Masimo’s Geographic Segments in Fiscal 2017


Mar. 8 2018, Updated 2:20 p.m. ET

Geographic segments

Masimo (MASI) generates its revenues from global operations. The company generates most of its revenues from three key regions:

  • the US
  • Europe, the Middle East, and Africa
  • Asia and Australia

These regions contributed 68%, 18.6%, and 9.8% of Masimo’s total revenues, respectively, in fiscal 2017—compared to 70%, 17% and 10% in fiscal 2016.

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Cash flows

In fiscal 2017, Masimo generated an operating cash flow of $56 million—compared to $419.1 million in fiscal 2016. The decrease was due to lower profits generated and an increase in taxes payable during the period.

In fiscal 2017, Masimo spent $47.9 million on investing activities—compared to $25.3 million in fiscal 2016. Masimo spent $43.6 million on property and equipment purchases in fiscal 2017—compared to $19.7 million in fiscal 2016.

Masimo spent $4.1 million on financing activities in fiscal 2017—compared to $216.6 million in fiscal 2016. The change was due to repaying the revolving line of credit of $230 million in fiscal 2016. In fiscal 2017, Masimo raised $62.2 million from issuing common stock—compared to $37.2 million in fiscal 2016.

At the end of fiscal 2017, Masimo had cash and equivalents of $315.4 million—compared to $308.1 million at the end of fiscal 2016.

Revenue forecast

In fiscal 2018, Masimo is expected to generate revenues of $838.8 million. Cerner (CERN), Illumina (ILMN), and Pfizer (PFE) are expected to generate revenues of $5.5 billion, $3.1 billion, and $54.4 billion, respectively, in fiscal 2018.

Next, we’ll discuss Masimo’s operational performance.


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