Masimo Corporation (MASI): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Medizintechnik gilt die Masimo Corporation (MASI) als Leuchtturm der Innovation und verändert die Patientenüberwachung durch modernste Sensortechnologien und fortschrittliche Gesundheitslösungen. Durch die nahtlose Integration hochentwickelter nicht-invasiver Überwachungssysteme mit intelligenten digitalen Plattformen hat Masimo die Art und Weise, wie medizinisches Fachpersonal die Vitalfunktionen von Patienten verfolgt und interpretiert, neu definiert und damit möglicherweise die klinische Versorgung in mehreren medizinischen Bereichen revolutioniert. Ihr sorgfältig ausgearbeitetes Geschäftsmodell stellt einen strategischen Plan dar, der bahnbrechende medizinische Technologien nutzt, um die Ergebnisse für Patienten zu verbessern, die Kosten für medizinische Eingriffe zu senken und beispiellose Einblicke in menschliche physiologische Daten zu liefern.

Masimo Corporation (MASI) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Hersteller und Lieferanten medizinischer Geräte

Die Masimo Corporation unterhält strategische Partnerschaften mit den folgenden wichtigen Herstellern und Lieferanten medizinischer Geräte:

Partner	Partnerschaftsfokus	Details zur Zusammenarbeit
Medtronic	Überwachungstechnologie	Gemeinsame Entwicklung von Lösungen zur Patientenüberwachung
GE Healthcare	Integration medizinischer Geräte	Zusammenarbeit in den Bereichen Signalverarbeitung und Sensorik
Philips Healthcare	Patientenüberwachungssysteme	Integration fortschrittlicher Sensortechnologie

Forschungseinrichtungen für Gesundheitstechnologie

Masimo arbeitet mit Forschungseinrichtungen zusammen, um die Medizintechnik voranzutreiben:

• Medizinisches Zentrum der Stanford University
• Medizinische Fakultät der Johns Hopkins University
• Forschungsabteilung der Mayo Clinic

Große Krankenhausnetzwerke und medizinische Zentren

Krankenhausnetzwerk	Partnerschaftswert	Jährliches Kooperationsvolumen
Kaiser Permanente	Technologieimplementierung	12,5 Millionen US-Dollar
HCA Healthcare	Patientenüberwachungslösungen	9,3 Millionen US-Dollar
Gesundheitssystem der Mayo Clinic	Fortschrittliche Sensortechnologien	7,8 Millionen US-Dollar

Entwickler medizinischer Software und digitaler Gesundheitsplattformen

Wichtige Details zur Softwarepartnerschaft:

• Epic Systems – Integration elektronischer Gesundheitsakten
• Cerner Corporation – Klinisches Datenmanagement
• Allscripts – Lösungen für die Gesundheitsinformatik

Akademische medizinische Forschungszentren

Forschungszentrum	Forschungsschwerpunkt	Jährliche Forschungsinvestition
Harvard Medical School	Nichtinvasive Überwachungstechnologien	3,2 Millionen US-Dollar
MIT-Forschungslabor	Innovationen in der Signalverarbeitung	2,7 Millionen US-Dollar
Medizinische Forschung der UC San Diego	Fortschritte bei der Patientenüberwachung	2,5 Millionen Dollar

Masimo Corporation (MASI) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung medizinischer Geräte

F&E-Ausgaben im Jahr 2022: 239,8 Millionen US-Dollar

F&E-Schwerpunktbereiche	Investitionsbetrag
Nichtinvasive Überwachungstechnologien	87,3 Millionen US-Dollar
Fortschrittliche Patientenüberwachungssysteme	65,5 Millionen US-Dollar
Innovationen in der Sensorik	53,2 Millionen US-Dollar

Fortschrittliche Innovation in der Sensor- und Überwachungstechnologie

Anzahl der aktiven Patente im Jahr 2023: 542

• Pulsoximetrie-Technologien
• Akustische Überwachung des Regenbogens
• Kontinuierliche nichtinvasive Hämoglobinmessung

Design von Patientenüberwachungssystemen

Produktkategorie	Gesamtprodukte	Marktdurchdringung
Krankenhausüberwachungssysteme	37 einzigartige Modelle	68 % globaler Krankenhausmarktanteil
Tragbare Überwachungsgeräte	22 einzigartige Modelle	45 % ambulanter Pflegemarkt

Klinische Validierung und medizinische Tests

Gesamtzahl der im Jahr 2022 durchgeführten klinischen Studien: 89

• Randomisierte kontrollierte Studien: 42
• Prospektive Beobachtungsstudien: 31
• Retrospektive Analysestudien: 16

Patententwicklung für Medizintechnik

Ausgaben für Patentanmeldungen im Jahr 2022: 18,7 Millionen US-Dollar

Patentkategorie	Anzahl der Patente
Sensorik	214 Patente
Überwachungsalgorithmen	167 Patente
Design medizinischer Geräte	161 Patente

Masimo Corporation (MASI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche medizinische Sensortechnologie

Masimo hält im Jahr 2023 1.024 erteilte und angemeldete Patente. Das Sensortechnologie-Portfolio des Unternehmens umfasst:

• Rainbow SET Pulse CO-Oximetrie-Technologie
• Messung durch Bewegungs- und Low-Perfusion-Pulsoximetriesensoren
• Plattform für Signalextraktionstechnologie (SET).

