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Masimo Corporation | 40 Parker, Irvine, CA 92618 | Tel 800-257-3810 | Fax 949-297-7599 | www.masimo.com
© 2008 Masimo Corporation. All Rights Reserved.
6/C:4/C+PMS186+PMS186 2ND
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M_50724_CV_P1
M_50724_P2 (OP PS)
ST
OP PMS 186
I AM MASIMO
I AM MASIMO: A diversity of talents, a unity of purpose.
Each morning, a global team of more than 1,500 Masimo purists starts the day with a single focus. Whether it’s a research
engineer working to solve the next “unsolvable” problem, a clinical specialist helping a customer understand how our technology
can enhance patient safety, or a member of our logistics team making sure that a critical delivery gets out on time, their motivation
is the same—to do what is best for patient care. At Masimo, we know that what we do matters. It matters to the clinicians around
the world who rely on our technologies to help them make accurate and timely diagnoses and treatment decisions. And it matters
to the patients for whom they are caring—whose lives are touched and enhanced by our single‑minded focus.
2
3
Masimo Team (from left): Meghan Corradino, Human Resources; Anna Do, Finance; Juan Ayala, International Sales; Amir Moradi,
Product Management; Man Minh Pham, Manufacturing; Jamison Gorin, Information Technologies; Dana Banks, Public Relations
A letter from the Chairman.
A YEAR Of IMPORTANT MILESTONES
Since this is our first Annual Report as a public company, we thought it would be appropriate to introduce you to some of the
people who have helped make Masimo what it is today, as well as explain some of the underlying philosophies that guide us.
2007 was a year of important milestones for Masimo. It began with the prestigious Excellence in Technology Innovation
award from the Society of Technology in Anesthesia (STA) for demonstrating the feasibility of noninvasive total hemoglobin
(SpHb) monitoring. We launched PVI, which we believe is the first noninvasive way to measure patient volume and fluid
responsiveness in mechanically ventilated patients. And we expanded our Rainbow SET monitoring platform with the launch
of our Radical-7 bedside monitor and family of Rainbow sensors. Numerous EMS and fire associations recommended the
use of Pulse CO-Oximetry to screen for carbon monoxide poisoning in firefighters, emergency personnel, and patients. And
last but not least, we closed the year by shipping our 500,000th pulse oximeter and Pulse CO-Oximeter.
These milestones, built on a solid foundation, fueled our strong financial performance in 2007—helping us achieve record
revenues as we helped clinicians around the world provide better care for their patients. We delivered double-digit growth in
both product revenues, which increased 29 percent to a record $199.7 million, and product shipments, which grew by 20
percent as we shipped a record 116,300 new Masimo SET and Masimo Rainbow SET oximeters worldwide.
I am particularly proud that our progress was achieved by adhering to our guiding principles and staying focused on
our long-standing mission of “improving patient outcomes and reducing cost of care by taking noninvasive monitoring to
new sites and applications.” By remaining dedicated to innovation and patient care, we have continually overcome the
technological challenges of noninvasive patient monitoring. We have developed important new noninvasive measurements
and dramatically improved existing ones by making them more accurate, reliable, and clinically relevant than anyone ever
imagined possible.
Our innovations have not only helped healthcare professionals save the lives of patients—and the eyesight of premature
infants—but have also opened up new markets for us. According to industry analysts, our new technologies have created
new market opportunities that expand our market potential from $1 billion to nearly $3 billion. With a continuing commitment
to innovation, accomplishment, and truth, we hope to continue to enhance patient care and expand the worldwide
community’s access to our technologies. In so doing, we will continue to build our total market opportunity and increase
value for our shareholders.
A BRANd BUILT ON TRUTh
Nineteen years ago, we established Masimo with a strong set of guiding principles and a bold mission that underpins a
Masimo brand built on truth: truth in the pursuit of new, clinically-needed technologies that place patient safety and care
above all else; truth in the ability to accurately deliver trustworthy physiological information, even under the most difficult
patient conditions; truth in the independent and objective scientific research that underscores the ethics of the medical
community; truth in our enduring commitment to providing clinicians with the tools they need to rapidly diagnose, treat,
and deliver the most appropriate care with confidence; and truth in our unwavering commitment to do what is best
for patient care.
“We established Masimo with a strong
set of guiding principles and a bold
mission. Today, it is the purity of our
mission and guiding principles that
underpin a Masimo brand
built on truth.”
4
5
JoE E. KIAnI
Chairman & CEo
Masimo Corporation
In every way, in all that we do, Masimo stands for and is guided by truth. We have been since day one, customer one,
and shipment one—and will continue to strive to deliver truth through the Masimo brand.
A COMPANY Of “PURISTS”
We define purists as people who do what they do because of the passion they have for their chosen field, not merely for
financial gain. Masimo is full of purists who love what they do, are passionate about their work, and are committed to going
above and beyond what is expected to deliver solutions to unsolvable problems.
When solving the unsolvable problem of inaccurate arterial oxygen saturation and pulse rate measurements during motion
and low perfusion required going to great lengths to achieve the “impossible,” we did it. When others couldn’t, wouldn’t, or
simply didn’t go far enough to innovate the solution, we did it. When bringing noninvasive monitoring technologies to new
sites and new applications required starting a “second revolution” in patient monitoring, we did it. When doing what was best
for patient safety and healthcare meant making technology upgrades available through simple software upgrades—again,
we did it.
None of this would have been possible without a dedicated team of purists—a team with a shared passion, vision, and
single-minded focus to do what is best for patient care. This team is not confined within the walls of Masimo, but is
comprised of an extended group of purists, including passionate clinical researchers, clinicians, biomedical engineers,
materials managers, OEM partners, and other stakeholders who love what they do and strive to make a difference. As we
continue to grow and expand, our greatest focus will be to continue to retain and attract Masimo purists.
WhAT A dIffERENCE MASIMO PROdUCTS hAvE MAdE
Each day, all over the world, our noninvasive blood constituent and hemodynamic monitoring technologies are helping
clinicians save, extend, or improve the lives of people of all ages, in all walks of life. This year, we witnessed countless EMS
and fire departments using our portable, hand-held Pulse CO-Oximeters to save the lives of victims of carbon monoxide
poisoning.
We watched as neonatal clinicians used our pulse oximeters to monitor their patients not only to protect the brains, but
save the eyesight of extremely low birth-weight infants by significantly reducing the risk of retinopathy of prematurity (ROP).
In addition, clinicians conducting newborn screenings used our “gold standard” pulse oximeter’s measurement of arterial
oxygen saturation and perfusion index to improve their detection rate for congenital heart defects (CHD).
It was gratifying to see our noninvasive Rainbow SET platform warning clinicians of life-threatening levels of
dyshemoglobins—like methemoglobinemia induced by neonatal inhaled nitric oxide therapy or by drugs like
The Masimo Product offering:
Benzocaine administered during surgery to otherwise healthy adults. We were encouraged to see clinicians use PVI
to determine patients’ fluid responsiveness, which helped them to more rapidly diagnose and treat patients who were
dehydrated, overhydrated, or developing heart complications. And we saw a preview of the future benefits our technologies
will bring when an engineering prototype of our noninvasive hemoglobin monitor helped save a doctor’s life (please see
page 22 for the details).
ExTENdINg ThE vISION, fULfILLINg ThE PROMISE
Looking ahead, we anticipate that our latest revolutionary measurements—including our most recent introduction of
noninvasive and continuous hemoglobin monitoring—will continue to make significant clinical contributions to patient care.
Our new measurements allow us to extend the vision and promise of Masimo technologies beyond the hospital walls to
the scenes of emergencies, outpatient surgery centers, alternate care sites, and physician offices worldwide. And, as more
healthcare professionals gain access to our products, we look forward to saving and improving more lives and growing our
business worldwide.
Our guiding principles, clinical contributions, and business model have allowed us to build a solid business. At the heart of
this business is a great innovation engine with bright and talented engineers eager to solve a new set of clinical problems
and a team of purists ready to do what is right for patient care.
Joe E. Kiani
500,000
400,000
300,000
200,000
100,000
62,000
38,000
0
470,000
377,000
292,000
213,000
150,000
104,000
250
200
150
100
50
0
$256.3
$199.7
$224.3
$155.1
$107.9
$69.4
$46.7
$38.3
$20.9
$14.4
2000 2001 2002 2003 2004 2005 2006 2007
2000 2001 2002 2003 2004 2005 2006 2007
Masimo SET Installed Base (estimated units)
*
Revenues (millions)
* Excludes Handheld Devices
= Product Revenues
= Royalty Revenues
Circuit Boards
The leading measure‑through‑motion‑
and‑low‑perfusion pulse oximetry solution,
available in more than 100 oEM monitors
from more than 40 leading brands.
Monitors
A complete line of bedside and handheld
devices delivering Masimo SET and Masimo
Rainbow SET to clinicians in acute care,
alternate care, and EMS/fire settings.
Monitoring Systems
Masimo recently introduced Patient
Safetynet, a wireless patient monitoring and
clinician notification system designed to keep
patients safe on general-care floors.
Sensors
Available for either single‑patient or multi‑
patient use, we offer more than 100 different
sensor and cable combinations for virtually
any clinical need.
6
7
I AM
INNOvATION
When Walt Weber joined Masimo as one of our first engineers more than 16 years ago, he was drawn by
the opportunity to make a difference in the lives of people. Coming from the defense industry, Walt sought a
career that would allow him to develop innovations that positively impacted society, yet still challenged him to
push the boundaries of what was possible. Driven by a desire to look beyond the obvious, Walt’s commitment
to exploration and excellence helped bring some of our earliest technologies to market. And his continuing
focus on “solving the unsolvable” helps him lead and motivate the team to break new barriers today.
A single‑minded dedication
to discovery.
