Masimo Reports Third Quarter 2024 Financial Results
Third Quarter 2024 Highlights:
-
Healthcare revenue of
$343.3 million increased 11.5% on a reported basis and 11.7% on a constant currency basis(1); -
GAAP net income per diluted share was
$0.18 ; and -
Non-GAAP(1) net income per diluted share was
$0.98 .
Third Quarter 2024 Results
Consolidated revenue was
2024 Financial Guidance
The Company provided the following non-GAAP(2) estimates for its fourth quarter 2024 and updated full-year 2024 guidance:
(in millions, except earnings per diluted share) |
|
Q4 2024 Guidance(3) |
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FY 2024 Updated Guidance(3) |
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FY 2024 Prior Guidance(4) |
Consolidated revenue |
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Healthcare revenue |
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Non-healthcare revenue |
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Non-GAAP(2) operating income |
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Non-GAAP(2) earnings per diluted share |
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____________________________ |
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(1) |
Represents a non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is included in this press release. |
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(2) |
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” below, 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. |
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(3) |
Guidance provided |
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(4) |
Guidance provided |
Conference Call
The Company will conduct its third quarter 2024 investor conference call today,
Website Information
To access important information relating to Masimo’s third quarter 2024 investor conference call, including the audio webcast and investor presentation, please visit the Investor Relations section of Masimo’s website at https://investor.masimo.com.
Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with
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 presented the following non-GAAP measures to assist investors in understanding the Company’s net operating results on an on-going basis: (i) constant currency revenue growth percentage, (ii) non-GAAP net income (prior definition and updated definition), (iii) non-GAAP (net income) earnings per diluted share (prior definition and updated definition) and (iv) non-GAAP operating income/margin (prior definition and updated definition). 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 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:
Constant currency revenue adjustments
Some of our sales agreements with foreign customers provide for payment in currencies other than the
Acquired tangible asset amortization
These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired tangible assets and asset valuation step-ups.
Business transition and related costs
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.
Acquired intangible asset amortization
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.
Acquisitions, integrations, divestitures, and related costs
These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments, divestitures, assets impairments, and in-process research and development.
Litigation related expenses and settlements (prior definition)
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.
Litigation related expenses and settlements (updated definition)
We have been engaged in various legal proceedings against Apple since
Other adjustments
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.
Realized and unrealized gains or losses