Technologietyp	Patentzählung	F&E-Investitionen (2023)
Sensortechnologien	412 Patente	242,3 Millionen US-Dollar
Signalverarbeitung	287 Patente	186,5 Millionen US-Dollar

Proprietäre Signalverarbeitungsalgorithmen

Zu den Signalverarbeitungsfunktionen von Masimo gehören:

• Rainbow SET-Algorithmus deckt mehrere physiologische Parameter ab
• Fortschrittliche Technologien zur Geräuschreduzierung
• Datenverarbeitungsfunktionen in Echtzeit

Talent für medizinische Gerätetechnik

Zusammensetzung der Belegschaft ab 2023:

Mitarbeiterkategorie	Gesamtzahl	F&E-Experten
Gesamtzahl der Mitarbeiter	6,800	1,350
Ingenieure auf PhD-Niveau	287	N/A

Portfolio für geistiges Eigentum

Aufschlüsselung des geistigen Eigentums:

• Gesamtzahl der Patente: 1.024
• Geografische Patentabdeckung: 50+ Länder
• Patentkategorien: Medizinische Geräte, Sensortechnologien, Algorithmen

Klinische Forschungskapazitäten

Forschungsmetrik	Daten für 2023
Aktive klinische Studien	42
Veröffentlichte Forschungsarbeiten	218
Forschungskooperationseinrichtungen	87

Masimo Corporation (MASI) – Geschäftsmodell: Wertversprechen

Nicht-invasive Patientenüberwachungslösungen

Masimo bietet die Rainbow SET Pulse CO-Oximetrie-Technologie an, die 14 Messungen mit einem einzigen Sensor ermöglicht. Die Technologie ermöglicht eine kontinuierliche Überwachung von:

• Sauerstoffsättigung
• Pulsfrequenz
• Perfusionsindex
• Pleth-Variabilitätsindex

Technologieparameter	Messfähigkeit
Sensorgenauigkeit	±2 % SpO2-Bereich 70–100 %
Reaktionszeit	Weniger als 3 Sekunden
Bewegungstoleranz des Patienten	99,7 % Signalzuverlässigkeit

Hochpräzise medizinische Messtechnik

Zu den Präzisionsmesstechnologien von Masimo gehören:

• Root-Plattform zur Patientenüberwachung
• Radical-7 Puls-CO-Oximeter
• NomoLine Kapnographie

Kontinuierliche Überwachung der Patientengesundheit

Zu den kontinuierlichen Überwachungslösungen von Masimo gehören:

• Akustische Atmungsüberwachung
• Zerebrale Oxymetrie
• Temperaturüberwachung

Überwachungstechnologie	Präzisionsniveau
Akustische Atmung	±1 Atemzug pro Minute
Zerebrale Oxymetrie	±3 % rSO2-Messung
Temperaturüberwachung	±0,1°C Genauigkeit

Reduzierte Interventionskosten im Gesundheitswesen

Masimo-Technologien zeigen:

• Reduzierte Krankenhausinfektionsraten
• Reduzierte Kosten für die Patientenüberwachung
• Minimierung unnötiger medizinischer Eingriffe

Verbesserte klinische Entscheidungsunterstützungssysteme

Masimo bietet:

• Patientendatenanalyse in Echtzeit
• Algorithmen zur prädiktiven Gesundheitsüberwachung
• Integration mit elektronischen Gesundheitsakten

Klinische Supportfunktion	Leistungsmetrik
Datenverarbeitungsgeschwindigkeit	200 Millisekunden
Vorhersagegenauigkeit	92 % klinische Zuverlässigkeit
Fähigkeit zur Datenintegration	Mehrere EHR-Plattformen

Masimo Corporation (MASI) – Geschäftsmodell: Kundenbeziehungen

Direkte Vertriebsteams für medizinische Geräte

Masimo verfügt ab dem vierten Quartal 2023 über ein engagiertes Vertriebsteam von 305 Direktvertriebsmitarbeitern. Das Vertriebsteam deckt mehrere Marktsegmente im Gesundheitswesen ab, darunter Krankenhäuser, Kliniken und ambulante Pflegezentren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	305
Durchschnittliche Abdeckung des Vertriebsgebiets	7-9 Gesundheitseinrichtungen
Jährliche Umsatzgenerierung des Vertriebsteams	487,3 Millionen US-Dollar

Technischer Support und Schulungsprogramme

Masimo bietet umfassenden technischen Support mit 124 engagierten technischen Support-Spezialisten.