Masimo engineers and scientists are a rare breed—a group of more than 100 purists who share a vision and a
passion to make a difference for patient care. Driven by fascination and accomplishment, they are the reason we have
overcome challenges in noninvasive patient monitoring that others believed were impossible.
That’s what we did in 1996 with Masimo SET, the first pulse oximetry technology that continued to measure when there
was patient motion and low perfusion—something other companies had given up trying to do. We followed up that
accomplishment in 2005 with the “second revolution,” Masimo Rainbow SET, the first noninvasive technology platform
that—with a single noninvasive sensor—can continuously measure many blood constituents that previously required
invasive blood sampling and laboratory analysis.
But we’re not done yet. Innovation has been and will continue to be our passion. Today, Masimo scientists are hard at
work developing a whole new generation of breakthrough technologies, building on a solid foundation and continually
looking beyond what others believe is possible.
WAlT WEBER, VICE PRESIDEnT, AlGoRITHM DEVEloPMEnT
After more than 16 years at Masimo, Walt has helped bring some of our most innovative technologies
to market—and his focus on solving the “unsolvable” is helping shape the technologies of tomorrow.
8
9
COMMITMeNT TO CONTINued gROwTh
> More than 100 engineers in R&D
> Solving “unsolvable” clinically relevant problems
SET
®
1989
Masimo Corporation
is founded
by Joe Kiani
1995
Measure-through-motion-
and-low-perfusion
pulse oximetry
2000
3-in-1 Pulse Oximeter
— portable unit with
display
2005
SpCO®
2006
SpMet™
2007
PVI™
First ever
First ever
First ever
First ever
First ever
A single‑minded dedication
to discovery.
Masimo engineers and scientists are a rare breed—a group of more than 100 purists who share a vision and a
passion to make a difference for patient care. Driven by fascination and accomplishment, they are the reason we have
overcome challenges in noninvasive patient monitoring that others believed were impossible.
That’s what we did in 1996 with Masimo SET, the first pulse oximetry technology that continued to measure when there
was patient motion and low perfusion—something other companies had given up trying to do. We followed up that
accomplishment in 2005 with the “second revolution,” Masimo Rainbow SET, the first noninvasive technology platform
that—with a single noninvasive sensor—can continuously measure many blood constituents that previously required
invasive blood sampling and laboratory analysis.
But we’re not done yet. Innovation has been and will continue to be our passion. Today, Masimo scientists are hard at
work developing a whole new generation of breakthrough technologies, building on a solid foundation and continually
looking beyond what others believe is possible.
WAlT WEBER, VICE PRESIDEnT, AlGoRITHM DEVEloPMEnT
After more than 16 years at Masimo, Walt has helped bring some of our most innovative technologies
to market—and his focus on solving the “unsolvable” is helping shape the technologies of tomorrow.
8
9
Masimo SET. Solving the “unsolvable.”
In 1995 when we debuted Masimo SET, the world’s first and only pulse oximetry technology able to provide accurate
measurements during patient motion and low perfusion, we were rewarded for our efforts with the prestigious
Excellence in Technology Innovation award from the Society for Technology in Anesthesia (STA). But while the STA and
other leaders in the clinical community were convinced we had solved the “unsolvable” problem in pulse oximetry, as
a new company with limited credibility, we needed independent clinical validation to overcome the noise created by
competitors seeking to create uncertainty and cast doubt on our accomplishments.
One of the first researchers to investigate our claims was Dr. Steven J. Barker, professor and head of the Department
of Anesthesiology at the University of Arizona College of Medicine. In 1997, Dr. Barker and fellow researcher Dr. Nitin
K. Shah from the University of California, Irvine, published a breakthrough study concluding that Masimo SET provided
“a significant advance in low signal-to-noise performance” resulting in “significant improvement in pulse oximeter
performance” during patient motion and low perfusion.1 Since this study, more than 100 independent and objective
studies have reinforced the clinical superiority of Masimo SET to all other commercially available pulse oximeters.
Signal Extraction Technology: Making the impossible possible.
Masimo SET transformed the clinical landscape, using breakthrough signal-processing technologies—including parallel
engines and adaptive filters—to deliver accurate and reliable SpO2 and pulse-rate measurements when conventional
pulse-oximetry technologies didn’t.
RIR
>
Digitized, Filtered & Normalized
>
R/IR
>
DST®
Conventional
Pulse Oximetry
Adaptive Filter
>
>
FST®
>
SST™
Adaptive Filter
>
MST™
> >
MEASUREMENT
> >
CONFIDENCE
> >
MEASUREMENT
> >
CONFIDENCE
> >
Confidence Based Arbitrator
>
Post Processor
>
DST Masimo SET 97%
0
50%
97% 100%
66%
SpO2%
MASIMO’S PATeNT PROweSS
The success of Masimo in the clinical environment is
bolstered by our unwavering commitment to extend, protect,
and defend what has become the industry’s highest-impact
intellectual property estate. With 266 patents issued and
another 178 pending worldwide as of December 29, 2007,
the strength of our underlying technologies has been
recognized by and reported in leading business publications,
including The Wall Street Journal, which in 2007 reported
that we had the fifth-strongest patent portfolio in the entire
medical-device industry.
The launch of Masimo Rainbow SET in 2005 changed expectations
Masimo Rainbow SET. Extending
the vision.
“Masimo’s industry impact score
is the highest among all medtech
companies, not to mention one of
the highest among all companies
tracked by The Patent Board
across 17 industries.”
of what could be measured by a single noninvasive sensor—winning
the Application of Technology award from the Society for Technology
in Anesthesia (STA) in the process. By noninvasively and continuously
measuring carboxyhemoglobin and methemoglobin in addition to oxygen
saturation, pulse rate, and perfusion index, Rainbow SET gives clinicians a
more complete picture of their patients’ true oxygenation status. This picture
becomes even clearer with the introduction of total hemoglobin and oxygen
content.
Noninvasive hemoglobin a “Significant Advancement
in Patient Care”
In January 2007, a team of researchers from Loma Linda University’s
Department of Anesthesiology won the prestigious Excellence in Technology
Innovation award from the STA for their independent study demonstrating
that a preliminary Masimo engineering prototype could accurately measure
total hemoglobin continuously and noninvasively. The team, led by Dr. Martin
Allard, professor and director of research, and Dr. Mark Macknet, assistant
professor and assistant director of clinical research, concluded that “rapid
measurement of hemoglobin would be an extremely useful tool in many
clinical scenarios. This technology should allow for significant advances in
patient care.”1, 2
1 Macknet MR, Norton S, Kimball-Jones P, Applegate II R, Martin R, Allard M. Continuous Non-Invasive
Measurement of Hemoglobin via Pulse CO-oximetry. Loma Linda (CA): Loma Linda University, Department of
Anesthesiology.
2 Macknet MR, Norton S, Kimball-Jones P, Applegate II R, Martin R, Allard M. Continuous Non-Invasive
Measurement of Hemoglobin via Pulse CO-oximetry During Liver Transplantation, a Case Report. Loma Linda
(CA): Loma Linda University, Department of Anesthesiology.
STEVEn J. BARKER, MD, PHD
Dr. Barker was one of the first clinical researchers to study the performance
of Masimo SET pulse oximetry and performed some of the first experiments that validated the
accuracy and reliability of Masimo Rainbow SET.
1 Barker SJ, Shah NK. The effects of motion on the performance of pulse oximeters in volunteers. Anesthesiology 1997:86(1):101-108
10
MARK MACKnET, MD, (lEFT) AnD MARTIn AllARD, MD, M.B.Ch.B, FRCA (RIGHT)
A series of studies preformed by Drs. Macknet and Allard showed that the ability to continuously and noninva‑
sively measure total hemoglobin levels with Masimo Rainbow SET has the potential to improve clinical care
and patient safety, while reducing the cost of care.
Source: 2007 Patent Scorecard
Ranking of Industry Innovation, The Patent Board
11
Masimo SET. Solving the “unsolvable.”
In 1995 when we debuted Masimo SET, the world’s first and only pulse oximetry technology able to provide accurate
measurements during patient motion and low perfusion, we were rewarded for our efforts with the prestigious
AN uPgRAdAble PlATfORM
fOR gROwTh, AN uNbeATAble
ReCORd Of INNOvATION
Excellence in Technology Innovation award from the Society for Technology in Anesthesia (STA). But while the STA and
other leaders in the clinical community were convinced we had solved the “unsolvable” problem in pulse oximetry, as
a new company with limited credibility, we needed independent clinical validation to overcome the noise created by
The noninvasive blood-constituent-monitoring platform
of Masimo Rainbow SET is an upgradable technology
that allows clinicians to add new measurements and
parameters as they need them—all through a simple
competitors seeking to create uncertainty and cast doubt on our accomplishments.
One of the first researchers to investigate our claims was Dr. Steven J. Barker, professor and head of the Department
field-installed software upgrade.
of Anesthesiology at the University of Arizona College of Medicine. In 1997, Dr. Barker and fellow researcher Dr. Nitin
K. Shah from the University of California, Irvine, published a breakthrough study concluding that Masimo SET provided
“a significant advance in low signal-to-noise performance” resulting in “significant improvement in pulse oximeter
performance” during patient motion and low perfusion.1 Since this study, more than 100 independent and objective
studies have reinforced the clinical superiority of Masimo SET to all other commercially available pulse oximeters.
whenever they need them. Current upgradable
Customers can start with a Masimo Radical-7 bedside
monitor loaded with Masimo SET oxygen saturation
(SpO2), pulse rate, and perfusion index, then purchase
software upgrades for additional measurements
noninvasive measurements include the following:
Signal Extraction Technology: Making the impossible possible.
