$MASI
MASIMO CORP

2015 Q3 Form 10-Q Financial Statement

#000093755615000125 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q2
Revenue $155.7M $140.9M
YoY Change 8.05% 2.55%
Cost Of Revenue $52.83M $47.83M
YoY Change 10.3% 3.55%
Gross Profit $102.9M $93.10M
YoY Change 6.94% 2.04%
Gross Profit Margin 66.08% 66.06%
Selling, General & Admin $61.67M $61.35M
YoY Change -0.64% 13.24%
% of Gross Profit 59.93% 65.9%
Research & Development $13.39M $13.34M
YoY Change -5.76% -3.86%
% of Gross Profit 13.02% 14.33%
Depreciation & Amortization $3.900M $3.100M
YoY Change 14.71% 10.71%
% of Gross Profit 3.79% 3.33%
Operating Expenses $75.06M $74.69M
YoY Change 1.49% 9.75%
Operating Profit $27.84M $18.41M
YoY Change 25.03% -20.6%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.125M $323.0K
YoY Change 98.76% -235.71%
Pretax Income $26.72M $18.73M
YoY Change 23.1% -18.37%
Income Tax $8.020M $4.776M
% Of Pretax Income 30.02% 25.5%
Net Earnings $19.35M $13.80B
YoY Change 30.2% 80907.16%
Net Earnings / Revenue 12.43% 9794.0%
Basic Earnings Per Share $0.38 $0.25
Diluted Earnings Per Share $0.36 $0.24
COMMON SHARES
Basic Shares Outstanding 51.30M shares 55.88M shares
Diluted Shares Outstanding 53.68M shares 56.82M shares

Balance Sheet

Concept 2015 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.4M $97.10M
YoY Change 0.34% 24.33%
Cash & Equivalents $119.4M $97.09M
Short-Term Investments
Other Short-Term Assets $20.46M $4.135M
YoY Change 276.92% 27.19%
Inventory $71.59M $58.28M
Prepaid Expenses $7.912M $9.755M
Receivables $73.87M $75.26M
Other Receivables $7.300M $7.400M
Total Short-Term Assets $309.6M $272.0M
YoY Change 3.34% 15.27%
LONG-TERM ASSETS
Property, Plant & Equipment $122.7M $82.43M
YoY Change 40.07% 243.6%
Goodwill $20.37M $22.26M
YoY Change -6.37% -0.93%
Intangibles $28.04M $28.36M
YoY Change -0.54% 1.3%
Long-Term Investments
YoY Change
Other Assets $12.67M $7.012M
YoY Change 67.74% -6.17%
Total Long-Term Assets $274.0M $226.7M
YoY Change 17.66% 40.62%
TOTAL ASSETS
Total Short-Term Assets $309.6M $272.0M
Total Long-Term Assets $274.0M $226.7M
Total Assets $583.6M $498.8M
YoY Change 9.61% 25.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.47M $29.10M
YoY Change 12.0% -7.97%
Accrued Expenses $28.18M $18.61M
YoY Change -10.56% 17.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $75.10M
YoY Change -99.92% 75000.0%
Total Short-Term Liabilities $114.3M $171.4M
YoY Change -52.41% 84.68%
LONG-TERM LIABILITIES
Long-Term Debt $177.6M $200.0K
YoY Change 177500.0% 0.0%
Other Long-Term Liabilities $7.273M $7.326M
YoY Change -3.59% -29.07%
Total Long-Term Liabilities $7.273M $7.326M
YoY Change -3.59% -29.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.3M $171.4M
Total Long-Term Liabilities $7.273M $7.326M
Total Liabilities $299.6M $179.4M
YoY Change 20.61% 72.9%
SHAREHOLDERS EQUITY
Retained Earnings $245.1M $169.2M
YoY Change 33.2% 56.9%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $267.6M $132.6M
YoY Change 44.4% 58.9%
Treasury Stock Shares 10.99M shares 6.181M shares
Shareholders Equity $283.7M $319.5M
YoY Change
Total Liabilities & Shareholders Equity $583.6M $498.8M
YoY Change 9.61% 25.56%

Cashflow Statement

Concept 2015 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $19.35M $13.80B
YoY Change 30.2% 80907.16%
Depreciation, Depletion And Amortization $3.900M $3.100M
YoY Change 14.71% 10.71%
Cash From Operating Activities $9.500M $14.60M
YoY Change -66.07% 100.0%
INVESTING ACTIVITIES
Capital Expenditures -$9.400M -$60.10M
YoY Change 67.86% 1778.13%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$9.400M -$60.10M
YoY Change 67.86% 1778.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.90M 26.10M
YoY Change -2212.5% -457.53%
NET CHANGE
Cash From Operating Activities 9.500M 14.60M
Cash From Investing Activities -9.400M -60.10M
Cash From Financing Activities -16.90M 26.10M
Net Change In Cash -16.80M -19.40M
YoY Change -172.41% 506.25%
FREE CASH FLOW
Cash From Operating Activities $9.500M $14.60M
Capital Expenditures -$9.400M -$60.10M
Free Cash Flow $18.90M $74.70M
YoY Change -43.75% 611.43%

