Masimo Corporation (MASI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie médicale en évolution, Masimo Corporation (MASI) est un phare d'innovation, transformant la surveillance des patients grâce à des technologies de capteurs de pointe et à des solutions de santé avancées. En intégrant de manière transparente des systèmes de surveillance non invasifs sophistiqués avec des plates-formes numériques intelligentes, Masimo a redéfini comment les professionnels de la santé suivent et interprétent les signes vitaux des patients, révolutionnant potentiellement les soins cliniques dans plusieurs domaines médicaux. Leur modèle commercial méticuleusement conçu représente un plan stratégique qui tire parti des technologies médicales révolutionnaires pour améliorer les résultats des patients, réduire les coûts d'intervention des soins de santé et fournir des informations sans précédent sur les données physiologiques humaines.

Masimo Corporation (MASI) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs de dispositifs médicaux stratégiques

Masimo Corporation maintient des partenariats stratégiques avec les principaux fabricants et fournisseurs de dispositifs médicaux suivants:

Partenaire	Focus de partenariat	Détails de collaboration
Medtronic	Technologie de surveillance	Développement conjoint des solutions de surveillance des patients
GE Healthcare	Intégration des équipements médicaux	Traitement du signal et collaboration technologique des capteurs
Philips Healthcare	Systèmes de surveillance des patients	Intégration de technologie de détection avancée

Institutions de recherche sur la technologie des soins de santé

Masimo collabore avec les institutions de recherche pour faire progresser la technologie médicale:

• Centre médical de l'Université de Stanford
• École de médecine de l'Université Johns Hopkins
• Division de recherche de la clinique Mayo

Principaux réseaux hospitaliers et centres médicaux

Réseau hospitalier	Valeur de partenariat	Volume de collaboration annuel
Kaiser Permanente	Mise en œuvre de la technologie	12,5 millions de dollars
HCA Healthcare	Solutions de surveillance des patients	9,3 millions de dollars
Système de santé de la clinique Mayo	Technologies de détection avancées	7,8 millions de dollars

Développeurs de logiciels médicaux et de plate-forme de santé numérique

Détails de partenariat logiciel clés:

• Systèmes épiques - Intégration des dossiers de santé électronique
• Cerner Corporation - Gestion des données cliniques
• Allscripts - Solutions d'informatique de la santé

Centres de recherche médicale académique

Centre de recherche	Focus de recherche	Investissement de recherche annuel
École de médecine de Harvard	Technologies de surveillance non invasive	3,2 millions de dollars
Laboratoire de recherche du MIT	Innovations de traitement du signal	2,7 millions de dollars
UC San Diego Research	Avancement de surveillance des patients	2,5 millions de dollars

Masimo Corporation (MASI) - Modèle d'entreprise: activités clés

Recherche et développement des dispositifs médicaux

Dépenses de R&D en 2022: 239,8 millions de dollars

Zones de mise au point R&D	Montant d'investissement
Technologies de surveillance non invasive	87,3 millions de dollars
Systèmes de surveillance des patients avancés	65,5 millions de dollars
Innovations technologiques de capteurs	53,2 millions de dollars

Capteur avancé et innovation technologique de surveillance

Nombre de brevets actifs en 2023: 542

• Technologies d'oxymétrie à impulsion
• Surveillance acoustique arc-en-ciel
• Mesure continue de l'hémoglobine non invasive

Conception du système de surveillance des patients

Catégorie de produits	Produits totaux	Pénétration du marché
Systèmes de surveillance des hôpitaux	37 modèles uniques	68% de part de marché hospitalier mondial
Dispositifs de surveillance portables	22 modèles uniques	Marché des soins ambulatoires à 45%

Validation clinique et tests médicaux

Études cliniques totales menées en 2022: 89

• Essais contrôlés randomisés: 42
• Études d'observation prospectives: 31
• Études d'analyse rétrospective: 16

Développement des brevets en technologie médicale

Dépenses de dépôt de brevets en 2022: 18,7 millions de dollars

Catégorie de brevet	Nombre de brevets
Technologie des capteurs	214 brevets
Algorithmes de surveillance	167 brevets
Conception de dispositifs médicaux	161 brevets

