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Tuesday, May 28, 2024

Masimo Brings Patient Monitoring App to Businesses

Irvine-based medical device maker Masimo Corp. (Nasdaq: MASI) has expanded a web and mobile app developed to help hospitals monitor COVID-19 patients at home to universities, production studios and other businesses.
“As the COVID-19 pandemic continues, organizations around the world are struggling with the immense challenge of balancing the health and safety of employees, students, and members with the economic and educational needs of their communities,” Chief Executive Joe Kiani said in a statement.

New product for schools, others


“With SafetyNet-Open, we’ve combined our decades of expertise in patient monitoring with our latest innovations in automation and connectivity to help organizations confront this challenge and better manage future ones.”

Masimo (Nasdaq: MASI) makes pulse oximetry devices and complementary technologies used to monitor more than 200 million patients annually. The firm has seen its stock explode from around $148 last March to nearly $250 at press time. It now sports a $14 billion market cap.

The SafetyNet-Open platform offers businesses a risk management platform that uses daily questionnaires and physiological data from temperature and proximity monitoring devices to calculate personalized risk scores for individual employees.

If exposure to illness is detected, the platform automates directives for next steps such as stay home, get tested or seek treatment. The platform can also be easily integrated with a hospital partner for more robust care, such as pulse oximetry monitoring from home, the company said.

“SafetyNet-Open’s risk assessment and mitigation tools, which can be fine-tuned to accommodate our evolving understanding of the disease, are ideal for better understanding and coping with such a complex challenge,” Richard Carmona, 17th Surgeon General of the United States and distinguished professor of public health at the University of Arizona, said in a statement.

Others involved in a pilot program for SafetyNet-Open included Claremont McKenna College and Like Minded Media Ventures, a production studio whose portfolio includes A Starting Point, a bipartisan civic engagement platform where Joe Kiani serves as a co-founder with Mark Kassen and Chris Evans.

$1B Year

Masimo reported 2020 full-year sales increased 22% to $1.14 billion, surpassing the $1 billion mark for the first time.

“Throughout 2020 as our customers in the frontlines responded to this crisis and tried to save as many lives as possible under life-threatening conditions, we responded to their demands to rapidly secure and install new monitoring technologies, enabling them to accommodate more critically ill patients than ever before even at home,” Kiani said on the company’s earnings call late last month.

Masimo said it shipped 472,000 technology boards and monitors in the year, which increased its installed base of products in hospitals about 17%.

Single-digit growth to a projected $1.2 billion in 2021 sales is expected to come from an uptick in the company’s adhesive sensors business as elective surgeries return, as well as hospital automation technologies, it said.

Masimo’s automation platforms have compatibility with more than 500 medical devices and sensors including its own Patient SafetyNet product.

Furthermore, Masimo expects to add the SafetyNet-Opioid to its approved product family this year, which represents a current addressable market of over 45 million opioid prescriptions each year in the U.S. alone, it said. 

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