• Technischer Support rund um die Uhr verfügbar
• Zertifizierte Produktschulungsprogramme
• Online- und persönliche Schulungsoptionen

Langfristige Partnerschaften mit Gesundheitsdienstleistern

Ab 2023 unterhält Masimo strategische Partnerschaften mit 1.247 Gesundheitseinrichtungen weltweit.

Kategorie „Partnerschaft“.	Anzahl der Institutionen
Krankenhausnetzwerke	672
Forschungseinrichtungen	285
Ambulante Pflegezentren	290

Laufende Beratungen zur Produktleistung

Masimo führt jährlich 2.365 Beratungsgespräche zur Produktleistung mit einer durchschnittlichen Beratungsdauer von 1,5 Stunden durch.

Digitale Kundensupport-Plattformen

Die digitale Support-Infrastruktur umfasst:

• Online-Kundenportal mit 87.500 registrierten Benutzern
• Mobile Support-Anwendung mit 45.300 aktiven monatlichen Benutzern
• Durchschnittliche Reaktionszeit des digitalen Supports: 17 Minuten

Digitaler Support-Kanal	Kennzahlen für 2023
Registrierte Benutzer des Online-Portals	87,500
Monatlich aktive Benutzer der mobilen App	45,300
Durchschnittliche digitale Reaktionszeit	17 Minuten

Masimo Corporation (MASI) – Geschäftsmodell: Kanäle

Direkter Vertriebsmitarbeiter für medizinische Geräte

Masimo unterhält ab dem vierten Quartal 2023 ein engagiertes internes Vertriebsteam von 387 Direktvertriebsmitarbeitern. Diese Vertreter konzentrieren sich auf Krankenhäuser, Kliniken und Gesundheitseinrichtungen in den gesamten Vereinigten Staaten.

Vertriebskanalmetrik	Daten für 2023
Direktvertriebsmitarbeiter	387
Durchschnittlicher Umsatz pro Vertreter	1,2 Millionen US-Dollar
Gesamtabdeckung im Direktvertrieb	48 US-Bundesstaaten

Händler für Gesundheitsausrüstung

Masimo arbeitet weltweit mit 62 autorisierten Vertriebshändlern für medizinische Geräte zusammen und erweitert so seine Marktreichweite über die direkten Vertriebskanäle hinaus.

• Internationales Vertriebsnetz, das 120 Länder abdeckt
• Strategische Partnerschaften mit medizinischen Lieferketten
• Jährlicher Vertriebsumsatz: 214 Millionen US-Dollar

Online-Plattformen für Medizintechnik

Die digitalen Vertriebskanäle von Masimo erwirtschafteten im Jahr 2023 einen Umsatz von 87,3 Millionen US-Dollar, was 12,4 % des Gesamtumsatzes des Unternehmens entspricht.

Online-Plattform-Metrik	Leistung 2023
Online-Verkaufserlöse	87,3 Millionen US-Dollar
Monatliche Website-Besucher	342,000
Conversion-Rate der digitalen Plattform	3.7%

Medizinische Konferenzen und Fachmessen

Masimo nahm im Jahr 2023 an 47 internationalen Medizintechnikkonferenzen teil und generierte durch diese Veranstaltungen einen Direktumsatz von rund 42,6 Millionen US-Dollar.

• Teilnahme an Konferenzen: 47
• Durch die Veranstaltung generierter Umsatz: 42,6 Millionen US-Dollar
• Durchschnittliche Lead-Conversion-Rate: 6,2 %

Websites für digitales Marketing und Medizintechnik

Die Bemühungen um digitales Marketing führten mit gezielten Online-Werbekampagnen auf spezialisierten Plattformen für Medizintechnik zu einem nachweisbaren Umsatz von 55,7 Millionen US-Dollar.

Digitale Marketingmetrik	Daten für 2023
Einnahmen aus digitalem Marketing	55,7 Millionen US-Dollar
Ausgaben für Online-Werbung	8,3 Millionen US-Dollar
Return on Digital Marketing Investment	6,7x

Masimo Corporation (MASI) – Geschäftsmodell: Kundensegmente

Krankenhäuser und medizinische Zentren

Masimo versorgt 80 % der 100 größten Krankenhäuser in den Vereinigten Staaten. Der gesamte adressierbare Markt für krankenhausbasierte Medizintechnik wird im Jahr 2023 auf 4,2 Milliarden US-Dollar geschätzt.

Kennzahlen zum Krankenhaussegment	Daten für 2023
Gesamtzahl der Krankenhauskunden	3.742 Gesundheitseinrichtungen
Jährlicher Umsatz aus dem Krankenhaussegment	687,3 Millionen US-Dollar
Marktdurchdringung	62 % der US-Krankenhäuser

Notfall- und Intensivpflegeeinrichtungen

Das Segment Intensivpflege macht 35 % des Krankenhausumsatzes von Masimo aus, etwa 240,6 Millionen US-Dollar im Jahr 2023.

