Medical technology company Masimo Corp. said Tuesday its profit rose 19 percent in the second quarter as sales of its oxygen measuring devices improved.
Masimo said it earned $17 million, or 28 cents per share, in the quarter ended July 2. It reported a profit of from $14.3 million, or 24 cents per share, one year earlier. Revenue increased 9 percent, to $109.6 million from $100.1 million.
Analysts expected a profit of 28 cents per share and $111.3 million in revenue, according to estimates compiled by FactSet.
The company said it shipped 37,300 Masimo SET pulse oximetry and Rainbow SET pulse CO-Oximetry units during the second quarter, up 2 percent from a year ago. Pulse oximetry devices monitor oxygen in the bloodstream, and the company's Rainbow Set device also measures hemoglobin content and collects other data.
The company said its installed base at the end of the quarter was about 922,000 units, up 17 percent from a year ago.
Masimo said its product revenue rose 17 percent to $102.6 million, and royalty revenue fell to $7 million from $12.1 million.
The company also said its board of directors approved the repurchase of up to 3 million shares of stock. The share repurchase program goes into effect Friday, and it will continue over the next two years unless the board decides to terminate it. Masimo had about 61.2 million shares on the market during the second quarter.
Shares of Masimo rose $1.83, or 7.9 percent, to $25.01 on Tuesday. The stock was unchanged in aftermarket trading.