Irvine-based device maker Masimo Corp. (Nasdaq: MASI) is planning a real estate expansion to match the growth of its product lines.
The maker of pulse oximeters and other body measuring devices for hospitals, and now moving into the consumer products market, has partnered with a development firm for a new, 100,000-square-foot healthcare innovation facility in Vancouver, Canada.
The project will be used for Masimo’s clinical research and product development and will also include ground-floor retail spaces.
Keltic Canada Development broke ground on the nine-story medical office tower at the end of last month.
It is expected to open in the first half of 2025 and will house about 170 Masimo employees.
Keltic paid a reported $25 million for the site in 2019.
The Masimo facility will be the first building in the Healthcare Precinct in the False Creek Flats district.
The building’s the first sizeable office that Masimo has in Canada. It also has a large amount of manufacturing facilities in Mexico and has its international base in Switzerland.
Masimo, Orange County’s fifth-most valuable public company with a nearly $8 billion market cap, is expanding into much larger industries such as smartwatches and hearing aids.
It globally launched its W1 health watch for consumer use at the end of last month.
Masimo promises the watch will have continuous and accurate information of oxygen saturation, respiration and pulse rates. The company says the watch can be used by patients recovering at home after surgery or illness, as well as patients with chronic conditions such as heart failure or cancer.
It retails for $499.
The watch is being manufactured in a 127,000-square-foot building on 58 Discovery in Irvine, next to the company’s headquarters, which it owns.
It took over the lease for that building last year, in one of OC’s largest office leases of the year.
Masimo CEO Joe Kiani said last month he’s waiting for FDA approval for its Opioid SafetyNet, a device that Masimo has adapted from monitoring patients at hospitals to use at home where it can prevent accidental deaths from opioids.
“Our strategy to be a leader in the deployment of clinically relevant monitoring devices within the hospitals and home settings is now taking shape as we initiate the development of new products that integrate our healthcare technologies with our consumer non-healthcare technologies,” he previously said.