# EDGAR Filing Document

**Accession Number:** 0000937556
**File Stem:** 0000937556-25-000160
**Filing Date:** 2025-11
**Character Count:** 76305
**Document Hash:** 80de547409726db86db80cd57069089e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000937556-25-000160.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0000937556-25-000160

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251104

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASIMO CORP
- **CENTRAL INDEX KEY:** 0000937556
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 330368882
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33642
- **FILM NUMBER:** 251449077

**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' encoding='ASCII'? masi-20251104

**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): November 4, 2025**![masimologoq32019b.jpg](masi-20251104_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 |
| 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 November 4, 2025, Masimo Corporation (the "Company") issued a press release announcing its financial results for the quarter ended September 27, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

In accordance with General Instruction 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 November 4, 2025, the Company's Chief Financial Officer will review supplemental information regarding the Company's financial results for the third quarter 2025, as well as the Company's updated outlook for the remainder of fiscal 2025. The Company is making available to investors supplemental financial information by fiscal quarter for fiscal years 2022, 2023 and 2024, along with the first, second and third quarters of 2025, pursuant to the materials furnished as Exhibit 99.2 to this Current Report.

In accordance with General Instruction 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.** |

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(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 November 4, 2025, Reporting Third Quarter 2025 Financial Results](masi-20251104xex991.htm)</u> |
| 99.2 | <u>[Masimo Third Quarter 2025 Supplemental Presentation to Earnings Press Release](masi-q32025earningspres.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: November 4, 2025 | By: | /s/ MICAH YOUNG |
|  |  | Micah Young |
|  |  | Executive Vice President & Chief Financial Officer |
|  |  | *(Principal Financial Officer)* |

---

## Exhibit 99.1

**Exhibit 99.1**

![masimologoq2020a.jpg](masimologoq2020a.jpg)

**Masimo Reports Third Quarter 2025 Results**

**Irvine, California, November 4, 2025** - Masimo Corporation (Nasdaq: MASI) today announced its financial results for the third quarter ended September 27, 2025.

**Third Quarter 2025 Results From Continuing Operations**<sup>(1)</sup>**:** 

---

| |
|:---|
| GAAP revenue of $371.5 million, representing 8.2% growth on a reported basis;  |
| Non-GAAP revenue of $371.2 million, representing 7.6% growth on a constant currency basis<sup>(2)</sup>;  |
| GAAP net income per diluted share of $0.99; and |
| Non-GAAP net income per diluted share<sup>(2)</sup> of $1.32, representing 38% growth versus prior year period. |

---

Katie Szyman, Chief Executive Officer of Masimo, said, "In the third quarter, we saw continued positive momentum across our core healthcare business, driven by the power of our innovative products. Revenues grew 8%, operating margin improved by 450 basis points, and EPS grew by 38%, all driven by sales growth and our successful operating efficiency initiatives. During the quarter, we closed the sale of Sound United to Harman and used the net proceeds to repurchase common stock. We also announced the expansion of our strategic partnership with Philips. We continue to invest in our core healthcare business to position for strong, sustainable long-term growth, and look forward to sharing more details on our strategy and innovations at our upcoming Investor Day on December 3rd."

**2025 Outlook For Continuing Operations**<sup>(3)</sup>**:**

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| | |
|:---|:---|
| ■ | Non-GAAP revenue of $1,510 to 1,530 million, increasing 8.5% to 10.0% on a constant currency basis<sup>(2)</sup>; |

---

<u>Updated guidance excluding the impact of new tariffs:</u>

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| |
|:---|
| Non-GAAP operating profit of $428 to $440 million; |
| Non-GAAP operating margin of 28.4% to 28.8%; and |
| Non-GAAP earnings per diluted share of $5.62 to $5.79. |

---

<u>Updated guidance including the impact of new tariffs, net of mitigation implemented to date:</u>

---

| |
|:---|
| Non-GAAP operating profit of $412 to $424 million;  |
| Non-GAAP operating margin of 27.3% to 27.7%; and  |
| Non-GAAP earnings per diluted share of $5.40 to $5.55. |

---

________________

<sup>(1)</sup>  The financial information reflects the continuing operations of Masimo's healthcare business.

<sup>(2)</sup>  Represents a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is included in this earnings release.

<sup>(3)</sup>  Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo's 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts.

------

**Conference Call**

The Company will conduct its third quarter 2025 investor conference call today, November 4, 2025 at 4:30 p.m. Eastern Time. To register for the conference call and receive the dial-in number, please use the following link**:** <u>https://registrations.events/direct/Q4I4072811</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.

