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1. The Dexcom of hospital vital signs monitoring.

2. The Medtronic that specializes in advanced, non-invasive patient monitoring devices.

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• SET® Pulse Oximetry: Core technology providing highly accurate, motion-tolerant, and low perfusion-tolerant oxygen saturation (SpO2) measurements.
• rainbow® Parameters: A platform offering noninvasive, continuous monitoring of multiple additional physiological parameters like total hemoglobin (SpHb), carboxyhemoglobin (SpCO), and methemoglobin (SpMet).
• Root® Patient Monitoring Platform: A comprehensive, modular patient monitoring and connectivity hub integrating various Masimo and third-party monitoring technologies.
• Brain Function Monitoring (e.g., SedLine®): Technology to assess the depth of anesthesia and sedation by monitoring brain activity.
• Regional Oximetry (O3®): Noninvasive monitoring of regional oxygen saturation in the brain and other critical tissues.
• Capnography (NomoLine®): Systems for continuous monitoring of carbon dioxide levels in a patient's breath.
• Connected Care & Automation Solutions: Software and hardware platforms for hospital-wide patient data automation, alarm management, and remote patient monitoring.

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Masimo (MASI) primarily sells its medical technology products and solutions to other companies and healthcare institutions (B2B).

Given the nature of the medical device industry, Masimo generally does not disclose specific major individual hospital customers by name due to confidentiality and the fragmented nature of its hospital customer base. However, its major customer categories and identified OEM partners include:

• Hospitals and Healthcare Systems: This constitutes Masimo's largest customer segment globally. They sell directly to individual hospitals, large integrated delivery networks (IDNs), government healthcare facilities, and other healthcare providers that utilize Masimo's patient monitoring devices, sensors, and automation solutions. While no single hospital system represents a material portion of Masimo's revenue, collectively, this category is their primary market.
• Original Equipment Manufacturers (OEMs): Masimo licenses its technology and sells components (such as circuit boards with its SET® and rainbow® pulse oximetry technology) to other medical device manufacturers who integrate Masimo's advanced monitoring capabilities into their own products. Prominent examples of such OEM customers include:
  • Philips (NYSE: PHG)
  • Medtronic (NYSE: MDT)
  • GE HealthCare Technologies Inc. (NASDAQ: GEHC)
  These companies integrate Masimo's core technologies into their broader patient monitoring platforms.
• Alternate Care Facilities: This category includes various non-hospital healthcare settings such as ambulatory surgical centers, physicians' offices, long-term care facilities, and home healthcare providers, which purchase Masimo's products for a range of monitoring needs.

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Katie Szyman Chief Executive Officer

Katie Szyman has served as Masimo's Chief Executive Officer and Director since February 2025. Prior to this role, she was the Worldwide President of Advanced Patient Monitoring at BD (Becton, Dickinson and Company) from September 2024 to February 2025. From 2014 until its acquisition by BD in September 2024, Ms. Szyman led the Critical Care business at Edwards Lifesciences for over a decade. At Edwards, she significantly accelerated revenue growth by focusing on AI-driven solutions and introducing the first FDA-cleared AI technology in patient monitoring. Before Edwards, she spent more than 20 years at Medtronic, where her roles included leadership in corporate strategy, business development, finance, and worldwide president of both the Endovascular and Diabetes business units. Ms. Szyman has also served on the boards of Inari Medical and Outset Medical.

Micah Young Executive Vice President, Chief Financial Officer

Micah Young has served as Masimo's Executive Vice President and Chief Financial Officer since October 2017. Before joining Masimo, he was the Vice President of Finance at NuVasive, Inc. from July 2012 to September 2017, and prior to that, Senior Director, Finance, Global Operations, at NuVasive from December 2009 to July 2012. Mr. Young also held various accounting and finance positions at Zimmer Holdings, Inc. from 2002 to 2009.

Bilal Muhsin Chief Operating Officer

Bilal Muhsin has been the Chief Operating Officer of Masimo since 2019. He previously held the position of Executive Vice President of Engineering, Marketing, and Regulatory Affairs within the company. Mr. Muhsin has also served in Director and Manager level positions within Masimo.

Omar Ahmed Chief Technology and Innovation Officer

Omar Ahmed began his career at Masimo as an engineer and has held various engineering leadership roles for over 14 years. He has been instrumental in the development and launch of several initiatives, including the Hospital Automation Platform, Telehealth, and Wearable solutions.

Tim Benner Chief Marketing and Strategy Officer

Tim Benner joined Masimo in 2025 as its Chief Marketing and Strategy Officer. Prior to Masimo, he was the Chief Commercial Officer at Inari Medical, which was acquired by Stryker Corporation in early 2025. Before Inari, Mr. Benner was part of the Senior Leadership Team at Edwards Lifesciences for nearly a decade and also led Abbott's US Structural Heart business as Commercial General Manager.

