Business Wire

Masimo Reports Fourth Quarter and Full-Year 2021 Financial Results and Announces Agreement to Acquire Sound United

Fourth Quarter 2021 Highlights:

  • Product revenue increased 11.0% to $327.6 million,
  • GAAP net income per diluted share was $1.18; and
  • Non-GAAP net income per diluted share was $1.21.

Full-Year 2021 Highlights:

  • Product revenue increased 8.3% to $1,239.2 million,
  • GAAP net income per diluted share was $3.98; and
  • Non-GAAP net income per diluted share was $3.99.

IRVINE, Calif.–(BUSINESS WIRE)–Masimo (Nasdaq: MASI) today announced its financial results for the fourth quarter and full-year ended January 1, 2022.

Fourth Quarter 2021 Results:

Product revenue increased 11.0% to $327.6 million, or 11.5% on a constant currency basis, compared to $295.1 million in the fourth quarter of 2020. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments were 76,000 in the fourth quarter of 2021.

For the fourth quarter 2021, GAAP operating margin was 23.6%, compared to 22.0% in the fourth quarter of 2020. Fourth quarter 2021 non-GAAP operating margin was 25.7%, compared to 23.1% in the fourth quarter of 2020.

For the fourth quarter 2021, GAAP net income was $68.3 million, or $1.18 per diluted share, compared to GAAP net income of $70.6 million or $1.21 per diluted share, in the fourth quarter 2020. Fourth quarter 2021 non-GAAP net income was $70.1 million, or $1.21 per diluted share, compared to net income of $57.3 million, or $0.98 per diluted share, in the fourth quarter 2020.

Full-Year 2021 Results:

Product revenue increased 8.3% to $1,239.2 million, or 7.6% on a constant currency basis, compared to $1,143.7 million for the full-year 2020. Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments were 289,000 for the full-year 2021.

For the full-year of 2021, GAAP operating margin was 22.3%, compared to 22.4% in the prior year period. Full-year 2021 non-GAAP operating margin was 23.8%, compared to 23.1% in the prior year period.

For the full-year of 2021, GAAP net income was $229.6 million, or $3.98 per diluted share, compared to net income of $240.3 million, or $4.14 per diluted share, in 2020. Non-GAAP net income was $230.4 million, or $3.99 per diluted share, compared to net income of $209.2 million, or $3.60 per diluted share, in 2020.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, “While 2021 was a very challenging year in global healthcare and for millions of patients, we were able to help ease the burden on hospitals and caregivers by providing them with our breakthrough technologies. Our team truly demonstrated our commitment to our mission and guiding principles by putting our customers and patients’ priorities first. We manufactured and installed record amounts of innovative products last year, building on our reputation for innovation, responsiveness and dedication to customers. As we enter 2022, we look forward to introducing new innovations and solutions to improve patient outcomes and reduce the cost of care.”

2022 Financial Guidance

The Company provided the following estimates for its full-year 2022 guidance:

 

 

2022 Guidance(1)

(in millions, except percentages and earnings per share)

 

GAAP

 

Non-GAAP

Product revenue

 

$

1,350.0

 

 

$

1,350.0

 

Percentage growth – as reported

 

 

8.9

%

 

 

N/A

 

Percentage growth – constant currency

 

 

N/A

 

 

 

9.5

%

Gross margin

 

 

66.2

%

 

 

66.5

%

Operating margin

 

 

23.0

%

 

 

24.8

%

Earnings per diluted share

 

$

4.27

 

 

$

4.34

 

Estimated tax rate

 

 

19.4

%

 

 

24.0

%

______________

(1) Consistent with prior guidance provided on January 11, 2022.

  • Product revenue increasing to $1,350.0 million, which reflects reported growth of 8.9% and constant currency growth of 9.5%;
  • GAAP earnings per diluted share increasing to $4.27;
  • Non-GAAP earnings per diluted share increasing to $4.34; and
  • Included in our full-year 2022 revenue guidance is approximately $7.0 million of year-over-year currency headwinds.

