# EDGAR Filing Document

**Accession Number:** 0000937556
**File Stem:** 0000937556-23-000013
**Filing Date:** 2023-2
**Character Count:** 72923
**Document Hash:** 732888bdcca831be1ea2f8c82057634a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937556-23-000013.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000937556-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASIMO CORP
- **CENTRAL INDEX KEY:** 0000937556
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **IRS NUMBER:** 330368882
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33642
- **FILM NUMBER:** 23685796

**BUSINESS ADDRESS:**
- **STREET 1:** 52 DISCOVERY
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 949-297-7000

**MAIL ADDRESS:**
- **STREET 1:** 52 DISCOVERY
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618

?xml version="1.0" ? masi-20230228

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**________________________________________________**

**FORM 8-K** 

**________________________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): February 28, 2023**![masi-20230228_g1.jpg](masi-20230228_g1.jpg)

**MASIMO CORPORATION**

**(Exact name of registrant as specified in its charter)**

**________________________________________________**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DE** | **DE** | **DE** | **001-33642** | **001-33642** | **33-0368882** |
| (State or other jurisdiction<br>of incorporation) | (State or other jurisdiction<br>of incorporation) | (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| **52 Discovery** | **Irvine,** | **CA** |  |  | **92618** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |  |  | (Zip Code) |
|  |  |  | **(949)** | **297-7000** |  |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: |
| **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

---

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| | |
|:---|:---|
| **Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:** | **Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:** |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

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| | | | |
|:---|:---|:---|:---|
| Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: | Securities Registered pursuant to Section 12(b) of the Act: |
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> | <u>Name of each exchange on which registered</u> |
| **Common Stock, $0.001 par value** | **MASI** | **The Nasdaq Stock Market LLC** | **The Nasdaq Stock Market LLC** |
| **Rights to Purchase Series A Junior Participating Preferred Stock** | **N/A** | **The Nasdaq Stock Market LLC** | **The Nasdaq Stock Market LLC** |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company | Emerging growth company | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 28, 2023, Masimo Corporation (the "Company") issued a press release announcing its financial results for the quarter and full-year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

In connection with the Company's conference call scheduled to be held on February 28, 2023, the Company's Chief Financial Officer will review supplemental information regarding the Company's financial results for the quarter and fiscal year ended December 31, 2022 as well as the Company's outlook for fiscal 2023. The Company's supplemental information is furnished as Exhibit 99.2 to this Current Report.

In addition, the Company is making available to investors supplemental financial information for fiscal 2021 and the first, second, third and fourth quarter of fiscal 2022, pursuant to the materials furnished as Exhibit 99.3 to this Current Report.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

(d) The following items are filed as exhibits to the Current Report on Form 8-K.

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| | |
|:---|:---|
| Exhibit<br> <u>No.</u> | <u>Description</u> |
| 99.1 | <u>[Press Release, Dated February 28, 2023, Reporting Fourth Quarter and Full-Year 2022 Financial Results](masi-20230228xex991.htm)</u> |
| 99.2 | <u>[Masimo Fourth Quarter and Full-Year 2022 Supplemental Presentation to Earnings Press Release](masi-q42022earningspres.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Masimo Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **MASIMO CORPORATION** | **MASIMO CORPORATION** |
| Date: February 28, 2023 | By: | /s/ MICAH YOUNG |
|  |  | Micah Young |
|  |  | Executive Vice President & Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![masimologoq2020.jpg](masimologoq2020.jpg)

**Masimo Reports Fourth Quarter and Full-Year 2022 Financial Results**

**Fourth Quarter 2022 Highlights:** 

---

| |
|:---|
| Consolidated revenue was $617.0 million; |
| Healthcare revenue was $351.9 million, representing 7.4% reported growth and 10.1% constant currency growth; and |
| Non-healthcare revenue was $265.1 million. |

---

**Full-Year 2022 Highlights:**

---

| |
|:---|
| Consolidated revenue was $2,035.8 million; |
| Healthcare revenue was $1,340.3 million, representing 8.2% reported growth and 10.6% constant currency growth; and |
| Non-healthcare revenue was $695.5 million. |

---

**Irvine, California, February 28, 2023** - Masimo (Nasdaq: MASI) today announced its financial results for the fourth quarter and full-year ended December 31, 2022.

**Fourth Quarter 2022 Results:**

Consolidated revenue was $617.0 million, representing 88.3% reported growth. Healthcare revenue was $351.9 million, representing 7.4% reported growth and 10.1% growth on a constant currency basis. Non-healthcare revenue was $265.1 million.

Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments were 78,800.

Consolidated GAAP operating income was $73.5 million. Consolidated non-GAAP operating income was $104.4 million. Consolidated GAAP net income was $41.1 million, or $0.76 per diluted share, which includes expenses related to the Sound United acquisition. Consolidated non-GAAP net income was $71.3 million, or $1.32 per diluted share.

**Full-Year 2022 Results:**

Consolidated revenue was $2,035.8 million, representing 64.3% reported growth. Healthcare revenue was $1,340.3 million, representing 8.2% reported growth and 10.6% growth on a constant currency basis. Non-healthcare revenue was $695.5 million.

Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments were 307,600.

Consolidated GAAP operating income was $210.0 million. Consolidated non-GAAP operating income was $362.2 million. Consolidated GAAP net income was $143.5 million, or $2.60 per diluted share, which includes expenses related to the Sound United acquisition. Consolidated non-GAAP net income was $253.2 million, or $4.59 per diluted share.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said "2022 was a momentous year for Masimo. Our healthcare business outperformed expectations. We continued to innovate and deliver clinically proven new products in our professional healthcare markets. In addition, we accelerated our strategy to capture the vast consumer health market opportunity with the acquisition of Sound United and the introduction of new wearable technologies such as our W1<sup>™</sup> biosensing watch. The acquisition has provided us with immediate scale across consumer engineering, sales, marketing and distribution that would have otherwise taken many years of dilutive investment to build. Instead, we've already completed the integration and are working to realize the tremendous potential of the hearables, wearables and telemonitoring markets unlocked by our unique combination of healthcare and consumer technology capabilities."

For additional financial details, please visit the Investor Relations section of the Company's website at <u>investor.masimo.com</u> to access the fourth quarter 2022 earnings presentation materials.