> Carboxyhemoglobin (SpCO®) and Methemoglobin
(SpMet®)—two critical dyshemoglobins proven to
increase morbidity and mortality in a broad range of
clinical settings
Masimo SET transformed the clinical landscape, using breakthrough signal-processing technologies—including parallel
engines and adaptive filters—to deliver accurate and reliable SpO2 and pulse-rate measurements when conventional
pulse-oximetry technologies didn’t.
> PVI™—giving clinicians the ability to noninvasively
assess fluid responsiveness for the first time ever
RIR
> Continuous and Noninvasive Hemoglobin (SpHb™)
and Oxygen Content (SpOC™)—now available on
the platform
Digitized, Filtered & Normalized
>
>
R/IR
>
DST®
Conventional
Pulse Oximetry
Adaptive Filter
>
>
FST®
>
SST™
Adaptive Filter
>
MST™
> >
MEASUREMENT
> >
CONFIDENCE
> >
MEASUREMENT
> >
CONFIDENCE
> >
Confidence Based Arbitrator
>
Post Processor
>
DST Masimo SET 97%
0
50%
97% 100%
66%
SpO2%
Both the Masimo Radical-7 (shown above) and the Masimo
Rad-87 bedside monitors can be enabled to display Masimo
Rainbow SET measurements through a simple field-installed
software upgrade.
STEVEn J. BARKER, MD, PHD
Dr. Barker was one of the first clinical researchers to study the performance
of Masimo SET pulse oximetry and performed some of the first experiments that validated the
accuracy and reliability of Masimo Rainbow SET.
1 Barker SJ, Shah NK. The effects of motion on the performance of pulse oximeters in volunteers. Anesthesiology 1997:86(1):101-108
Masimo Rainbow SET. Extending
the vision.
The launch of Masimo Rainbow SET in 2005 changed expectations
of what could be measured by a single noninvasive sensor—winning
the Application of Technology award from the Society for Technology
in Anesthesia (STA) in the process. By noninvasively and continuously
measuring carboxyhemoglobin and methemoglobin in addition to oxygen
saturation, pulse rate, and perfusion index, Rainbow SET gives clinicians a
more complete picture of their patients’ true oxygenation status. This picture
becomes even clearer with the introduction of total hemoglobin and oxygen
content.
Noninvasive hemoglobin a “Significant Advancement
in Patient Care”
In January 2007, a team of researchers from Loma Linda University’s
Department of Anesthesiology won the prestigious Excellence in Technology
Innovation award from the STA for their independent study demonstrating
that a preliminary Masimo engineering prototype could accurately measure
total hemoglobin continuously and noninvasively. The team, led by Dr. Martin
Allard, professor and director of research, and Dr. Mark Macknet, assistant
professor and assistant director of clinical research, concluded that “rapid
measurement of hemoglobin would be an extremely useful tool in many
clinical scenarios. This technology should allow for significant advances in
patient care.”1, 2
1 Macknet MR, Norton S, Kimball-Jones P, Applegate II R, Martin R, Allard M. Continuous Non-Invasive
Measurement of Hemoglobin via Pulse CO-oximetry. Loma Linda (CA): Loma Linda University, Department of
Anesthesiology.
2 Macknet MR, Norton S, Kimball-Jones P, Applegate II R, Martin R, Allard M. Continuous Non-Invasive
Measurement of Hemoglobin via Pulse CO-oximetry During Liver Transplantation, a Case Report. Loma Linda
(CA): Loma Linda University, Department of Anesthesiology.
MARK MACKnET, MD, (lEFT) AnD MARTIn AllARD, MD, M.B.Ch.B, FRCA (RIGHT)
A series of studies preformed by Drs. Macknet and Allard showed that the ability to continuously and noninva‑
sively measure total hemoglobin levels with Masimo Rainbow SET has the potential to improve clinical care
and patient safety, while reducing the cost of care.
10
11
I AM
RESEARCh
Neonatologist Dr. Augusto Sola has spent nearly 35 years improving the lives of some of the most fragile
and important patients. His research has led to many clinical advances—including the use of Masimo
technology to change the way oxygen is administered to newborns, resulting in a dramatic decrease in
neonatal eye damage. He is a passionate clinician and dedicated researcher, focused on improving patient
care and enhancing the quality of life for patients all over the world. As a world-renowned expert in the field
of neonatology, Dr. Sola regularly collaborates with colleagues to advance the quality of care—sometimes
one patient and sometimes thousands of patients at a time.
A commitment to collaborative
exploration.
Masimo is passionate about making innovative technologies that give clinicians the tools they need to do what is best
for patient care. That’s why it is gratifying to see so many independent clinicians and clinical researchers take the time
to evaluate our products and technologies—and then to communicate the positive impacts on patient care and safety
that can be realized through their use.
More than 100 independent and objective studies by researchers around the world have demonstrated the clinical
advantages of our technologies. These studies have shown Masimo technologies can provide a dramatic reduction
in eye damage in the NICU, allow congenital heart defects to be properly diagnosed, accurately measure cyanotic
patients at very low oxygen-saturation levels, lead to a reduction in medical errors, and much, much more.
As we continue to raise the bar on what clinicians can expect from noninvasive patient monitoring technologies, we
look forward to seeing how they put these technologies to work to improve patient care.
AuGuSTo SolA, MD
Dr. Sola is Director of neonatal Research and Academic Affairs for Midatlantic neonatology Associates (MAnA) at
Atlantic Health System, Morristown, new Jersey, and Professor of neurosciences at uMDnJ. His groundbreaking
research with Masimo technology at Cedars Sinai and Emory University has led to a significant reduction and
prevention of neonatal blindness caused by retinopathy of prematurity (RoP) worldwide.
12
13
ClINICAl STudIeS deMONSTRATe MASIMO SuPeRIORITY
Masimo technologies have been shown to be superior to other oximetry technologies in more than
100 independent and objective studies.
Summary of independant and objective studies involving Masimo pulse oximetry
200
150
100
50
25
0
ALL
STUDIES
182
COMPARISONS TO OTHER
“NEXT GENERATION” TECHNOLOGIES
100
100
80
60
40
20
0
7
0
= Favors Masimo
= Neutral
= Favors Another Product
7
0
= Favors Masimo
= Neutral
= Favors Another Product
A commitment to collaborative
exploration.
Masimo is passionate about making innovative technologies that give clinicians the tools they need to do what is best
for patient care. That’s why it is gratifying to see so many independent clinicians and clinical researchers take the time
to evaluate our products and technologies—and then to communicate the positive impacts on patient care and safety
that can be realized through their use.
More than 100 independent and objective studies by researchers around the world have demonstrated the clinical
advantages of our technologies. These studies have shown Masimo technologies can provide a dramatic reduction
in eye damage in the NICU, allow congenital heart defects to be properly diagnosed, accurately measure cyanotic
patients at very low oxygen-saturation levels, lead to a reduction in medical errors, and much, much more.
As we continue to raise the bar on what clinicians can expect from noninvasive patient monitoring technologies, we
look forward to seeing how they put these technologies to work to improve patient care.
AuGuSTo SolA, MD
Dr. Sola is Director of neonatal Research and Academic Affairs for Midatlantic neonatology Associates (MAnA) at
Atlantic Health System, Morristown, new Jersey, and Professor of neurosciences at uMDnJ. His groundbreaking
research with Masimo technology at Cedars Sinai and Emory University has led to a significant reduction and
prevention of neonatal blindness caused by retinopathy of prematurity (RoP) worldwide.
12
13
MAxIME CAnnESSon, MD
Dr. Cannesson’s independent clinical studies presented at the American Society of
Anesthesiologists concluded, “PVI shows great promise for use in perioperative fluid
optimization, which will have both clinical and economical impact.”
using a new Masimo measurement for
noninvasive hemodynamic monitoring.
One of the newest measurements available with Masimo Rainbow
SET is PVI, which captures vital hemodynamic changes that may
compromise normal cardiac function and provide an indication
of a patient’s level of hydration. Appropriate fluid levels are vital to
reducing postoperative risks and improving patient outcomes, as
fluid volumes that are too low or too high have been shown to
decrease wound healing while increasing the risk of infection and
cardiac complications.
Noninvasive measure of fluid responsiveness to have
“major importance”
At the American Society of Anesthesiologists (ASA) meeting in
October 2007, a study presented by Dr. Maxime Cannesson,
assistant professor of cardiothoracic anesthesia at Louis Pradel
Hospital in Lyon, France, demonstrated the ability of PVI to
accurately and noninvasively detect changes in ventricular preload.
Dr. Cannesson and his research team concluded in their study
that PVI might provide a new method for noninvasively predicting
fluid responsiveness, adding that “fluid management optimization in
mechanically ventilated patients undergoing anesthesia is of major
importance, since it may have clinical and economical impact.”1
1 New Algorithm for Automatic Estimation of the Respiratory Variations in the Pulse Oximeter Wave-
form. M Cannesson, B Delannoy, A Morand, O Bastien, JJ Lehot. Anesthesiology 2007 (A451).
Moving Beyond Conventional Pulse oximetry
Masimo is redefining what you should expect from a single noninvasive sensor—not only a true assessment of oxygen saturation
(SpO2) and pulse rate (PR), but perfusion index (PI) and the following:
Carboxyhemoglobin
(SpCo®)
Too often misdiagnosed as
food poisoning, fatigue, or
the flu, CO poisoning is the
leading cause of poisoning
deaths in the industrialized
world.
Methemoglobin
(SpMet®)
Monitoring SpMet allows
clinicians to determine
whether drugs they are
administering are causing
methemoglobinemia, which
can lead to brain damage and
even death.
PVI™
Providing for the noninvasive
assessment of fluid
responsiveness, PVI may help
clinicians better understand
whether their patients are
dehydrated or need more fluids,
and it could allow for quicker
diagnosis of heart complications
in mechanically ventilated
patients.
Total Hemoglobin
(SpHb™) and oxygen
Content (SpoC™)
These are the latest measurements
offered as part of the upgradable
Masimo Rainbow SET platform.
