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Here are 1-3 brief analogies to describe Masimo (MASI):

• Like Intel, but for advanced patient monitoring technology in hospitals.
• A bit like Philips Healthcare, but intensely focused on advanced, non-invasive patient monitoring solutions.

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• Masimo SET Pulse Oximetry: Provides advanced pulse oximetry monitoring that can measure through motion and low perfusion conditions.
• Masimo rainbow SET platform: A comprehensive monitoring platform that noninvasively measures various hemoglobin species, oxygen saturation, pulse rate, respiration rate, and other physiological parameters.
• SedLine brain function monitoring technology: Measures the brain's electrical activity using EEG signals to assess brain function.
• Capnography and gas monitoring products: A range of devices and solutions for monitoring carbon dioxide and other gases in respiratory applications.
• O3 regional oximetry: Measures tissue oxygen saturation in specific regions of the body.
• Hemodynamic monitoring solutions: Provides solutions for monitoring the dynamics of blood flow and other circulatory parameters.
• Masimo Hospital Automation platform: An integrated system designed to enhance patient safety and efficiency within hospital environments through surveillance and data management.
• Connectivity devices: Solutions that enable the connection and integration of medical devices and data within healthcare systems.
• Nasal high flow ventilation solutions: Products designed to provide non-invasive respiratory support through high-flow nasal cannula.
• Neuromodulation solutions: Technologies aimed at modulating nerve activity for therapeutic purposes.
• Non-medical/consumer products: A category of health-related products sold directly to consumers for personal use.

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• Hospitals
• Emergency medical service and home care providers
• Long-term care facilities
• Physician offices
• Veterinarians

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Katie Szyman, Chief Executive Officer

Katie Szyman was appointed Chief Executive Officer and a Director of Masimo in February 2025. Prior to joining Masimo, she served as Worldwide President of Advanced Patient Monitoring at BD (Becton, Dickinson and Company) from September 2024 to February 2025. Ms. Szyman previously led the Critical Care business group at Edwards Lifesciences for over a decade, which was acquired by BD in September 2024. During her tenure at Edwards, she significantly accelerated revenue growth by entering adjacent markets and introducing the first FDA-cleared AI technology in patient monitoring. Before Edwards, Ms. Szyman spent more than 20 years at Medtronic, holding various leadership roles in corporate strategy, business development, finance, and as worldwide president of both the Endovascular and Diabetes business units. She also served on the boards of Inari Medical from 2019 and Outset Medical from 2021 to 2024.

Micah Young, Executive Vice President and Chief Financial Officer

Micah Young has served as Masimo's Executive Vice President and Chief Financial Officer since October 2017. He was recognized as CFO of the Year by the Orange County Business Journal in 2023 for his contributions to shareholder returns, investor outreach, and his critical role in six acquisitions and one licensing deal since joining Masimo. Before Masimo, Mr. Young served as Vice President, Finance, at NuVasive, Inc., a medical device company, from July 2012 to September 2017. He also held positions as Senior Director, Finance, Global Operations at NuVasive, Inc. from 2009 to 2012, and various accounting and finance roles at Zimmer Holdings, Inc. from 2002 to 2009. Mr. Young began his career as an auditor at Deloitte & Touche LLP from 2000 to 2002.

Ammar Al-Ali, Chief of Engineering, Innovation & Design

Ammar Al-Ali joined Masimo in 1995 and currently serves as its Chief of Engineering, Innovation & Design. He is an inventor with over 1,000 patents related to signal processing, sensors, and patient monitoring. Mr. Al-Ali's previous roles at Masimo include Director of Software Development, Chief Technical Officer, and Chief Engineer, where he led the development of the first noninvasive pulse CO-oximeter and pioneered Masimo's Signal Extraction Technology (SET).

Tim Benner, Chief Marketing and Strategy Officer

Tim Benner joined Masimo in 2025 as the Chief Marketing and Strategy Officer. Prior to Masimo, Mr. Benner was the Chief Commercial Officer at Inari Medical, which was acquired by Stryker Corporation in early 2025. He also held significant leadership positions at market-leading companies, including nearly a decade on the Senior Leadership Team at Edwards Lifesciences, and as Commercial General Manager for Abbott's U.S. Structural Heart business.

Anand Sampath, Executive Vice President, Operations

Anand Sampath has served as Masimo's Executive Vice President, Operations since 2018, having previously held the role of Chief Operating Officer since August 2014 and Executive Vice President, Engineering since March 2007. He is an inventor credited with more than forty patents in patient monitoring, wireless networks, and communications. Before his executive roles, Mr. Sampath was Director of Systems Engineering at Masimo from 2006 to 2007 and held various positions, including Program Manager, Engineering Manager, and Distinguished Member of Technical Staff, at Motorola, Inc. from 1995 to 2006.