------

**First Quarter 2023 and Full-Year 2023 Financial Guidance**

The Company provided the following estimates for its full-year 2023 guidance:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Q1 2023**<br>**Guidance**<sup>(1)</sup> | **Q1 2023**<br>**Guidance**<sup>(1)</sup> | **Updated Full-Year**<br> **2023 Guidance**<sup>(1)</sup> | **Updated Full-Year**<br> **2023 Guidance**<sup>(1)</sup> |
| **(in millions, except earnings per diluted share)** | **GAAP** | **Non-GAAP** | **GAAP** | **Non-GAAP** |
| Consolidated revenue | $550 to $565 | $550 to $565 | $2,415 to $2,460 | $2,415 to $2,460 |
| Healthcare revenue | $340 to $345 | $340 to $345 | $1,450 to $1,465 | $1,450 to $1,465 |
| Non-healthcare revenue | $210 to $220 | $210 to $220 | $965 to $995 | $965 to $995 |
| Consolidated operating profit | $43 to $46 | $72 to $75 | $319 to $324 | $400 to $405 |
| Consolidated earnings per diluted share | $0.41 to $0.46 | $0.81 to $0.86 | $3.59 to $3.69 | $4.70 to $4.80 |

---

______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Updated guidance provided February 28, 2023.

**•** For our healthcare segment, our first quarter and full-year 2023 revenue guidance includes year-over-year foreign currency headwinds of $5.0 million and $3.0 million, respectively.

**Supplementary Non-GAAP Financial Information**

For additional non-GAAP financial details, please visit the Investor Relations section of the Company's website at <u>www.masimo.com</u> to access Supplementary Financial Information.

<u>Non-GAAP Financial Measures</u>

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company's on-going operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP.

Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

The Company has presented the following non-GAAP measures to assist investors in understanding the Company's net operating results on an on-going basis: (i) constant currency product revenue growth percentage, (ii) non-GAAP net income, (iii) non-GAAP (net income) earnings per diluted share and (iv) non-GAAP operating income/margin. These non-GAAP financial measures may also assist investors in making comparisons of the Company's operating results with those of other companies. Management believes constant currency product revenue growth, non-GAAP operating income/margin, non-GAAP net income and non-GAAP earnings per diluted share are important measures in the evaluation of the Company's performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items:

***<u>Constant currency revenue adjustments</u>***

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our revenue growth rate will continue to occur in future periods.

***<u>Acquired tangible asset amortization</u>***

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired tangible assets and asset valuation step-ups.

------

***<u>Acquired intangible asset amortization</u>***

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired intangible assets including, but not limited to customer relationships, intellectual property, trade names and non-competition agreements.

***<u>Acquisition, integration and related costs</u>***

These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments, divestitures, assets impairments, and in-process research and development.

***<u>Litigation related expenses, settlements and awards</u>***

These transactions represent gains, losses, and other related costs associated with certain litigation matters, which can vary in their characteristics, frequency and significance to our operating results.

***<u>Other adjustments</u>***

In the event there are gains, losses and other adjustments which impact period-to-period comparability and do not represent the underlying ongoing results of the business, the Company may choose to exclude these from non-GAAP earnings.

***<u>Realized and unrealized gains or losses</u>***

These transactions represent gains, losses, and other related costs associated with foreign currency denominated transactions and investments. Changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Unrealized and realized gains and losses on investments may impact the Company's reported results of operations for a period. These items are highly variable, difficult to predict and outside the control of those responsible for the underlying operations of the business. Other items included in realized and unrealized gains and losses are mark-to-market gains and losses of derivative contracts that are not designated as hedging instruments or the ineffective portions of cash flow hedges.

***<u>Financing related adjustments</u>***

The Company may enter into various financial arrangements whereby costs are incurred and certain instrument features are valued and expensed accordingly but are not necessarily indicative of the on-going cash flow generation of the Company and therefore excludes these costs from non-GAAP earnings. For GAAP earnings per diluted share purposes, the Company cannot reflect the anti-dilutive impact, if applicable, in its diluted shares calculations. However, the Company believes that reflecting the anti-dilutive impact of these instruments in non-GAAP earnings per diluted share provides management and investors with useful information in evaluating the financial performance of the Company on a per share basis.

***<u>Tax impact of non-GAAP adjustments</u>***

In order to reflect the tax effected impact of the non-GAAP adjustments, the Company will adjust the non-GAAP earnings by the approximate tax impact of these adjustments.

***<u>Excess tax benefits from stock-based compensation expense</u>***

GAAP requires that excess tax benefits recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. As these excess tax benefits may be highly variable from period-to-period, the Company may choose to exclude these tax benefits from non-GAAP earnings to facilitate comparability between periods and with peers.

------

**<u>Fourth Quarter and Full-Year 2022 Actuals versus Fourth Quarter and Full-Year 2021 Actuals:</u>**

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Three Months Ended** | **Three Months Ended** |
| **(in millions, except percentages)** | **December 31,<br>2022** | **January 1,<br>2022** |
| GAAP healthcare revenue | $351.9 | $327.6 |
| Constant currency revenue adjustments | 8.6 | N/A |
| Non-GAAP healthcare constant currency revenue | $360.5 | $327.6 |

---

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| | |
|:---|:---|
| GAAP healthcare revenue growth percentage | 7.4% |
| Non-GAAP healthcare constant currency revenue growth percentage | 10.1% |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| **(in millions, except percentages)** | **December 31,<br>2022** | **January 1,<br>2022** |
| GAAP healthcare revenue | $1340.3 | $1239.2 |
| Constant currency revenue adjustments | 30.0 | N/A |
| Non-GAAP healthcare constant currency revenue | $1370.4 | $1239.2 |