Masimo Corporation (MASI) - Modèle d'entreprise: Ressources clés

Technologie des capteurs médicaux avancés

Masimo détient 1 024 brevets en attente à partir de 2023. Le portefeuille de technologies de capteurs de la société comprend:

• Technologie de co-oximétrie des impulsions de set arc-en-ciel
• Mouvement de mesure et capteurs d'oxymétrie à faible perfusion
• Plateforme de technologie d'extraction de signal (SET)

Type de technologie	Dénombrement des brevets	Investissement en R&D (2023)
Technologies de capteur	412 brevets	242,3 millions de dollars
Traitement du signal	287 brevets	186,5 millions de dollars

Algorithmes de traitement du signal propriétaire

Les capacités de traitement du signal de Masimo comprennent:

• Algorithme de set arc-en-ciel couvrant plusieurs paramètres physiologiques
• Technologies avancées de réduction du bruit
• Capacités de traitement des données en temps réel

Talent d'ingénierie des appareils médicaux

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre total	R&D Professionals
Total des employés	6,800	1,350
Ingénieurs de niveau doctoral	287	N / A

Portefeuille de propriété intellectuelle

Répartition des propriétés intellectuelles:

• Brevets totaux: 1 024
• Couverture des brevets géographiques: 50+ pays
• Catégories de brevets: dispositifs médicaux, technologies de capteurs, algorithmes

Capacités de recherche clinique

Métrique de recherche	2023 données
Études cliniques actives	42
Articles de recherche publiés	218
Institutions de collaboration de recherche	87

Masimo Corporation (MASI) - Modèle d'entreprise: propositions de valeur

Solutions de surveillance des patients non invasives

Masimo propose une technologie de co-oximétrie à impulsion arc-en-ciel, qui fournit 14 mesures à partir d'un seul capteur. La technologie permet une surveillance continue de:

• Saturation en oxygène
• Pouls
• Indice de perfusion
• Indice de variabilité de plet

Paramètre technologique	Capacité de mesure
Précision du capteur	± 2% SPO2 Plage de 70-100%
Temps de réponse	Moins de 3 secondes
Tolérance au mouvement du patient	Fiabilité du signal à 99,7%

Technologies de mesure médicale de haute précision

Les technologies de mesure de précision de Masimo comprennent:

• Plate-forme de surveillance des patients racine
• Co-oximètre à impulsion radical-7
• Nomoline Capnographie

Capacités de suivi de la santé des patients continues

Les solutions de surveillance continue de Masimo comprennent:

• Surveillance de la respiration acoustique
• Oxymétrie cérébrale
• Surveillance de la température

Technologie de surveillance	Niveau de précision
Respiration acoustique	± 1 respiration par minute
Oxymétrie cérébrale	± 3% de mesure RSO2
Surveillance de la température	± 0,1 ° C

Réduction des coûts d'intervention des soins de santé

Les technologies Masimo démontrent:

• Taux d'infection réduits à l'hôpital
• Diminution des dépenses de surveillance des patients
• Interventions médicales inutiles minimisées

Systèmes d'aide à la décision clinique améliorés

Masimo fournit:

• Analyse des données des patients en temps réel
• Algorithmes de surveillance de la santé prédictive
• Intégration avec les dossiers de santé électroniques

Caractéristique de soutien clinique	Métrique de performance
Vitesse de traitement des données	200 millisecondes
Précision prédictive	92% de fiabilité clinique
Capacité d'intégration des données	Plusieurs plateformes de DSE

Masimo Corporation (MASI) - Modèle d'entreprise: relations clients

Équipes de vente d'équipements médicaux directs

Masimo maintient une force de vente dédiée de 305 représentants des ventes directes au quatrième trimestre 2023. L'équipe de vente couvre plusieurs segments de marché de soins de santé, y compris les hôpitaux, les cliniques et les centres de soins ambulatoires.

Métrique de l'équipe de vente	2023 données
Représentants totaux des ventes directes	305
Couverture moyenne du territoire des ventes	7-9 installations de soins de santé
Génération de revenus de l'équipe de vente annuelle	487,3 millions de dollars

Programmes de soutien technique et de formation

Masimo fournit un support technique complet avec 124 spécialistes du support technique dédié.

