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Masimo Corporation (MASI) is a global technology company specializing in healthcare and consumer products. It develops innovative noninvasive monitoring technologies, hospital automation solutions, and premium audio products. Masimo's offerings cater to hospitals, emergency medical services, home care providers, and consumers worldwide.
- Healthcare Segment - Develops and markets noninvasive patient monitoring technologies, hospital automation solutions, and therapeutics. Products include bedside monitors, portable devices, remote monitoring systems, and consumer health products such as smartwatches and baby monitoring systems.
- Sub-products: Masimo SET® pulse oximetry, Rainbow® Pulse CO-Oximetry, Radius PPG® wireless monitoring, Masimo W1® smart watch, and Masimo Stork™ baby monitoring system.
- Non-Healthcare Segment - Designs and sells premium, high-performance audio products and services. This segment focuses on consumer audio and visual products, which are part of Masimo's broader ecosystem.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Catherine Szyman [March 26 ExecutiveBoard | Chief Executive Officer | CEO of Masimo Corporation since February 12, 2025, and concurrently serves as a Director on the Masimo Board on the same date. | View Report → | |
Bilal Muhsin [March 26 Executive | Chief Operating Officer | Bilal Muhsin has served as Masimo's Chief Operating Officer since May 2019, following his role as Executive Vice President, Engineering, Marketing and Regulatory Affairs from March 2018 to May 2019. | ||
Blair Tripodi [March 26 Executive | Chief Operating Officer, Consumer Division | Blair Tripodi has served as Chief Operating Officer, Consumer Division at MASI since September 2022, and previously held executive roles including Chief Commercial Officer (starting September 2015) and Chief Marketing Officer and Senior Vice President, International (starting January 2013) at DEI Holdings, Inc. | ||
Quentin Koffey [Feb 25 Board | Vice Chairman of the Board | Managing Partner and Chief Investment Officer at Politan Capital Management LP | Quentin Koffey is currently the Vice Chairman of Masimo's Board, appointed on February 12, 2025. He joined the board on June 26, 2023 and also serves as the Lead Independent Director as of January 2025. | |
Timothy Scannell [Feb 25 Board | Independent Director | Director and non-executive chairman at Insulet Corporation ; Director at Novocure Limited ; Board member at Regenity Biosciences ; Board member at Synaptive Medical ; Board member at CereVasc, Inc. | Timothy Scannell is an Independent Director at Masimo Corporation as of February 25, 2025. He brings over 30 years of experience in the medical technology industry, having previously served in key executive roles at Stryker Corporation. | |
Wendy Lane [Feb 25 Board | Independent Director | Director at Verisk Analytics, Inc. ; Director at YourBio Health, Inc. ; Director at CAC Holdings, LLC | Wendy Lane has served as an Independent Director at Masimo Corporation since October 16, 2024. She brings over 30 years of experience in corporate governance, investment banking, and private equity, and has served on 16 boards over 32 years. | |
William Jellison [Feb 25 Board | Independent Director | Independent Director at Avient Corporation (Chairman of the Audit Committee) ; Independent Director at Anika Therapeutics, Inc. ; Independent Director at Young Innovations, Inc. ; Independent Director at Solenis ; Independent Consultant and M&A Advisor for Astor Place Holdings | William Jellison is an Independent Director at MASI as of February 25, 2025. He was elected to the board in September 2024 and serves on multiple committees including Audit, Compensation, Nominating, Compliance & Corporate Governance, and Business Risk & Review. |
- Based on recent guidance, can you elaborate on how current hospital census trends and ongoing flu activity are factored into your 2025 revenue and consumable growth assumptions, and what specific metrics you’re monitoring to ensure accuracy?
- With an extra fiscal week affecting seasonality, can you clarify whether the strong Q4 performance is masking potential softness in the earlier quarters, and how you expect this to influence your Q1 revenue dynamics?
- As you’ve raised your operating margin guidance to 27.5%-28%, is this improvement primarily a pull-forward of Q4 cost savings, or do you see it as a sustainable trend that will hold in subsequent periods?
- Regarding the ongoing legal challenges with Apple, can you detail your contingency plans if the litigation escalates, and what impact a potential adverse ruling might have on your core business strategy?
