Masimo Corporation (MASI) has reported a 64.39 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $45.33 million, or $0.82 a share in the quarter, compared with $27.58 million, or $0.53 a share for the same period last year.
Revenue during the quarter grew 8.84 percent to $186.30 million from $171.17 million in the previous year period. Gross margin for the quarter contracted 10 basis points over the previous year period to 66.63 percent. Total expenses were 76.81 percent of quarterly revenues, down from 78.19 percent for the same period last year. This has led to an improvement of 137 basis points in operating margin to 23.19 percent.
Operating income for the quarter was $43.20 million, compared with $37.34 million in the previous year period.
Operating cash flow declines
Masimo Corp has generated cash of $15.45 million from operating activities during the quarter, down 17.84 percent or $ 3.36 million, when compared with the last year period.
The company has spent $5.23 million cash to meet investing activities during the quarter as against cash outgo of $6.86 million in the last year period.
Cash flow from financing activities was $27.22 million for the quarter as against cash outgo of $5.21 million in the last year period.
Cash and cash equivalents stood at $343.82 million as on Apr. 01, 2017, up 145.76 percent or $203.92 million from $139.90 million on Apr. 02, 2016.
Working capital increases sharply
Masimo Corp has recorded an increase in the working capital over the last year. It stood at $353.59 million as at Apr. 01, 2017, up 78.79 percent or $155.82 million from $197.77 million on Apr. 02, 2016. Current ratio was at 2.74 as on Apr. 01, 2017, up from 2.65 on Apr. 02, 2016.
Cash conversion cycle (CCC) has decreased to 59 days for the quarter from 105 days for the last year period. Days sales outstanding went down to 45 days for the quarter compared with 46 days for the same period last year.
Days inventory outstanding has decreased to 59 days for the quarter compared with 99 days for the previous year period. At the same time, days payable outstanding went up to 45 days for the quarter from 41 for the same period last year.
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