They are expected to dramatically
improve the care of anemic
patients and patients at risk of
blood loss.
ClINICAllY PROveN PeRfORMANCe
Masimo technologies have been shown to be superior in a
wide range of clinical settings and with a broad spectrum
of patient populations.
Proven with Adults1
using Masimo Rainbow SET to screen for congenital heart
defects and other life‑threatening conditions in infants.
83%
90%
80%
70%
60%
50%
40%
43%
It is especially rewarding to us when we see researchers using our technology to detect illnesses that
20%
30%
10%
28%
18%
5%
3%
threaten the lives of the most vulnerable yet promising patients. That’s why we were encouraged to
0%
Missed True Events
see new studies in 2007 clearly showing the positive effect Masimo Rainbow SET has on the lives of
False Alarms
newborns and infants.
= Masimo SET (V5.0)
= Nellcor N-600 (V1.1.20)
= GE TruSat
Masimo enables life-saving early detection and intervention
This study measured the occurrence rate of missed true
events during 40 low blood-oxygen episodes and false alarms
during 120 fully oxygenated episodes, both during conditions
of motion.
In a study released in November 2007, a team of researchers from the Institute of Clinical Sciences
at Gothenburg University, Sweden, showed that the Masimo perfusion index (PI) is effective in the
Proven with Children2
noninvasive detection of congenital heart defects (CHD) in newborns. Their findings show the detection
rate for CHD improved from 78 percent to 100 percent when PI was used in addition to Masimo SET
SpO2. The study concluded that even when routine neonatal physical examinations and saturation
screenings fail, PI may help to accurately detect CHD—enabling life-saving early detection and critical
55%
90%
80%
70%
60%
50%
40%
intervention before discharge from the hospital.1 These results reinforced findings from a 2005
30%
20%
study that showed Masimo’s improved performance during low perfusion states and resistance
10%
1%
0%
to motion artifacts “is the key to enable screening (for CHD) with both a high
Missed True Events
sensitivity and a low false positive rate.”2
= Masimo SET
= Nellcor N-395
PvI may provide “significant value” for neonatologists
This study measured missed true desaturation events out of
75 true events on 5 children undergoing evaluation for sleep-
disordered breathing.
Additionally, in a study presented at the American Association of
Respiratory Care Annual Meeting in December 2007, a team of
Proven with Infants3
neonatologists headed by Dr. Mitchell Goldstein reported that Masimo
Rainbow SET’s PVI measurement may provide significant value in
90%
80%
the detection and treatment of processes that produce increased
70%
60%
intrathoracic pressure in newborns. The researchers concluded that,
50%
40%
30%
20%
10%
“PVI may have significant value in the diagnosis and treatment of
43%
processes that produce increased intrathoracic pressure, such as
12%
0%
pneumothorax, chylothorax, and in this case pulmonary effusion.”3
2%
1%
4%
6%
Missed True Events
False Alarms
1 Granelli A, Ostman-Smith I. 2007. Noninvasive Peripheral Perfusion Index as a Possible Tool for
Screening for Critical Left Heart Obstruction. Acta Paediatrica 96:1455-1459.
= Masimo SET
= Nellcor N-395
= Philips Viridia (FAST Rev. B)
2 Granelli A.D., Mellander M, Sunnegardh J, Sandberg K, Ostman-Smith I. 2005. Screening for
duct-dependent congenital heart disease with pulse oximetry: A critical evaluation of strategies to
maximize sensitivity, Acta Paediatrica, 94: 1590-1596.
This study measured missed true events and false alarms over
a 28 hour period, comparing Masimo SET to other “motion-
resistant” pulse oximetry technologies.
3 Goldstein M, Lopez M, Saesim D, Peverini R. 2007. The Use of Pleth Variability Index (PVI) to
Detect Changes in Intrathoracic Pressure. Loma Linda (CA): Neonatology, Loma Linda University
Children’s Hospital.
1 Nitin Shah, M.D., Laverne Estanol, M.S. Anesthesiology, 2006 Long Beach
VA Medical Center, UC Irvine Medical Center, Long Beach, California Compari-
son of Three New Generation Pulse Oximeters During Motion & Low Perfusion
in Volunteers
2 Brouillette RT, Lavergne J, Leimanis A, Nixon GM, Laden S, McGregor
CD. Differences in Pulse Oximetry Technology can Affect Detection of Sleep
Disordered Breathing in Children. Anesth Analg 2002; 94:S47-S53
MITCHEll GolDSTEIn, MD, FAAP
Dr. Goldstein has led a number of independent research initiatives to determine
the efficacy of Masimo technologies, most recently completing a study showing
Masimo Rainbow SET to have “significant value” in diagnosing and treating several
potentially life‑threatening neonatal conditions.
3 Hay WW, Rodden DJ, Collins SM, Melara DL, Hale KA, Fashaw LM.
Reliability of conventional and new oximetry in neonatal patients. Journal of
Perinatology. 2002; 22:360-266
14
15
MAxIME CAnnESSon, MD
Dr. Cannesson’s independent clinical studies presented at the American Society of
Anesthesiologists concluded, “PVI shows great promise for use in perioperative fluid
optimization, which will have both clinical and economical impact.”
ReCAP Of KeY STudIeS fROM 2007
If you want to read for yourself what leading
researchers have had to say about Masimo this
year, here are just a few of the more than 40 studies
using a new Masimo measurement for
noninvasive hemodynamic monitoring.
published in 2007 showing the clinical value of our
technologies.
> Total Hemoglobin (SpHb)
One of the newest measurements available with Masimo Rainbow
Macknet MR, Norton S, Kimball-Jones P, Applegate II R,
SET is PVI, which captures vital hemodynamic changes that may
Martin R, Allard M. 2007. Non-Invasive Measurement of
compromise normal cardiac function and provide an indication
Continuous Hemoglobin Concentration Via Pulse CO-
of a patient’s level of hydration. Appropriate fluid levels are vital to
Oximetry. Anesthesiology 107: A1545. Available at http://
reducing postoperative risks and improving patient outcomes, as
www.asa-abstracts.com/
fluid volumes that are too low or too high have been shown to
> PVI
decrease wound healing while increasing the risk of infection and
Cannesson M, Dalannoy B, Attof Y, Rosamel R, Lehot
cardiac complications.
JJ. 2007. New Algorithm for Automatic Estimation of the
Respiratory Variations in the Pulse Oximeter Waveform in
Noninvasive measure of fluid responsiveness to have
Mechanically Ventilated Patients. Crit Care Med 35(12): 328.
“major importance”
> Carboxyhemoglobin (SpCO)
Ben Eli D, Peruggia J, McFarland J, Werner A, Kaufman
At the American Society of Anesthesiologists (ASA) meeting in
BJ, Freese J, Cox L, Fry A, Askew S, Prezant DJ. 2007.
October 2007, a study presented by Dr. Maxime Cannesson,
Detecting CO – FDNY Studies Prehospital Assessment of
assistant professor of cardiothoracic anesthesia at Louis Pradel
COHb. JEMS October: 36-37.
Hospital in Lyon, France, demonstrated the ability of PVI to
accurately and noninvasively detect changes in ventricular preload.
> Methemoglobin (SpMet)
Padakandla U. 2007. RAD-57 Rainbow CO-Oximeter in
Dr. Cannesson and his research team concluded in their study
that PVI might provide a new method for noninvasively predicting
Detecting Methemoglobin during Upper GI Endoscopy–A
Case Report. Anesthesiology 107: A1543. Available at http://
fluid responsiveness, adding that “fluid management optimization in
www.asa-abstracts.com/
mechanically ventilated patients undergoing anesthesia is of major
importance, since it may have clinical and economical impact.”1
> Perfusion Index (PI) to Screen for
Congenital Heart Defects
Granelli AW, Osterman-Smith I. 2007. Noninvasive Peripheral
1 New Algorithm for Automatic Estimation of the Respiratory Variations in the Pulse Oximeter Wave-
form. M Cannesson, B Delannoy, A Morand, O Bastien, JJ Lehot. Anesthesiology 2007 (A451).
Perfusion Index as a Possible Tool for Screening for Critical
Left Heart Obstruction. Acta Paediatr 96(10): 1455-9.
Moving Beyond Conventional Pulse oximetry
Masimo is redefining what you should expect from a single noninvasive sensor—not only a true assessment of oxygen saturation
(SpO2) and pulse rate (PR), but perfusion index (PI) and the following:
Cox P. 2007. New Pulse Oximetry Sensors with Low
Saturation Accuracy Claims–A Clinical Evaluation.
> Low Saturation Accuracy of Masimo
SET/Masimo LNOP Blue Sensor
Carboxyhemoglobin
(SpCo®)
Too often misdiagnosed as
food poisoning, fatigue, or
the flu, CO poisoning is the
leading cause of poisoning
deaths in the industrialized
world.
Methemoglobin
(SpMet®)
Monitoring SpMet allows
clinicians to determine
whether drugs they are
administering are causing
methemoglobinemia, which
can lead to brain damage and
even death.
Anesthesiology 107: A1540. Available at http://www.asa-
abstracts.com/
PVI™
Providing for the noninvasive
assessment of fluid
responsiveness, PVI may help
clinicians better understand
whether their patients are
dehydrated or need more fluids,
and it could allow for quicker
diagnosis of heart complications
in mechanically ventilated
patients.
Total Hemoglobin
(SpHb™) and oxygen
> Masimo SET SpO2 Accuracy
Content (SpoC™)
Castillo AR, Deulofeut R, Sola A. 2007. Clinical Practice and
SpO2 Technology in the Prevention of ROP in VLBW Infants.
These are the latest measurements
offered as part of the upgradable
Presented at Pediatric Academic Societies Annual Meeting
Masimo Rainbow SET platform.