---

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| | |
|:---|:---|
| GAAP healthcare revenue growth percentage | 8.2% |
| Non-GAAP healthcare constant currency revenue growth percentage | 10.6% |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Three Months Ended** | **Three Months Ended** |
| **(in millions)** | **December 31,<br>2022** | **January 1,<br>2022** |
| GAAP operating income | $73.5 | $77.4 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 2.4 | 0.1 |
| Acquired intangible asset amortization | 10.1 | 1.5 |
| Acquisition, integration and related costs | 5.8 | 0.8 |
| Litigation related expenses, settlements and awards | 12.6 | 4.4 |
| Total non-GAAP adjustments | 30.9 | 6.8 |
| Non-GAAP operating income | $104.4 | $84.2 |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| **(in millions)** | **December 31,<br>2022** | **January 1,<br>2022** |
| GAAP operating income | $210.0 | $275.8 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 59.4 | 0.5 |
| Acquired intangible asset amortization | 25.5 | 6.1 |
| Acquisition, integration and related costs | 38.4 | 3.1 |
| Litigation related expenses, settlements and awards | 28.7 | 6.0 |
| Other adjustments |  | 3.4 |
| Total non-GAAP adjustments | 152.0 | 19.0 |
| Non-GAAP operating income | $362.2 | $294.8 |

---

_________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| **(in millions, except per diluted share amounts)** | **Per Diluted Share** | **Per Diluted Share** |
| GAAP net income | $0.76 | $1.18 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 0.04 |  |
| Acquired intangible asset amortization | 0.19 | 0.03 |
| Acquisition, integration and related costs | 0.11 | 0.01 |
| Litigation related expenses, settlements and awards | 0.23 | 0.08 |
| Realized and unrealized gains or losses | 0.14 | 0.01 |
| Financing related adjustments | 0.01 |  |
| Tax impact of non-GAAP adjustments | (0.15) | (0.02) |
| Excess tax benefits from stock-based compensation expense |  | (0.08) |
| Total non-GAAP adjustments | 0.56 | 0.03 |
| Non-GAAP net income | $1.32 | $1.21 |
| Weighted average shares outstanding-diluted | 54.1 | 57.8 |

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__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| **(in millions, except per diluted share amounts)** | **Per Diluted Share** | **Per Diluted Share** |
| GAAP net income | $2.60 | $3.98 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 1.08 | 0.01 |
| Acquired intangible asset amortization | 0.46 | 0.11 |
| Acquisition, integration and related costs | 0.70 | 0.05 |
| Litigation related expenses, settlements and awards | 0.52 | 0.10 |
| Other adjustments | (0.02) | 0.06 |
| Realized and unrealized gains or losses | (0.10) | 0.03 |
| Financing related adjustments | 0.03 |  |
| Tax impact of non-GAAP adjustments | (0.64) | (0.06) |
| Excess tax benefits from stock-based compensation expense | (0.04) | (0.28) |
| Total non-GAAP adjustments | 1.98 | 0.01 |
| Non-GAAP net income | $4.59 | $3.99 |
| Weighted average shares outstanding-diluted | 55.2 | 57.7 |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

**<u>First Quarter 2023 and Full-Year 2023 Financial Guidance:</u>**

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE</u>**<sup>(1)</sup>**<u>:</u>** |
| **(in millions, except percentages)** | **Q1 2023<br> Guidance**<sup>(2)</sup> | **Updated Full-Year**<br> **2023 Guidance**<sup>(2)</sup> |
| GAAP healthcare revenue | $340 to $345 | $1,450 to $1,465 |
| Constant currency revenue adjustments | 5 | 3 |
| Non-GAAP constant currency revenue | $345 to $350 | $1,453 to $1,468 |

---

---

| | | |
|:---|:---|:---|
| GAAP healthcare revenue growth percentage | 12% to 13% | 8% to 9% |
| Non-GAAP healthcare constant currency revenue growth percentage | 13% to 15% | 8% to 10% |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Updated guidance provided on February 28, 2023.

------

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME</u>**<sup>(1)</sup>**<u>:</u>** |
| **(in millions)** | **Q1 2023<br> Guidance**<sup>(2)</sup> | **Updated Full-Year**<br> **2023 Guidance**<sup>(2)</sup> |
| GAAP operating income | $43 to $46 | $319 to $324 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 2 | 9 |
| Acquired intangible asset amortization | 10 | 42 |
| Acquisition, integration and related costs | 5 | 8 |
| Litigation related expenses, settlements and awards | 12 | 22 |
| Total non-GAAP adjustments | 29 | 81 |
| Non-GAAP operating income | $72 to $75 | $400 to $405 |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Updated guidance provided on February 28, 2023.

---

| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** | **<u>RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE</u>**<sup>(1)</sup>**<u>:</u>** |
| | **Q1 2023**<br> **Guidance**<sup>(2)</sup> | **Updated Full-Year** <br>**2023 Guidance**<sup>(2)</sup> |
| **(in millions, except per diluted share amounts)** | $**Per Diluted Share** | $**Per Diluted Share** |
| GAAP net income | $0.41 to $0.46 | $3.59 to $3.69 |
| Non-GAAP adjustments: |  |  |
| Acquired tangible asset amortization | 0.04 | 0.17 |
| Acquired intangible asset amortization | 0.19 | 0.76 |
| Acquisition, integration and related costs | 0.08 | 0.14 |
| Litigation related expenses, settlements and awards | 0.22 | 0.41 |
| Financing related adjustments | 0.01 | 0.03 |
| Tax impact of non-GAAP adjustments | (0.14) | (0.37) |
| Excess tax benefits from stock-based compensation expense | (0.01) | (0.03) |
| Total non-GAAP adjustments | 0.40 | 1.11 |
| Non-GAAP net income | $0.81 to $0.86 | $4.70 to $4.80 |
| Weighted average shares outstanding-diluted | 54.7 | 55.0 |

---

__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Updated guidance provided on February 28, 2023.

**Conference Call:**

The conference call to review Masimo's complete financial results for the fourth quarter and full-year ended December 31, 2022 will begin at 1:30 p.m. PT (4:30 p.m. ET) on February 28, 2023 and will be hosted by Joe Kiani, Chairman and Chief Executive Officer, and Micah Young, Executive Vice President and Chief Financial Officer. A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at <u>www.masimo.com</u><u>.</u>

To register for the conference call and receive the dial-in number, please use the link below. Upon registering, each participant will be provided with call details and a registrant ID number.

**Conference Call Registration Link:**

<u>https://conferencingportals.com/event/nUSpRIEm</u>

A replay of the webcast and conference call will be available shortly after the conclusion of the call and will be archived on the Company's website.