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
Financing related adjustments
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.
Tax impact of non-GAAP adjustments
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.
Excess tax benefits from stock-based compensation expense
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.
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 our fourth-quarter 2024 and updated full-year 2024 financial guidance, including GAAP and non-GAAP consolidated revenue, healthcare revenue, non-healthcare revenue, consolidated operating income and consolidated earnings 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® and Masimo rainbow SET™ 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 successfully integrate Sound United’s brands into our business; 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 ability to effect any potential separation of our consumer business described above and to meet any of the conditions related thereto; the approval of any such potential separation by Masimo’s board of directors; the ability of any separated businesses to be successful; potential uncertainty during the pendency of any such potential separation that could affect Masimo’s financial performance; the possibility that any potential separation will not be completed within the anticipated time period or at all; the possibility that any such potential separation will not achieve its intended benefits; the possibility of disruption, including changes to existing business relationships, disputes, litigation or unanticipated costs in connection with any such potential separation; the impact on our employees; the uncertainty of the expected financial performance of Masimo prior to and following completion of any such potential separation; negative effects of the announcement or pendency of any such potential separation on the market price of Masimo’s securities and/or on the financial performance of Masimo; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; actions by third parties, including government agencies; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the
RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE(1): |
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(in millions, except percentages) |
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|
|
|
||||||
GAAP healthcare revenue |
|
$ |
343.3 |
|
|
$ |
307.8 |
|||
|
Constant currency revenue adjustments |
|
|
0.6 |
|
|
|
N/A |
||
Non-GAAP healthcare constant currency revenue |
|
$ |
343.9 |
|
|
$ |
307.8 |
|||
|
|
GAAP healthcare revenue growth % |
|
|
11.5 |
% |
|
|
||
|
|
Non-GAAP healthcare constant currency revenue growth % |
|
|
11.7 |
% |
|
|
||
_______________ | ||||||||||
(1) May not foot due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME (1) : |
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|
|
|
|
Three Months Ended |
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(in millions) |
|
|
|
|
|||||
GAAP operating income |
|
$ |
30.1 |
|
|
$ |
25.2 |
||
Non-GAAP adjustments: |
|
|
|
|
|||||
|
Acquired tangible asset amortization |
|
|
0.8 |
|
|
|
0.9 |
|
|
Acquired intangible asset amortization |
|
|
9.2 |
|
|
|
9.4 |
|
|
Acquisitions, integrations, divestitures, and related costs |
|
|
4.6 |
|
|
|
10.6 |
|
|
Business transition and related costs |
|
|
(0.5 |
) |
|
|
4.2 |
|
|
Litigation related expenses, settlements and awards |
|
|
30.4 |
|
|
|
6.0 |
|
|
Other adjustments |
|
|
(1.9 |
) |
|
|
0.5 |
|
|
|
Total non-GAAP adjustments |
|
|
42.7 |
|
|
|
31.5 |
Non-GAAP operating income (prior definition) |
|
$ |
72.8 |
|
|
$ |
56.9 |
||
|
|
Litigation related expenses and settlements |
|
|
8.0 |
|
|
|
8.9 |
Non-GAAP operating income (updated definition) |
|
$ |
80.8 |
|
|
$ |