They are expected to dramatically
improve the care of anemic
patients and patients at risk of
blood loss.
May 5-8, 2007. Available at www.abstracts2view.com/pas/
using Masimo Rainbow SET to screen for congenital heart
defects and other life‑threatening conditions in infants.
It is especially rewarding to us when we see researchers using our technology to detect illnesses that
threaten the lives of the most vulnerable yet promising patients. That’s why we were encouraged to
see new studies in 2007 clearly showing the positive effect Masimo Rainbow SET has on the lives of
newborns and infants.
Masimo enables life-saving early detection and intervention
In a study released in November 2007, a team of researchers from the Institute of Clinical Sciences
at Gothenburg University, Sweden, showed that the Masimo perfusion index (PI) is effective in the
noninvasive detection of congenital heart defects (CHD) in newborns. Their findings show the detection
rate for CHD improved from 78 percent to 100 percent when PI was used in addition to Masimo SET
SpO2. The study concluded that even when routine neonatal physical examinations and saturation
screenings fail, PI may help to accurately detect CHD—enabling life-saving early detection and critical
intervention before discharge from the hospital.1 These results reinforced findings from a 2005
study that showed Masimo’s improved performance during low perfusion states and resistance
to motion artifacts “is the key to enable screening (for CHD) with both a high
sensitivity and a low false positive rate.”2
PvI may provide “significant value” for neonatologists
Additionally, in a study presented at the American Association of
Respiratory Care Annual Meeting in December 2007, a team of
neonatologists headed by Dr. Mitchell Goldstein reported that Masimo
Rainbow SET’s PVI measurement may provide significant value in
the detection and treatment of processes that produce increased
intrathoracic pressure in newborns. The researchers concluded that,
“PVI may have significant value in the diagnosis and treatment of
processes that produce increased intrathoracic pressure, such as
pneumothorax, chylothorax, and in this case pulmonary effusion.”3
1 Granelli A, Ostman-Smith I. 2007. Noninvasive Peripheral Perfusion Index as a Possible Tool for
Screening for Critical Left Heart Obstruction. Acta Paediatrica 96:1455-1459.
2 Granelli A.D., Mellander M, Sunnegardh J, Sandberg K, Ostman-Smith I. 2005. Screening for
duct-dependent congenital heart disease with pulse oximetry: A critical evaluation of strategies to
maximize sensitivity, Acta Paediatrica, 94: 1590-1596.
3 Goldstein M, Lopez M, Saesim D, Peverini R. 2007. The Use of Pleth Variability Index (PVI) to
Detect Changes in Intrathoracic Pressure. Loma Linda (CA): Neonatology, Loma Linda University
Children’s Hospital.
MITCHEll GolDSTEIn, MD, FAAP
Dr. Goldstein has led a number of independent research initiatives to determine
the efficacy of Masimo technologies, most recently completing a study showing
Masimo Rainbow SET to have “significant value” in diagnosing and treating several
potentially life‑threatening neonatal conditions.
14
15
I AM
COMPASSION
It’s not easy for some people to understand why a highly-trained professional like Pernilla Fridolfsson
would choose to endure the physical and emotional rigors of 12-hour shifts while dealing with pressure-
packed days in a neonatal intensive care unit. It’s not a comfortable life. But for Pernilla, the choice to
serve in this challenging arena was an easy one. Since beginning her nursing career in Sweden 20
years ago, she has had a passion for patient care. It’s this passion for patients, along with a drive to
improve lives and comfort those in need that makes it all worthwhile for Pernilla—and clinicians like her
around the world.
Remaining faithful to a promise
of caring.
The dedicated men and women who use our products every day to make a difference in the lives of their patients
know they can trust Masimo to give them accurate, actionable information about their patients’ physiological status.
This confidence is why many of the top hospitals in the United States—including four of the top five listed on the 2007
US News & World Report Honor Roll—have adopted Masimo as their pulse oximetry platform.
When clinicians choose Masimo, they know they are getting a partner committed to their success. We not only have
the best performing pulse oximetry technology, but we have one of the largest teams of dedicated clinical specialists
in the industry, 24 x 7 technical support, and online training tools to educate the clinicians who will use our products to
care for their patients.
16
17
PERnIllA FRIDolFSSon, RnC
Beginning her nursing career in her native Sweden, Pernilla is currently a neonatal nurse
at the Children’s Hospital of orange County in orange, California, where she counts on
Masimo technology every day to help her care for her tiny patients.
AT hOMe IN vIRTuAllY ANY ClINICAl SeTTINg
Masimo has a complete array of sensors and multiple handheld and bedside devices—in addition to being
integrated into more than 100 multiparameter monitors and more than 40 monitoring brands. So whatever kind of
patient monitor a clinician requires, they can get it with Masimo technology.
Remaining faithful to a promise
of caring.
The dedicated men and women who use our products every day to make a difference in the lives of their patients
know they can trust Masimo to give them accurate, actionable information about their patients’ physiological status.
This confidence is why many of the top hospitals in the United States—including four of the top five listed on the 2007
US News & World Report Honor Roll—have adopted Masimo as their pulse oximetry platform.
When clinicians choose Masimo, they know they are getting a partner committed to their success. We not only have
the best performing pulse oximetry technology, but we have one of the largest teams of dedicated clinical specialists
in the industry, 24 x 7 technical support, and online training tools to educate the clinicians who will use our products to
care for their patients.
16
17
PERnIllA FRIDolFSSon, RnC
Beginning her nursing career in her native Sweden, Pernilla is currently a neonatal nurse
at the Children’s Hospital of orange County in orange, California, where she counts on
Masimo technology every day to help her care for her tiny patients.
using Masimo technology to keep patients safe in
general care areas of the hospital.
A growing recognition that patients are unnecessarily dying on general care floors due to unobserved sentinel events has led
to an increased call for continuous monitoring of at-risk patients in these areas—and the deployment of highly-trained clinicians
in the form of Rapid Response Teams to intervene when necessary. Masimo Patient SafetyNet remote monitoring and clinician
notification system is specifically designed to keep at-risk patients safe when they are undergoing care on general floors, where
patient-to-nurse ratios preclude the direct and continual surveillance necessary to identify and properly treat sentinel events.
Patient SafetyNet having “positive impact” on improving outcomes
In December 2007, Patient SafetyNet was first put into service on a postsurgical orthopedic general care floor at Dartmouth
Hitchcock Hospital in Hanover, New Hampshire. All 36 bedsides on the floor are now equipped with Masimo Radical-7 pulse
oximeters that are wirelessly connected to the Patient SafetyNet server over the hospital’s internal wireless infrastructure. The
clinical team at Dartmouth implemented a “standing order” policy, assuring that all patients admitted to the floor are monitored
on the system. Initial reports from the clinical team indicate Patient SafetyNet has already had a positive impact on improving
outcomes through early detection of changes in patient conditions.
Timely carbon monoxide screening and decisive action
saves nearly 100 lives.
When a security guard arrived for treatment at the Boca Raton Community Hospital in South Florida, Nurse Mary Russell had no
immediate reason to suspect carbon monoxide (CO) poisoning. The patient complained of dizziness and a headache, common
symptoms that are normally associated with the flu—but are also the often-overlooked warning signs of carbon monoxide
poisoning. But when Mary determined the security guard was working around gas-powered generators at a condo complex
undergoing construction repairs from Hurricane Wilma, her training led her to suspect carbon monoxide.
MASIMO PATIeNT SAfeTYNeT helPS
Luckily, Mary’s hospital had just received a Masimo Rad-57 Pulse CO-Oximeter, the first device to be
ClINICIANS AveRT lIfe-ThReATeNINg
able to noninvasively detect the level of carbon monoxide in a patient’s blood without a painful and
eveNTS
time-consuming blood test. She slipped the sensor on the security guard’s finger and in seconds
determined that he was suffering from carbon monoxide poisoning.
Masimo Patient SafetyNet is an easy-to-use remote
monitoring and clinician notification system that com-
Early detection and quick thinking lead to evacuation of 20-story building
bines the “gold standard” performance of Masimo SET
At that point, Mary contacted Glenn Joseph, deputy chief of the Boca Raton Fire-Rescue
pulse oximetry with wireless clinician notification via
Services, who quickly dispatched a hazardous-materials team to the security guard’s
pager. The system supports up to 40 bedside devices
condo complex. Once there, the team detected carbon monoxide levels in the
and is available today with continuous SpO2 and pulse-
building that were 100 times above normal levels. After summoning back-up, the
rate monitoring. Recent upgrades allow clinicians to add
team went door-to-door in the 20-story condo, safely evacuating nearly 100
end-tidal carbon dioxide (EtCO2) and respiration.
residents from the poisoned building.
The accuracy and reliability of Masimo SET
Because of the quick actions of Mary, Glenn, and the team—and the timely
makes it all possible
detection of carbon monoxide poisoning by the Masimo device—only one
Previous attempts at monitoring patients on the general
other person needed to be taken to the hospital for treatment. In addition,
floors have failed because of excessive false alarms.
the evacuees were spared the long-term brain and heart damage that
Because Masimo SET has been proven to have the
can be caused by even one untreated exposure to carbon monoxide
highest sensitivity and specificity through conditions of
poisoning.
motion and low perfusion—the most common source
of false alarms with other pulse oximetry technologies—
clinicians can finally monitor their patients on general
care floors without being overloaded by false alarms.
And since clinicians can trust the alarms generated by
Masimo Patient SafetyNet, Rapid Response Teams can
be mobilized with confidence to allow prompt clinical
intervention in cases of treatable adverse events.
With Masimo Patient Safetynet, hospitals can mobilize Rapid Response Teams with
confidence due to the accuracy and reliability of Masimo SET technology, which virtually
eliminates false alarms without missing true clinical events.