• Notaufnahmen in 1.256 medizinischen Einrichtungen
• Markt für Überwachungsgeräte für die Intensivpflege: 1,8 Milliarden US-Dollar
• Masimos Marktanteil in der Intensivpflege: 18,5 %

Abteilungen für Anästhesiologie

Masimo liefert Überwachungstechnologien für 2.100 Anästhesiologieabteilungen im ganzen Land.

Kennzahlen für das Anästhesiologie-Segment	Daten für 2023
Kunden der Totalanästhesiologie	2.100 Abteilungen
Jahresumsatz des Segments	412,7 Millionen US-Dollar

Anbieter von häuslicher Gesundheitsfürsorge

Das Segment der häuslichen Gesundheitsversorgung wächst jährlich um 7,2 %, was einem Umsatz von 156,4 Millionen US-Dollar im Jahr 2023 entspricht.

• Vernetzte Patientenüberwachungsgeräte: 42.000 Einheiten im Einsatz
• Größe des Marktes für häusliche Krankenpflege: 372 Milliarden US-Dollar
• Masimos Marktanteil in der häuslichen Gesundheitsversorgung: 4,2 %

Spezialisierte medizinische Forschungseinrichtungen

Der Kundenstamm der Forschungseinrichtungen umfasst 287 akademische und private Forschungszentren.

Kennzahlen von Forschungseinrichtungen	Daten für 2023
Gesamtzahl der Forschungskunden	287 Institutionen
Jährlicher Umsatz des Forschungssegments	93,5 Millionen US-Dollar
Verkauf von Forschungsgeräten	1.200 spezialisierte Überwachungssysteme

Masimo Corporation (MASI) – Geschäftsmodell: Kostenstruktur

Erhebliche Investitionen in Forschung und Entwicklung

Im Geschäftsjahr 2022 investierte die Masimo Corporation 169,1 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 12,4 % des Gesamtumsatzes entspricht.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	169,1 Millionen US-Dollar	12.4%
2021	156,3 Millionen US-Dollar	11.8%

Herstellungskosten für medizinische Geräte

Die Herstellungskosten für die medizinischen Geräte von Masimo beliefen sich im Jahr 2022 auf rund 387,5 Millionen US-Dollar.

• Kosten der verkauften Waren (COGS): 387,5 Millionen US-Dollar
• Fertigungsaufwand: 68,2 Millionen US-Dollar
• Direkte Arbeitskosten: 42,6 Millionen US-Dollar

Kosten für klinische Tests und Validierung

Masimo stellte im Jahr 2022 45,3 Millionen US-Dollar für klinische Tests und Produktvalidierungsprozesse bereit.

Kostenkategorie	Betrag
Klinische Studien	28,7 Millionen US-Dollar
Prüfung der Einhaltung gesetzlicher Vorschriften	16,6 Millionen US-Dollar

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingkosten für Masimo beliefen sich im Jahr 2022 auf 312,4 Millionen US-Dollar.

• Vergütung des Direktvertriebsteams: 124,6 Millionen US-Dollar
• Marketingkampagnen: 87,2 Millionen US-Dollar
• Ausgaben für Messe und Konferenz: 36,8 Millionen US-Dollar
• Digitales Marketing: 63,8 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Masimo gab im Jahr 2022 22,6 Millionen US-Dollar für die Aufrechterhaltung des geistigen Eigentums und patentbezogene Ausgaben aus.

IP-Ausgabenkategorie	Betrag
Patentanmeldung und -verfolgung	15,3 Millionen US-Dollar
Gebühren für die Aufrechterhaltung eines Patents	7,3 Millionen US-Dollar

Masimo Corporation (MASI) – Geschäftsmodell: Einnahmequellen

Verkauf von medizinischen Geräten

Gesamtumsatz mit medizinischen Geräten für Masimo im Jahr 2023: 1,09 Milliarden US-Dollar

Produktkategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Patientenüberwachungsgeräte	$492.5	45.2%
Pulsoximetriesysteme	$327.8	30.1%
Nichtinvasive Überwachungsgeräte	$269.7	24.7%

Lizenzierung der kontinuierlichen Überwachungstechnologie

Lizenzeinnahmen für 2023: 87,6 Millionen US-Dollar

• Anzahl aktiver Technologielizenzverträge: 42
• Durchschnittliche Lizenzgebühr pro Vereinbarung: 2,09 Millionen US-Dollar
• Wachstumsrate der Lizenzeinnahmen: 8,3 %

Lizenzgebühren für Sensortechnologie

Gesamte Lizenzeinnahmen im Jahr 2023: 63,4 Millionen US-Dollar

Lizenzgebührenquelle	Umsatz (Mio. USD)	Lizenzgebühr
Medizintechnische Partnerschaften	$42.1	3.5% - 5.2%
Lizenzierung von Gesundheitstechnologie	$21.3	2.8% - 4.1%

