Strata-gee.com

Strategy in TECH...

You are here: Home / Archives for Joe Kiani

Joe Kiani

Masimo Announces Double-Digit Drop in Revenues & Profits; Reveals Spin-Off Plans

by 2 Comments

Masimo headquarters

Company Reveals Initial Plans for Spinning off Sound United Biz

Masimo Corporation (Nasdaq: MASI), yet another company in Tech that reported their financial results for the first quarter of Fiscal 2024 after the close of business on Tuesday, revealed that both revenues and profits had declined double-digit percentages in the quarter. What was remarkable about this result is that Masimo CEO Joe Kiani said in a statement in the release about the Q1 results that the company is “reaching a steady state.”

Investors apparently didn’t see it that way, as shares in MASI stock dropped almost 12% on Wednesday, the next trading day after the announcement.

See more on the Masimo Q1, Fiscal 2024 report

[Read more…] about Masimo Announces Double-Digit Drop in Revenues & Profits; Reveals Spin-Off Plans

Apple Files Massive Appeal; Asks Court to Overturn ITC Ban in Masimo Win

by Leave a Comment

Header for Apple Inc., v. International Trade Commission ITC & Masimo

A Heavyweight Case; 916 Pages Heavy, That Is

Last Friday, Apple, Inc. filed a massive appeal with the U.S. Appeals Court for the Federal Circuit asking the judges to overturn the ruling of the United States International Trade Commission (ITC) which sided with Masimo and ordered a ban on sales of certain models of the Apple Watch. The filing runs an impressive 916 pages long and cites multiple elements of the ITC ruling, telling the Federal Court that the commission “…both exceeded its authority and issued a series of flawed substantive rulings.”

Apple says: ‘The Commission’s decision cannot stand.’

[Read more…] about Apple Files Massive Appeal; Asks Court to Overturn ITC Ban in Masimo Win

Masimo Management Slaps Politan & Koffey Back; Decries ‘False Claims’

by Leave a Comment

Masimo logo

In a Dispute About Sound United, The Parties Don’t Sound United

Masimo Corporation (Nasdaq: MASI) announced on Monday that it could confirm that activist investment group Politan Capital Management – whose founder and Chief Investment Officer is Quentin Koffey – has provided it with notice of its intent to nominate two candidates to stand for election to the company’s Board of Directors at its upcoming 2024 Annual Meeting. This action by Politan, management says, “run[s] counter to the stockholders’ best interests…”

Oh-oh…the knives are coming out…

See more on Masimo’s response to Politan and Koffey

[Read more…] about Masimo Management Slaps Politan & Koffey Back; Decries ‘False Claims’

Masimo Drama Intensifies as Activist Investor Nominates 2 More Directors

by Leave a Comment

Politan’s Koffey Makes Move to Seize Control of Company

One business day after Masimo Corp. [Nasdaq: MASI] announced plans for a spin-off of its Consumer division, the business unit formed by the acquisition of Sound United, activist investor Politan Capital Management and its CIO Quentin Koffey – a current Masimo Director – announced the nomination of two more independent director candidates for the Board of Directors. In a statement accompanying the announcement, Koffey takes the gloves off alleging Board dysfunction, uncooperative management, and says Kiani’s desire for control “is troubling.”

Pop a fresh bowl of popcorn and settle into a comfortable chair…things are getting pretty interesting in this story of escalating boardroom and management drama.

See more on the rising drama at Masimo

[Read more…] about Masimo Drama Intensifies as Activist Investor Nominates 2 More Directors

Masimo Fiscal 2023 Q4 & Full Year Results Show Continued Drop in Consumer Spending on Audio

by Leave a Comment

Masimo Fiscal 2023 results

Masimo Corporation (Nasdaq: MASI) announced on Tuesday its financial results for the fourth quarter and full year of fiscal 2023, the period that ended December 30, 2023. Results were mixed with revenues down double digits in the quarter but flat for the year. But a more sobering picture emerged for the “non-healthcare” division, also known as Masimo Consumer, which is the division that was formed when the company acquired Sound United almost exactly two years ago.