Sound United Transaction

The Company has entered into a definitive merger agreement to acquire Viper Holdings Corporation, which owns Sound United (“Sound United”), a consumer technology company that owns a portfolio of premium brands, including Bowers & Wilkins, Denon, Polk Audio and Marantz. Pursuant to the merger agreement, Masimo will pay approximately $1.025 billion, subject to adjustments, for the acquisition. Masimo intends to finance the acquisition through a combination of cash on hand and borrowings under a new credit facility, and expects the transaction to close in the middle of 2022, subject to customary closing conditions. The transaction is expected to be immediately accretive to Masimo’s non-GAAP earnings per share upon closing. Please refer to the “Masimo Q4 2021 Supplemental Presentation to the Earnings Press Release” for more information about the transaction.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said “Sound United is a company with a premium consumer technology platform and iconic, universally-recognized brands like Bowers and Wilkins, Denon, Polk Audio and Marantz, as well as an integrated wireless software platform, HEOS, connecting devices and networks in the home. The Sound United transaction aligns with Masimo’s priorities, objectives and vision by advancing our strategy of enabling connected monitoring across both the hospital and home. We see significant opportunities to cross-leverage technologies, bringing Masimo’s clinically superior solutions into the home and on-the-go as well as bringing Sound United’s premium technologies into the hospital to advance our hospital automation connectivity and cloud-based technologies. The technology and expertise within Sound United will serve us well as we aim to augment our Masimo SafetyNet strategy. Their well-established reputation and presence in the home can help us accelerate adoption of our wearables, and integrated, home-based telemedicine solutions.”

Following completion of the transaction, the current CEO and President of Sound United, Kevin Duffy, and his leadership team are expected to continue to lead the Sound United business under Masimo, as well as support Masimo’s consumer health business.

Citi is serving as the exclusive financial advisor to Masimo and Paul Hastings LLP is serving as legal counsel.

Supplementary Non-GAAP Financial Information

For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information.

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.

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 core net operating results on an on-going basis: (i) constant currency product revenue growth percentage, (ii) non-GAAP net income, (iii) non-GAAP (net income) earnings per diluted share and (iv) non-GAAP operating income/margin. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s core operating results with those of other companies. Management believes constant currency product 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, as well as the related income tax effects thereof:

Constant currency revenue adjustments

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our product revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our product revenue growth rate will continue to occur in future periods.

Royalty and other revenue, net of related costs

We derive royalty and other revenue, net of related costs, from certain non-recurring contractual arrangements that we do not expect to continue in the future. We believe the exclusion of royalty and other revenue, net of related costs, associated with these non-recurring revenue streams is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis.

Acquisition, integration and related costs

These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments and divestitures. These items also include, but are not limited to, amortization and depreciation of intangible assets, asset impairments, and in-process research and development. We believe that the exclusion of these items is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis.

Litigation related expenses, settlements and awards

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. We believe that the exclusion of these items is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis.

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. As the Company does not actively hedge these currency exposures, changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Unrealized and realized gains and losses on investments may impact the Company’s reported results of operations for a period. These items are highly variable, difficult to predict and outside the control of those responsible for the underlying operations of the business. We believe that exclusion of these items is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period 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.

Fourth Quarter and Full-Year 2021 Actuals versus Fourth Quarter and Full-Year 2020 Actuals:

RECONCILIATION OF GAAP TO NON-GAAP CONSTANT CURRENCY PRODUCT REVENUE(1):

 

 

 

 

 

Quarter Ended

(in thousands, except percentages)

 

January 1,
2022

 

January 2,
2021

GAAP product revenue

 

$

327,578

 

 

$

295,054

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

 

1,341

 

 

 

 

 

Total non-GAAP constant currency adjustments

 

 

1,341

 

 

 

 

 

 

Non-GAAP constant currency product revenue

 