• Disponibilité du support technique 24/7
• Programmes de formation des produits certifiés
• Options de formation en ligne et en personne

Partenariats à long terme des fournisseurs de soins de santé

En 2023, Masimo maintient des partenariats stratégiques avec 1 247 établissements de santé dans le monde.

Catégorie de partenariat	Nombre d'institutions
Réseaux hospitaliers	672
Institutions de recherche	285
Centres de soins ambulatoires	290

Consultations en performance des produits en cours

Masimo organise 2 365 séances de consultation en performance des produits chaque année, avec une durée de consultation moyenne de 1,5 heure.

Plates-formes de support client numérique

L'infrastructure de support numérique comprend:

• Portail client en ligne avec 87 500 utilisateurs enregistrés
• Application de support mobile avec 45 300 utilisateurs mensuels actifs
• Temps de réponse moyen du support numérique: 17 minutes

Canal de support numérique	2023 métriques
Utilisateurs enregistrés du portail en ligne	87,500
Application mobile Utilisateurs actifs mensuels	45,300
Temps de réponse numérique moyen	17 minutes

Masimo Corporation (MASI) - Modèle d'entreprise: canaux

Force de vente directe des équipements médicaux

Masimo maintient une équipe de vente interne dédiée de 387 représentants des ventes directes au quatrième trimestre 2023. Ces représentants se concentrent sur le ciblage des hôpitaux, des cliniques et des établissements de santé aux États-Unis.

Métrique du canal de vente	2023 données
Représentants des ventes directes	387
Ventes moyennes par représentant	1,2 million de dollars
Couverture totale des ventes directes	48 États américains

Distributeurs d'équipement de soins de santé

Masimo collabore avec 62 distributeurs d'équipements médicaux autorisés dans le monde, élargissant sa portée de marché au-delà des canaux de vente directs.

• Réseau de distribution international couvrant 120 pays
• Partenariats stratégiques avec les chaînes d'approvisionnement médicales
• Revenus de distributeurs annuels: 214 millions de dollars

Plateformes de technologie médicale en ligne

Les canaux de vente numériques de Masimo ont généré 87,3 millions de dollars de revenus au cours de 2023, ce qui représente 12,4% du total des ventes d'entreprises.

Métrique de la plate-forme en ligne	Performance de 2023
Revenus de vente en ligne	87,3 millions de dollars
Visiteurs mensuels du site Web	342,000
Taux de conversion de la plate-forme numérique	3.7%

Expositions de conférence médicale et de salon

Masimo a participé à 47 conférences internationales de technologie médicale en 2023, générant environ 42,6 millions de dollars en ventes directes grâce à ces événements.

• Conférences assistées: 47
• Revenus générés par des événements: 42,6 millions de dollars
• Taux de conversion de plomb moyen: 6,2%

Sites Web de marketing numérique et de technologie médicale

Les efforts de marketing numérique ont abouti à 55,7 millions de dollars de revenus traçables, avec des campagnes publicitaires en ligne ciblées sur des plateformes de technologie médicale spécialisées.

Métrique du marketing numérique	2023 données
Revenus de marketing numérique	55,7 millions de dollars
Dépenses publicitaires en ligne	8,3 millions de dollars
Retour sur investissement en marketing numérique	6.7x

Masimo Corporation (MASI) - Modèle d'entreprise: segments de clientèle

Hôpitaux et centres médicaux

Masimo dessert 80% des 100 meilleurs hôpitaux aux États-Unis. Marché total adressable pour la technologie médicale en milieu hospitalier estimé à 4,2 milliards de dollars en 2023.

Métriques du segment de l'hôpital	2023 données
Clients hospitaliers totaux	3 742 institutions de soins de santé
Revenus annuels du segment de l'hôpital	687,3 millions de dollars
Pénétration du marché	62% des hôpitaux américains

Installations d'urgence et de soins intensifs

Le segment des soins intensifs représente 35% des revenus hospitaliers de Masimo, environ 240,6 millions de dollars en 2023.