MARy RuSSEll, EDD, MSn (left) GlEnn JoSEPH, DEPuTy FIRE CHIEF
oF oPERATIonS, BoCA RATon FIRE RESCuE (right)
Quick action by nurse Russell and Deputy Chief Joseph triggered a series of events
that led to the evacuation of 100 persons from a 20‑story condo building that had
lethal levels of carbon monoxide, perhaps saving dozens of lives.
18
19
using Masimo technology to keep patients safe in
general care areas of the hospital.
A growing recognition that patients are unnecessarily dying on general care floors due to unobserved sentinel events has led
to an increased call for continuous monitoring of at-risk patients in these areas—and the deployment of highly-trained clinicians
in the form of Rapid Response Teams to intervene when necessary. Masimo Patient SafetyNet remote monitoring and clinician
notification system is specifically designed to keep at-risk patients safe when they are undergoing care on general floors, where
patient-to-nurse ratios preclude the direct and continual surveillance necessary to identify and properly treat sentinel events.
Patient SafetyNet having “positive impact” on improving outcomes
Hitchcock Hospital in Hanover, New Hampshire. All 36 bedsides on the floor are now equipped with Masimo Radical-7 pulse
In December 2007, Patient SafetyNet was first put into service on a postsurgical orthopedic general care floor at Dartmouth
MASIMO beCOMINg STANdARd Of
CARe fOR deTeCTINg CARbON
oximeters that are wirelessly connected to the Patient SafetyNet server over the hospital’s internal wireless infrastructure. The
MONOXIde POISONINg IN eMS ANd
clinical team at Dartmouth implemented a “standing order” policy, assuring that all patients admitted to the floor are monitored
fIRe eNvIRONMeNTS
on the system. Initial reports from the clinical team indicate Patient SafetyNet has already had a positive impact on improving
outcomes through early detection of changes in patient conditions.
As the recognition of the dangers of misdiagnosing
carbon monoxide poisoning in patients and firefighters
alike grows, many leading industry groups are advocat-
ing adoption of Pulse CO-Oximetry technology as a new
standard of care to fight this silent killer. The organizations
advocating the adoption of this life-saving technology
include the following groups:
> National Association of Emergency Medical
Technicians (NAEMT)
> National Fire Protection Association (NFPA)
> International Association of Firefighters (IAFF)
> National Association of EMS Educators (NAEMSE)
With these recommendations, more firefighters and
emergency medical professionals will gain access to our
life-saving Pulse CO-Oximeter, the Masimo Rad-57.
“Any firefighter exposed to CO
or presenting with headache,
nausea, shortness of breath, or
gastrointestinal symptoms at an
incident where CO is present should
be measured for CO poisoning with
Pulse CO-Oximetry…”
With Masimo Patient Safetynet, hospitals can mobilize Rapid Response Teams with
confidence due to the accuracy and reliability of Masimo SET technology, which virtually
eliminates false alarms without missing true clinical events.
NFPA 1584: Standard on the Rehabilitation Process for Members During Emergency
Operations and Training Exercises, 2008
Timely carbon monoxide screening and decisive action
saves nearly 100 lives.
When a security guard arrived for treatment at the Boca Raton Community Hospital in South Florida, Nurse Mary Russell had no
immediate reason to suspect carbon monoxide (CO) poisoning. The patient complained of dizziness and a headache, common
symptoms that are normally associated with the flu—but are also the often-overlooked warning signs of carbon monoxide
poisoning. But when Mary determined the security guard was working around gas-powered generators at a condo complex
undergoing construction repairs from Hurricane Wilma, her training led her to suspect carbon monoxide.
Luckily, Mary’s hospital had just received a Masimo Rad-57 Pulse CO-Oximeter, the first device to be
able to noninvasively detect the level of carbon monoxide in a patient’s blood without a painful and
time-consuming blood test. She slipped the sensor on the security guard’s finger and in seconds
determined that he was suffering from carbon monoxide poisoning.
Early detection and quick thinking lead to evacuation of 20-story building
At that point, Mary contacted Glenn Joseph, deputy chief of the Boca Raton Fire-Rescue
Services, who quickly dispatched a hazardous-materials team to the security guard’s
condo complex. Once there, the team detected carbon monoxide levels in the
building that were 100 times above normal levels. After summoning back-up, the
team went door-to-door in the 20-story condo, safely evacuating nearly 100
residents from the poisoned building.
Because of the quick actions of Mary, Glenn, and the team—and the timely
detection of carbon monoxide poisoning by the Masimo device—only one
other person needed to be taken to the hospital for treatment. In addition,
the evacuees were spared the long-term brain and heart damage that
can be caused by even one untreated exposure to carbon monoxide
poisoning.
MARy RuSSEll, EDD, MSn (left) GlEnn JoSEPH, DEPuTy FIRE CHIEF
oF oPERATIonS, BoCA RATon FIRE RESCuE (right)
Quick action by nurse Russell and Deputy Chief Joseph triggered a series of events
that led to the evacuation of 100 persons from a 20‑story condo building that had
lethal levels of carbon monoxide, perhaps saving dozens of lives.
18
19
I AM LIfE
Gabriel Tom is an active six-year-old with a ready smile and a gentle nature. His cheerful demeanor
and inquisitive personality belie the challenges this energetic kindergartener faced when he was born
prematurely with multiple birth defects. Masimo technology helped doctors rule out one prenatally
diagnosed condition—congenital heart defect—and allowed them to focus on Gabriel’s most
urgent condition, a diaphragmatic hernia requiring emergency surgery. While Masimo technology
measured his arterial oxygen-saturation levels, a team of doctors led by Dr. Balaji Govindaswami
at Cedars-Sinai Medical Center provided the care that saved Gabriel’s life and ultimately gave his
parents a most precious gift—a happy, healthy young boy.
never forgetting it’s all about
the patient.
When one of our monitors displays a noninvasive measurement, it’s more than just a number. It’s a key to
understanding. A piece of the puzzle a clinician will use to make decisions that will impact a life. At Masimo, we never
forget this fact.
Before Masimo, clinicians resigned themselves to the fact that pulse oximetry would fail to deliver accurate readings
when used on their most difficult patients—like ASA-status IV patients, critically ill patients during transport, patients in
postanesthesia recovery, cyanotic children, neonates, and combative patients who were moving and had
low perfusion.
Masimo’s accuracy and reliability changed all that, allowing clinicians to trust the measurements they see and
intervene with confidence. Masimo SET’s unmatched sensitivity and specificity allowed us to reduce SpO2 false
alarms by more than 90 percent while providing an unmatched true alarm-detection rate of more than 97 percent
even during motion and low perfusion. We believe reducing false alarms at the expense of detecting true clinical
events is an unacceptable trade-off—and that patients deserve better.
20
21
GABRIEl ToM, KInDERGARTEn STuDEnT, Ex‑PATIEnT
Born with multiple birth defects, Gabriel is now a happy, healthy six‑year‑old thanks to the
dedicated efforts of a team of talented clinicians and—at least in part—to the accuracy and
reliability of Masimo technology.
A COMMITMeNT TO CARe fOR ThOSe whO CANNOT CARe fOR TheMSelveS
When Masimo first introduced measure-through-motion-and-low-perfusion pulse oximetry, we focused our efforts
on meeting the unmet needs of the most fragile patients—at-risk infants in the NICU for whom conventional pulse
oximetry would not work due to its inability to measure during conditions of low perfusion and motion. It’s an area
of focus we still maintain and a bond of trust we still nurture.
never forgetting it’s all about
the patient.
When one of our monitors displays a noninvasive measurement, it’s more than just a number. It’s a key to
understanding. A piece of the puzzle a clinician will use to make decisions that will impact a life. At Masimo, we never
forget this fact.
Before Masimo, clinicians resigned themselves to the fact that pulse oximetry would fail to deliver accurate readings
when used on their most difficult patients—like ASA-status IV patients, critically ill patients during transport, patients in
postanesthesia recovery, cyanotic children, neonates, and combative patients who were moving and had
low perfusion.
Masimo’s accuracy and reliability changed all that, allowing clinicians to trust the measurements they see and
intervene with confidence. Masimo SET’s unmatched sensitivity and specificity allowed us to reduce SpO2 false
alarms by more than 90 percent while providing an unmatched true alarm-detection rate of more than 97 percent
even during motion and low perfusion. We believe reducing false alarms at the expense of detecting true clinical
events is an unacceptable trade-off—and that patients deserve better.
20
21
GABRIEl ToM, KInDERGARTEn STuDEnT, Ex‑PATIEnT
Born with multiple birth defects, Gabriel is now a happy, healthy six‑year‑old thanks to the
dedicated efforts of a team of talented clinicians and—at least in part—to the accuracy and
reliability of Masimo technology.
JoHn VIlJoEn, MD
A random request to have a technician “stick one of those sensors on me”
during a clinical trial of Masimo’s noninvasive total hemoglobin monitoring
technology allowed for the early detection of Dr. Viljoen’s esophageal
cancer, enabling early intervention that he credits with saving his life.
Random hemoglobin testing during Masimo clinical trials helps
save doctor’s life when his cancer is detected early.
A little less than a year ago, Dr. John Viljoen, clinical professor of anesthesiology at Loma Linda University School of Medicine
in California, walked in to find his office cluttered with computers and testing equipment being used in a clinical study validating
Masimo’s new noninvasive total hemoglobin monitoring technology. His interest piqued, he asked one of the technicians to “stick
one of those sensors on me.” That one simple request kicked off a chain of events that Dr. Viljoen credits with saving his life.
Life “totally changed” as a result of Masimo and early detection
After receiving a low hemoglobin reading of 10.6 from our device, Dr. Viljoen—who exhibited no prior symptoms—had the results
validated by a laboratory blood test. He then had a series of additional tests done that ultimately led to a diagnosis of esophageal
cancer that had metastasized in the upper part of his left arm. He had surgery to remove the tumor in his esophagus and replace
his left shoulder, “and up to this point I have had no complications,” Dr. Viljoen explained.