**Website Information**

To access important information related to Masimo's third quarter 2025 investor conference call, including the audio webcast and investor presentation, please visit the Investor Relations sections of Masimo's website at <u>https://</u><u>investor.masimo.com</u>.

**Non-GAAP Financial Measures**

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 provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (i) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (ii) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission.

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) non-GAAP revenue; (ii) non-GAAP constant currency revenue growth percentage, (iii) non-GAAP net income, (iv) non-GAAP (net income) earnings per diluted share and (v) 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>Business transition and related costs</u>***

These transactions represent gains, losses, and other related costs associated with business transition plans. These items may include but are not limited to severance, relocation, consulting, leasehold exit costs, asset impairment, and other related costs to rationalize our operational footprint and optimize business results.

------

***<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>Acquisitions, integrations, divestitures, 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 and settlements</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. We have been engaged in various legal proceedings against Apple since January 2020, including various proceedings in the federal courts, various proceedings in the U.S. Patent and Trademark Office (the "PTO proceedings"), and a proceeding in the U.S. International Trade Commission (the "ITC proceeding"). Although we previously excluded only expenses relating to the ITC proceeding from the definition of "Litigation related expenses and settlements", beginning with the first quarter of 2024, we have revised the definition of "Litigation related expenses and settlements" to exclude not only expenses relating to the ITC proceeding, but also all other Apple litigation expenses, including those relating to the federal court proceedings and the PTO proceedings. We believe all of the Apple litigation expenses are unique in nature and not indicative of the Company's on-going operating performance, and this updated definition will provide more useful information to investors by facilitating period-to-period comparisons of our financial performance that otherwise may be obscured by the significant fluctuations in Apple-related litigation expenses.

***<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 also included here 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.

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**Forward-Looking Non-GAAP Financial Measures**

This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related costs; litigation related expenses and settlements; realized and unrealized gains or losses; tax related adjustments; and other adjustments. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures.

**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 regarding updated full-year 2025 financial guidance, including GAAP and non-GAAP revenue and revenue growth percentage, operating profit/income, operating margin, net income from continuing operations, and net income from continuing operation per diluted share. 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; our ability to address and expand into new markets; 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; matters relating to future board and management leadership; 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; the possibility of disruption, disputes, litigation or unanticipated costs in connection with the non-healthcare separation; the uncertainty of the expected financial performance of Masimo following completion of the non-healthcare business separation; evolving legal, regulatory and tax regimes; potential negative effects or impact on our business from new international trade tariffs and tax law changes, changes in general economic and/or industry specific conditions; actions by third parties, including government agencies and government shutdowns; 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.

**MASIMO CORPORATION**

**GAAP TO NON-GAAP FINANCIAL MEASURES**<sup>(1)</sup>

**(unaudited, in millions)**

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
|<br>**(in millions, except percentages)** | **September 27,<br>2025** | **September 28,<br>2024** |
| GAAP revenue | $371.5 | $343.3 |
| Business transition and related costs | (0.3) | N/A |
| Non-GAAP revenue | 371.2 | 343.3 |
| Constant currency revenue adjustments | (1.9) | N/A |
| Non-GAAP constant currency revenue | $369.2 | $343.3 |

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| | |
|:---|:---|
| GAAP revenue growth percentage | 8.2% |
| Non-GAAP constant currency revenue growth percentage | 7.6% |

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** |
| **(in millions, except per diluted share amounts)** | **Per Diluted Share** | **Per Diluted Share** |
| GAAP net income from continuing operations | $0.99 | $0.45 |
| Non-GAAP adjustments: |  |  |
| Acquired intangible asset amortization | 0.02 | 0.02 |
| Acquisitions, integrations, divestitures, and related costs | 0.14 | 0.09 |
| Business transition and related costs | 0.06 | (0.05) |
| Litigation related expenses, settlements and awards<sup>(2)</sup> | 0.15 | 0.71 |
| Other adjustments | (0.06) | (0.03) |
| Realized and unrealized gains or losses | 0.01 | 0.01 |
| Financing related adjustments | 0.03 | 0.01 |
| Tax impact of non-GAAP adjustments | (0.05) | (0.20) |
| Excess tax benefits from stock-based compensation |  | (0.03) |
| Tax-related adjustments | 0.04 |  |
| Total non-GAAP adjustments | 0.34 | 0.52 |
| Non-GAAP net income from continuing operations | $1.32 | $0.96 |
| Weighted average shares outstanding-diluted | 54.4 | 54.3 |

