Masimo Corporation (MASI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología médica en rápida evolución, Masimo Corporation (MASI) se erige como un faro de innovación, transformando el monitoreo de los pacientes a través de tecnologías de sensores de vanguardia y soluciones avanzadas de atención médica. Al integrar perfectamente sistemas de monitoreo no invasivos sofisticados con plataformas digitales inteligentes, Masimo ha redefinido cómo los profesionales de la salud rastrean e interpretan los signos vitales del paciente, lo que puede revolucionar la atención clínica en múltiples dominios médicos. Su modelo de negocio meticulosamente elaborado representa un plan estratégico que aprovecha las tecnologías médicas innovadoras para mejorar los resultados de los pacientes, reducir los costos de intervención de atención médica y proporcionar información sin precedentes sobre los datos fisiológicos humanos.

Masimo Corporation (MASI) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de dispositivos médicos estratégicos

Masimo Corporation mantiene asociaciones estratégicas con los siguientes fabricantes y proveedores de dispositivos médicos clave:

Pareja	Enfoque de asociación	Detalles de colaboración
Medtrónico	Tecnología de monitoreo	Desarrollo conjunto de soluciones de monitoreo de pacientes
GE Healthcare	Integración de equipos médicos	Procesamiento de señales y colaboración de tecnología de sensores
Philips Healthcare	Sistemas de monitoreo de pacientes	Integración de tecnología de detección avanzada

Instituciones de investigación de tecnología de salud

Masimo colabora con instituciones de investigación para avanzar en la tecnología médica:

• Centro Médico de la Universidad de Stanford
• Facultad de Medicina de la Universidad Johns Hopkins
• División de Investigación de Clínica Mayo

Principales redes hospitalarias y centros médicos

Red hospitalaria	Valor de asociación	Volumen de colaboración anual
Kaiser Permanente	Implementación tecnológica	$ 12.5 millones
HCA Healthcare	Soluciones de monitoreo de pacientes	$ 9.3 millones
Sistema de salud de Mayo Clinic	Tecnologías de detección avanzada	$ 7.8 millones

Desarrolladores de software médico y plataforma de salud digital

Detalles clave de la asociación de software:

• Sistemas EPIC - Integración de registros de salud electrónicos
• Cerner Corporation - Gestión de datos clínicos
• AllScripts - Soluciones de informática de atención médica

Centros de investigación médica académica

Centro de investigación	Enfoque de investigación	Inversión de investigación anual
Escuela de Medicina de Harvard	Tecnologías de monitoreo no invasivas	$ 3.2 millones
Laboratorio de Investigación del MIT	Innovaciones de procesamiento de señales	$ 2.7 millones
Investigación médica de UC San Diego	Avances de monitoreo de pacientes	$ 2.5 millones

Masimo Corporation (MASI) - Modelo de negocio: actividades clave

Investigación y desarrollo de dispositivos médicos

Gastos de I + D en 2022: $ 239.8 millones

Áreas de enfoque de I + D	Monto de la inversión
Tecnologías de monitoreo no invasivas	$ 87.3 millones
Sistemas avanzados de monitoreo de pacientes	$ 65.5 millones
Innovaciones de tecnología de sensores	$ 53.2 millones

Innovación de tecnología de sensores y monitoreo avanzados

Número de patentes activas a partir de 2023: 542

• Tecnologías de oximetría de pulso
• Monitoreo acústico del arco iris
• Medición continua de hemoglobina no invasiva

Diseño del sistema de monitoreo del paciente

Categoría de productos	Total de productos	Penetración del mercado
Sistemas de monitoreo del hospital	37 modelos únicos	68% de participación en el mercado del hospital global
Dispositivos de monitoreo portátil	22 modelos únicos	Mercado de atención ambulatoria del 45%

Validación clínica y pruebas médicas

Estudios clínicos totales realizados en 2022: 89

• Ensayos controlados aleatorios: 42
• Estudios observacionales prospectivos: 31
• Estudios de análisis retrospectivos: 16

Desarrollo de patentes de tecnología médica

Gastos de presentación de patentes en 2022: $ 18.7 millones

Categoría de patente	Número de patentes
Tecnología de sensores	214 patentes
Algoritmos de monitoreo	167 patentes
Diseño de dispositivos médicos	161 patentes