------

**About Masimo** 

Masimo (Nasdaq: MASI) is a global technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight legendary audio brands, including Bowers & Wilkins<sup>®</sup>, Denon<sup>®</sup>, Marantz<sup>®</sup>, and Polk Audio<sup>®</sup>. Our mission is to improve life, improve patient outcomes and reduce the cost of care. Masimo SET<sup>®</sup> Measure-through Motion and Low Perfusion<sup>™</sup> pulse oximetry, introduced in 1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies. Masimo SET<sup>®</sup> has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates, improve CCHD screening in newborns, and, when used for continuous monitoring with Masimo Patient SafetyNet<sup>™</sup> in post-surgical wards, reduce rapid response team activations, ICU transfers, and costs. Masimo SET<sup>®</sup> is estimated to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world, and is the primary pulse oximetry at 9 of the top 10 hospitals as ranked in the 2022-23 U.S. News and World Report Best Hospitals Honor Roll. In 2005, Masimo introduced rainbow<sup>®</sup> Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb<sup>®</sup>), oxygen content (SpOC<sup>™</sup>), carboxyhemoglobin (SpCO<sup>®</sup>), methemoglobin (SpMet<sup>®</sup>), Pleth Variability Index (PVi<sup>®</sup>), RPVi<sup>™</sup> (rainbow<sup>®</sup> PVi), and Oxygen Reserve Index (ORi<sup>™</sup>). In 2013, Masimo introduced the Root<sup>®</sup> Patient Monitoring and Connectivity Platform, built from the ground up to be as flexible and expandable as possible to facilitate the addition of other Masimo and third-party monitoring technologies; key Masimo additions include Next Generation SedLine<sup>®</sup> Brain Function Monitoring, O3<sup>®</sup> Regional Oximetry, and ISA<sup>™</sup> Capnography with NomoLine<sup>®</sup> sampling lines. Masimo's family of continuous and spot-check monitoring Pulse CO-Oximeters<sup>®</sup> includes devices designed for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7<sup>®</sup>, Radius PPG<sup>®</sup> and Radius VSM<sup>™</sup>, portable devices like Rad-67<sup>®</sup>, fingertip pulse oximeters like MightySat<sup>®</sup> Rx, and devices available for use both in the hospital and at home, such as Rad-97<sup>®</sup>. Masimo hospital and home automation and connectivity solutions are centered around the Masimo Hospital Automation<sup>™</sup> platform, and include Iris<sup>®</sup> Gateway, iSirona™, Patient SafetyNet, Replica<sup>®</sup>, Halo ION<sup>®</sup>, UniView<sup>®</sup>, UniView :60<sup>™</sup>, and Masimo SafetyNet<sup>®</sup>. Its growing portfolio of health and wellness solutions includes Radius T<sup>®</sup> and Masimo W1<sup>™</sup> watch. Additional information about Masimo and its products may be found at www.masimo.com. Published clinical studies on Masimo products can be found at <u>www.masimo.com/evidence/featured-studies/feature/.</u>

ORi and RPVi have not received FDA 510(k) clearance and are not available for sale in the United States. The use of the trademark Patient SafetyNet is under license from University HealthSystem Consortium.

**Forward-Looking Statements** 

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expectations for full-year 2023 financial guidance; the interest in our W1<sup>™</sup> watch and upcoming innovations; our long-term outlook; demand for our products; anticipated revenue and earnings growth; our financial condition, results of operations and business generally; expectations regarding our ability to design and deliver innovative new noninvasive technologies and reduce the cost of care; our ability to address supply chain challenges; anticipated benefits from our acquisition of Sound United; and demand for our products and technologies; including with respect to revenue, revenue growth and constant currency revenue growth, gross margin, operating margin, GAAP earnings per diluted share, non-GAAP earnings per diluted share, estimated tax rate and year-over-year currency headwinds; our long-term outlook; our ability to continue in our leadership in delivering innovative solutions to clinicians and patients worldwide; anticipated revenue and earnings growth. These forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: our dependence on Masimo SET<sup>®</sup> and Masimo rainbow SET<sup>™</sup> products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors' assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; the lack of acceptance of any of our current or future products and technologies; obtaining regulatory approval of our current and future products and technologies; the risk that the implementation of our international realignment will not continue to produce anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers; the failure to retain and recruit senior management; product liability claims exposure; a failure to obtain expected returns from the amount of intangible assets we have recorded; the maintenance of our brand; the amount and type of equity awards that we may grant to employees and service providers in the future; our ongoing litigation and related matters; risks related to global economic and marketplace uncertainties related to the impact of the COVID-19 pandemic; and other factors discussed in the "Risk Factors" section of our most recent periodic reports filed with the Securities and Exchange Commission ("SEC"), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC's website at <u>www.sec.gov</u>. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

\# \# \#

---

| | |
|:---|:---|
| **Investor Contact: Eli Kammerman** | **Media Contact: Evan Lamb** |
| (949) 297-7077 | (949) 396-3376 |
| ekammerman@masimo.com | elamb@masimo.com |

---

*Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI and ORI are trademarks or registered trademarks of Masimo Corporation.*

------

---

| | | |
|:---|:---|:---|
| **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(unaudited, in millions)** | **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(unaudited, in millions)** | **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED BALANCE SHEETS**<br>**(unaudited, in millions)** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $202.9 | $745.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses | 445.9 | 200.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 501.0 | 201.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 158.8 | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1308.6 | 1238.5 |
| Lease receivable, non-current | 73.1 | 73.6 |
| Deferred costs and other contract assets | 41.9 | 28.1 |
| Property and equipment, net | 402.5 | 272.8 |
| Customer relationships, net | 201.6 | 15.3 |
| Acquired technologies, net | 160.1 | 19.7 |
| Other intangible assets, net | 98.9 | 37.5 |
| Trademarks | 262.0 |  |
| Goodwill | 445.4 | 100.3 |
| Deferred tax assets | 102.5 | 52.6 |
| Other non-current assets | 114.0 | 48.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3210.6 | $1887.0 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $276.8 | $75.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 89.3 | 70.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other contract-related liabilities, current | 80.6 | 50.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 183.3 | 70.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 630.0 | 267.7 |
| Long-term debt | 941.6 |  |
| Deferred tax liabilities | 163.6 | 5.1 |
| Other non-current liabilities | 136.5 | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1871.7 | 336.8 |
| Commitments and contingencies |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (1169.2) | (767.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 782.2 | 752.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 11.5 | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1714.3 | 1570.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1338.9 | 1550.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $3210.6 | $1887.0 |