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| | | | |
|:---|:---|:---|:---|
| | **Low** | **High** | |
|<br>**(in millions, except percentages)** | **Full-Year 2025 Guidance**<sup>(3)</sup> | **Full-Year 2025 Guidance**<sup>(3)</sup> |<br>**Full-Year 2024 Actual** |
| GAAP revenue | $1513 | $1533 | $1395 |
| Business transition and related costs | (3) | (3) |  |
| Non-GAAP revenue | 1510 | 1530 | 1395 |
| Constant currency revenue adjustments | 4 | 4 | N/A |
| Non-GAAP constant currency revenue | $1514 | $1534 | $1395 |

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| | | |
|:---|:---|:---|
| GAAP revenue growth percentage | 8.4% | 9.8% |
| Non-GAAP constant currency revenue growth percentage | 8.5% | 10.0% |

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__________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>May not foot due to rounding. Please visit the Investor Relations sections of Masimo's website at <u>https://investor.masimo.com</u> for Masimo Non-GAAP Definitions.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of the Company's on-going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, frequency and significance to our operating results.

<sup>(3) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Updated guidance provided on November 4, 2025.

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| | | |
|:---|:---|:---|
| **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)** |
| | **September 27,<br>2025** | **December 28,<br>2024** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $312.3 | $123.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | 281.6 | 268.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | 7.6 | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale |  | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 338.6 | 294.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 107.3 | 103.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets, held-for-sale | 0.9 | 403.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1048.3 | 1225.8 |
| Lease receivable, non-current | 48.5 | 58.7 |
| Deferred costs and other contract assets | 58.5 | 61.0 |
| Property and equipment, net | 345.3 | 337.0 |
| Intangibles assets, net | 56.7 | 61.6 |
| Goodwill | 100.8 | 96.7 |
| Deferred tax assets | 119.3 | 118.4 |
| Other non-current assets | 38.7 | 51.3 |
| Other non-current assets, held-for-sale | 1.4 | 615.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1817.5 | $2625.7 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $117.9 | $129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 69.7 | 78.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other contract liabilities, current | 68.4 | 76.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 112.4 | 115.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities, held-for-sale | 1.3 | 217.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 369.7 | 617.7 |
| Long-term debt | 559.1 | 714.3 |
| Deferred tax liabilities |  | 0.2 |
| Other non-current liabilities | 78.6 | 70.9 |
| Other non-current liabilities, held-for-sale | 0.1 | 170.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1007.5 | 1573.8 |
| 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 | (1367.6) | (1169.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 919.8 | 838.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (13.4) | (108.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1271.1 | 1490.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 810.0 | 1051.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1817.5 | $2625.7 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** | **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)** |
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** | **September 27,<br>2025** | **September 28,<br>2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue - (excluding related party revenue) | $343.1 | $316.1 | $1028.4 | $943.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party revenue | 28.4 | 27.2 | 86.0 | 82.9 |
| Total revenue | 371.5 | 343.3 | 1114.4 | 1026.8 |
| Cost of goods sold | 140.9 | 131.2 | 416.5 | 400.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 230.6 | 212.1 | 697.9 | 626.0 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 116.4 | 136.6 | 374.7 | 378.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 30.5 | 37.3 | 94.3 | 114.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation settlements | 0.1 |  | 2.8 |  |
| Total operating expenses | 147.0 | 173.9 | 471.8 | 492.7 |
| Operating income | 83.6 | 38.2 | 226.1 | 133.3 |
| Non-operating loss | (8.7) | (9.0) | (27.5) | (31.7) |
| Income from continuing operations before provision for income taxes | 74.9 | 29.2 | 198.6 | 101.6 |
| Provision for income taxes | 21.2 | 4.9 | 52.8 | 20.4 |
| Net income from continuing operations, net of tax | 53.7 | 24.3 | 145.8 | 81.2 |
| Income (loss) from discontinued operations, net of tax | (154.1) | (14.5) | (365.6) | (36.5) |
| Net (loss) income | $(100.4) | $9.8 | $(219.8) | $44.7 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic income per share - continuing operations | $0.99 | $0.46 | $2.70 | $1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (loss) per share - discontinued operations | (2.85) | (0.27) | (6.76) | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (loss) income per share | $(1.86) | $0.19 | $(4.06) | $0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted income per share - continuing operations | $0.99 | $0.45 | $2.67 | $1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted income (loss) per share - discontinued operations | (2.83) | (0.27) | (6.68) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (loss) income per share | $(1.84) | $0.18 | $(4.01) | $0.83 |
| Weighted-average shares used in per share calculations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 54.0 | 53.4 | 54.1 | 53.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 54.4 | 54.3 | 54.7 | 54.3 |