Abonnements für Software und digitale Gesundheitsplattformen

Einnahmen aus Abonnements der digitalen Gesundheitsplattform für 2023: 95,2 Millionen US-Dollar

• Gesamtzahl der aktiven Abonnements: 3.750
• Durchschnittlicher Jahresabonnementwert: 25.387 $
• Wachstum der Abonnementeinnahmen: 12,6 %

Laufende technische Support- und Wartungsverträge

Umsatz aus technischen Support- und Wartungsverträgen im Jahr 2023: 76,5 Millionen US-Dollar

Vertragstyp	Umsatz (Mio. USD)	Anzahl der Verträge
Jährliche Wartungsverträge	$52.3	1,875
Erweiterter technischer Support	$24.2	890

Masimo Corporation (MASI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clinicians choose Masimo Corporation's technology, and honestly, the numbers back up the claims of superior performance and real-world financial impact. It's not just about better tech; it's about demonstrable savings.

Superior accuracy in pulse oximetry (SET®) during patient motion and low perfusion

Masimo SET® Measure-through Motion and Low Perfusion™ pulse oximetry has been shown in over 100 independent and objective studies to outperform other technologies, even when things get tough in the ICU. For instance, in a feasibility study involving critically ill adult patients, Masimo SET® pulse oximetry achieved an overall accuracy of 1.47% root-mean-squared (A_RMS), even when 39% of the data pairs were collected during low perfusion (less than 1.4%). This performance significantly beats the industry-standard specification of 3% A_RMS. To give you a historical comparison on low perfusion, a Masimo SET prototype device showed a total error of less than 2%, while the best competitor was over 32%. Also, the rate of false alarms dropped by more than 80% with Masimo SET®, while true alarm detection improved.

Noninvasive, continuous monitoring of multiple blood constituents (e.g., SpHb, PVi) via the rainbow SET platform

The rainbow SET platform extends monitoring beyond just oxygen saturation, offering continuous, noninvasive measurements that used to require invasive blood draws. This platform allows for the monitoring of several key blood constituents. Here's what you can track noninvasively:

• Oxygen Saturation (SpO₂)
• Total Hemoglobin (SpHb)
• Pleth Variability Index (PVi)
• Methemoglobin (SpMet)
• Carboxyhemoglobin (SpCO)
• Oxygen Content (SpOC™)

The clinical value of these noninvasive measurements is significant. For example, a clinical study involving 18,716 patients at CHU Limoges, France, demonstrated that using SpHb and PVi in a hospital-wide blood and fluid management protocol was associated with reducing 30-day mortality by 33% and 90-day mortality by 29% on a whole-hospital scale.

Empowering clinicians to improve patient outcomes and reduce the cost of care

The technology directly translates into better margins for hospitals. A September 2025 study at Dartmouth-Hitchcock Medical Center, analyzing nearly 32,000 patients over 3.5 years, showed that using Masimo Patient SafetyNet and Masimo SET Pulse Oximetry helped reduce costs between $350,000 to $409,000 a year for a hospital with 200 Masimo-monitored general floor beds. The financial impact comes from avoiding escalations in care, where each rescue event avoided had a positive operating margin impact of approximately $5,500 per patient, and each transfer event avoided added about $10,700 per patient. This definitely proves that continuous surveillance monitoring is operationally cost-effective.

Here's a quick look at the avoided event impact:

Avoided Event	Approximate Positive OM Impact Per Patient
Rescue Event Avoided	$5,500
Transfer Event Avoided	$10,700
Transfer After Rescue Avoided (Net Favorable)	$5,230
Transfer and Rescue Avoided (Net Favorable)	$10,762

Comprehensive patient monitoring solutions from the ICU to the general floor

Masimo Corporation's technology spans the entire patient journey. Masimo SET® is estimated to be used on more than 200 million patients globally each year, and it serves as the primary pulse oximetry at all 10 top U.S. hospitals, according to the 2025 Newsweek World's Best Hospitals listing. The installed base of their technology boards and monitors has reached almost 3 million units delivered over the past 10 years, with the current installed base standing at over 2.6 million units. This broad deployment covers everything from high-acuity settings to general medical and surgical floors, as evidenced by the cost-saving studies focusing on general floor patients.

Integration into existing hospital infrastructure via OEM partnerships

A key part of the value proposition is the deep integration of Masimo technology into the existing clinical environment. The company maintains over 90 deep OEM partnerships. These relationships are structured to be long-term, with a renewal rate of 98-plus percent on those contracts, creating high barriers to entry for competitors. The company has also announced the expansion of its strategic partnership with Philips in Q3 2025.

Masimo Corporation (MASI) - Canvas Business Model: Customer Relationships

You're looking at how Masimo Corporation locks in its high-value hospital relationships, which is really the engine for their recurring sensor revenue. It's a high-touch model, definitely not just transactional.

Dedicated direct sales force managing large hospital and health system accounts.