---

------

---

| | | |
|:---|:---|:---|
| **MASIMO CORPORATION**<br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**<br>**(unaudited, in millions, except per share amounts)** | **MASIMO CORPORATION**<br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**<br>**(unaudited, in millions, except per share amounts)** | **MASIMO CORPORATION**<br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**<br>**(unaudited, in millions, except per share amounts)** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| Revenue | $2035.8 | $1239.2 |
| Cost of goods sold | 977.0 | 430.8 |
| Gross profit | 1058.8 | 808.4 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 657.4 | 395.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 191.4 | 137.2 |
| Total operating expenses | 848.8 | 532.6 |
| Operating income | 210.0 | 275.8 |
| Non-operating loss | (16.6) | (1.4) |
| Income before provision for income taxes | 193.4 | 274.4 |
| Provision for income taxes | 49.9 | 44.8 |
| Net income | $143.5 | $229.6 |
| Net income per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.68 | $4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.60 | $3.98 |
| Weighted-average shares used in per share calculations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 53.6 | 55.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 55.2 | 57.7 |

---

The following table presents details of the stock-based compensation expense that is included in each functional line item in the consolidated statements of operations (in millions):

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| Cost of goods sold | $1.0 | $0.8 |
| Selling, general and administrative | 32.9 | 31.3 |
| Research and development | 13.8 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $47.7 | $44.6 |

---

------

---

| | | |
|:---|:---|:---|
| **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>**(unaudited, in millions)** | **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>**(unaudited, in millions)** | **MASIMO CORPORATION**<br>**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>**(unaudited, in millions)** |
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,<br>2022** | **January 1,<br>2022** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $143.5 | $229.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 136.1 | 35.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 47.7 | 44.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment, intangibles and other assets | 0.5 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1.3 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit from deferred income taxes | (39.3) | (15.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in trade accounts receivable | (138.5) | (60.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (155.9) | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other current assets | (7.4) | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in lease receivable, net | (12.8) | (16.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred costs and other contract assets | (13.4) | (8.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other non-current assets | (4.9) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable | 60.5 | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued compensation | (9.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred revenue and other contract-related liabilities | 28.1 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in income taxes payable | 3.8 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued liabilities | (16.1) | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other non-current liabilities | 4.1 | 0.8 |
| **Net cash provided by operating activities** | 29.5 | 264.8 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment, net | (52.8) | (25.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in intangible assets | (3.5) | (9.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business combinations, net of cash acquired | (999.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other strategic investing activities | (1.7) | (2.6) |
| **Net used in investing activities** | (1057.6) | (37.5) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | 1083.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving line of credit | (135.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (9.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 8.1 | 23.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (401.5) | (128.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll tax withholdings on behalf of employees for stock options | (25.4) | (16.7) |
| **Net cash provided by (used in) financing activities** | 520.3 | (122.4) |
| Effect of foreign currency exchange rates on cash | (31.0) | (1.4) |
| Net increase in cash, cash equivalents and restricted cash | (538.8) | 103.4 |
| Cash, cash equivalents and restricted cash at beginning of period | 748.4 | 645.0 |
| Cash, cash equivalents and restricted cash at end of period | $209.6 | $748.4 |

---

## Exhibit 99.2

![](masi-q42022earningspres001.jpg)

Fourth Quarter 2022 Earnings F e b r u a r y 2 8 , 2 0 2 3

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![](masi-q42022earningspres002.jpg)

These presentations contain forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words "may," "will," "expect," "believe," "anticipate," "plan," "estimate," "project," "assume," "guide," "target," "forecast," "see," "seek," "can," "should," "could," "would," "intend," "predict," "potential," "strategy," "is confident that," "future," "opportunity," "work toward," and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of these presentations are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in these presentations. The risks and uncertainties that may cause actual results to differ materially from Masimo's current expectations are more fully described in Masimo's reports filed with the U.S. Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.masimo.com or upon request. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non- GAAP financial measures presented exclude certain items that are more fully described in the Appendix. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company's on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. The Company has presented the following non- GAAP financial measures to assist investors in understanding the Company's core net operating results on an on-going basis: (i) constant currency revenue growth %, (ii) non-GAAP gross profit/margin %, (iii) non-GAAP SG&A expense, (iv) non-GAAP R&D expense, (v) non-GAAP litigation settlements and (awards), (vi) non- GAAP operating expense %, (vii) non-GAAP operating income/margin %, (viii) non-GAAP earnings per diluted share, (ix) adjusted free cash flow and (x) adjusted EBITDA. These non-GAAP financial measures may also assist investors in making comparisons of the company's core operating results with those of other companies. Management believes these non-GAAP financial measures are important in the evaluation of the Company's performance and uses these measures to better understand and evaluate our business. For additional financial details, including GAAP to non-GAAP reconciliations, please visit the Investor Relations section of the Company's website at www.masimo.com to access Supplementary Financial Information. Safe Harbor Statement

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Consolidated Revenue $617 million Fourth Quarter 2022 Financial Highlights(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Consolidated Healthcare Non-Healthcare Non-GAAP Operating Profit $104 million Non-GAAP Earnings Per share $1.32 per share Consolidated Revenue Growth 9% (on a pro forma, constant currency basis) Non-GAAP Oper. Profit Growth 24% Non-GAAP EPS Growth 9% Healthcare Revenue $352 million Healthcare Revenue Growth 10% (on a constant currency basis) Non-Healthcare Revenue $265 million Non-Healthcare Revenue Growth 9% (on a pro forma, constant currency basis)