---

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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** | **September 27,<br>2025** | **September 28,<br>2024** |
| Cost of goods sold | $0.2 | $0.3 | $0.5 | $3.8 |
| Selling, general and administrative | 5.2 | 0.8 | 16.0 | 20.4 |
| Research and development | 3.9 | 3.9 | 10.4 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $9.3 | $5.0 | $26.9 | $25.6 |

---

------

---

| | | |
|:---|:---|:---|
| **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)** |
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 27,<br>2025** | **September 28,<br>2024** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(219.8) | $44.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations, net of tax | (365.6) | (36.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | 145.8 | 81.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 25.2 | 30.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 26.9 | 25.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of equipment, intangibles and other assets | 6.3 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 2.7 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for deferred income taxes | 5.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance cost | 2.3 | 1.4 |
| &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) decrease in trade accounts receivable | (18.2) | (33.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in related party receivable | 6.7 | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in inventories | (62.7) | (1.6) |
| &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 | 7.0 | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in lease receivable, net | 10.3 | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred costs and other contract assets | 2.6 | (2.3) |
| &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 | 2.4 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable | (13.6) | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued compensation | (1.8) | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued liabilities | 1.7 | 15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in income tax payable | 5.1 | (4.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in deferred revenue and other contract-related liabilities | (0.7) | 9.3 |
| &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 | 3.0 | (0.5) |
| **Net cash provided by (used in) operating activities from continuing operations** | 156.9 | 135.5 |
| **Net cash provided by (used in) operating activities from discontinued operations** | 0.4 | 10.4 |
| **Net cash provided by (used in) operating activities** | 157.3 | 145.9 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (12.3) | (14.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 19.6 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in intangible assets | (3.8) | (12.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other strategic investing activities | 1.8 | (0.1) |
| **Net cash provided by (used in) investing activities from continuing operations** | 5.3 | (13.7) |
| **Net cash provided by (used in) investing activities from discontinued operations** | 278.5 | (21.0) |
| **Net cash provided by (used in) investing activities** | 283.8 | (34.7) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under line of credit | 344.0 | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on line of credit | (516.5) | (206.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 59.6 | 21.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll tax withholdings on behalf of employees for vested equity awards | (13.6) | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (177.0) |  |
| **Net cash provided by (used in) financing activities from continuing operations** | (303.5) | (126.6) |
| **Net cash provided by (used in) financing activities from discontinued operations** | (2.6) | 7.5 |

---

------

---

| | | |
|:---|:---|:---|
| **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)** |
| **Net cash provided by (used in) financing activities** | (306.1) | (119.1) |
| Effect of foreign currency exchange rates on cash | (1.0) | 3.4 |
| Net increase in cash, cash equivalents and restricted cash | 134.0 | (4.5) |
| Cash, cash equivalents and restricted cash at beginning of period | 181.4 | 168.2 |
| Cash, cash equivalents and restricted cash at end of period | $315.4 | $163.7 |

---

------

**About Masimo**

\# \# \#

---

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

---

## Exhibit 99.2

![](masi-q32025earningspres001.jpg)

Third Quarter 2025 Earnings November 4, 2025 1

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![](masi-q32025earningspres002.jpg)

Safe Harbor Statement Forward-Looking Statements: This presentation contains 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 this presentation 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 this presentation. 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. Non-GAAP Financial Measures: 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 provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. 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: non-GAAP revenue (constant currency), non-GAAP revenue (constant currency), non-GAAP revenue growth (constant currency), non-GAAP gross profit/margin %, non-GAAP SG&A expense, non-GAAP R&D expense, non-GAAP litigation settlements and awards, non-GAAP impairment charge, non-GAAP operating expense %, non-GAAP operating profit/margin %, non-GAAP non-operating income (expense), non-GAAP provision for income taxes, non-GAAP net income (loss), non-GAAP net income (loss) per share. 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.investor.masimo.com to access Supplementary Financial Information. Forward-Looking Non-GAAP Financial Measures: This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related costs; litigation related expenses and settlements; realized and unrealized gains or losses; tax related adjustments; and other adjustments. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. 2

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![](masi-q32025earningspres003.jpg)