Masimo Corporation (MASI) - Modelo de negocios: recursos clave

Tecnología avanzada de sensores médicos

Masimo posee 1.024 patentes otorgadas y pendientes a partir de 2023. La cartera de tecnología de sensores de la compañía incluye:

• Tecnología de cooximetría de Pulse Set Rainbow
• Motaje a través de los sensores de oximetría de pulso de pulso de baja perfusión
• Plataforma de tecnología de extracción de señales (SET)

Tipo de tecnología	Conteo de patentes	Inversión de I + D (2023)
Tecnologías de sensores	412 patentes	$ 242.3 millones
Procesamiento de señal	287 patentes	$ 186.5 millones

Algoritmos de procesamiento de señales propietarios

Las capacidades de procesamiento de señales de Masimo incluyen:

• Algoritmo de set de arco iris cubriendo múltiples parámetros fisiológicos
• Tecnologías avanzadas de reducción de ruido
• Capacidades de procesamiento de datos en tiempo real

Talento de ingeniería de dispositivos médicos

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número total	Profesionales de I + D
Total de empleados	6,800	1,350
Ingenieros de nivel de doctorado	287	N / A

Cartera de propiedades intelectuales

Desglose de la propiedad intelectual:

• Patentes totales: 1.024
• Cobertura de patentes geográficas: más de 50 países
• Categorías de patentes: dispositivos médicos, tecnologías de sensores, algoritmos

Capacidades de investigación clínica

Métrico de investigación	2023 datos
Estudios clínicos activos	42
Documentos de investigación publicados	218
Instituciones de colaboración de investigación	87

Masimo Corporation (MASI) - Modelo de negocio: propuestas de valor

Soluciones de monitoreo de pacientes no invasivas

Masimo ofrece tecnología de cooximetría de pulso de set de arco iris, que proporciona 14 mediciones de un solo sensor. La tecnología permite un monitoreo continuo de:

• Saturación de oxígeno
• Tasa de pulso
• Índice de perfusión
• Índice de variabilidad de planta

Parámetro tecnológico	Capacidad de medición
Precisión del sensor	± 2% de rango de SPO2 70-100%
Tiempo de respuesta	Menos de 3 segundos
Tolerancia al movimiento del paciente	99.7% de fiabilidad de la señal

Tecnologías de medición médica de alta precisión

Las tecnologías de medición de precisión de Masimo incluyen:

• Plataforma de monitoreo de pacientes de raíz
• Radical-7 Pulse Cooxímetro
• Capnografía nomolina

Capacidades continuas de seguimiento de salud del paciente

Las soluciones de monitoreo continuo de Masimo incluyen:

• Monitoreo de respiración acústica
• Oximetría cerebral
• Monitoreo de temperatura

Tecnología de monitoreo	Nivel de precisión
Respiración acústica	± 1 respiración por minuto
Oximetría cerebral	± 3% de medición de RSO2
Monitoreo de temperatura	± 0.1 ° C precisión

Costos de intervención de atención médica reducida

Masimo Technologies demuestra:

• Tasas reducidas de infección adquiridas en el hospital
• Disminución de los gastos de monitoreo del paciente
• Intervenciones médicas innecesarias minimizadas

Sistemas de apoyo a las decisiones clínicas mejoradas

Masimo proporciona:

• Análisis de datos de pacientes en tiempo real
• Algoritmos de monitoreo de salud predictivo
• Integración con registros de salud electrónicos

Característica de soporte clínico	Métrico de rendimiento
Velocidad de procesamiento de datos	200 milisegundos
Precisión predictiva	92% de fiabilidad clínica
Capacidad de integración de datos	Múltiples plataformas EHR

Masimo Corporation (MASI) - Modelo de negocios: relaciones con los clientes

Equipos directos de venta de equipos médicos

Masimo mantiene una fuerza de ventas dedicada de 305 representantes de ventas directas a partir del cuarto trimestre de 2023. El equipo de ventas cubre múltiples segmentos del mercado de la salud, incluidos hospitales, clínicas y centros de atención ambulatoria.

Métrica del equipo de ventas	2023 datos
Representantes de ventas directas totales	305
Cobertura promedio de territorio de ventas	7-9 Instalaciones de atención médica
Generación de ingresos del equipo de ventas anual	$ 487.3 millones

Programas de soporte técnico y capacitación

Masimo brinda soporte técnico integral con 124 especialistas en soporte técnico dedicado.