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Key Risks to Masimo (MASI)

• Legal and Regulatory Challenges: Masimo faces ongoing and significant legal battles, notably patent infringement disputes with Apple, which have resulted in import bans for certain Apple Watch models and substantial jury awards in Masimo's favor. Masimo has also initiated a lawsuit against US Customs regarding the import of Apple watches. These disputes present considerable financial implications, potential market access restrictions, and ongoing legal costs. The company is also subject to strict FDA and global regulations, and changes in these standards could increase compliance costs and slow international expansion.
• Product Recalls and Regulatory Scrutiny: Masimo has experienced recalls of its Rad-G pulse oximeters due to power issues, including devices unexpectedly powering off, which could lead to a loss of patient monitoring and delays in care. These issues have been associated with hundreds of adverse event reports and at least two patient deaths, prompting an investigation by the Department of Justice (DOJ) into the company's handling of the recall. Such events carry significant reputational damage, potential for further litigation, and increased regulatory oversight.
• Cybersecurity Incidents and Operational Disruptions: Masimo experienced a cyberattack in April 2025 that disrupted its manufacturing facilities and temporarily impacted its ability to process, fulfill, and ship customer orders. While the company stated that its cloud-based systems were believed to be unaffected and no evidence of compromised patient data was found at the time, such incidents highlight the vulnerability to operational continuity, potential financial losses, and the risk of reputational harm.

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Major consumer technology companies (e.g., Apple, Google, Samsung) developing and securing medical regulatory approvals for advanced non-invasive physiological monitoring features in widely adopted consumer wearable devices (smartwatches, rings, etc.) and smart home health devices, potentially eroding demand for Masimo's dedicated monitoring hardware and consumer health products.

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Masimo Corporation (MASI) operates in several significant addressable markets for its noninvasive monitoring technologies and hospital automation solutions. Here are the estimated market sizes for their main products and services:

• Pulse Oximetry (Masimo SET and Rainbow SET)

  The global pulse oximeter market size was valued at approximately USD 3.56 billion in 2024 and is projected to reach around USD 6.76 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.64% during this period. Other sources indicate a global market size of around USD 2.8 billion currently (as of November 2025) and an estimated reach of USD 6.6 billion by 2035 with an 8.1% CAGR. North America is a dominant region in the pulse oximetry market.

• Brain Function Monitoring (SedLine)

  The global brain monitoring devices market size was estimated at USD 7.11 billion in 2025 and is anticipated to reach approximately USD 13.39 billion by 2035, expanding at a CAGR of 6.53% from 2026 to 2035. Another report valued the global market at USD 4.88 billion in 2025, with a projection to grow to USD 8.94 billion by 2034, exhibiting a CAGR of 7.0%. North America held the largest share of the brain monitoring market in 2025.

• Capnography and Gas Monitoring Products

  The global capnography devices market size was valued at USD 0.67 billion in 2023 and is projected to reach USD 1.31 billion by 2030, growing at a CAGR of 10.0% from 2024 to 2030. Other estimates place the global capnography equipment market size at USD 707.39 million in 2024, projected to reach USD 1009.83 million by 2032 with a CAGR of 4.55%. North America dominated the capnography devices market in 2023.

• O3 Regional Oximetry

  The global pulse and regional oximeters market was valued at USD 2,101.0 million in 2018 and was projected to generate USD 3,365.0 million in revenue in 2024, with a CAGR of 8.2% during the forecast period (2019–2024). North America is expected to lead this market. No separate market size was identified solely for regional oximetry.

• Hemodynamic Monitoring Solutions

  The global hemodynamic monitoring devices market size was estimated at USD 1.58 billion in 2024 and is projected to reach USD 2.78 billion by 2033, growing at a CAGR of 6.5% from 2025 to 2033. Another source indicates the global market was valued at USD 2.37 billion in 2024 and is expected to reach USD 4.14 billion by 2032, at a CAGR of 7.20%. North America dominated the hemodynamic monitoring devices market in 2024.

• Masimo Hospital Automation Platform and Connectivity Devices

  The global healthcare automation market size was estimated to be worth USD 43.29 billion in 2024 and is projected to reach USD 117.5 billion by 2035, at a CAGR of 9.5% from 2025 to 2035. North America is expected to generate the highest demand in this market. The global medical device connectivity market size was valued at USD 7.93 billion in 2025 and is projected to grow to USD 15.55 billion by 2034, exhibiting a CAGR of 7.87%. The global point of care connectivity solutions market was estimated at USD 1.02 billion in 2023 and is projected to reach USD 1.68 billion by 2030.