Learn more about the Masimo results for fiscal 2023 and the fourth quarter

[Read more…] about Masimo Fiscal 2023 Q4 & Full Year Results Show Continued Drop in Consumer Spending on Audio

In Huge Win for Masimo, ITC Bans Certain Apple Watch Imports for Trade Law Violations

by Leave a Comment

Masimo Freedom Watch

Masimo Corporation (NASDAQ: MASI) scored a big win Thursday in its ongoing battles with Apple, Inc. when the United States International Trade Commission (USITC or ITC) sided largely with Masimo and issued a Limited Exclusion Order and a Cease and Desist Order against certain Apple Watch models that infringe on select Masimo patents. This exclusion order bans the import of those models that incorporate Masimo’s patented light-based pulse oximetry technology in violation of U.S. trade laws.

See more on Masimo’s stunning ITC victory over Apple

[Read more…] about In Huge Win for Masimo, ITC Bans Certain Apple Watch Imports for Trade Law Violations

Masimo CEO: ‘We are Disappointed with Our Results This Quarter’

by Leave a Comment

Masimo slide from their Q2 fiscal '23 quarterly earnings presentation

Masimo Corporation (Nasdaq: MASI) (Masimo) announced the final financial results for the second quarter of fiscal 2023, the 90-day period that ended on July 1, 2023. About three weeks ago, the company released a preliminary report on the quarter, alerting investors to an unexpected drop in revenues. As they predicted, revenues did decline, although not as poorly as they suggested might be the case.

See the actual Masimo results for the second quarter of fiscal 2023

[Read more…] about Masimo CEO: ‘We are Disappointed with Our Results This Quarter’

Masimo Stock Value Crashes After Prelim Q2 Warning of Revenue Decline

by Leave a Comment

Masimo website

BREAKING NEWS

After the close of markets on Monday, Masimo Corporation (Nasdaq: MASI) took the unusual step of issuing a press release announcing preliminary results for its fiscal 2023 second quarter, the quarter that ended July 1, 2023. The release warned investors that the company expected to report a revenue decline in the quarter…a pretty significant revenue decline. But perhaps even more impactful than that, the company went on to add that it is forced to revise downward its forward guidance for the full Fiscal 2023 annual results. The value of MASI stock crashed nearly 26% in an early evening reading of after-hours trading in the stock.

See more on this surprising announcement from Masimo on Q2 results

[Read more…] about Masimo Stock Value Crashes After Prelim Q2 Warning of Revenue Decline

Masimo Shareholders Elect Politan Nominees to Board; Sound United Future is Cloudy

by 6 Comments

Politan director nominees who won their seat on the board

Masimo Corp. [NASDAQ: MASI] shareholders voted to elect two new independent board candidates nominated by activist investor Politan Capital Management, including Politan’s Chief Investment Officer Quentin Koffey, as reported by Reuters. The election took place on Monday, June 26th at the annual stockholder’s meeting, and it was announced late in the day that the Politan candidates prevailed.

The news is a shocking repudiation of the existing Masimo Board and CEO Joe Kiani – and it puts Sound United’s future with the company in serious doubt.

Learn more about Masimo stockholders voting with Politan

[Read more…] about Masimo Shareholders Elect Politan Nominees to Board; Sound United Future is Cloudy

Masimo in Massive Proxy War with Politan; Future of Sound United Hangs in the Balance

by Leave a Comment

Cover of a Masimo investor presentation
Cover of Masimo investor presentation

These are turbulent times at Masimo Corp. [NASDAQ: MASI] as the company continues its pitched battles against Apple Inc. for patent infringement and against activist investment group Politan Capital Management which seeks two Board seats for new oversight at the company. Mailings to MASI investors began in early May and continue to increase in frequency – and intensity – in the days leading up to the company’s Annual Meeting of Stockholders on June 26, 2023.

What’s it all about? Largely, it is about Masimo’s $1 billion acquisition of Sound United (now Masimo Consumer) which caused the company’s market value to drop over $5 billion the day after the acquisition was announced. It appeared to be a clear repudiation of the management strategy by Masimo investors.

Learn more on the proxy war with Politan and what it means for Sound United

[Read more…] about Masimo in Massive Proxy War with Politan; Future of Sound United Hangs in the Balance