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(In millions; except EPS) Actual Prior Year vs. Prior Revenue $617 $328 88% Healthcare 352 328 7% Non-Healthcare 265 N/A N/A Gross Profit $319 $216 48% Healthcare 217 216 0% Non-Healthcare 102 N/A N/A Gross Margin 51.7% 65.9% -1420 bps Healthcare 61.6% 65.9% -430 bps Non-Healthcare 38.5% N/A N/A Operating Profit $104 $84 24% Operating Margin 16.9% 25.7% -880 bps Non-Operating Inc. / (Exp.) (10) 0 -14398% Pre-Tax Income $95 $84 12% Income Taxes 23 14 64% Tax Rate 24.6% 16.9% 770 bps Net Income $71 $70 2% Shares 54.1 57.8 -6% Earnings Per Share $1.32 $1.21 9% Fourth Quarter 2022 Results \| Non-GAAP(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Pro Forma Constant Currency Revenue Growth Consolidated 9% Healthcare 10% Non-Healthcare 9%

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Consolidated Revenue $2,036 million ($2,293 million on a pro forma basis) Full Year 2022 Financial Highlights(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Consolidated Healthcare Non-Healthcare Non-GAAP Operating Profit $362 million Non-GAAP Earnings Per share $4.59 per share Consolidated Revenue Growth 11% (on a pro forma, constant currency basis) Non-GAAP Oper. Profit Growth 23% Non-GAAP EPS Growth 15% Healthcare Revenue $1,340 million Healthcare Revenue Growth 11% (on a constant currency basis) Non-Healthcare Revenue $695 million ($953 million on a pro forma basis) Non-Healthcare Revenue Growth 11% (on a pro forma, constant currency basis)

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(In millions; except EPS) Actual Prior Year vs. Prior Revenue $2,036 $1,239 64% Healthcare 1,340 1,239 8% Non-Healthcare 695 N/A N/A Gross Profit $1,123 $816 38% Healthcare 870 816 7% Non-Healthcare 252 N/A N/A Gross Margin 55.1% 65.8% -1070 bps Healthcare 64.9% 65.8% -90 bps Non-Healthcare 36.3% N/A N/A Operating Profit $362 $295 23% Operating Margin 17.8% 23.8% -600 bps Non-Operating Inc. / (Exp.) (21) 0 -5180% Pre-Tax Income $341 $295 15% Income Taxes 88 65 35% Tax Rate 25.7% 22.0% 370 bps Net Income $253 $230 10% Shares 55.2 57.7 -4% Earnings Per Share $4.59 $3.99 15% Full Year 2022 Results \| Non-GAAP(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Pro Forma Constant Currency Revenue Growth Consolidated 11% Healthcare 11% Non-Healthcare 11%

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Consolidated Revenue $2,415 to $2,460 million Full Year 2023 Guidance as of February 28, 2023(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Consolidated Healthcare Non-Healthcare Non-GAAP Operating Profit $400 to $405 million Non-GAAP Earnings Per share $4.70 to $4.80 per share Consolidated Revenue Growth 6% to 8% (on a pro forma, constant currency basis) Non-GAAP Oper. Profit Growth 10% to 12% Non-GAAP EPS Growth 2% to 5% Healthcare Revenue $1,450 to $1,465 million Healthcare Revenue Growth 8% to 10% (on a constant currency basis) Non-Healthcare Revenue $965 to $995 million Non-Healthcare Revenue Growth 2% to 5% (on a pro forma, constant currency basis)

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Guidance vs. Prior Year (In millions; except EPS) Low High Prior Year Low High Revenue $2,415 $2,460 $2,036 19% 21% Healthcare 1,450 1,465 1,340 8% 9% Non-Healthcare 965 995 695 39% 43% Gross Profit $1,312 $1,338 $1,123 17% 19% Healthcare 921 932 870 6% 7% Non-Healthcare 391 407 252 55% 61% Gross Margin 54.3% 54.4% 55.1% -80 bps -70 bps Healthcare 63.5% 63.6% 64.9% -140 bps -130 bps Non-Healthcare 40.5% 40.9% 36.3% 420 bps 460 bps Operating Profit $400 $405 $362 10% 12% Operating Margin 16.6% 16.5% 17.8% -120 bps -130 bps Non-Operating Inc. / (Exp.) (48) (46) (21) 124% 115% Pre-Tax Income $352 $359 $341 3% 5% Income Taxes 93 95 88 7% 9% Tax Rate 26.5% 26.5% 25.7% 80 bps 80 bps Net Income $259 $264 $253 2% 4% Shares 55.0 55.0 55.2 0% 0% Earnings Per Share $4.70 $4.80 $4.59 2% 5% Full Year 2023 Guidance \| Non-GAAP(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. Pro Forma Constant Currency Revenue Growth Low High Consolidated 6% 8% Healthcare 8% 10% Non-Healthcare 2% 5%

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2023 Guidance Summary as of February 28, 2023(1) (1) Non-GAAP measures shown have been adjusted for certain items that are fully described in the Appendix. Please visit the Investor Relations section of the Company's website at www.masimo.com to access additional information related to our Non-GAAP adjustments and Supplementary Financial Information. (in millions; except EPS) 1Q 2023 FY 2023 Revenue $550 - $565 $2,415 - $2,460 Healthcare $340 - $345 $1,450 - $1,465 Non-Healthcare $210 - $220 $965 - $995 Non-GAAP Operating Profit $72 - $75 $400 - $405 Non-GAAP Earnings Per Share $0.81 - $0.86 $4.70 - $4.80

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Appendices GAAP to Non-GAAP Reconciliations