“My life expectancy has been totally changed as a result of that random assessment of noninvasive total hemoglobin,” Dr. Viljoen
added. “If it were not for that measurement having been done, I would have had to wait for symptoms of the cancer to occur, at
which time it would probably have been inoperable and the whole sequence of events would have been totally different—resulting
in all probability in my not being here today.”
NONINvASIve heMOglObIN
MONITORINg PReSeNTS New
OPPORTuNITIeS TO POSITIvelY IMPACT
PATIeNT CARe
Masimo SET helps clinicians preserve premature infants’ fragile
eyesight thanks to more efficient oxygen management.
With the launch of noninvasive and continuous total
hemoglobin monitoring, the latest measurement to be
offered as part of the upgradable Masimo Rainbow SET
The fragile nature of a premature baby’s eyesight makes careful management of oxygen critical to avoid blindness caused by
platform, Masimo technology will likely find itself saving
retinopathy of prematurity (ROP), one of the most common causes of visual impairment and blindness in premature infants. ROP
more lives throughout the hospital and beyond.
is exacerbated by the excessively high levels of supplemental oxygen often used to treat these patients, due in large part to
Hemoglobin is a protein carried by red blood cells
unreliable oxygen level measurements from pulse oximeters not able to maintain accuracy during conditions of motion and low
to transport oxygen molecules. Knowing a patient’s
perfusion. A new independent study released in 2007 showed that switching to Masimo SET pulse oximetry technology can
hemoglobin level gives clinicians a good indication
reduce the risk of extremely low birth-weight (ELBW) infants developing retinopathy of prematurity (ROP) by 40 percent.1
of the blood’s ability to carry oxygen throughout the
body and can also warn of potential internal bleeding.
Results with Masimo “significantly more favorable”
Noninvasive and continuous hemoglobin monitoring with
Masimo Rainbow SET technology has the potential to
The study showed that a change in pulse oximetry technology could impact treatment effect and reduce the risk of ROP
help improve patient outcomes and reduce the cost of
in ELBW infants. The research team was able to analyze ROP rates before and after identical clinical practice changes at
care by allowing for real-time anemia monitoring—giving
two different healthcare centers and isolate the difference made by the pulse oximetry technology—one of which switched
clinicians the opportunity to perform fewer lab tests,
to Masimo after the practice changes, one of which kept its old technology. Researchers concluded that the results were
fewer blood transfusions, and reduce blood transfusion-
“significantly more favorable” for the center that switched to Masimo technology, adding that these results “further support
related morbidity through more precise blood delivery.
the significance of adequate SpO2 monitors in managing critically ill infants.”
Principal care areas where hemoglobin is currently
measured invasively are surgery, recovery, intensive
care, and the emergency department, with secondary
RoP Rates Pre‑Change
areas of obstetrics and gynecology, dialysis centers, and
oncology departments. With continuous and noninvasive
hemoglobin monitoring, clinicians in these areas will
Center #1
without Masimo without Masimo
benefit from knowing real-time hemoglobin levels that
may allow them to make more timely decisions.
Center #2
RoP Rates Post‑Change
Center #1
with Masimo
Center #2
without Masimo
11.1%
13.0%
6%
13.0%
Percent reduction in RoP rate after
change in clinical practice
>
40%
0%
1 Clinical Practice and SpO2 Technology in the Prevention of ROP in ELBW Infants.
Armando R. Castillo, Richard Deulofeut, Augusto Sola. Publication 8440.7;
2007 Pediatric Academic Societies’
22
MICHEllE oRoS, Rn
Cardiac Surgery Specialist
23
JoHn VIlJoEn, MD
A random request to have a technician “stick one of those sensors on me”
during a clinical trial of Masimo’s noninvasive total hemoglobin monitoring
technology allowed for the early detection of Dr. Viljoen’s esophageal
cancer, enabling early intervention that he credits with saving his life.
IMPROvINg PATIeNT OuTCOMeS
ANd SAfeTY
Clinicians around the world have put Masimo
to the test and have shown that our technology
provides improved patient outcomes and
enhanced processes of care. Here are excerpts
from two of the more than 100 independent
and objective studies that back up this claim:
“As part of an organized process of
improvement in quality of care, the
implementation of a clinical practice change of
curtailed O2 was associated with an important
and clinically significant decrease in the
incidence of both severe ROP and the need
for ROP therapy…In addition, many of the care
providers reported greater ease in following the
policy with use of new SpO2 monitors (Masimo
Signal Extraction Technology) with less artifact
and false alarms.”
Chow LC, Wright KW, Sola A, and the CSMC
Oxygen Administration Study Group, Can Changes
in Clinical Practice Decrease the Incidence or Severe
Retinopathy of Prematurity in Very Low Birth Weight
Infants? Pediatrics 2003; 111(2):339-345
Random hemoglobin testing during Masimo clinical trials helps
“... a sensitivity of 98.5 percent and an excellent
negative predictive value of 99.5 percent... The
save doctor’s life when his cancer is detected early.
data in our study clearly show that a high-
performance, new-generation oximeter, with
improved performance during low perfusion
states and resistance to motion artifacts, is
the key to enable screening with both a high
sensitivity and a low false-positive rate.”
in California, walked in to find his office cluttered with computers and testing equipment being used in a clinical study validating
A little less than a year ago, Dr. John Viljoen, clinical professor of anesthesiology at Loma Linda University School of Medicine
one of those sensors on me.” That one simple request kicked off a chain of events that Dr. Viljoen credits with saving his life.
Masimo’s new noninvasive total hemoglobin monitoring technology. His interest piqued, he asked one of the technicians to “stick
Life “totally changed” as a result of Masimo and early detection
Granelli A.D., Screening for Duct-dependant
Congenital Heart Disease with Pulse Oximetry: A
Critical Evaluation of Strategies to Maximize Sensitivity,
After receiving a low hemoglobin reading of 10.6 from our device, Dr. Viljoen—who exhibited no prior symptoms—had the results
Acta Paediatrica, 2005; 94: 1590-1596
validated by a laboratory blood test. He then had a series of additional tests done that ultimately led to a diagnosis of esophageal
cancer that had metastasized in the upper part of his left arm. He had surgery to remove the tumor in his esophagus and replace
his left shoulder, “and up to this point I have had no complications,” Dr. Viljoen explained.
“My life expectancy has been totally changed as a result of that random assessment of noninvasive total hemoglobin,” Dr. Viljoen
added. “If it were not for that measurement having been done, I would have had to wait for symptoms of the cancer to occur, at
which time it would probably have been inoperable and the whole sequence of events would have been totally different—resulting
in all probability in my not being here today.”
Masimo SET helps clinicians preserve premature infants’ fragile
eyesight thanks to more efficient oxygen management.
The fragile nature of a premature baby’s eyesight makes careful management of oxygen critical to avoid blindness caused by
retinopathy of prematurity (ROP), one of the most common causes of visual impairment and blindness in premature infants. ROP
is exacerbated by the excessively high levels of supplemental oxygen often used to treat these patients, due in large part to
unreliable oxygen level measurements from pulse oximeters not able to maintain accuracy during conditions of motion and low
perfusion. A new independent study released in 2007 showed that switching to Masimo SET pulse oximetry technology can
reduce the risk of extremely low birth-weight (ELBW) infants developing retinopathy of prematurity (ROP) by 40 percent.1
Results with Masimo “significantly more favorable”
The study showed that a change in pulse oximetry technology could impact treatment effect and reduce the risk of ROP
in ELBW infants. The research team was able to analyze ROP rates before and after identical clinical practice changes at
two different healthcare centers and isolate the difference made by the pulse oximetry technology—one of which switched
to Masimo after the practice changes, one of which kept its old technology. Researchers concluded that the results were
“significantly more favorable” for the center that switched to Masimo technology, adding that these results “further support
the significance of adequate SpO2 monitors in managing critically ill infants.”
RoP Rates Pre‑Change
RoP Rates Post‑Change
Center #1
without Masimo without Masimo
Center #2
Center #1
with Masimo
Center #2
without Masimo
11.1%
13.0%
6%
13.0%
Percent reduction in RoP rate after
change in clinical practice
>
40%
0%
1 Clinical Practice and SpO2 Technology in the Prevention of ROP in ELBW Infants.
Armando R. Castillo, Richard Deulofeut, Augusto Sola. Publication 8440.7;
2007 Pediatric Academic Societies’
22
MICHEllE oRoS, Rn
Cardiac Surgery Specialist
23
Masimo Mission
“Improving patient outcomes and reducing the cost of care by taking
noninvasive monitoring to new sites and new applications.”
Masimo guiding principles:
MASIMO MONITORS:
> Remain faithful to your promises and responsibilities.
> Thrive on fascination and accomplishment and not on
greed and power.
Masimo Radical‑7 Color Screen
Complete Masimo Rainbow SET capability, upgradable, full
color screen
> Strive to make each year better than the year before
both personally and for the team.
> Make each day as fun as possible.
> Do what is best for patient care.
MASIMO TEChNOLOgIES:
Masimo SET
Measure-through-motion-and-low perfusion pulse oximetry.
> Oxygen Saturation (SpO2), Pulse Rate, Perfusion Index (PI)
Masimo Rainbow SET
Noninvasive blood constituent and functional hemodynamic
monitoring.
