, incredible launch to channel our we of were So coming that build our for that acquisition and up conclusion really the organically. this is an have we for

succeeded level that to thought we our the We would plans. fulfill have not

are the but our plan. that's really things they we're them, brainstorming additional have And with plan. So we

Jason Bednar

you. Thank All right.

Joe Kiani

you. Thank

Operator

from Polark Please comes your Our next question from line Wolfe ahead, is Research. Michael go open.

Michael Polark

asset billion. you. in spread. the context transaction Thanks of investment United for investment another I'm market differently. the $X surprised afternoon. a has The your going That's billion taking frame $X purchase and by ask value did is voted by communities a strategic the question to enterprise Good on and the alarmingly to to respond the question. $X And maybe billion it the direction reducing or high bit little this, the Sound one

just And way to that it maybe the different perhaps might has a way if be a rethink And consumer this of the so I and surprise wondered, did did, strategy you? with catalyzed forward if there it best vision? prosecute

Joe Kiani

they surprised have way look, much to that definitely why It our plans future. And to we got up Yeah. know in mortgage me. for bad want gain because of don't. But the our helps don't why for assurance Sound couldn't because United, that the Masimo I investors I if was or people really didn't future. reacted a imagined decision the United some invest because some the of people

this change our it So at - the reason was did we acquisition. no, big all doesn't but surprise, it the that a reaction conclusion great investors' our is all a thinking and at about not

don't done. and really If you you, out we don't point more before, is go for does judge you thought out, what this think this cash of your could the United I'm have acquisition and flow work Sound business's I'm that. fashion, I hope best And thing but not want out, see but to forward, things to what provide sometimes improve people one I is chances told your this that As an figure them the was job fashion, services of what in to to but improve going But the the customers in future. That's prove you us. we it maybe and And we products at your tell try can wrong. we'll you who I to point, survival ethical if we'll them, them know. decisions, in let you doesn't be I'm make wrong. work

Michael Polark

of the look the weeds If up I the two quarter of follow-ups, perhaps expectations, appreciate Fair Mike, you, monitor - and solid Board could revenue I'd in and it. I shipment for sequentially the number zone that. be but into with the response. and full one or appreciate The drill missed. to

And bridge so trying does shipment fall revenue number else, and the - just short? it's the there. but variance I get there, just How but everyone the me not I'm to just maybe

Micah Young

really technology were as of Michael, We Masimo-branded by tied far that's driver really - challenges amount the you kind as Yes, and of our boards some were supply to out that strong as we from shipments the see had there that demand. of up is due equipment driven number, the in answer quarter. overall and the was get the our logistics chain to strong we able those with

have shipments driver able in our ship those branded been to been stronger first drivers. we all Masimo had the So quarter would

you're more confidence So year. I going see, we've where to rest of the year think this for and least XXX,XXX, that that's of that, more at shipping and XXX,XXX got the

the So that I Masimo-branded the shipments you'll year think equipment. for I on to each as that's that's of some think start strong to. the quarter recover floor we're rest And what driving now, see we of and

Michael Polark

it. Got

on I been Best reply work could clearly. wearables color. last around one, years. hadn't X walking So weekend have I need higher. marketplace, good That do the the last Thank look, consumer shipments would And was you. in been and Buy there to

and you the there yesterday can get price users commercial perspective? from out that was in pilot But perhaps how to provide? I will it market? the market selling up or color of the off in year, fuller launch, half the other quarter hat-orient. U.S. that saw any fall next some compare coming WX release for Where to price in device access the the the be products a will in two. roll Is next will point as the this you here a So

Joe Kiani

There accurate the release as is is will be market monthly probably it only come for one we'll $XXX only features limited it the other the that in services people where date. oximetry after agreements. will up annual can or that the many and with market far sign pulse announce at market, lands as that in with And continuous

just probably it's think we So right.

Michael Polark

questions. Thanks for the taking

Joe Kiani

you. Thank

Operator

Marie ahead. Thibault from Please from comes question next Our Instructions] BTIG. [Operator go

Your line open. is

Marie Thibault

about good bit Hi, little share did evening. to the augmented device. more I want hearing a

September, we if more that more to wait of, about capable this or a hear me but tell little what can that is to you're a is inducing? be will I'd this love need You something till bit [indiscernible]

Joe Kiani

claims be to over we believe There counter, of to might about get hearing the have best improvement. Well, clearance for for marketed we all, Rx an experience individuals ability ones might that marked for enhancement help are will not will we for will there it be - as version FDA possible hearing people have be first sound will sounds that and making they better. be that be the

Marie Thibault

patent much front. front, but the litigation some and you know I following the forth of Sound Okay. of forward That's Would on sort here that. from follow-up my the how clear certainly enough. review ask update love away don't on I'll We hearing United. to lines hear lawsuit. back and time we've look been some on the to an could [indiscernible] interparts the

us So I factual tell anything the would close or Commission? the just to you Trade like Internet to the latest lawsuit National can on hear

Joe Kiani

going go on. The and case, in Well, final in June, January case, in have year. in have we trial that we're patents September decision next are Trade on and Commission to we a to of believe resolution we patents expect the that great with the International to spot

we ITC good case. a District And on the then - which Court, really secret on we our feel a about case. the have to trial in supposed is trade So March,

re-exam an Apple stayed filed in the the patents, IPR. know, a the have when allowed by our been you case key patents got of As patent on that couple case interparty

may sicker have [ph] far, really our hopefully, third trade third cases we But good in feel about case, to trial. they and a go through the or So may the we'll future. some added to so case news get they good share

Marie Thibault

right. taking I question. appreciate All Thank And helpful, Very Joe. you. the

Joe Kiani

you. Thank

Joe Kiani

all I done the day. and being you attending the appreciate think Thank on We for we're you call.

goals,. to WX Our the we're as something learn take so limited analysts to you what that our long doing. you are about can welcome agree release on more market as of

next thank call. look to forward and So you all, our we

Operator

and participation. for conference you today's gentlemen, Thank call. Ladies concludes this your

now may You disconnect.

Masimo (MASI) 3 May 222022 Q1 Earnings call transcript