Executive Summary \| Continuing Operations(1) Third Quarter 2025 Results Non-GAAP results including new tariffs: • Revenue(2) of $371 million grew 8% on a constant currency(3) basis. • Operating profit(2) of $101 million grew 29% versus prior year. • Operating margin(2) of 27.1% improved 450 basis points versus prior year. • Earnings per share(2) of $1.32 grew 38% versus prior year. Pro forma non-GAAP results excluding new tariffs: • Operating profit(2) of $106 million grew 36% versus prior year. • Operating margin(2) of 28.5% improved 590 basis points versus prior year. • Earnings per share(2) of $1.40 grew 46% versus prior year. 3 1. The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. 2. Represents a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is included within the appendix of this presentation. 3. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 4. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. 5. Represents Masimo's unrecognized contract revenue as defined in Masimo's latest Form 10-Q and Form 10-K filings. 6. Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo's 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to-date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. Updated Full Year 2025 Guidance(6) Non-GAAP guidance including new tariffs: • Revenue of $1,510 to $1,530 million, representing 8.5% to 10.0% growth on a constant currency(3) basis. • Operating profit of $412 to $424 million. • Operating margin of 27.3% to 27.7%. • Earnings per share of $5.40 to $5.55. Pro forma non-GAAP guidance excluding new tariffs: • Operating profit of $428 to $440 million. • Operating margin of 28.4% to 28.8%. • Earnings per share of $5.62 to $5.79. Third Quarter 2025 Business Highlights • Revenue growth in the quarter was 8%. We continue to see strong underlying demand trends as evidenced by trace data, sales pull through, and other metrics we track. Growth rates this quarter are impacted by unusual year-over-year comparisons. • Consumable and service revenues grew 1% this quarter compared to a growth rate of 20% in the third quarter of 2024. • Capital equipment and other revenues grew 67% this quarter, compared to a decline of 33% last year. • When looked at on a 2-year CAGR or on a multi-year CAGR basis, growth rates in consumables continue to be double-digits and growth rates in capital are low to mid-single digits. • Incremental value of new contracts(4) was $124 million and unrecognized contract revenue(5) was $1,714 million. • The amount of unrecognized contract revenue(5) expected to be recognized within the next 12 months was $507 million at the end of Q3 2025, which has increased 17% from Q3 2024. • Shipped 66,000 technology boards and instruments.

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![](masi-q32025earningspres004.jpg)

($ in millions; except EPS) GAAP Revenue $372 $343 8% Operating Profit $84 $38 119% Operating Margin 22.5% 11.1% 1,140 bps Earnings Per Share $0.99 $0.45 120% Non-GAAP Non-GAAP Revenue $371 $343 8% Constant Currency Revenue Growth 8% Excluding New Tariffs $106 $78 36% Impact of New Tariffs, Net of Mitigation ($5) $0 (7%) Non-GAAP Operating Profit $101 $78 29% Excluding New Tariffs 28.5% 22.6% 590 bps Impact of New Tariffs, Net of Mitigation (1.4%) 0.0% (140) bps Non-GAAP Operating Margin 27.1% 22.6% 450 bps Excluding New Tariffs $1.40 $0.96 46% Impact of New Tariffs, Net of Mitigation ($0.08) $0.00 (8%) Non-GAAP Earnings Per Share $1.32 $0.96 38% vs. Prior YearQ3 2025 Q3 2024 Third Quarter 2025 Results vs. Prior Year \| Continuing Operations(1,2) Notes: 1. The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. 2. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. All growth comparisons in this presentation relate to the corresponding period of prior fiscal year unless otherwise noted. Numbers may not foot due to rounding. 4

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![](masi-q32025earningspres005.jpg)

22.6% 27.1% 2024 2025 62.9% 62.2% 2024 2025 $0.96 $1.32 2024 2025 5 Non-GAAP Revenue $MM, shown as reported $343 $371 2024 2025 $311 $316 2024 2025 $32 $55 2024 2025 Consumable and Service Revenue $MM, shown as reported Capital and Other Revenue $MM, shown as reported Notes: 1. The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. 2. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 3. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes All growth comparisons in this presentation relate to the corresponding period of prior fiscal year unless otherwise noted. Numbers may not foot due to rounding. Third Quarter 2025 Results vs. Prior Year \| Continuing Operations(1,2) Non-GAAP Earnings Per Share $ per share Non-GAAP Gross Margin % of revenue Non-GAAP Operating Margin % of revenue

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![](masi-q32025earningspres006.jpg)