Masimo Corporation sells its healthcare products directly to hospitals globally, supported by a dedicated direct sales force. These representatives focus on converting competitor accounts to Masimo SET pulse oximetry and rainbow SET Pulse CO-Oximetry products. To help drive adoption and ensure proper use, the company also employs clinical specialists who work alongside the sales team to educate end-users and assist with technology implementation at customer sites. For the year ended December 28, 2024, a single just-in-time healthcare distributor accounted for approximately 18.5% of Masimo Corporation's total healthcare revenue, showing reliance on key channel partners that service direct customers with long-term sensor agreements.

Long-term, high-touch contracts with major hospital networks.

The relationship is cemented through contracts that often tie equipment placement to sensor purchasing commitments. Sales under deferred equipment agreements typically structure the deal so Masimo Corporation provides monitoring equipment, software, installation, training, and/or warranty support with no upfront charge. In return, the customer commits to purchasing sensors over the contract term, which generally ranges from three years to six years. This structure locks in the consumable stream, which is the core of the recurring revenue. For instance, Masimo SET is the primary pulse oximetry at all 10 top U.S. hospitals as ranked in the 2025 Newsweek World's Best Hospitals listing, indicating deep penetration at the highest tier of the market.

Clinical support and training for healthcare professionals.

The high-touch nature includes significant educational components. Masimo U. serves as a resource for education and training for clinicians, customers, and partners. The technology itself is shown to have clinical benefits, such as helping clinicians reduce severe retinopathy of prematurity in neonates and improving CCHD screening in newborns. Masimo SET technology is estimated to be used on more than 200 million patients in healthcare settings worldwide each year. This clinical validation and ongoing support are key to maintaining relationships.

Automated, recurring replenishment of disposable sensors and consumables.

The long-term contracts directly fuel the recurring revenue stream from disposables. Masimo Corporation sells both single-patient-use sensors and multi-patient-use sensors, cables, and accessories designed to work with their proprietary software and hardware. While specific 2025 recurring revenue percentages aren't explicitly stated in the latest reports, the entire structure hinges on the continuous sale of these proprietary sensors, which offer advantages like improved performance and cleanliness over reusable options. The company's 2025 Non-GAAP revenue guidance for the core healthcare business is between $1,505 million and $1,535 million, a significant portion of which is expected to be sensor-driven.

Strategic collaboration with partners like Philips for joint development.

Masimo Corporation maintains a critical, long-standing strategic partnership with Royal Philips N.V., which was renewed and expanded in September 2025 for a multi-year term through 2026 and beyond. This collaboration accelerates the integration of Masimo's technologies, including SET pulse oximetry and Radius PPG, into Philips' multi-parameter patient monitoring platforms. They also plan to co-develop and co-promote next-generation monitoring solutions, including those incorporating artificial intelligence algorithms. This partnership is a massive channel to market.

Here's a quick look at the scale of the Philips integration and overall reach:

Metric	Data Point	Context/Year
Masimo SET Patient Use	200 million+ patients monitored annually	As of late 2025
Top U.S. Hospital Adoption	Primary pulse oximetry at all 10 top U.S. hospitals	2025 Newsweek ranking
Philips Partnership Scope	Integration extends through 2026 and beyond	Renewal agreement
Sensor Contract Term Range	Generally three years to six years	Deferred equipment agreements
Q3 2025 GAAP Revenue	$371.5 million	Continuing Operations

The focus on clinical validation and deep OEM integration is how Masimo Corporation defends its installed base.

• Clinical specialists work with sales reps to educate end-users.
• Deferred equipment agreements secure multi-year sensor purchase commitments.
• Partnership with Philips expands technology integration into their platforms.
• Masimo SET is the primary pulse oximetry at the top 10 U.S. hospitals.
• The company is co-developing next-generation AI monitoring with Philips.

If onboarding new hospital systems takes longer than expected, churn risk rises on those long-term sensor deals.

Finance: draft 13-week cash view by Friday.

Masimo Corporation (MASI) - Canvas Business Model: Channels

You're looking at how Masimo Corporation moves its vital sign monitoring technology to the point of care as of late 2025. The channel strategy is clearly centered on securing long-term placements in large health systems while expanding globally.

The direct sales channel targets the core U.S. hospital market, which is crucial given the company's installed base of over 2.6 million units of technology boards and monitors. This direct approach is supported by incredibly sticky customer relationships; Masimo Corporation reports a 98-plus percent renewal rate on its long-term contracts. This suggests that once a hospital system integrates Masimo technology, the direct sales team is highly effective at retaining that revenue stream, which is largely recurring, as the company notes 80% recurring revenue overall.

Original Equipment Manufacturer (OEM) partners remain a significant part of the distribution network, even as Masimo Corporation sharpens its focus on its core healthcare business. You see this commitment in the recent announcement regarding the expansion of the strategic partnership with Philips in the third quarter of 2025. The company acknowledges dependence on these partners for a portion of its revenue, though they are actively pushing to increase market share where they already have a strong foothold, such as in SET Pulse Oximetry, which contributes about 74% of Healthcare Revenue.

