The Biden administration let stand a Masimo Corp. victory over Apple Inc., causing the latter today to stop importing its most popular watches and filing an appeal in federal court.
The administration had 60 days to review the proposed ban that was ratified Oct. 26 by the U.S. International Trade Commission, which ruled that Apple had violated Masimo’s patents for measuring oximetry.
Apple, the world’s most valuable publicly traded company with a $3 trillion market cap, confirmed it’s stopped importing its most popular watches, the Apple Watch Series 9 and the Apple Watch Ultra 2.
In a Dec. 26 filing asking for a stay from the U.S. Court of Appeals, Apple said it will suffer “irreparable harm” under the ban.
The watches made up only about 4.7% of Apple’s overall sales of about $383 billion in fiscal 2023, the Wall Street Journal reported, citing the investment firm Oppenheimer.
The Apple SE, which wasn’t banned, is still on sale.
Shares of Irvine-based Masimo rose 2.2% on Dec. 26 to $120.62 and a $6.4 billion market cap. The shares have climbed about 46% since the Oct. 26 ruling. For more on the dispute, see the Dec. 18 print edition of the Business Journal.