Masimo Corp announces board member resignation

IRVINE, CA – Masimo Corporation (NASDAQ:MASI), a medical technology company valued at $9.36 billion, reported on Friday the resignation of board member Robert Chapek. The departure is set to take effect on the date of the company’s 2025 annual meeting, which has yet to be scheduled. The company’s stock has shown remarkable strength, gaining nearly 70% over the past six months according to InvestingPro data.

Chapek, who joined the Masimo board in January 2024, has confirmed that his decision to resign is not due to any disagreements with the company regarding its operations, policies, or practices. Until the effective date of his resignation, he will continue to serve on the Board and its Audit Committee.

The announcement, disclosed in a recent 8-K filing with the Securities and Exchange Commission, did not include information about a successor or the reasons behind Chapek’s departure beyond the absence of conflict with company management.

Masimo specializes in noninvasive patient monitoring technologies and is recognized for its innovative pulse oximetry and noninvasive blood constituent monitoring. The company has not provided any additional details regarding the implications of Chapek’s resignation or its plans for filling the upcoming vacancy on the board.

As per standard corporate governance practices, the board of directors will likely seek to identify a qualified candidate to fill the vacancy created by Chapek’s departure in due course.

In other recent news, Masimo Corp . reported promising preliminary financial results for the fourth quarter of 2024, with expected revenue of approximately $601 million surpassing consensus estimates. This marks a year-over-year growth of about 9%. Jefferies analyst Matthew Taylor maintained a Hold rating on Masimo shares, despite increasing the price target from $145 to $165, following the report of these preliminary sales.

The company also presented its fiscal year 2025 guidance, modestly increasing its sales growth forecast from the 7-10% range to 8-11%. Earnings per share (EPS) are projected to be between $4.90 and $5.10. Analysts from Raymond (NSE:RYMD) James and Piper Sandler also expressed confidence in Masimo’s ability to surpass Q4 projections and 2025 consensus estimates.

In addition to these financial updates, Masimo announced a strategic shift towards its core healthcare business, resulting in the termination of Tao Levy, the company’s Executive Vice President of Business Development, and the appointment of Michelle Brennan as interim Chief Executive Officer for a six-month term.

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