($ in millions; except EPS) Low - High Low - High Low - High Non-GAAP Revenue $1,510 - $1,530 $1,505 - $1,535 $5 - ($5) Reported Growth 8.2% - 9.7% 7.9% - 10.0% 0.4% - (0.4%) Constant Currency Growth 8.5% - 10.0% 8.4% - 10.6% 0.1% - (0.6%) Excluding New Tariffs $428 - $440 $425 - $440 $3 - $0 Impact of New Tariffs, Net of Mitigation ($16) - ($17) ($19) - ($17) $3 - $1 Non-GAAP Operating Profit $412 - $424 $406 - $422 $6 - $1 Excluding New Tariffs 28.4% - 28.8% 28.3% - 28.7% 10 bps - 10 bps Impact of New Tariffs, Net of Mitigation (1.1%) - (1.1%) (1.3%) - (1.2%) 20 bps - 10 bps Non-GAAP Operating Margin 27.3% - 27.7% 27.0% - 27.5% 30 bps - 20 bps Excluding New Tariffs $5.62 - $5.79 $5.45 - $5.70 $0.17 - $0.09 Impact of New Tariffs, Net of Mitigation ($0.22) - ($0.24) ($0.25) - ($0.25) $0.03 - $0.01 Non-GAAP Earnings Per Share $5.40 - $5.55 $5.20 - $5.45 $0.20 - $0.10 Updated FY 2025 Guidance Prior FY 2025 Guidance vs. Prior Guidance 6 Updated guidance includes the impact of new tariffs, net of mitigation implemented to-date Notes: 1. Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo's 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to-date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. 2. Represents guidance provided August 5, 2025. 3. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. (1) (2) Updated Full Year 2025 Guidance \| Continuing Operations(1) (3)

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7 Notes: 1. Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See "Forward-Looking Non-GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo's 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to-date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. 2. Represents the incremental tariff rate(s) stacked on top of the Section 301 tariff rate of 25%, which was originally implemented in 2018. Impact of New Tariffs to Cost of Goods Sold Mexico Malaysia China Copper Products subject to U.S. tariffs Non-USMCA eligible products All manufactured products Patient Cables Raw Materials % of total COGS subject to U.S. tariffs 2% 18% 4% 2% New tariff rates implied in guidance 25% - 30% 19% 20% - 44%(2) 50% 2025 Guidance Framework • Our updated 2025 guidance(1) incorporates an increase of $16 to $17 million to cost of sales for fiscal 2025, which represents a 110 basis point impact to margin and a 22 cent to 24 cent impact to EPS. • Tariff costs are capitalized into inventory and then recognized as products are sold. • These estimates of tariff impact include mitigation measures implemented to-date, but do not include any future mitigation measures that we might implement. Annualized Impact of New Tariffs to Cost of Goods Sold • Estimated annualized impact of ~200 - 260 basis points, net of mitigation implemented to-date. • Mitigation plans implemented to-date included the following actions: adjustments to supply chain processes, qualification of products for USMCA exemption, reductions in COGS due to U.S. origin content in products and the utilization of industry exceptions. • Additional medium term mitigation measures have the potential to further reduce the annualized impact of tariffs over time by up to 50% through adjusting supply chain processes, adjusting manufacturing processes and moving patient cables out of China.

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Appendix • GAAP to Non-GAAP Reconciliations 8

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GAAP to Non-GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. (3) Constant currency adjustments are intended to reflect revenue at prior year foreign exchange rates for comparison purposes. 9 (Unaudited; in millions, except per share data) (1),(2),(3) Quarterly Performance Full-Year FY 2025 Guidance Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FY 2023 FY 2024 Low High GAAP Revenue $339.6 $343.9 $343.3 $368.5 $372.0 $370.9 $371.5 $1,275.5 $1,395.2 $1,513 $1,533 Business transition & related costs - - - - (0.9) (0.6) (0.3) - - ($3) ($3) Non-GAAP Revenue $339.6 $343.9 $343.3 $368.5 $371.0 $370.3 $371.2 $1,275.5 $1,395.2 $1,510 $1,530 Constant currency revenue adjustments 1.5 1.8 0.6 0.9 4.1 (0.8) (1.9) 5.8 4.9 $4 $4 Non-GAAP constant currency revenue $341.1 $345.7 $343.9 $369.4 $375.2 $369.5 $369.2 $1,281.3 $1,400.1 $1,514 $1,534 GAAP revenue growth -2.1% 22.4% 11.5% 8.4% 9.5% 7.9% 8.2% -4.8% 9.4% 8.4% 9.8% Non-GAAP revenue growth (constant currency) -1.6% 23.0% 11.7% 8.7% 10.5% 7.4% 7.6% -4.4% 9.8% 8.5% 10.0%