65.9 |
||
_____________________ | |||||||||
(1) May not foot due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1): |
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|
|
Three Months Ended |
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|
|
|
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||||||||||||
(in millions, except per diluted share amounts) |
|
$ |
|
Per Diluted Share |
|
$ |
|
Per Diluted Share |
|||||||||
GAAP net income |
|
$ |
9.8 |
|
|
$ |
0.18 |
|
|
$ |
10.6 |
|
|
$ |
0.20 |
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|||||||||
|
Acquired tangible asset amortization |
|
|
0.8 |
|
|
|
0.01 |
|
|
|
0.9 |
|
|
|
0.02 |
|
|
Acquired intangible asset amortization |
|
|
9.2 |
|
|
|
0.17 |
|
|
|
9.4 |
|
|
|
0.18 |
|
|
Acquisitions, integrations, divestitures, and related costs |
|
|
4.6 |
|
|
|
0.09 |
|
|
|
10.6 |
|
|
|
0.20 |
|
|
Business transition and related costs |
|
(0.5 |
) |
|
|
(0.01 |
) |
|
|
4.2 |
|
|
|
0.08 |
|
|
|
Litigation related expenses, settlements and awards |
|
|
30.4 |
|
|
|
0.56 |
|
|
|
6.0 |
|
|
|
0.11 |
|
|
Other adjustments |
|
|
(1.9 |
) |
|
|
(0.03 |
) |
|
|
0.5 |
|
|
|
0.01 |
|
|
Realized and unrealized gains or losses |
|
|
9.2 |
|
|
|
0.17 |
|
|
|
(1.0 |
) |
|
|
(0.02 |
) |
|
Financing related adjustments |
|
|
0.5 |
|
|
|
0.01 |
|
|
|
0.5 |
|
|
|
0.01 |
|
|
Tax impact of non-GAAP adjustments |
|
|
(13.8 |
) |
|
|
(0.25 |
) |
|
|
(8.0 |
) |
|
|
(0.15 |
) |
|
Excess tax benefits from stock-based compensation expense |
|
|
(1.6 |
) |
|
|
(0.03 |
) |
|
|
(0.2 |
) |
|
|
— |
|
Total non-GAAP adjustments |
|
|
37.1 |
|
|
|
0.68 |
|
|
|
22.9 |
|
|
|
0.42 |
|
|
Non-GAAP net income (prior definition) |
|
$ |
46.8 |
|
|
$ |
0.86 |
|
|
$ |
33.7 |
|
|
$ |
0.63 |
|
|
|
Litigation related expenses and settlements |
|
|
8.0 |
|
|
|
0.15 |
|
|
|
8.9 |
|
|
|
0.17 |
|
|
Tax impact of non-GAAP adjustments |
|
|
(1.9 |
) |
|
|
(0.04 |
) |
|
|
(2.1 |
) |
|
|
(0.04 |
) |
Non-GAAP net income (updated definition) |
|
$ |
52.9 |
|
|
$ |
0.98 |
|
|
$ |
40.5 |
|
|
$ |
0.75 |
|
|
Weighted average shares outstanding-diluted |
|
|
|
|
54.3 |
|
|
|
|
|
53.9 |
|
|||||
_____________________ | |||||||||||||||||
(1) May not foot due to rounding. |
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) |
|||||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
158.5 |
|
|
$ |
163.0 |
|
Accounts receivable, net of allowance for credit losses |
|
371.0 |
|
|
|
355.5 |
|
Inventories |
|
569.9 |
|
|
|
545.0 |
|
Other current assets |
|
180.5 |
|
|
|
168.4 |
|
Total current assets |
|
1,279.9 |
|
|
|
1,231.9 |
|
Lease receivable, non-current |
|
64.2 |
|
|
|
71.4 |
|
Deferred costs and other contract assets |
|
59.6 |
|
|
|
57.3 |
|
Property and equipment, net |
|
417.9 |
|
|
|
424.4 |
|
Customer relationships, net |
|
169.0 |
|
|
|
177.7 |
|
Acquired technologies, net |
|
115.3 |
|
|
|
129.4 |
|
Other intangible assets, net |
|
120.9 |
|
|
|
112.8 |
|
Trademarks |
|
235.6 |
|
|
|
232.4 |
|
|
|
412.5 |
|
|
|
407.7 |
|
Deferred tax assets |
|
107.1 |
|
|
|
107.2 |
|
Other non-current assets |
|
105.8 |
|
|
|
89.3 |
|
Total assets |
$ |
3,087.8 |
|
|
$ |
3,041.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
280.8 |
|
|
$ |
251.5 |
|
Accrued compensation |
|
76.0 |
|
|
|
62.6 |
|
Deferred revenue and other contract liabilities, current |
|
84.5 |
|
|
|
87.3 |
|
Other current liabilities |
|
196.3 |
|
|
|
162.4 |
|
Total current liabilities |
|
637.6 |
|
|
|
563.8 |
|
Long-term debt |
|
733.2 |
|
|
|
871.7 |
|
Deferred tax liabilities |
|
111.3 |
|
|
|
111.7 |
|
Other non-current liabilities |
|
142.5 |
|
|
|
129.5 |
|
Total liabilities |
|
1,624.6 |
|
|
|
1,676.7 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock |
|
0.1 |
|
|
|
0.1 |
|
|
|
(1,169.2 |
) |
|