• Disponibilidad de soporte técnico 24/7
• Programas de capacitación de productos certificados
• Opciones de capacitación en línea y en persona

Asociaciones de proveedores de atención médica a largo plazo

A partir de 2023, Masimo mantiene asociaciones estratégicas con 1.247 instituciones de salud a nivel mundial.

Categoría de asociación	Número de instituciones
Redes hospitalarias	672
Instituciones de investigación	285
Centros de atención ambulatoria	290

Consultas continuas de rendimiento del producto

Masimo realiza 2,365 sesiones de consulta de rendimiento del producto anualmente, con una duración de consulta promedio de 1,5 horas.

Plataformas de atención al cliente digital

La infraestructura de soporte digital incluye:

• Portal de clientes en línea con 87,500 usuarios registrados
• Aplicación de soporte móvil con 45.300 usuarios mensuales activos
• Tiempo de respuesta de soporte digital promedio: 17 minutos

Canal de soporte digital	2023 métricas
Usuarios registrados en el portal en línea	87,500
Aplicación móvil usuarios activos mensuales	45,300
Tiempo de respuesta digital promedio	17 minutos

Masimo Corporation (MASI) - Modelo de negocios: canales

Fuerza de venta directa de equipos médicos

Masimo mantiene un equipo de ventas interno dedicado de 387 representantes de ventas directas a partir del cuarto trimestre de 2023. Estos representantes se centran en dirigirse a hospitales, clínicas e instituciones de atención médica en todo Estados Unidos.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas	387
Ventas promedio por representante	$ 1.2 millones
Cobertura total de ventas directas	48 estados de EE. UU.

Distribuidores de equipos de atención médica

Masimo colabora con 62 distribuidores de equipos médicos autorizados a nivel mundial, ampliando su alcance del mercado más allá de los canales de ventas directas.

• Red de distribución internacional que cubre 120 países
• Asociaciones estratégicas con cadenas de suministro médico
• Ingresos anuales del distribuidor: $ 214 millones

Plataformas de tecnología médica en línea

Los canales de ventas digitales de Masimo generaron $ 87.3 millones en ingresos durante 2023, lo que representa el 12.4% de las ventas totales de la compañía.

Métrica de plataforma en línea	2023 rendimiento
Ingresos de ventas en línea	$ 87.3 millones
Sitio web Visitantes mensuales	342,000
Tasa de conversión de plataforma digital	3.7%

Exposiciones de conferencia médica y feria comercial

Masimo participó en 47 conferencias internacionales de tecnología médica en 2023, generando aproximadamente $ 42.6 millones en ventas directas a través de estos eventos.

• Conferencias asistidas: 47
• Ingresos generados por eventos: $ 42.6 millones
• Tasa de conversión promedio de plomo: 6.2%

Sitios web de marketing digital y tecnología médica

Los esfuerzos de marketing digital dieron como resultado $ 55.7 millones de ingresos rastreables, con campañas publicitarias en línea específicas en plataformas de tecnología médica especializadas.

Métrica de marketing digital	2023 datos
Ingresos de marketing digital	$ 55.7 millones
Gasto publicitario en línea	$ 8.3 millones
Retorno de la inversión en marketing digital	6.7x

Masimo Corporation (MASI) - Modelo de negocios: segmentos de clientes

Hospitales y centros médicos

Masimo atiende al 80% de los 100 mejores hospitales en los Estados Unidos. Mercado total direccionable para tecnología médica hospitalaria estimada en $ 4.2 mil millones en 2023.

Métricas de segmento hospitalario	2023 datos
Total de clientes del hospital	3.742 instituciones de salud
Ingresos anuales del segmento del hospital	$ 687.3 millones
Penetración del mercado	62% de los hospitales estadounidenses

Instalaciones de cuidados críticos y de emergencia

El segmento de cuidados críticos representa el 35% de los ingresos hospitalarios de Masimo, aproximadamente $ 240.6 millones en 2023.

• Departamentos de emergencia en 1.256 instalaciones médicas
• Mercado de equipos de monitoreo de cuidados críticos: $ 1.8 mil millones
• Cuota de mercado de Masimo en cuidados críticos: 18.5%

Departamentos de anestesiología

Masimo proporciona tecnologías de monitoreo para 2.100 departamentos de anestesiología en todo el país.