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(Unaudited; in millions, except per share data) (1),(2),(3),(4),(5) Quarterly Performance Full-Year Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FY 2023 FY 2024 GAAP revenue $339.6 $343.9 $343.3 $368.4 $372.0 $370.9 $371.5 $1,275.5 $1,395.2 Business transition and related costs - - - - (0.9) (0.6) (0.3) - - Non-GAAP revenue $339.6 $343.9 $343.3 $368.4 $371.0 $370.3 $371.2 $1,275.5 $1,395.2 GAAP gross profit $206.6 $207.3 $212.1 $168.3 $234.0 $233.3 $230.6 $765.6 $794.3 Acquired intangible asset amortization 0.5 0.5 0.5 0.5 0.3 0.3 0.3 1.9 1.8 Acquisitions, integrations, divestitures, and related costs 0.0 0.1 - - - - - - 0.1 Business transition and related costs 0.3 6.8 5.2 2.5 (0.3) (0.8) (0.2) 4.9 14.8 Other adjustments 4.0 0.3 (1.9) 0.0 - - - 4.7 2.5 Non-GAAP gross profit $211.4 $214.9 $215.9 $171.4 $234.1 $232.8 $230.8 $777.1 $813.6 GAAP selling, general and administrative expenses $115.7 $126.3 $136.6 $170.0 $119.4 $138.9 $116.4 $451.3 $548.6 Acquired intangible asset amortization (0.6) (0.6) (0.6) (0.6) (0.6) (0.5) (0.6) (2.5) (2.5) Acquisitions, integrations, divestitures, and related costs (6.0) (6.0) (4.6) (3.4) (3.8) (7.2) (7.4) (6.2) (20.0) Business transition and related costs (0.5) 0.6 8.5 (30.8) (2.1) (3.0) (1.6) (1.5) (22.2) Litigation related expenses and settlements (5.8) (17.2) (38.4) (41.5) (17.1) (24.1) (8.2) (76.1) (102.9) Other adjustments - - - - (4.5) 3.0 - - Non-GAAP selling, general and administrative expenses $102.7 $103.0 $101.4 $93.7 $95.9 $99.6 $101.7 $365.1 $400.9 GAAP research and development expenses $37.8 $39.1 $37.3 $68.0 $33.9 $29.9 $30.5 $130.5 $182.2 Acquisitions, integrations, divestitures, and related costs - - - - - - - (0.3) - Business transition and related costs (1.3) (1.0) (0.4) (36.3) (2.6) 1.4 (2.0) (1.4) (39.1) Non-GAAP research and development expenses $36.5 $38.1 $36.9 $31.7 $31.3 $31.3 $28.5 $128.8 $143.1 GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.5 $2.7 $0.0 $0.1 $17.8 $0.5 Litigation related expenses and settlements - - - (0.5) (2.7) - (0.1) (17.8) (0.5) Non-GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 GAAP operating expenses $153.5 $165.4 $173.9 $238.5 $156.0 $168.8 $147.0 $599.6 $731.3 Acquired intangible asset amortization (0.6) (0.6) (0.6) (0.6) (0.6) (0.5) (0.6) (2.5) (2.5) Acquisitions, integrations, divestitures, and related costs (6.0) (6.0) (4.6) (3.4) (3.8) (7.2) (7.4) (6.5) (20.0) Business transition and related costs (1.8) (0.4) 8.1 (67.2) (4.7) (1.6) (3.6) (2.9) (61.3) Litigation related expenses and settlements (5.8) (17.2) (38.4) (42.0) (19.7) (24.1) (8.3) (93.8) (103.5) Other adjustments - - - - (4.5) 3.0 - - Non-GAAP operating expenses $139.2 $141.1 $138.3 $125.4 $127.1 $130.9 $130.2 $493.9 $544.0 GAAP operating profit $53.1 $41.9 $38.2 ($70.2) $78.0 $64.5 $83.6 $166.0 $63.0 Acquired intangible asset amortization 1.1 1.1 1.1 1.1 0.9 0.8 0.9 4.5 4.3 Acquisitions, integrations, divestitures, and related costs 6.0 6.1 4.6 3.4 3.8 7.2 7.4 6.5 20.1 Business transition and related costs 2.1 7.2 (2.9) 69.7 4.5 0.8 3.4 7.8 76.2 Litigation related expenses and settlements 5.8 17.2 38.4 42.0 19.7 24.1 8.3 93.8 103.5 Other adjustments 4.0 0.3 (1.9) 0.0 - 4.5 (3.0) 4.7 2.5 Non-GAAP operating profit $72.2 $73.8 $77.7 $46.0 $106.9 $101.9 $100.6 $283.3 $269.7 GAAP to Non-GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of the Company's on-going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, frequency and significant to our operating results. (4) 2025's expenses are directly attributable to the cybersecurity-related event. These expenses are excluded from our Non-GAAP results as they impact period-to-period comparability and do not represent the underlying ongoing results of the business. (5) The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. 10 (3) (4) (5)