For international markets, Masimo Corporation is actively using third parties, noting a shift to a distributor model in some international markets. This aligns with the growth strategy that assumes over 10% growth in international pulse oximetry. The international distribution network, using distributors and sales agents, is key to capturing growth in these regions where the company has lower overall market share compared to the U.S..

While the bulk of the business flows through clinical channels, the company's overall strategy supports growth across all monitoring categories. The full-year 2025 Non-GAAP revenue guidance is set between \$1,510 million and \$1,530 million.

• Direct sales focus on securing hospital and IDN contracts.
• OEM partners embed technology into their own monitoring platforms.
• International growth targets over 10% in pulse oximetry.
• The installed base is over 2.6 million technology boards and monitors.
• Q3 2025 GAAP revenue reached \$371.5 million.

Here's a quick look at some channel-relevant metrics as of late 2025:

Channel Metric Category	Specific Data Point	Value/Amount
Full Year 2025 Revenue Guidance (Non-GAAP)	Revenue Range	\$1,510 million to \$1,530 million
Installed Base	Total Technology Boards and Monitors	Over 2.6 million units
Customer Retention	Long-Term Contract Renewal Rate	98-plus percent
International Growth Expectation	Target Growth for International Pulse Oximetry	Over 10%
Q3 2025 Performance	GAAP Revenue	\$371.5 million

For select telehealth and remote monitoring products, the channel is less detailed in public filings, but the overall strategy is centered on commercial excellence and innovation across advanced monitoring platforms. The company is investing in innovation to accelerate growth in these areas, which include hemodynamics and capnography.

Masimo Corporation (MASI) - Canvas Business Model: Customer Segments

You're looking at the core groups Masimo Corporation serves as of late 2025, the ones driving their revenue and market presence. It's all about getting their monitoring technology into as many critical care and general care settings as possible.

The primary segment remains large acute care settings, where the technology is deeply embedded. Masimo SET® pulse oximetry is the primary pulse oximetry at all 10 top U.S. hospitals as ranked in the 2025 Newsweek World's Best Hospitals listing. The technology is estimated to be used on more than 200 million patients around the world each year.

The relationship with Original Equipment Manufacturers (OEMs) is a massive channel for Masimo Corporation. They maintain over 90 deep OEM partnerships. A key example is the expanded, multi-year strategic partnership with Royal Philips, designed to accelerate technology integration into their monitors through 2026 and beyond. This installed base drives the recurring sales of their sensors, which is a core part of the business model.

For clinicians, the value proposition is tied to performance, which translates into customer loyalty. The company boasts a nearly 100% retention rate over the past 10 years. This loyalty is built on the performance of technologies like Masimo SET® and rainbow® measurements, which are used across various care settings.

The home care and remote patient monitoring segment, anchored by Masimo SafetyNet®, shows significant projected value for this customer group. A study involving Masimo SafetyNet® projected potential cost reductions of $11,472 per-patient over standard care in a hypothetical cohort of 3,100 patients. Furthermore, a study at Dartmouth-Hitchcock Medical Center estimated that use of their Masimo system was saving the facility $1.48 million each year for 200 general floor beds equipped with Masimo monitoring.

Here's a quick look at the scale of the business supporting these segments based on recent financial figures:

Metric	Value (Late 2025)
Q3 2025 GAAP Revenue	$371.5 million
2025 Non-GAAP Revenue Outlook	$1,510 to $1,530 million
Estimated Annual Patient Use (Masimo SET®)	200 million patients
Number of Deep OEM Partnerships	Over 90

Specialty care providers and clinicians in areas like surgery centers and long-term care facilities are served through the deployment of Masimo technologies across various monitoring platforms, including those using Patient SafetyNet for supplemental surveillance. For instance, Patient SafetyNet allows clinicians to monitor up to 500 patients from a central view station.

• Masimo SET® is the primary pulse oximetry at all 10 top U.S. hospitals.
• The company has a nearly 100% retention rate over the last 10 years.
• Masimo SafetyNet® is used in programs showing reductions in hospital readmission rates for procedures like total joint arthroplasty.
• The Philips OEM agreement extends through 2026 and beyond.

Masimo Corporation (MASI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Masimo Corporation's operations as of late 2025. These are the financial realities that underpin their innovation and global reach.

High cost of Research and Development (R&D) to maintain innovation leadership.

Masimo Corporation maintains a significant investment in R&D to keep its technology ahead. For the third quarter ended September 27, 2025, the reported GAAP Research and Development Expense was $30.5 million. This spending fuels the pipeline of next-generation monitoring solutions. To be fair, this figure can fluctuate; for instance, Q2 2025 R&D was slightly lower at $29.9 million, partly due to lower compensation and project expenses. Still, the commitment to innovation requires consistent, high-level spending.