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Consolidated Income Statement (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) 2023 Guidance provided on February 28, 2023. (Unaudited; in millions, except per share data) (1) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Low High Low High GAAP revenue $304.2 $565.3 $549.3 $617.0 $2,035.8 $550 $565 $2,415 $2,460 GAAP gross profit $204.8 $258.2 $282.5 $313.3 $1,058.8 $288 $297 $1,289 $1,316 Acquired tangible asset amortization - 46.2 6.4 - 52.6 - - - - Acquired intangible asset amortization 0.6 4.9 0.1 5.6 11.2 6 6 23 23 Acquisition, integration and related costs 0.0 0.0 - 0.1 0.1 - - - - Other adjustments - - - - - - - - - Non-GAAP gross profit $205.4 $309.2 $289.1 $318.9 $1,122.7 $294 $302 $1,312 $1,338 GAAP selling, general and administrative expenses $108.9 $188.3 $174.6 $185.5 $657.4 Acquired tangible asset amortization - (2.1) (2.4) (2.4) (6.8) Acquired intangible asset amortization (0.9) (4.4) (4.5) (4.5) (14.3) Acquisition, integration and related costs (3.1) (19.7) (9.6) (5.1) (37.5) Litigation related expenses and settlements (5.5) (7.2) (3.4) (12.6) (28.7) Other adjustments - - - - - Non-GAAP selling, general and administrative expenses $99.5 $154.9 $154.7 $160.8 $569.8 GAAP research and development expenses $36.1 $47.8 $53.1 $54.3 $191.4 Acquired intangible asset amortization - - - - - Acquisition, integration and related costs - (0.1) (0.1) (0.6) (0.7) Non-GAAP research and development expenses $36.1 $47.8 $53.1 $53.7 $190.7 GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 Litigation related expenses and settlements - - (0.0) - (0.0) Non-GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 GAAP operating expenses $145.0 $236.1 $227.7 $239.8 $848.8 Acquired tangible asset amortization - (2.1) (2.4) (2.4) (6.8) Acquired intangible asset amortization (0.9) (4.4) (4.5) (4.5) (14.3) Acquisition, integration and related costs (3.1) (19.7) (9.7) (5.7) (38.3) Litigation related expenses and settlements (5.5) (7.2) (3.4) (12.6) (28.7) Other adjustments - - - - - Non-GAAP operating expenses $135.6 $202.6 $207.8 $214.5 $760.5 GAAP operating profit $59.7 $22.1 $54.8 $73.5 $210.0 $43 $46 $319 $324 Acquired tangible asset amortization - 48.2 8.8 2.4 59.4 2 2 9 9 Acquired intangible asset amortization 1.5 9.3 4.6 10.1 25.5 10 10 42 42 Acquisition, integration and related costs 3.1 19.7 9.7 5.8 38.4 5 5 8 8 Litigation related expenses and settlements 5.5 7.2 3.4 12.6 28.7 12 12 22 22 Other adjustments - - - - - - - - - Non-GAAP operating profit $69.8 $106.6 $81.3 $104.4 $362.2 $72 $75 $400 $405 Q1 2023 Guidance (2) FY 2023 Guidance (2)

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Consolidated Income Statement (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) 2023 Guidance provided on February 28, 2023. (Unaudited; in millions, except per share data) (1) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Low High Low High GAAP non-operating income (expense) ($0.6) $4.5 ($2.8) ($17.6) ($16.6) ($12) ($11) ($50) ($48) Realized and unrealized gains or losses 0.8 (8.2) (5.4) 7.3 (5.5) - - - - Financing related adjustments - 0.6 0.5 0.5 1.5 0 0 2 2 Other adjustments - (0.5) (0.4) - (0.9) - - - - Non-GAAP non-operating income (expense) $0.2 ($3.6) ($8.2) ($9.8) ($21.4) ($11) ($11) ($48) ($46) GAAP provision for income taxes $12.5 $8.5 $14.1 $14.9 $49.9 $8 $9 $71 $73 Tax impact of non-GAAP adjustments 2.5 19.5 4.9 8.2 35.2 8 8 20 20 Excess tax benefits from stock-based compensation 1.7 0.2 0.3 0.2 2.4 0 0 2 2 Non-GAAP provision for income taxes $16.8 $28.2 $19.3 $23.3 $87.6 $16 $17 $93 $95 GAAP net income (loss) $46.6 $18.1 $37.9 $41.1 $143.5 $23 $25 $198 $203 Acquired tangible asset amortization - 48.2 8.8 2.4 59.4 2 2 9 9 Acquired intangible asset amortization 1.5 9.3 4.6 10.1 25.5 10 10 42 42 Acquisition, integration and related costs 3.1 19.7 9.7 5.8 38.4 5 5 8 8 Litigation related expenses and settlements 5.5 7.2 3.4 12.6 28.7 12 12 22 22 Other adjustments - (0.5) (0.4) - (0.9) - - - - Realized and unrealized gains or losses 0.8 (8.2) (5.4) 7.3 (5.5) - - - - Financing related adjustments - 0.6 0.5 0.5 1.5 0 0 2 2 Tax impact of non-GAAP adjustments (2.5) (19.5) (4.9) (8.2) (35.2) (8) (8) (20) (20) Excess tax benefits from stock-based compensation (1.7) (0.2) (0.3) (0.2) (2.4) (0) (0) (2) (2) Non-GAAP net income (loss) $53.2 $74.8 $53.9 $71.3 $253.2 $44 $47 $259 $264 GAAP net income (loss) per share $0.81 $0.33 $0.70 $0.76 $2.60 $0.41 $0.46 $3.59 $3.69 Acquired tangible asset amortization 0.00 0.87 0.16 0.04 1.08 0.04 0.04 0.17 0.17 Acquired intangible asset amortization 0.03 0.17 0.09 0.19 0.46 0.19 0.19 0.76 0.76 Acquisition, integration and related costs 0.05 0.36 0.18 0.11 0.70 0.08 0.08 0.14 0.14 Litigation related expenses and settlements 0.10 0.13 0.06 0.23 0.52 0.22 0.22 0.41 0.41 Other adjustments 0.00 (0.01) (0.01) 0.00 (0.02) 0.00 0.00 0.00 0.00 Realized and unrealized gains or losses 0.01 (0.15) (0.10) 0.14 (0.10) 0.00 0.00 0.00 0.00 Financing related adjustments 0.00 0.01 0.01 0.01 0.03 0.01 0.01 0.03 0.03 Tax impact of non-GAAP adjustments (0.04) (0.35) (0.09) (0.15) (0.64) (0.14) (0.14) (0.37) (0.37) Excess tax benefits from stock-based compensation (0.03) (0.00) (0.01) (0.00) (0.04) (0.01) (0.01) (0.03) (0.03) Non-GAAP net income (loss) per share $0.93 $1.35 $1.00 $1.32 $4.59 $0.81 $0.86 $4.70 $4.80 Weighted average shares outstanding - Diluted 57.3 55.3 54.1 54.1 55.2 54.7 54.7 55.0 55.0 Q1 2023 Guidance (2) FY 2023 Guidance (2)

