Masimo Corporation (NASDAQ:MASI) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET

Company Participants

Eli Kammerman - Vice President of Business Development & Investor Relations

Joe Kiani - Chairman & Chief Executive Officer

Micah Young - Executive Vice President & Chief Financial Officer

Conference Call Participants

Marie Thibault - BTIG

Matt Taylor - Jefferies

Michael Polark - Wolfe Research

Jason Bednar - Piper Sandler

Jayson Bedford - Raymond James

Mike Matson - Needham & Company

Operator

Good afternoon, ladies and gentlemen, and welcome to Masimo's First Quarter 2023 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 speakers’ remarks, there will be a question-and-answer session.

I am pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations.

Eli Kammerman

Thank you, and hello everyone. Joining me today are Chairman and CEO, Joe Kiani; and Executive Vice President and Chief Financial Officer, Micah Young.

This call will contain forward-looking statements, which reflect management's current judgment including certain of our expectations regarding fiscal year 2023 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. You will find these in the Investor Relations section of our website.

Also this call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We generally refer to these as non-GAAP financial measures. In addition to GAAP results these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results.

Management uses non-GAAP measures to budget, evaluate and measure the company's performance and sees these also as an indicator of the company's ongoing business performance. The company believes that these non-GAAP financial measures increase transparency to better reflect the underlying financial performance of the business. Therefore, the financial measures we will be covering today will be primarily on a non-GAAP basis unless noted otherwise.

Further we will also be referencing pro forma financial measures, which include historical results for Sound United prior to the acquisition date of April 11, 2022. In our presentation today we will once again be referring to this business as our non-healthcare segment.