Irvine medical device maker Masimo Corp. on Tuesday said it plans to raise up to $150 million in an initial public offering.
Masimo didn’t disclose how many shares would be offered, nor did it provide an estimated price range for the offering, according to a Securities and Exchange filing.
Piper Jaffray, Deutsche Bank Securities, Cowen & Co. and Thomas Weisel Partners LLC are the underwriters on the deal.
The device maker said it expects to use proceeds from the offering for ongoing research and development, sales and marketing activities, increased costs associated with being public, capital expenditures, deferred cost of sales and miscellaneous capital purchases.
In 2006, the company reported a net income of $181.6 million. Sales more than doubled to $224 million, according to its filing.
Masimo was established in 1989 by Joe Kiani, its chief executive, and Mohamed Diab, a company director.
The company makes a device called a pulse oximeter, which attaches to a finger or toe and measures oxygen in critically ill adults or newborns.
The device cuts down on false alarms and other misreadings caused by patient motion or low blood flow, according to the company.
The company counts about 1,224 workers. It’s known for its scrappiness and willingness to take on larger, more established rivals when it comes to getting its products into major hospitals.