Métricas de segmento de anestesiología	2023 datos
Clientes de anestesiología total	2.100 departamentos
Ingresos anuales del segmento	$ 412.7 millones

Proveedores de atención médica en el hogar

Segmento de atención médica domiciliaria que crece al 7.2% anual, lo que representa $ 156.4 millones en ingresos de 2023.

• Dispositivos de monitoreo de pacientes conectados: 42,000 unidades desplegadas
• Tamaño del mercado de la salud en el hogar: $ 372 mil millones
• Cuota de mercado de la salud en el hogar de Masimo: 4.2%

Instituciones de investigación médica especializadas

La base de clientes de la institución de investigación incluye 287 centros de investigación académicos y privados.

Métricas de la institución de investigación	2023 datos
Total de los clientes de investigación	287 instituciones
Ingresos anuales del segmento de investigación	$ 93.5 millones
Venta de equipos de investigación	1.200 sistemas de monitoreo especializados

Masimo Corporation (MASI) - Modelo de negocio: Estructura de costos

Inversión significativa de I + D

Para el año fiscal 2022, Masimo Corporation invirtió $ 169.1 millones en gastos de investigación y desarrollo, lo que representa el 12.4% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 169.1 millones	12.4%
2021	$ 156.3 millones	11.8%

Gastos de fabricación de dispositivos médicos

Los costos de fabricación para los dispositivos médicos de Masimo en 2022 totalizaron aproximadamente $ 387.5 millones.

• Costo de bienes vendidos (COGS): $ 387.5 millones
• Sobrecoss de fabricación: $ 68.2 millones
• Costos laborales directos: $ 42.6 millones

Costos de pruebas clínicas y validación

Masimo asignó $ 45.3 millones a las pruebas clínicas y los procesos de validación de productos en 2022.

Categoría de costos	Cantidad
Ensayos clínicos	$ 28.7 millones
Prueba de cumplimiento regulatoria	$ 16.6 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para Masimo en 2022 alcanzaron $ 312.4 millones.

• Compensación del equipo de ventas directas: $ 124.6 millones
• Campañas de marketing: $ 87.2 millones
• Gastos de feria y conferencia: $ 36.8 millones
• Marketing digital: $ 63.8 millones

Mantenimiento de la propiedad intelectual

Masimo gastó $ 22.6 millones en mantenimiento de la propiedad intelectual y gastos relacionados con las patentes en 2022.

Categoría de gastos de IP	Cantidad
Presentación de patentes y enjuiciamiento	$ 15.3 millones
Tarifas de mantenimiento de patentes	$ 7.3 millones

Masimo Corporation (MASI) - Modelo de negocios: flujos de ingresos

Ventas de equipos de dispositivos médicos

Ventas totales de equipos de dispositivos médicos para Masimo en 2023: $ 1.09 mil millones

Categoría de productos	Ingresos ($ M)	Porcentaje de ventas totales
Dispositivos de monitoreo de pacientes	$492.5	45.2%
Sistemas de oximetría de pulso	$327.8	30.1%
Equipo de monitoreo no invasivo	$269.7	24.7%

Licencias de tecnología de monitoreo continuo

Ingresos de licencia para 2023: $ 87.6 millones

• Número de acuerdos de licencia de tecnología activa: 42
• Tarifa de licencia promedio por acuerdo: $ 2.09 millones
• Tasa de crecimiento de ingresos de licencia: 8.3%

Regalías de tecnología de sensores

Ingresos totales de regalías en 2023: $ 63.4 millones

Fuente de regalías	Ingresos ($ M)	Tasa de regalías
Asociaciones de tecnología médica	$42.1	3.5% - 5.2%
Licencias de tecnología de salud	$21.3	2.8% - 4.1%

Suscripciones de software y plataforma de salud digital

Ingresos de suscripción de la plataforma de salud digital para 2023: $ 95.2 millones

• Número total de suscripciones activas: 3,750
• Valor de suscripción anual promedio: $ 25,387
• Crecimiento de ingresos por suscripción: 12.6%

Contratos continuos de soporte técnico y mantenimiento

Ingresos del contrato de soporte técnico y mantenimiento en 2023: $ 76.5 millones

Tipo de contrato	Ingresos ($ M)	Número de contratos
Contratos de mantenimiento anual	$52.3	1,875
Soporte técnico extendido	$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.