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(Unaudited; in millions, except per share data) (1),(2),(3),(4),(5) Quarterly Performance Full-Year Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FY 2023 FY 2024 GAAP non-operating income (expense) ($11.6) ($11.1) ($9.0) ($9.5) ($9.6) ($9.1) ($8.7) ($53.0) ($41.2) Realized and unrealized gains or losses 1.3 1.7 0.4 1.0 2.5 1.6 0.8 8.8 4.4 Financing related adjustments 0.5 0.5 0.5 0.5 0.5 0.5 1.4 1.9 1.9 Non-GAAP non-operating income (expense) ($9.9) ($9.0) ($8.1) ($8.0) ($6.6) ($7.0) ($6.6) ($42.3) ($35.0) GAAP provision for income taxes $9.4 $6.0 $4.9 ($14.7) $21.2 $10.5 $21.2 $5.3 $5.6 Tax impact of non-GAAP adjustments 4.3 7.6 10.7 21.7 7.6 9.7 3.0 32.6 44.4 Excess tax benefits from stock-based compensation 1.3 2.0 1.6 0.8 2.9 1.6 0.1 2.9 5.7 Tax related adjustments - - - - (5.9) - (2.4) 8.2 - Non-GAAP provision for income taxes $15.1 $15.6 $17.3 $7.8 $25.6 $21.8 $21.9 $49.0 $55.8 GAAP net income $32.1 $24.8 $24.3 ($65.0) $47.2 $44.9 $53.7 $107.7 $16.2 Acquired intangible asset amortization 1.1 1.1 1.1 1.1 0.9 0.8 0.9 4.5 4.3 Acquisitions, integrations, divestitures, and related costs 6.0 6.1 4.6 3.4 3.8 7.2 7.4 6.5 20.1 Business transition and related costs 2.1 7.2 (2.9) 69.7 4.5 0.8 3.4 7.8 76.2 Litigation related expenses and settlements 5.8 17.2 38.4 42.0 19.7 24.1 8.3 93.8 103.5 Other adjustments 4.0 0.3 (1.9) 0.0 - 4.5 (3.0) 4.7 2.5 Realized and unrealized gains or losses 1.3 1.7 0.4 1.0 2.5 1.6 0.8 8.8 4.4 Financing related adjustments 0.5 0.5 0.5 0.5 0.5 0.5 1.4 1.9 1.9 Tax impact of non-GAAP adjustments (4.3) (7.6) (10.7) (21.7) (7.6) (9.7) (3.0) (32.6) (44.4) Excess tax benefits from stock-based compensation (1.3) (2.0) (1.6) (0.8) (2.9) (1.6) (0.1) (2.9) (5.7) Tax related adjustments - - - - 5.9 - 2.4 (8.2) - Non-GAAP net income $47.3 $49.2 $52.3 $30.2 $74.7 $73.1 $72.1 $191.9 $178.9 GAAP net income per diluted share $0.59 $0.46 $0.45 ($1.21) $0.86 $0.82 $0.99 $1.99 $0.30 Adjustment from basic to diluted shares 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 Acquired intangible asset amortization 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.08 0.08 Acquisitions, integrations, divestitures, and related costs 0.11 0.11 0.09 0.06 0.07 0.13 0.14 0.12 0.37 Business transition and related costs 0.04 0.13 (0.05) 1.28 0.08 0.01 0.06 0.14 1.40 Litigation related expenses and settlements 0.11 0.32 0.71 0.77 0.36 0.44 0.15 1.73 1.90 Other adjustments 0.07 0.01 (0.03) 0.00 0.00 0.08 (0.06) 0.09 0.05 Realized and unrealized gains or losses 0.02 0.03 0.01 0.02 0.05 0.03 0.01 0.16 0.08 Financing related adjustments 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.03 0.03 Tax impact of non-GAAP adjustments (0.08) (0.14) (0.20) (0.40) (0.14) (0.18) (0.05) (0.60) (0.82) Excess tax benefits from stock-based compensation (0.02) (0.04) (0.03) (0.02) (0.05) (0.03) (0.00) (0.05) (0.10) Tax related adjustments 0.00 0.00 0.00 0.00 0.11 0.00 0.04 (0.15) 0.00 Non-GAAP net income per diluted share $0.87 $0.91 $0.96 $0.55 $1.36 $1.33 $1.32 $3.55 $3.29 Weighted average shares outstanding - Diluted 54.2 54.3 54.3 54.6 54.8 54.8 54.4 54.1 54.4 GAAP to Non-GAAP Reconciliations – Continuing Operations 11 Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo's healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as "held for sale" and reported in discontinued operations. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of the Company's on-going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, frequency and significant to our operating results. (4) 2025's expenses are directly attributable to the cybersecurity-related event. These expenses are excluded from our Non-GAAP results as they impact period-to-period comparability and do not represent the underlying ongoing results of the business. (5) The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company's underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission.

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