Facts In Submission

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dei Document Period End Date
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MASIMO CORP
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3051000 USD
CY2015Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3181000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
40786000 USD
CY2015Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
42961000 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
27771000 USD
CY2015Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28036000 USD
CY2015Q1 us-gaap Goodwill
Goodwill
20979000 USD
CY2015Q3 us-gaap Goodwill
Goodwill
20367000 USD
CY2014Q2 us-gaap Gross Profit
GrossProfit
93095000 USD
us-gaap Gross Profit
GrossProfit
185396000 USD
CY2015Q3 us-gaap Gross Profit
GrossProfit
102901000 USD
us-gaap Gross Profit
GrossProfit
206006000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
18728000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
49121000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26716000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
54246000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4776000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12678000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8020000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15728000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
10298000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
23523000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1210000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-7378000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1233000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3121000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1605000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-3754000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-4365000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3805000 USD
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
2424000 USD
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-1347000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3339000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
836000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-5731000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-4271000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1616000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2060000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2142000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4252000 USD
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-348000 USD
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
5852000 USD
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
942000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1113000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2375000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1915000 shares
CY2015Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
27771000 USD
CY2015Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
28036000 USD
us-gaap Interest Paid Net
InterestPaidNet
117000 USD
us-gaap Interest Paid Net
InterestPaidNet
952000 USD
CY2015Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
30642000 USD
CY2015Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
31995000 USD
CY2015Q1 us-gaap Inventory Net
InventoryNet
69718000 USD
CY2015Q3 us-gaap Inventory Net
InventoryNet
71588000 USD
CY2015Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
33056000 USD
CY2015Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
34333000 USD
CY2015Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6020000 USD
CY2015Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5260000 USD
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1500000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3100000 USD
CY2015Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2900000 USD
CY2014Q2 us-gaap Legal Fees
LegalFees
0 USD
us-gaap Legal Fees
LegalFees
-8010000 USD
CY2015Q3 us-gaap Legal Fees
LegalFees
0 USD
us-gaap Legal Fees
LegalFees
0 USD
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1600000 USD
CY2015Q1 us-gaap Liabilities
Liabilities
257265000 USD
CY2015Q3 us-gaap Liabilities
Liabilities
299550000 USD
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
565006000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
583616000 USD
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
123894000 USD
CY2015Q3 us-gaap Liabilities Current
LiabilitiesCurrent
114297000 USD
CY2014Q4 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
466800000 USD
CY2015Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
125145000 USD
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
177604000 USD
CY2015Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
79000 USD
CY2015Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
80000 USD
CY2014Q1 us-gaap Loss Contingency Accrual Carrying Value Period Increase Decrease
LossContingencyAccrualCarryingValuePeriodIncreaseDecrease
-8000000 USD
CY2015Q1 us-gaap Minority Interest
MinorityInterest
1742000 USD
CY2015Q3 us-gaap Minority Interest
MinorityInterest
392000 USD
CY2015Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
1100000 USD
CY2015Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
6900000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27909000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14473000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-63994000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-27009000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
38825000 USD
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
323000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28276000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
13802000 USD
us-gaap Net Income Loss
NetIncomeLoss
36434000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
19351000 USD
us-gaap Net Income Loss
NetIncomeLoss
39874000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
523000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1125000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-972000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
74690000 USD
us-gaap Operating Expenses
OperatingExpenses
136798000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
75060000 USD
us-gaap Operating Expenses
OperatingExpenses
150788000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18405000 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
150000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
9000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-655000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1356000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
6000 USD
CY2015Q1 us-gaap Noncurrent Assets
NoncurrentAssets
197209000 USD
CY2015Q3 us-gaap Noncurrent Assets
NoncurrentAssets
216792000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
48598000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27841000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
55218000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11892000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1909000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2084000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2354000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2721000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1033000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1791000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7108000 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5980000 USD
CY2015Q1 us-gaap Other Assets Current
OtherAssetsCurrent
21471000 USD
CY2015Q3 us-gaap Other Assets Current
OtherAssetsCurrent
20463000 USD
CY2015Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
4070000 USD
CY2015Q3 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
5227000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7485000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12668000 USD
CY2015Q3 us-gaap Other Commitment
OtherCommitment
400000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1729000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1710000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
584000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2358000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
12223000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
24.12
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.80
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
786000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
24.39
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
34733000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
19280000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
36160000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7773000 USD
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
7273000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
49152000 USD
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
81700000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
472000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1901000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2344000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62093000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24665000 USD
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2015Q3 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2015Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9816000 USD
CY2015Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7912000 USD
CY2015Q1 us-gaap Prepaid Taxes
PrepaidTaxes
417000 USD
CY2015Q3 us-gaap Prepaid Taxes
PrepaidTaxes
6266000 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-38000 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
3000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
75000000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
65000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2209000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15178000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1161000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1113000 USD
CY2015Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1416000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1377000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
489000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
585000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-91000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-134000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