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1. Boardroom Control and Leadership Stability: Masimo has recently undergone a contentious proxy fight with activist investor Politan Capital Management, which resulted in a significant change in board composition and the ousting of its long-time founder and CEO, Joe Kiani. This shift creates substantial uncertainty regarding the company's future strategic direction, operational execution, and the potential for further departures of key personnel.
2. Intellectual Property Litigation: The company is involved in extensive and high-stakes patent litigation, most notably a years-long battle with Apple Inc. over alleged infringement of Masimo's pulse oximetry technology. While Masimo recently secured a $634 million verdict against Apple, Apple plans to appeal the decision, indicating that this legal conflict is ongoing and continues to pose significant financial, reputational, and operational risks through continued legal costs and management distraction.
3. Customer Concentration Risk: Masimo relies heavily on a concentrated base of OEM, distributor, and direct customers. Sales to a single just-in-time distributor have accounted for a significant portion of its consolidated revenue. Any disruption or adverse change in these crucial relationships, such as a key distributor selling off a healthcare services business segment, could materially and negatively impact Masimo's business and financial performance.

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Apple Inc.'s aggressive expansion into advanced health monitoring, particularly blood oxygen sensing, on its smartwatches, which directly competes with Masimo's core technology and its nascent consumer health wearable business (Masimo W1). Apple's significant resources, vast market penetration, and brand recognition pose a substantial threat to Masimo's ability to grow and maintain market share in the consumer health sector, even amidst ongoing patent infringement litigation where Masimo has sought to protect its intellectual property.

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1. Growth in the Core Healthcare Business: Masimo anticipates continued strong performance and growth within its fundamental healthcare segment. This includes increasing revenue from consumables and services, as well as securing new customer contracts. For instance, the company reported a record year in gaining share through customer contracts in 2024. Masimo's healthcare revenue for the full year 2024 was $1.395 billion, representing 9% growth, and is projected to increase to $1.500 billion to $1.530 billion in 2025, an 8% to 11% growth on a constant currency basis.
2. Expanded Strategic Partnerships: The expansion of key strategic partnerships, particularly with Philips, is expected to significantly contribute to Masimo's long-term growth by increasing market share. This collaboration aims to leverage Philips' installed base where Masimo previously had minimal market share, presenting a substantial opportunity for growth over the next five years.
3. Introduction of New and Innovative Healthcare Products and Technologies: Masimo continues to invest in its product portfolio and research and development (R&D) to capitalize on sizable market opportunities and address unmet needs. Upcoming product launches, such as the next-generation Root monitor, are anticipated to drive future revenue. The company is strategically allocating resources to fewer, high-potential R&D projects to foster long-term growth.
4. Increased Penetration of Advanced Monitoring Categories: Masimo plans to leverage its established pulse oximetry sales force to expand the adoption of its advanced monitoring categories, such as capnography, brain monitoring, and hemodynamics. This strategy aims to increase market position across these specialized areas within existing and new customer bases.

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Share Repurchases

• Masimo repurchased $14 million worth of common stock in the second quarter of fiscal year 2025.
• In the third quarter of 2025, Masimo repurchased $163 million of common stock, utilizing net proceeds from the divestiture of Sound United.
• Collectively, Masimo returned $350 million of capital to shareholders through the repurchase of 2.4 million shares during the third and fourth quarters of 2025.

Share Issuance

• Masimo's shares outstanding have generally declined, with 0.055 billion in 2021 decreasing to 0.053 billion in 2024.
• As of June 29, 2024, an aggregate of 9.6 million shares of common stock were reserved for future issuance under the company's equity plans.
• In the first quarter of 2025, proceeds from the issuance of common stock amounted to $43.1 million.

Outbound Investments

• In February 2022, Masimo acquired Sound United, an audio products maker, for approximately $1.025 billion to expand into the home audio market and cross-leverage technologies.
• In April 2023, Masimo acquired Nura, an internet-first brand specializing in multi-category audio products.
• Masimo completed the sale of its Sound United consumer audio business to HARMAN International Industries Inc., a subsidiary of Samsung Electronics Co., for $350 million by September 2025, to sharpen its focus on healthcare.

Capital Expenditures

• Masimo reported $3.8 million in capital expenditures for the second quarter of 2025.
• Proceeds from Masimo's credit facility are utilized for general corporate purposes, capital investments, and working capital needs.
• The company continues to invest in its core healthcare business to support strong, sustainable long-term growth.