|
(1,169.2 |
) |
Additional paid-in capital |
|
828.4 |
|
|
|
783.4 |
|
Accumulated other comprehensive loss |
|
(36.6 |
) |
|
|
(45.3 |
) |
Retained earnings |
|
1,840.5 |
|
|
|
1,795.8 |
|
Total stockholders’ equity |
|
1,463.2 |
|
|
|
1,364.8 |
|
Total liabilities and stockholders’ equity |
$ |
3,087.8 |
|
|
$ |
3,041.5 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
504.6 |
|
|
$ |
478.9 |
|
|
$ |
1,493.7 |
|
|
$ |
1,499.2 |
|
Cost of goods sold |
|
241.4 |
|
|
|
244.1 |
|
|
|
734.0 |
|
|
|
758.4 |
|
Gross profit |
|
263.2 |
|
|
|
234.8 |
|
|
|
759.7 |
|
|
|
740.8 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
184.8 |
|
|
|
156.1 |
|
|
|
522.2 |
|
|
|
504.1 |
|
Research and development |
|
48.3 |
|
|
|
46.5 |
|
|
|
145.1 |
|
|
|
137.2 |
|
Impairment charge |
|
— |
|
|
|
7.0 |
|
|
|
— |
|
|
|
7.0 |
|
Total operating expenses |
|
233.1 |
|
|
|
209.6 |
|
|
|
667.3 |
|
|
|
648.3 |
|
Operating income |
|
30.1 |
|
|
|
25.2 |
|
|
|
92.4 |
|
|
|
92.5 |
|
Non-operating loss |
|
(18.5 |
) |
|
|
(11.2 |
) |
|
|
(36.0 |
) |
|
|
(27.5 |
) |
Income before provision for income taxes |
|
11.6 |
|
|
|
14.0 |
|
|
|
56.4 |
|
|
|
65.0 |
|
Provision for income taxes |
|
1.8 |
|
|
|
3.4 |
|
|
|
11.7 |
|
|
|
17.4 |
|
Net income |
$ |
9.8 |
|
|
$ |
10.6 |
|
|
$ |
44.7 |
|
|
$ |
47.6 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.18 |
|
|
$ |
0.20 |
|
|
$ |
0.84 |
|
|
$ |
0.90 |
|
Diluted |
$ |
0.18 |
|
|
$ |
0.20 |
|
|
$ |
0.82 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares used in per share calculations: |
|
|
|
|
|
|
|
||||||||
Basic |
|
53.4 |
|
|
|
52.8 |
|
|
|
53.2 |
|
|
|
52.8 |
|
Diluted |
|
54.3 |
|
|
|
53.9 |
|
|
|
54.3 |
|
|
|
53.9 |
|
The following table presents details of the stock-based compensation expense (benefit) that is included in each functional line item in the condensed consolidated statements of operations (in millions):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
|
|
|
|
|
|
|
||||||
Cost of goods sold |
$ |
0.3 |
|
$ |
0.2 |
|
|
$ |
0.8 |
|
$ |
0.8 |
|
Selling, general and administrative |
|
2.2 |
|
|
(2.4 |
) |
|
|
17.0 |
|
|
(7.1 |
) |
Research and development |
|
4.0 |
|
|
1.1 |
|
|
|
11.8 |
|
|
3.9 |
|
Total |
$ |
6.5 |
|
$ |
(1.1 |
) |
|
$ |
29.6 |
|
$ |
(2.4 |
) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) |
|||||||
|
Nine Months Ended |
||||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
44.7 |
|
|
$ |
47.6 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
72.2 |
|
|
|
75.8 |
|
Stock-based compensation expense |
|
29.6 |
|
|
|
(2.4 |
) |
(Gain) loss on disposal of equipment, intangibles and other assets |
|
(0.3 |
) |
|
|
0.6 |
|
Provision for credit losses |
|
0.9 |
|
|
|
1.1 |
|
Amortization of debt issuance cost |
|
1.4 |
|
|
|
1.4 |
|
Impairment charge |
|
— |
|
|
|
7.0 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
(Increase) decrease in accounts receivable |
|
(9.4 |
) |
|
|
84.8 |
|
(Increase) decrease in inventories |
|
(40.1 |
) |
|
|
(93.1 |
) |
(Increase) decrease in other current assets |
|
(12.3 |
) |
|
|
(14.6 |
) |
(Increase) decrease in lease receivable, net |
|
7.1 |
|
|
|
(6.8 |
) |
(Increase) decrease in deferred costs and other contract assets |
|
(2.3 |
) |
|
|
(2.9 |
) |
(Increase) decrease in other non-current assets |
|
0.1 |
|
|
|
(42.0 |
) |
Increase (decrease) in accounts payable |
|
29.4 |
|
|
|
3.6 |
|
Increase (decrease) in accrued compensation |
|
13.3 |
|
|
|
(32.8 |
) |
Increase (decrease) in accrued liabilities |
|
24.6 |
|
|
|
(19.5 |
) |
Increase (decrease) in income tax payable |
|
(1.0 |
) |
|
|
(7.1 |
) |
Increase (decrease) in deferred revenue and other contract-related liabilities |
|
(3.0 |
) |
|
|
(6.2 |
) |
Increase (decrease) in other non-current liabilities |
|
(9.0 |
) |
|