446000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
490000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
13952000 USD
us-gaap Profit Loss
ProfitLoss
36443000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
18696000 USD
us-gaap Profit Loss
ProfitLoss
38518000 USD
CY2015Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8500000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122723000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
183000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
162000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
159036000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
182153000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
101952000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2015Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
81800000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
12500000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
95000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
77000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13343000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
27339000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13394000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28323000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
205260000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
245134000 USD
CY2014Q2 us-gaap Revenues
Revenues
140923000 USD
us-gaap Revenues
Revenues
280737000 USD
CY2015Q3 us-gaap Revenues
Revenues
155726000 USD
us-gaap Revenues
Revenues
310263000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
133493000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
265725000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
147612000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
294969000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61347000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
117469000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
61666000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
122465000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5208000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5429000 USD
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.377
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.331
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.340
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.374
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.362
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.318
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.320
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.320
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.016
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.018
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.007
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.014
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.014
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.013
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5185000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5786000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8300000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
138000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
726000 shares
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y1M6D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y5M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y2M12D
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51300000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.65
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.64
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
53700000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9956000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9758000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.59
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.75
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
23700000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.34
CY2013Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
6000000.0 shares
CY2014Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
9000000.0 shares
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
305999000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
283674000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
307741000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
284066000 USD
CY2015Q1 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
40500000 USD
CY2015Q3 us-gaap Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
32500000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
24.27
CY2015Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.56
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.39
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
8611000 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
10987000 shares
CY2014Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2000000 shares
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2125532 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2400000 shares
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
185906000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
267606000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
49200000 USD
CY2015Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
73400000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
81600000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8600000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7100000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56818000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57403000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53675000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53908000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55876000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51993000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56290000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Periods</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company follows a conventional 52/53 week fiscal year. Under a conventional 52/53 fiscal year, a 52 week fiscal year includes four quarters of 13 fiscal weeks while a 53 week fiscal year includes three 13 fiscal week quarters and one 14 fiscal week quarter. The Company&#8217;s last 53 week fiscal year was fiscal year 2014. Fiscal year 2015 is a 52 week fiscal year. All references to years in these notes to condensed consolidated financial statements are fiscal years unless otherwise noted.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Description of the Company</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Masimo Corporation (the Company) is a global medical technology company that develops, manufactures and markets a variety of noninvasive patient monitoring technologies. The Company&#8217;s mission is to improve patient outcomes and reduce cost of care by taking noninvasive monitoring to new sites and applications. The Company&#8217;s patient monitoring solutions generally incorporate a monitor or circuit board, proprietary single-patient use, reusable or resposable sensors, software and/or cables. The Company primarily sells its products to hospitals, emergency medical service (EMS) providers, home care providers, physician offices, veterinarians, long term care facilities and consumers through its direct sales force, distributors and original equipment manufacturer (OEM) partners.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company invented Masimo Signal Extraction Technology</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174; </sup></font><font style="font-family:inherit;font-size:10pt;">(SET</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">), which provides the capabilities of Measure-Through-Motion and Low-Perfusion</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#8482;</sup></font><font style="font-family:inherit;font-size:10pt;"> pulse oximetry to address the primary limitations of conventional pulse oximetry. Over the years, the Company&#8217;s product offerings have expanded significantly to also include noninvasive optical blood constituent monitoring, optical organ oximetry monitoring, electrical brain function monitoring, acoustic respiration monitoring and optical gas monitoring. The Company also developed the Root</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> patient monitoring and connectivity platform and the Masimo Patient SafetyNet</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#8482;</sup></font><font style="font-family:inherit;font-size:10pt;"> remote patient surveillance monitoring system. These solutions and related products are based upon Masimo SET</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, rainbow</font><font style="font-family:inherit;font-size:7pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> and other proprietary algorithms. These software-based technologies are incorporated into a variety of product platforms depending on customers&#8217; specifications. This technology is supported by a substantial intellectual property portfolio that the Company has built through internal development and, to a lesser extent, acquisitions and license agreements.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-align:left;padding-left:18px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:12pt;"> </font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the condensed consolidated financial statements for prior periods have been reclassified to conform to the current period presentation. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:17px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company prepares its financial statements in conformity with GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the determination of accounts receivable allowances, inventory reserves, warranty reserves, rebate accruals, valuation of the Company&#8217;s stock options, goodwill valuation, deferred taxes and any associated valuation allowances, distributor channel inventory, royalty revenues, deferred revenue, uncertain income tax positions, litigation costs and related accruals. Actual results could differ from such estimates.</font></div><div style="line-height:120%;padding-top:17px;text-align:left;padding-left:18px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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