Sound United Sales Fall As Masimo Boss Claims He “Did Not See” Hung Jury Verdict In Apple Case
Sound United which was recently rebranded as Masimo Consumer, has reported a 12.9% fall in revenues in the last quarter, while their parent Company Masimo Corporation reported an 85.7% increase in revenues, currently the Company is in a head on battle with Apple who has been accused of using patented Masimo technology in their smart watches.
The latest revenue numbers are based on Sound United’s first quarter revenues in fiscal 2022 (back when they were owned by Charlesbank Capital Partners).
In their latest filings Masimo’s consumer division which was previously Sound United had revenues of US$218.3 million Vs, $250.6 million in the same quarter last year.
Masimo revenue from health care was up 14% to $346.7 million.
Masimo Consumer Audio is home to eight audio brands, including Bowers & Wilkins, Denon, Marantz, and Polk Audio, the business is also looking to launch a Masimo watch in Australia.
Joe Kiani, Chairman and Chief Executive Officer of Masimo, said Our consumer business also came in ahead of expectations due to higher-than-expected demand for our hearables”.
He added “Our consumer health strategy is building momentum, with Opioid Halo, Stork and Freedom™ now available for pre-order. Our strong performance this quarter reflects our long track record of innovation in our professional healthcare business, our thoughtful stewardship of our established luxury and premium consumer audio brands, and our progress marrying the two to build a trusted, clinically proven consumer health business.”
During the past six months Masimo shares have risen over 30% as of today they are trading at US173.30.
For the past few years Masimo has been fighting a coordinated legal battle against Apple, alleging the tech giant stole trade secrets to use in the Apple Watch. The latest effort ended in a mistrial due to a hung jury earlier this month.
Kiani said “I did not see that coming”.