|
22.5 |
|
Net cash provided by (used in) operating activities |
|
145.9 |
|
|
|
17.0 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
(24.5 |
) |
|
|
(33.1 |
) |
Proceeds from sale of property and equipment |
|
13.5 |
|
|
|
— |
|
Increase in intangible assets |
|
(23.6 |
) |
|
|
(29.3 |
) |
Business combinations, net of cash acquired |
|
— |
|
|
|
7.5 |
|
Other strategic investing activities |
|
(0.1 |
) |
|
|
(1.0 |
) |
Net cash (used in) provided by investing activities |
|
(34.7 |
) |
|
|
(55.9 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings under line of credit |
|
72.7 |
|
|
|
139.5 |
|
Repayments on line of credit |
|
(207.2 |
) |
|
|
(154.3 |
) |
Proceeds from issuance of common stock |
|
21.4 |
|
|
|
6.7 |
|
Payroll tax withholdings on behalf of employees for vested equity awards |
|
(6.0 |
) |
|
|
(12.7 |
) |
Net cash (used in) provided by financing activities |
|
(119.1 |
) |
|
|
(20.8 |
) |
Effect of foreign currency exchange rates on cash |
|
3.4 |
|
|
|
(17.6 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(4.5 |
) |
|
|
(77.3 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
168.2 |
|
|
|
209.6 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
163.7 |
|
|
$ |
132.3 |
|
About Masimo
Masimo (Nasdaq: MASI) is a global technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight legendary audio brands, including Bowers & Wilkins®, Denon®, Marantz®, and Polk Audio®. Our mission is to improve life, improve patient outcomes; and reduce the cost of care. Masimo SET® Measure-through Motion and Low Perfusion™ pulse oximetry, introduced in 1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies. Masimo SET® has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates, improve CCHD screening in newborns, and, when used for continuous monitoring with Masimo Patient SafetyNet™ in post-surgical wards, reduce rapid response team activations, ICU transfers, and costs. Masimo SET® is estimated to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world, and is the primary pulse oximetry at all 10 U.S. hospitals as ranked in the 2024 Newsweek World’s Best Hospitals listing. In 2005, Masimo introduced rainbow® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb®), oxygen content (SpOC™), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), Pleth Variability Index (PVi®), RPVi™ (rainbow® PVi), and Oxygen Reserve Index (ORi™). In 2013, Masimo introduced the Root® Patient Monitoring and Connectivity Platform, built from the ground up to be as flexible and expandable as possible to facilitate the addition of other Masimo and third-party monitoring technologies; key Masimo additions include Next Generation SedLine® Brain Function Monitoring, O3® Regional Oximetry, and ISA™ Capnography with NomoLine® sampling lines. Masimo’s family of continuous and spot-check monitoring Pulse CO-Oximeters® includes devices designed for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7®, Radius PPG® and Radius VSM™, portable devices like Rad-67®, fingertip pulse oximeters like MightySat® Rx, and devices available for use both in the hospital and at home, such as Rad-97® and the Masimo W1® Medical Watch. Masimo hospital and home automation and connectivity solutions are centered around the Masimo Hospital Automation™ platform, and include Iris®
RPVi has not received FDA 510(k) clearance and is not available for sale in |
|
Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI and ORI are trademarks or registered trademarks of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105340239/en/
Investor Contact:
(949) 297-7077
ekammerman@masimo.com
Media Contact:
(949) 396-3376
elamb@masimo.com
Media Contact:
masimo@longacresquare.com
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