Masimo (NASDAQ: MASI) today announced its financial results for the fourth quarter and year ended December 29, 2012.
Masimo's total fourth quarter revenue, including royalties, rose 18% to $132.2 million, compared to $112.3 million for the fourth quarter of 2011. Fourth quarter 2012 product revenue rose 20% to $125.3 million, compared to $104.7 million for the fourth quarter of 2011. The company's worldwide end-user product revenue grew 18% in the fourth quarter of 2012 and represented 85% of product revenue. OEM sales, which accounted for 15% of product revenue, rose 28% compared to the same period in 2011. Revenue from sales of Masimo rainbow products rose 13% to $11.1 million in the fourth quarter, compared to $9.8 million for the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $15.0 million, or $0.26 per diluted share, compared to net income of $13.8 million, or $0.23 per diluted share, in the fourth quarter of 2011. The fourth quarter 2012 results were impacted by a $1.3 million non-operating expense primarily related to realized and unrealized net losses on foreign currency denominated transactions due to strengthening of the U.S. dollar against the Japanese yen, and suspension of the federal research tax credit in fiscal 2012, which combined to reduce fourth quarter 2012 EPS by approximately $0.03.
For 2012, Masimo's total revenue, including royalties, rose 12% to $493.2 million, compared to $439.0 million for 2011. Total 2012 product revenue rose 14% to $464.9 million, compared to $406.5 million for 2011. The company's worldwide end-user revenue grew 16% in 2012 and represented 85% of product revenue. OEM sales, which accounted for 15% of product revenue, rose 8% compared to 2011. Revenue from sales of Masimo rainbow products rose 18% to $40.3 million in 2012, compared to $34.1 million in 2011. Total 2012 rainbow revenue included a 48% increase in total hemoglobin (SpHb) sales compared to 2011.
Net income for 2012 was $62.3 million, or $1.07 per diluted share, compared to net income of $63.7 million, or $1.05 per diluted share, in 2011. The 2012 results were impacted by a $1.4 million non-operating expense primarily related to realized and unrealized net losses on foreign currency denominated transactions due to strengthening of the U.S. dollar against the Japanese yen, and the suspension of the federal research tax credit in fiscal 2012, which combined to reduce 2012 EPS by approximately $0.03. The 2012 results also included a $0.06 per share loss attributed to Masimo's 2012 acquisitions of PHASEIN AB and Spire Semiconductor.