• Nasal High Flow Ventilation Solutions

  The global high-flow nasal cannula (HFNC) therapy market was valued at USD 8.07 billion in 2025 and is estimated to grow to USD 14.66 billion by 2031, at a CAGR of 10.45% from 2026 to 2031. Another report states the global high-flow nasal cannula market size was over USD 9.06 billion in 2025 and is projected to cross USD 26.91 billion by 2035, witnessing an 11.5% CAGR.

• Non-Medical/Consumer Products

  The global wearable health devices market size was valued at USD 34.51 billion in 2024 and is projected to grow to USD 46.74 billion by 2032, exhibiting a CAGR of 4.5%. Other estimations place the global wearable technology market size at USD 82.3 Billion in 2025, expected to reach USD 256.2 Billion by 2034, exhibiting a CAGR of 13.04%. North America dominates the global wearable health devices market.

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Masimo (MASI) is expected to drive future revenue growth over the next two to three years through several strategic initiatives aimed at expanding its healthcare and non-healthcare businesses.

Here are 3-5 expected drivers of Masimo's future revenue growth:

1. Growth in Healthcare Consumables and Capital Equipment: Masimo anticipates continued revenue growth from its core healthcare business, particularly through increased demand for its consumables and capital equipment. This is supported by strong underlying demand trends, improved sensor volumes, and new hospital contracting activities. In the first quarter of 2025, the company reported an increase in healthcare revenue, with consumables growing 8% and capital equipment sales increasing by 32%.
2. Expansion of Advanced Monitoring Technologies and Innovation: The company is focused on leveraging its leadership in pulse oximetry to broaden its impact across other advanced monitoring categories. This strategy, referred to as "accelerating intelligent monitoring" and "technology innovation," includes the introduction of new products and securing FDA clearances, which are expected to contribute to future revenue streams.
3. Growth in Wearables and Hearables Segment: Despite the divestiture of its consumer audio business (Sound United), Masimo is targeting growth within the "hearables" portion of its non-healthcare segment. The company aims to achieve this by entering new channels and markets, as hearables have become a growing component of its non-healthcare revenue.
4. Enhanced Commercial Execution and Market Share Gains: Masimo plans to drive revenue growth by elevating its commercial excellence and improving market penetration. This involves securing new hospital contracts and expanding its customer base, as evidenced by strong hospital conversions in 2023 which led to a 16% increase in unrecognized contract revenue over the prior year.
5. International Market Expansion: As part of its long-term strategy, Masimo aims to expand its position as a global leader in patient monitoring. The company has observed strong sensor orders in regions like the U.S. and Europe, indicating continued opportunities for growth in international markets.

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Share Repurchases

• In October 2021, Masimo's Board approved a stock repurchase program authorizing the purchase of up to 3.0 million shares over a period of up to three years, which was completed in May 2022.
• In June 2022, the Board approved a new stock repurchase program, authorizing the company to purchase up to 5.0 million shares on or before December 31, 2027.
• From June 29, 2025, to September 27, 2025, Masimo repurchased 1,264,468 shares for $184.2 million, bringing the total repurchases under the August 9, 2022 buyback plan to 1,344,164 shares for $197.86 million, partly funded by proceeds from the sale of Sound United.

Share Issuance

• Masimo reported proceeds from the issuance of common stock of $25.2 million in 2024 and $7.0 million in 2023.
• The number of issued and outstanding shares increased from 52.8 million at December 30, 2023, to 53.1 million at March 30, 2024.
• Weighted-average shares outstanding were $53.3 million for fiscal year 2024, up from $52.8 million in 2023, and further increased to $54.1 million in Q3 2025.

Outbound Investments

• On April 12, 2022, Masimo completed the acquisition of Sound United, a consumer audio company, for $1.025 billion.
• In April 2023, Masimo acquired Nura, an internet-first brand offering multi-category audio products.
• In September 2025, Masimo completed the sale of its Sound United consumer audio business to Harman International, a Samsung subsidiary, as part of its strategy to refocus on its core healthcare business.

Capital Expenditures

• Capital expenditures amounted to -$19.40 million in the last 12 months as of March 13, 2026.
• Masimo plans to continue investing in its core healthcare business to drive strong, sustainable long-term growth, with a focus on patient monitoring technology, innovation, and commercial execution.