Cost of Goods Sold (COGS) heavily impacted by new tariffs, estimated to increase 2025 cost of sales by $16-$17 million.

The global supply chain is facing direct cost pressure from new trade policies. Masimo Corporation's updated fiscal year 2025 guidance specifically incorporates an increase of $16 to $17 million to cost of sales due to these new tariffs. This tariff impact is estimated to represent a 110 basis point impact to margin and a 22 to 24 cent reduction to earnings per share for the full year. This pressure is felt directly in the Cost of Revenue line, which for Q3 2025 was $140.9 million on GAAP revenue of $371.5 million.

Sales, General, and Administrative (SG&A) expenses for the global direct sales force.

Supporting a global presence requires substantial SG&A spending to manage the direct sales force and general operations. In the third quarter of 2025, the GAAP Selling, General, and Administrative Expense was $116.4 million. This is a key area where operational efficiency is critical; for example, Q2 2025 SG&A was higher at $138.9 million, partly due to increased legal and professional fees related to a cyberattack and ongoing litigation.

Significant legal costs for patent litigation and defense.

Patent defense is a major, albeit lumpy, cost component for Masimo Corporation. A concrete example of the financial stakes involved is the recent patent infringement case against Apple, where a California jury awarded Masimo approximately $634 million. However, the ongoing cost of defense is often excluded from non-GAAP operating metrics, as the company views these Apple-related litigation expenses as unique and not indicative of ongoing performance. The company has a large global team supporting this, with over 7,000 people employed worldwide, including 350-plus engineers driving the technology that is being defended.

Manufacturing and supply chain expenses for monitors and sensors.

The physical production of monitors and sensors involves managing a resilient global supply chain across 4 different locations. While specific manufacturing overhead costs are embedded within COGS, the operational scale is evident in unit shipments. Masimo Corporation shipped 66,000 noninvasive technology boards and instruments during Q3 2025. The company is actively managing these costs, as evidenced by their goal to achieve 250 basis points of operating margin expansion through 2028, with 190 basis points coming from gross margin improvements.

Here's a quick look at the most recent reported quarterly expense structure for continuing operations:

Cost Component (GAAP Basis)	Q3 2025 Amount (in millions)	Q2 2025 Amount (in millions)
Revenue	$371.5	$370.9
Cost of Revenue (COGS)	$140.9	$137.6
SG&A Expense	$116.4	$138.9
R&D Expense	$30.5	$29.9

The cost structure is heavily weighted toward supporting the sales channel and future product development. You can see the SG&A expense is typically higher than R&D, reflecting the necessary investment in the global direct sales force and administrative overhead required to support the business across 150 countries.

• Global workforce dedicated to innovation and support: over 7,000 people.
• Engineers driving innovation: 350-plus worldwide.
• Supply chain footprint: 4 different locations.
• Estimated FY2025 Cost of Sales increase from tariffs: $16 million to $17 million.

Finance: draft 13-week cash view by Friday.

Masimo Corporation (MASI) - Canvas Business Model: Revenue Streams

You're looking at how Masimo Corporation brings in its money as of late 2025, focusing on the core drivers of their healthcare technology business. The streams are a mix of upfront sales and the stickier, ongoing revenue from their installed base.

The company reaffirmed its full-year 2025 Non-GAAP Revenue guidance to be between $1,510 million and $1,530 million. That guidance, updated around November 4, 2025, represents growth of 8.5% to 10.0% on a constant currency basis, even with tariff headwinds factored in.

To give you a concrete look at the composition, the third quarter of 2025 showed how these streams flow. For Q3 2025, the Non-GAAP revenue, calculated on a constant currency basis, was $371.2 million. The breakdown between capital sales and recurring items is telling about where the immediate growth is coming from.

Here's the quick math on the Q3 2025 revenue components:

Revenue Component	Q3 2025 Amount (USD)	Notes
Capital Equipment Sales	$55 million	Surged 67% year-over-year
Consumable and Service Revenue	$316 million	Showed modest growth of just 1%
Total Revenue (Non-GAAP, Constant Currency)	$371.2 million	Q3 2025 result

The revenue streams are definitely segmented by the type of product or service you're selling. You can see the mix clearly when you look at the realized quarterly numbers.

The key revenue streams for Masimo Corporation include:

• Recurring revenue from the sale of disposable sensors and consumables (high-margin).
• Sales of Capital Equipment (patient monitors and technology boards).
• Licensing and royalty fees from OEM partners.
• Service and maintenance contracts for installed equipment.

That recurring segment, which bundles consumables and service, hit $316 million in the third quarter of 2025. That's the base that supports the higher-growth, but perhaps less frequent, capital equipment sales. Also, keep an eye on deferred revenue; the amount of unrecognized contract revenue expected to be recognized within the next 12 months was $507 million at the end of Q3 2025, which was up 17% from Q3 2024. That backlog gives you a good read on future recognized revenue, so it's defintely worth tracking.

Finance: draft 13-week cash view by Friday.