> Oxygen Saturation (SpO2), Pulse Rate, Perfusion Index (PI)
> Carboxyhemoglobin (SpCO), Methemoglobin (SpMet), PVI
> Noninvasive Total Hemoglobin, and Oxygen Content
Masimo Radical‑7 Blue Screen
Complete Masimo Rainbow SET capability, upgradable,
monochrome blue screen
Masimo Rad‑87
Complete Masimo Rainbow SET capability, upgradable,
LCD display
Masimo Rad‑8
Masimo SET, LCD display
Masimo Rad‑9
Masimo SET, monochrome display
Masimo Rad‑57
Available with Masimo SET, SpCO, SpMet
Masimo Rad‑5
Masimo SET
Masimo Rad‑5v
Masimo SET
gENERAL fLOOR MONITORINg:
MASIMO SENSORS:
Masimo Patient Safetynet
Remote monitoring and clinician notification system designed to
keep at-risk patients safe on general care floors
Masimo SET Sensors:
SpO2, Pulse Rate, Perfusion Index
Gerry Hammarth, Finance
Masimo Rainbow SET Sensors:
SpO2, Pulse Rate, Perfusion Index, SpCO, SpMet, PVI,
SpHb, SpOC
Meghan Corradino, Human Resources
RAdICAL, Adjective. Radical emphasizes the idea of going to the root of a matter,
and this often seems immoderate in its thoroughness or completeness.
From our beginnings, the radical sign has been the anchor to our corporate logo. It symbolizes
both our commitment to getting to the root of the problems that have limited the effectiveness of
noninvasive monitoring technologies and our pledge to go above and beyond what others think
is possible in order to accomplish this task.
24
Phil Bonwell, Clinical Services
25
Masimo Mission
MASIMO O.e.M. PARTNeRS
“Improving patient outcomes and reducing the cost of care by taking
more than 100 multiparameter monitors from more
noninvasive monitoring to new sites and new applications.”
than 40 different monitoring brands, we’re easy to
Because Masimo technology is integrated into
Masimo guiding principles:
> Remain faithful to your promises and responsibilities.
integrate into virtually any clinical workflow—from
EMS and transport to the ED, OR, ICU, step-down
units, and even general care floors.
MASIMO MONITORS:
> Thrive on fascination and accomplishment and not on
greed and power.
Masimo Radical‑7 Color Screen
Complete Masimo Rainbow SET capability, upgradable, full
color screen
> Strive to make each year better than the year before
both personally and for the team.
> Make each day as fun as possible.
> Do what is best for patient care.
MASIMO TEChNOLOgIES:
Masimo SET
Measure-through-motion-and-low perfusion pulse oximetry.
> Oxygen Saturation (SpO2), Pulse Rate, Perfusion Index (PI)
Masimo Rainbow SET
Noninvasive blood constituent and functional hemodynamic
monitoring.
> Oxygen Saturation (SpO2), Pulse Rate, Perfusion Index (PI)
> Carboxyhemoglobin (SpCO), Methemoglobin (SpMet), PVI
> Noninvasive Total Hemoglobin, and Oxygen Content
An
Company
Masimo Radical‑7 Blue Screen
Complete Masimo Rainbow SET capability, upgradable,
monochrome blue screen
Masimo Rad‑87
Complete Masimo Rainbow SET capability, upgradable,
LCD display
Masimo Rad‑8
Masimo SET, LCD display
Masimo Rad‑9
Masimo SET, monochrome display
Masimo Rad‑57
Available with Masimo SET, SpCO, SpMet
Masimo Rad‑5
Masimo SET
Masimo Rad‑5v
Masimo SET
gENERAL fLOOR MONITORINg:
MASIMO SENSORS:
Masimo Patient Safetynet
Remote monitoring and clinician notification system designed to
keep at-risk patients safe on general care floors
Masimo SET Sensors:
SpO2, Pulse Rate, Perfusion Index
Masimo Rainbow SET Sensors:
SpO2, Pulse Rate, Perfusion Index, SpCO, SpMet, PVI,
SpHb, SpOC
RAdICAL, Adjective. Radical emphasizes the idea of going to the root of a matter,
and this often seems immoderate in its thoroughness or completeness.
From our beginnings, the radical sign has been the anchor to our corporate logo. It symbolizes
both our commitment to getting to the root of the problems that have limited the effectiveness of
noninvasive monitoring technologies and our pledge to go above and beyond what others think
is possible in order to accomplish this task.
24
25
Masimo‑owned Facility
oEM Partner Facility
Distribution Partner
Masimo’s global reach.
Our team of purists is committed to provide gold-standard technologies and the best service to meet the needs of
clinicians and care providers around the world. With more than 1,500 employees and contractors worldwide, Masimo
has operations in North America, Europe, Latin America, Asia, and Australia.
MASIMO JAPAN
CORPORATION
World Times Bldg., 4F, 10-7,
Ichiban-Cho
Chiyoda-Ku, Tokyo 102-0082
Japan
MASIMO CORPORATE
hEAdqUARTERS
40 Parker
Irvine, CA 92618
USA
MASIMO ASIA PACIfIC
572A Serangoon Road
Singapore 218187
Singapore
MASIMO AUSTRALIA
PTY LTd
ABN 71 124 372 701
Suite 5, Building 5
49 Frenchs Forest Rd.
Frenchs Forest NSW 2086
Australia
MASIMO CANAdA ULC
5003 Levy St., Suite 100
St-Laurent, QC H4R 2N9
MASIMO EUROPE ESPAñA
Travessera de Gràcia 342 – 344
08025 Barcelona
Canada
Spain
MASIMO EUROPE LIMITEd
Le Bois des Côtes II,
304 RN6
69760 Limonest
MASIMO EUROPE ITALIA
Filiale Italiana
Piazza Duca D’Aosta 8
20124 Milano
France
Italy
MASIMO EUROPE
MASIMO EUROPE
dEUTSChLANd
Niederlassung Deutschland
Lindberghstraße 3
82178 Puchheim
Germany
UNITEd KINgdOM
Unit Q,
Loddon Business Centre
Roentgen Road.
Basingstoke. Hants. RG24 8NG
United Kingdom
Masimo Technologies Garner national and
International Awards for Excellence
STA 1995 Excellence in Technology Innovation
2000 SCCM Technology Excellence Award
2000 outstanding Medical Device Company
2001 Audie lewis Mark of Excellence (Independent Auditors)
2001 Innovative Product / Technology
2001 Distinguished leadership Award
2001 Excellence In leadership Award
2001 Medical Design Excellence Award
2003 new Standard of Care Award
2003 Technology of the year Patient Monitoring Award
2003 Platinum ABBy for Innovations in Healthcare
2004 Director of the year for Corporate Growth
2006 Innovative Product / Technology
STA 2006 Application of Technology Award
2006 Medical Design Excellence Award
STA 2007 Excellence in Technology Innovation
2007 Groundbreaking Innovation of Rainbow SET Technology
2007 Patient Monitoring Technology leadership of the year Award
2007 Brand Development Strategy leadership Award
2007 Global Healthcare Exchange (GHx) Best in Class Award
26
27
FoRWARD‑looKInG STATEMEnTS:
This document may include forward‑looking statements. These statements include but are not limited to: statements
regarding our goals and focus; estimates about our future market potential; our belief that we will continue to develop
“breakthrough” technologies; and statements regarding expectations for total hemoglobin (SpHb), oxygen content
(SpoC), and end‑tidal carbon dioxide (EtCo2). These forward‑looking statements are based on current expectations
about future events affecting us and are subject to uncertainties and factors, all of which are difficult to predict and
many of which are beyond our control, including but not limited to: dependence on our patents and proprietary
rights; the development or availability of competitive products or technologies; our assumption that Masimo SET and
Masimo Rainbow SET will deliver a sufficient level of clinical improvement over alternative pulse oximetry and patient-
monitoring systems to allow for rapid adoption of the technology; and other factors discussed in the “Risk Factors”
section of our annual report on Form 10-K for the year ended December 29, 2007, filed with the Securities and
Exchange Commission (SEC) on March 4, 2008. Although we believe that the expectations reflected in our forward-
looking statements are reasonable, we do not know whether our expectations will prove correct. you are cautioned
not to place undue reliance on these forward‑looking statements, which speak only as of the date hereof. We do not
undertake any obligation to update, amend, or clarify these forward‑looking statements or the risk factors contained in
our annual report on Form 10‑K for the year ended December 29, 2007, whether as a result of new information, future
events, or otherwise, except as may be required under the federal securities laws.
noTE REGARDInG THIS AnnuAl REPoRT:
Please note that this Annual Report does not constitute the Company’s “annual report to security holders” for purposes
of the requirements of the Securities and Exchange Commission. For a copy of the Company’s annual report to security
holders required under Rule 14a‑3 of Regulation 14A of the Securities Exchange Act of 1934, as amended, please refer
to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2007.
Masimo Team (from left): Jerry novak, Clinical Engineering; Andy Wilsak, Financial Planning
and Analysis; Scott Baldwin, Inside Sales; Kevin Allen, Inside Sales
28
Masimo Executive Management Team:
Joe E. Kiani
Chief Executive Officer
Ammar Al-Ali
Chief Technical Officer
Olivier Berthon
President, Masimo Europe
Jon Coleman
President, International Sales
Mark P. de Raad
Executive Vice President & Chief Financial Officer
Rick Fishel
President of Masimo Americas & International OEM Business
David Goodman, M.D., M.S.E.
Executive Vice President Business Development
Paul Jansen
Executive Vice President, Marketing
Yongsam Lee
Executive Vice President, Operations & Chief Information Officer
Tetsuro Maniwa
President, Masimo Japan
Stephen M. Moran, Esq.
General Counsel & Secretary and Executive Vice President, Human Capital
Michael O’Reilly, MD, MS
Executive Vice President, Medical Affairs
Anand Sampath
Executive Vice President, Engineering
Masimo Board of Directors:
Joe E. Kiani
Chairman of the Board of Directors
Steven J. Barker, M.D., Ph.D.
Director
Edward L. Cahill
Director
Robert Coleman, Ph.D.
Director
Sanford Fitch
Director
Jack Lasersohn
Director
I AM MASIMO