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Masimo expands board with two new directors

Published 18-10-2024, 06:36 pm
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IRVINE, Calif. - Masimo (NASDAQ:MASI) Corporation (NASDAQ:MASI), known for its medical technology innovations, has appointed Timothy J. Scannell and Wendy E. Lane to its Board of Directors. The appointments, effective immediately, expand the board to eight members.

Quentin Koffey, Lead Independent Director at Masimo, emphasized the value these appointments bring, highlighting Scannell’s medical technology expertise from his tenure at Stryker Corporation (NYSE:SYK) and Lane’s extensive experience in corporate governance.

Scannell, with over three decades at Stryker, including as its President and COO, brings a wealth of commercial leadership in the medical sector. He currently holds board positions at Insulet (NASDAQ:PODD) Corporation, Novocure Limited, and several private companies.

Lane’s background includes 32 years serving on various company boards, with roles in audit, compensation, and governance committees. She is the Chair of Lane Holdings, Inc. and also serves on the boards of Verisk Analytics (NASDAQ:VRSK), Inc., YourBio Health, Inc., and CAC Holdings, LLC.

Both Scannell and Lane expressed their eagerness to contribute to Masimo's mission and future growth. Scannell aims to leverage his experience to enhance patient, employee, and shareholder outcomes. Lane looks forward to guiding the company alongside the existing board members.

Masimo is a global player in the development of monitoring technologies and solutions, also housing consumer audio brands such as Bowers & Wilkins and Denon. The company’s mission is to improve patient outcomes and reduce healthcare costs.

This announcement contains forward-looking statements regarding future actions of Masimo and its board of directors. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

The information provided in this article is based on a press release statement from Masimo Corporation.

In other recent news, Envestnet (NYSE:ENV), a technology and wealth management solutions provider, has received approval from its stockholders for the acquisition by Bain Capital. This development comes as the company continues to influence the growth of wealth management services, boasting more than $6.2 trillion in platform assets and serving over 110,000 advisors. The merger is anticipated to be finalized in the fourth quarter of 2024.

In financial highlights, Envestnet reported an 11% revenue increase to $348 million in its second quarter results, alongside an adjusted EBITDA of $78 million, marking a 22% margin. However, the company's adjusted EPS of $0.55 fell short of guidance due to non-cash charges. Despite a slight 1% decline in its data and analytics business, Envestnet's advisor count grew to over 110,000, indicating a 3% increase, while account growth was at 4%.

DA Davidson maintained a Neutral rating on Envestnet shares due to the impending acquisition. These are recent developments for Envestnet, which continues to focus on organic growth and deep client relationships.

InvestingPro Insights

As Masimo Corporation (NASDAQ:MASI) expands its Board of Directors with new appointments, it's worth examining some key financial metrics and insights from InvestingPro to understand the company's current position.

According to InvestingPro data, Masimo's market capitalization stands at $3.46 billion, reflecting its significant presence in the medical technology sector. The company has shown strong revenue growth, with a 11.47% increase in the most recent quarter. This aligns well with the company's mission to expand its influence in the healthcare monitoring and consumer audio markets.

InvestingPro Tips highlight that Masimo's stock generally trades with low price volatility, which could be attractive for investors seeking stability. Additionally, the company has demonstrated a high return over the last year, with a impressive 52.6% price total return. This performance may reflect market confidence in Masimo's strategic direction and growth potential.

It's noteworthy that while Masimo wasn't profitable over the last twelve months, InvestingPro Tips indicate that analysts predict the company will be profitable this year. This projection, combined with the expectation of net income growth, suggests a positive outlook that the new board members, Timothy J. Scannell and Wendy E. Lane, will be eager to support and enhance.

For investors looking for a deeper dive into Masimo's prospects, InvestingPro offers 10 additional tips, providing a comprehensive analysis of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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