Masimo Corporation (NASDAQ: MASI) stock rose 0.78% after the company posted better than expected results for the first quarter of FY 19. For the first quarter, MASI’s non-GAAP net income was $45 million compared to the first quarter 2018 non-GAAP net income of $35.5 million.

MASI in the first quarter of FY 19 has reported the adjusted earnings per share of 79 cents, beating the analysts’ estimates for the adjusted earnings per share of 75 cents, as per Zacks Investment Research. The company had reported the adjusted revenue growth of $231.7 million in the first quarter of FY 19, beating the analysts’ estimates for revenue of $223.6 million. The product revenue increased 14% on a constant currency basis to reach $230.5 million. In Q1, MASI shipped a record 63,700 noninvasive technology boards and monitors. And better yet, the company expect to ship over 60,000 technology boards and monitors quarterly for the rest of 2019.

Moreover, royalty and other revenue was $1.1 million for the quarter compared to $8.6 million for the first quarter of 2018 and included a final true-up of approximately $700,000 to the previously accrued royalty revenue from Medtronic that expired on October 6 of last year. During the first quarter, MASI also had $400,000 of non-recurring engineering revenue related to the integration of Masimo technologies into the OEM monitors. For the first quarter, the non-GAAP product gross margin fell 80 basis points to 65.4% compared to 66.2% in the prior year period. For the first quarter 2019, the non-GAAP operating profit margins expanded 160 basis points to 24% compared to 22.4% in the prior year period. The operating margin expansion of 160 basis points was primarily due to controlled spending as the operating expenses increased at half the rate of the product revenue growth, which was partially offset by the lower margins recognized on the lease monitoring equipment under ASC 842.

Masimo raised its top line and bottom-line guidance for the full year 2019. The company now projects total revenue of $919.1 million, up from its previous outlook of $912 million. Masimo anticipates GAAP diluted earnings per share of $3.25. It previously projected GAAP earnings per share of $3.19. It also expects adjusted non-GAAP earnings per share in full-year 2019 of $3.12, higher than the guidance provided in February of adjusted earnings per share of $3.08.