- Given your expanded manufacturing footprint in Malaysia and the potential tariff risks related to products sourced from Mexico, how agile is your supply chain to shift production volumes, and what safeguards are in place to manage any associated cost or quality implications?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company identifies this competitor as holding a substantial share of the pulse oximetry market, which is a primary area of competition in the healthcare market. | |
This large technology company, which has not historically operated in the healthcare or medical device space, has developed or may develop products and technologies that could compete with the company's current or future offerings in the consumer health and professional healthcare marketplaces. | |
This large technology company, which has not historically operated in the healthcare or medical device space, has developed or may develop products and technologies that could compete with the company's current or future offerings in the consumer health and professional healthcare marketplaces. | |
This large technology company, which has not historically operated in the healthcare or medical device space, has developed or may develop products and technologies that could compete with the company's current or future offerings in the consumer health and professional healthcare marketplaces. | |
Samsung Electronics Co., Ltd. | This large technology company, which has not historically operated in the healthcare or medical device space, has developed or may develop products and technologies that could compete with the company's current or future offerings in the consumer health and professional healthcare marketplaces. |
This competitor operates in the non-healthcare consumer market, offering products that compete with the company's premium home sound integration technologies and accessories. | |
Bang & Olufsen | This competitor operates in the non-healthcare consumer market, offering products that compete with the company's premium home sound integration technologies and accessories. |
This competitor operates in the non-healthcare consumer market, offering products that compete with the company's premium home sound integration technologies and accessories. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
One Just-in-Time Healthcare Distributor | Distributor of healthcare products | Healthcare | Contributed 12.3% of consolidated revenue in 2024. |
One Healthcare Customer | Healthcare end-user (accounts receivable) | Healthcare | Represented 8.1% of consolidated accounts receivable (about $33.3 million, i.e. 0.081 × $411.3M) as of December 28, 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Sound United | 2022 |
Recent press releases and 8-K filings for MASI.
- Growth expectations remain unchanged with the SET business forecast to grow 6%-8%, Rainbow at a minimum 10%, and advanced parameters at 20% growth, driven by market share gains and product innovation.
- A new hemodynamic system is being introduced, expanding on LiDCO technology with a unique DO2 measurement derived from total hemoglobin sensing.
- The Hospital Automation segment, representing 3%-4% of total sales, is growing at 20% and is structured as a SaaS offering with per-bed pricing between $500 and $5,000 per year.
- An outright divestiture of the consumer/Audio business is underway, with an anticipated definitive agreement by midyear; proceeds are expected to retire related debt and potentially fund a share buyback.
- 2025 revenue guidance is set at $1.5–$1.53 billion with expected constant currency growth of 8–11%, reflecting strong performance across core healthcare segments.
- Margin improvement efforts include shifting production from Mexico to Malaysia to help increase gross margins from 62.7% towards a target of 66% over the next five years.
- Strategic focus is reinforced by the new CEO, Katie Szyman, emphasizing a return to core healthcare, operational efficiency, and prioritizing share buybacks over debt repayment.
- Q4 2024 Performance: Consolidated revenue of $601 million with 9% growth (reported & constant currency), operating profit of $134 million, non-GAAP EPS of $1.80 (44% YoY), and improved gross margins of 52.2% .
- FY2024 Results: Achieved consolidated revenue of $2,094 million with healthcare revenue of $1,395 million and non-healthcare revenue of $699 million, alongside non-GAAP EPS of $4.40 .
- Segment Breakdown: Healthcare revenue reached $368 million (8-9% growth) and Non-healthcare revenue hit $232 million (11% growth) .
- Strategic & Guidance Update: Newly appointed CEO Katie Szyman announced a refocused core healthcare strategy with FY2025 guidance projecting healthcare revenue of $1,500–1,530 million, non-GAAP operating profit of $413–428 million (or margins of 27.5–28%), and non-GAAP EPS of $5.10–5.40 .
- Masimo Corporation filed an 8-K report on February 6, 2025, disclosing significant corporate events.
- Tom McClenahan, the Executive Vice President, General Counsel, and Corporate Secretary, was terminated effective February 6, 2025.
- The filing includes exhibits such as an interactive data file as part of its standard disclosure process.
- Katie Szyman has been appointed as the new CEO, effective February 12, 2025, after an extensive search process.
- Interim CEO Michelle Brennan is transitioning to the role of Chairman while Quentin Koffey takes on the role of Vice Chairman, ensuring a smooth leadership change.
- FY2025 Guidance: Masimo reaffirms strong guidance with healthcare revenue of $1,500–$1,530 million, non-GAAP operating profit of $398–$406 million, EPS between $4.90–$5.10, and non-GAAP operating margins of at least 26.5%
- Q4 2024 Results: Preliminary results reported consolidated revenue of approximately $601 million (healthcare: $368 million, non-healthcare: $232 million)
- Full-Year 2024 Outcomes: Consolidated revenue reached around $2,094 million with healthcare revenue of approximately $1,395 million, and non-GAAP EPS at the high end of guidance
- FY2024 Healthcare Outlook: Expectations of total healthcare revenue of approximately $1.4 billion set the stage for continued expansion in FY2025
- Strategic Refocus: Interim leadership, led by Michelle Brennan, is sharpening focus on the core professional healthcare market while planning exits from non-core segments such as Sound United and consumer audio channels
- Growth Initiatives: Expanded product innovation in telemonitoring, wearable sensing technology, and hospital-to-home segments is paired with selective tuck-in acquisitions and disciplined capital allocation (e.g., share buybacks)