$

328,919

 

 

$

295,054

 

 

 

 

 

 

 

 

Product revenue growth %

 

 

 

 

 

GAAP

 

 

11.0

%

 

 

 

Non-GAAP constant currency

 

 

11.5

%

 

 

__________________

(1) May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP CONSTANT CURRENCY PRODUCT REVENUE(1):

 

 

 

 

 

Year Ended

(in thousands, except percentages)

 

January 1,
2022

 

January 2,
2021

GAAP product revenue

 

$

1,239,153

 

 

$

1,143,744

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

 

(8,176

)

 

 

 

 

Total non-GAAP constant currency adjustments

 

 

(8,176

)

 

 

 

 

 

Non-GAAP constant currency product revenue

 

$

1,230,976

 

 

$

1,143,744

 

 

 

 

 

 

 

 

Product revenue growth %

 

 

 

 

 

GAAP

 

 

8.3

%

 

 

 

Non-GAAP constant currency

 

 

7.6

%

 

 

__________________

(1) May not foot due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

Quarter Ended

 

 

 

January 1,
2022

 

January 2,
2021

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

68,258

 

 

$

1.18

 

 

$

70,649

 

 

$

1.21

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Acquisition, integration and related costs

 

 

2,406

 

 

 

0.04

 

 

 

3,249

 

 

 

0.06

 

 

Litigation related expenses, settlements and awards(2)

 

 

3,887

 

 

 

0.07

 

 

 

 

 

 

 

 

Other adjustments

 

 

530

 

 

 

0.01

 

 

 

 

 

 

 

 

Realized and unrealized gains and losses

 

 

776

 

 

 

0.01

 

 

 

(1,384

)

 

 

(0.02

)

 

Tax impact of non-GAAP adjustments

 

 

(1,359

)

 

 

(0.02

)

 

 

(5,214

)

 

 

(0.09

)

 

Excess tax benefits from stock-based compensation expense

 

 

(4,434

)

 

 

(0.08

)

 

 

(10,001

)

 

 

(0.17

)

 

Total non-GAAP adjustments

 

 

1,806

 

 

 

0.03

 

 

 

(13,350

)

 

 

(0.23

)

Non-GAAP net income

 

$

70,065

 

 

$

1.21

 

 

$

57,298

 

 

$

0.98

 

Weighted average shares outstanding – diluted

 

 

 

 

57,770

 

 

 

 

 

58,237

 

__________________

(1) May not foot due to rounding.

(2) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

 

 

 

 

Year Ended

 

 

 

January 1,
2022

 

January 2,
2021

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

229,647

 

 

$

3.98

 

 

$

240,282

 

 

$

4.14

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Acquisition, integration and related costs

 

 

9,685

 

 

 

0.17

 

 

 

8,286

 

 

 

0.14

 

 

Litigation related expenses, settlements and awards(2)

 

 

5,437

 

 

 

0.09

 

 

 

(474

)

 

 

(0.01

)

 

Other adjustments

 

 

3,892

 

 

 

0.07

 

 

 

 

 

 

 

 

Realized and unrealized gains and losses

 

 

1,864

 

 

 

0.03

 

 

 

(2,631

)

 

 

(0.05

)

 

Tax impact of non-GAAP adjustments

 

 

(3,701

)

 

 

(0.06

)

 

 

(6,096

)

 

 

(0.11

)

 

Excess tax benefits from stock-based compensation expense

 

 

(16,438

)

 

 

(0.28

)

 

 

(30,172

)

 

 

(0.52

)

 

Total non-GAAP adjustments

 

 

739

 

 

 

0.01

 

 

 

(31,086

)

 

 

(0.54

)

Non-GAAP net income

 

$

230,388

 

 

$

3.99

 

 

$

209,196

 

 

$

3.60

 

Weighted average shares outstanding – diluted

 

 

 

 

57,682

 

 

 

 

 

58,037

 

__________________

(1) May not foot due to rounding.