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Revenue (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) 2023 Guidance provided on February 28, 2023. (3) Constant currency adjustments are intended to reflect current year revenue at prior year foreign exchange rates for comparison purposes. (4) Represents pro forma financial information, which is being provided for year-over-year comparison purposes only. Pro forma financial information includes historical results for the acquired Sound United business prior to the transaction date on April 11, 2022. (Unaudited; in millions, except percentages) (1,3) Q1 2023 Guidance (2) FY 2023 Guidance (2) Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Low High Low High Revenue Healthcare 299.0 305.1 307.4 327.6 1,239.2 304.2 357.0 327.2 351.9 1,340.3 340 345 1,450 1,465 Non-Healthcare - - - - - - 208.3 222.1 265.1 695.5 210 220 965 995 GAAP revenue $299.0 $305.1 $307.4 $327.6 $1,239.2 $304.2 $565.3 $549.3 $617.0 $2,035.8 $550 $565 $2,415 $2,460 Healthcare N/A N/A N/A N/A N/A 4.3 6.0 11.1 8.6 30.0 5 5 3 3 Non-Healthcare N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3 3 Constant currency adjustments N/A N/A N/A N/A N/A $4.3 $6.0 $11.1 $8.6 $30.0 $5 $5 $6 $6 Healthcare 299.0 305.1 307.4 327.6 1,239.2 308.6 363.0 338.3 360.5 1,370.4 345 350 1,453 1,468 Non-Healthcare - - - - - - 208.3 222.1 265.1 695.5 210 220 968 998 Non-GAAP revenue (constant currency) $299.0 $305.1 $307.4 $327.6 $1,239.2 $308.6 $571.3 $560.4 $625.6 $2,065.9 $555 $570 $2,421 $2,466 Healthcare N/A N/A N/A N/A N/A 1.7% 17.0% 6.4% 7.4% 8.2% 12% 13% 8% 9% Non-Healthcare N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 39% 43% GAAP revenue growth N/A N/A N/A N/A N/A 1.7% 85.3% 78.7% 88.3% 64.3% 81% 86% 19% 21% Healthcare N/A N/A N/A N/A N/A 3.2% 19.0% 10.0% 10.1% 10.6% 13% 15% 8% 10% Non-Healthcare N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 39% 43% Non-GAAP revenue growth (constant currency) N/A N/A N/A N/A N/A 3.2% 87.2% 82.3% 91.0% 66.7% 82% 87% 19% 21% Pro Forma Revenue (4) Healthcare 299.0 305.1 307.4 327.6 1,239.2 304.2 357.0 327.2 351.9 1,340.3 340 345 1,450 1,465 Non-Healthcare 211.1 206.4 227.2 264.0 908.7 250.6 215.2 222.1 265.1 953.0 210 220 965 995 GAAP revenue $510.1 $511.5 $534.6 $591.6 $2,147.8 $554.9 $572.2 $549.3 $617.0 $2,293.4 $550 $565 $2,415 $2,460 Healthcare N/A N/A N/A N/A N/A 4.3 6.0 11.1 8.6 30.0 5 5 3 3 Non-Healthcare N/A N/A N/A N/A N/A 7.3 12.2 16.9 21.9 58.3 10 10 3 3 Constant currency adjustments N/A N/A N/A N/A N/A $11.6 $18.2 $28.0 $30.5 $88.3 $15 $15 $6 $6 Healthcare 299.0 305.1 307.4 327.6 1,239.2 308.6 363.0 338.3 360.5 1,370.4 345 350 1,453 1,468 Non-Healthcare 211.1 206.4 227.2 264.0 908.7 257.9 227.4 239.0 287.0 1,011.3 220 230 968 998 Non-GAAP revenue (constant currency) $510.1 $511.5 $534.6 $591.6 $2,147.8 $566.5 $590.5 $577.3 $647.5 $2,381.7 $565 $580 $2,421 $2,466 Healthcare N/A N/A N/A N/A N/A 1.7% 17.0% 6.4% 7.4% 8.2% 12% 13% 8% 9% Non-Healthcare N/A N/A N/A N/A N/A 18.7% 4.3% -2.3% 0.4% 4.9% -16% -12% 1% 4% GAAP revenue growth N/A N/A N/A N/A N/A 8.8% 11.9% 2.7% 4.3% 6.8% -1% 2% 5% 7% Healthcare N/A N/A N/A N/A N/A 3.2% 19.0% 10.0% 10.1% 10.6% 13% 15% 8% 10% Non-Healthcare N/A N/A N/A N/A N/A 22.2% 10.2% 5.2% 8.7% 11.3% -12% -8% 2% 5% Non-GAAP revenue growth (constant currency) N/A N/A N/A N/A N/A 11.1% 15.4% 8.0% 9.5% 10.9% 2% 5% 6% 8%

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Segment Reporting (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) 2023 Guidance provided on February 28, 2023. (Unaudited; in millions) (1) Q1 2023 Guidance (2) FY 2023 Guidance (2) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Low High Low High Revenue Healthcare 304.2 357.0 327.2 351.9 1,340.3 340 345 1,450 1,465 Non-Healthcare - 208.3 222.1 265.1 695.5 210 220 965 995 GAAP revenue $304.2 $565.3 $549.3 $617.0 $2,035.8 $550 $565 $2,415 $2,460 Gross profit Healthcare 205.4 236.7 211.4 216.7 870.2 213 217 921 932 Non-Healthcare - 72.5 77.7 102.2 252.5 80 85 391 407 Other (0.6) (51.1) (6.5) (5.6) (63.9) (6) (6) (23) (23) GAAP gross profit $204.8 $258.2 $282.5 $313.3 $1,058.8 $288 $297 $1,289 $1,316 Acquired tangible asset amortization - 46.2 6.4 - 52.6 - - - - Acquired intangible asset amortization 0.6 4.9 0.1 5.6 11.2 6 6 23 23 Acquisition, integration and related costs 0.0 0.0 - 0.1 0.1 - - - - Other adjustments - - - - - - - - - GAAP adjustments $0.6 $51.1 $6.5 $5.6 $63.9 $6 $6 $23 $23 Healthcare 205.4 236.7 211.4 216.7 870.2 213 217 921 932 Non-Healthcare - 72.5 77.7 102.2 252.5 80 85 391 407 Other - - - - - - - - - Non-GAAP gross profit $205.4 $309.2 $289.1 $318.9 $1,122.7 $294 $302 $1,312 $1,338

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