(2) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN(1):

 

 

 

 

 

Quarter Ended

 

 

 

 

January 1,
2022

 

January 2,
2021

(in thousands, except percentages)

 

$

 

$

GAAP operating income/margin

 

$

77,411

 

 

$

64,895

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition, integration and related costs

 

 

2,406

 

 

 

3,249

 

 

Litigation related expenses, settlements and awards(2)

 

 

3,887

 

 

 

 

 

Other adjustments

 

 

530

 

 

 

 

 

 

Total non-GAAP adjustments

 

 

6,824

 

 

 

3,249

 

Non-GAAP operating income/margin

 

$

84,236

 

 

$

68,145

 

 

 

 

 

 

 

 

GAAP operating income/margin %

 

 

23.6

%

 

 

22.0

%

Non-GAAP operating income/margin %

 

 

25.7

%

 

 

23.1

%

__________________

(1) May not foot due to rounding.

(2) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN(1):

 

 

 

 

Year Ended

 

 

 

 

January 1,
2022

 

January 2,
2021

(in thousands, except percentages)

 

$

 

$

GAAP operating income/margin

 

$

275,822

 

 

$

255,823

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition, integration and related costs

 

 

9,685

 

 

 

8,286

 

 

Litigation related expenses, settlements and awards(2)

 

 

5,437

 

 

 

(474

)

 

Other adjustments

 

 

3,892

 

 

 

 

 

 

Total non-GAAP adjustments

 

 

19,014

 

 

 

7,812

 

Non-GAAP operating income/margin

 

$

294,837

 

 

$

263,636

 

GAAP operating income/margin %

 

 

22.3

%

 

 

22.4

%

Non-GAAP operating income/margin %

 

 

23.8

%

 

 

23.1

%

____________

(1) May not foot due to rounding.

(2) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

Full-Year 2022 Guidance versus Full-Year 2021 Actuals:

 

 

 

 

 

 

 

RECONCILIATION OF GAAP PRODUCT REVENUE GROWTH % TO CONSTANT CURRENCY PRODUCT REVENUE GROWTH %(1):

(in thousands, except percentages)

 

Full-Year 2022

Guidance(2)

 

Full-Year 2021

Actuals

GAAP product revenue

 

$

1,350,000

 

 

$

1,239,153

Non-GAAP constant currency adjustments:

 

 

 

 

 

Constant currency F/X adjustments

 

 

7,000

 

 

 

 

 

Total non-GAAP constant currency adjustments

 

 

7,000

 

 

 

Non-GAAP constant currency product revenue

 

$

1,357,000

 

 

$

1,239,153

Product revenue growth %:

 

 

 

 

 

GAAP

 

 

8.9

%

 

 

 

Non-GAAP constant currency

 

 

9.5

%

 

 

__________________

(1) May not foot due to rounding.

(2) Consistent with prior guidance provided on January 11, 2022.

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

 

 

 

 

 

 

 

 

 

 

 

Full-Year 2022

Guidance(2)

 

Full-Year 2021

Actuals

(in thousands, except per share amounts)

 

$

 

Per Diluted Share

 

$

 

Per Diluted Share

GAAP net income

 

$

251,100

 

 

$

4.27

 

 

$

229,647

 

 

$

3.98

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

Acquisition, integration and related costs

 

 

12,000

 

 

 

0.20

 

 

 

9,685

 

 

 

0.17

 

 

Litigation related expenses, settlements and awards(3)

 

 

12,000

 

 

 

0.20

 

 

 

5,437

 

 

 

0.09

 

 

Other adjustments(4)

 

 

 

 

 

 

 

3,892

 

 

 

0.07

 

 

Realized and unrealized gains and losses

 

 

 

 

 

 

 

 

1,864

 

 

 

0.03

 

 

Tax impact of pre-tax non-GAAP adjustments above

 

 

(4,000

)

 

 

(0.07

)

 

 

(3,701

)

 

 

(0.06

)

 

Excess tax benefits from stock-based compensation

 

 

(16,000

)

 

 

(0.27

)

 

 

(16,438

)

 

 

(0.28

)

 

Total non-GAAP adjustments

 

 

4,000

 

 

 

0.07

 

 

 

739

 

 

 

0.01

 

Non-GAAP product net income

 

$

255,100

 

 

$

4.34

 

 

$

230,388

 

 

$

3.99

 

Weighted average shares outstanding – diluted

 

 

 

 

58,800

 

 

 

 

 

57,682

 

__________________

(1) May not foot due to rounding.

(2) Consistent with prior guidance provided on January 11, 2022.

(3) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

(4) Other adjustments includes a charge in the second quarter of 2021 related to assisting a long-term OEM customer with their medical device correction.

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING MARGIN(1):

 

 

 

 

 

 

 

 

 

 

 

Full-Year 2022

Guidance(2)

 

Full-Year 2021

Actuals

 

 

 

 

 

 

 

(in thousands, except percentages)

 

$

 

$

GAAP gross margin

 

$

893,500

 

 

$

808,347

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition, integration and related costs

 

 

4,000

 

 

 

3,813

 

 

Other adjustments(3)

 

 

 

 

 

3,362

 

 

 

Total non-GAAP adjustments

 

 

4,000

 

 

 

7,175

 

Non-GAAP gross margin

 

$

897,500

 

 

$

815,522

 

 

 

 

 

 

 

 

 

GAAP gross margin %

 

 

66.2

%

 

 

65.2

%

 

Non-GAAP gross margin %

 

 

66.5

%

 

 

65.8

%

GAAP operating income/margin

 

$

310,900

 

 

$

275,822

 

Non-GAAP adjustments:

 

 

 

 

 

Acquisition, integration and related costs

 

 

12,000

 

 

 

9,685

 

 

Litigation related expenses, settlements and awards(4)

 

 

12,000

 

 

 

5,437

 

 

Other adjustments(3)

 

 

 

 

 

3,892

 

 

 

Total non-GAAP adjustments

 

 

24,000

 

 

 

19,014

 

Non-GAAP operating income/margin

 

$

334,900

 

 

$

294,837

 

 

GAAP operating income/margin %

 

 

23.0

%

 

 

22.3

%

 

Non-GAAP operating income/margin %

 

 

24.8

%

 

 

23.8

%

______________

(1) May not foot due to rounding.

(2) Consistent with prior guidance provided on January 11, 2022.

(3) Other adjustments includes a charge in the second quarter of 2021 related to assisting a long-term OEM customer with their medical device correction.

(4) Litigation related expenses, settlements and awards includes legal expenses in 2021 related to a complaint filed against Apple, Inc. with the U.S. International Trade Commission (ITC).

Conference Call:

The conference call to review Masimo’s complete financial results for the fourth quarter and full-year ended January 1, 2022 will begin at 1:30 p.m. PT (4:30 p.m. ET) on February 15, 2022 and will be hosted by Joe Kiani, Chairman and Chief Executive Officer, and Micah Young, Executive Vice President and Chief Financial Officer. A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at www.masimo.com.

To register for the conference call and receive the dial-in number, please use the link below. Upon registering, each participant will be provided with call details and a registrant ID number.

Conference Call Registration Link: https://conferencingportals.com/event/nUSpRIEm

A replay of the webcast and conference call will be available shortly after the conclusion of the call and will be archived on the Company’s website.

About Masimo

Masimo (Nasdaq: MASI) is a global medical 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. Our mission is to improve patient outcomes, reduce the cost of care and take noninvasive monitoring to new sites and applications. 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 9 of the top 10 hospitals as ranked in the 2021-22 U.

Contacts

Investor Contact: Eli Kammerman
(949) 297-7077

ekammerman@masimo.com

Media Contact: Evan Lamb
(949) 396-3376

elamb@masimo.com

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