• Services d'urgence dans 1 256 installations médicales
• Marché des équipements de surveillance des soins intensifs: 1,8 milliard de dollars
• Part de marché de Masimo en soins intensifs: 18,5%

Départements d'anesthésiologie

Masimo fournit des technologies de surveillance pour 2 100 services d'anesthésiologie à l'échelle nationale.

Métriques du segment d'anesthésiologie	2023 données
Clients totaux d'anesthésiologie	2 100 départements
Revenus annuels du segment	412,7 millions de dollars

Fournisseurs de soins de santé à domicile

Le segment des soins de santé à domicile a augmenté de 7,2% par an, ce qui représente 156,4 millions de dollars en revenus 2023.

• Dispositifs de surveillance des patients connectés: 42 000 unités déployées
• Taille du marché des soins de santé à domicile: 372 milliards de dollars
• Part de marché des soins de santé à domicile de Masimo: 4,2%

Institutions de recherche médicale spécialisées

La clientèle de l'institution de recherche comprend 287 centres de recherche universitaires et privés.

Métriques de l'institution de recherche	2023 données
Total des clients de recherche	287 institutions
Revenu du segment de recherche annuel	93,5 millions de dollars
Ventes d'équipement de recherche	1 200 systèmes de surveillance spécialisés

Masimo Corporation (MASI) - Modèle d'entreprise: Structure des coûts

Investissement de R&D significatif

Pour l'exercice 2022, Masimo Corporation a investi 169,1 millions de dollars dans les frais de recherche et développement, ce qui représente 12,4% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2022	169,1 millions de dollars	12.4%
2021	156,3 millions de dollars	11.8%

Dépenses de fabrication de dispositifs médicaux

Les coûts de fabrication des dispositifs médicaux de Masimo en 2022 ont totalisé environ 387,5 millions de dollars.

• Coût des marchandises vendues (COGS): 387,5 millions de dollars
• Fabrication des frais généraux: 68,2 millions de dollars
• Coûts de main-d'œuvre directes: 42,6 millions de dollars

Coûts de tests et de validation cliniques

Masimo a alloué 45,3 millions de dollars aux processus de tests cliniques et de validation des produits en 2022.

Catégorie de coûts	Montant
Essais cliniques	28,7 millions de dollars
Test de conformité réglementaire	16,6 millions de dollars

Dépenses de vente et de marketing

Les frais de vente et de marketing de Masimo en 2022 ont atteint 312,4 millions de dollars.

• Compensation de l'équipe de vente directe: 124,6 millions de dollars
• Campagnes marketing: 87,2 millions de dollars
• Dépenses de salon et de conférence: 36,8 millions de dollars
• Marketing numérique: 63,8 millions de dollars

Maintenance de la propriété intellectuelle

Masimo a dépensé 22,6 millions de dollars pour l'entretien de la propriété intellectuelle et les dépenses liées aux brevets en 2022.

Catégorie de dépenses IP	Montant
Dépôt de brevet et poursuite	15,3 millions de dollars
Frais de maintenance des brevets	7,3 millions de dollars

Masimo Corporation (MASI) - Modèle commercial: Strots de revenus

Ventes d'équipements de dispositifs médicaux

Ventes d'équipements de dispositifs médicaux totaux pour Masimo en 2023: 1,09 milliard de dollars

Catégorie de produits	Revenus ($ m)	Pourcentage des ventes totales
Dispositifs de surveillance des patients	$492.5	45.2%
Systèmes d'oxymétrie d'impulsion	$327.8	30.1%
Équipement de surveillance non invasif	$269.7	24.7%

Licence de technologie de surveillance continue

Revenus de licence pour 2023: 87,6 millions de dollars

• Nombre d'accords de licence de technologie active: 42
• Frais de licence moyenne par accord: 2,09 millions de dollars
• Taux de croissance des revenus de licence: 8,3%

Royalités de la technologie des capteurs

Revenu total de redevances en 2023: 63,4 millions de dollars

Source de redevance	Revenus ($ m)	Taux de redevance
Partenariats technologiques médicaux	$42.1	3.5% - 5.2%
Licence de technologie de santé	$21.3	2.8% - 4.1%

Abonnements à la plate-forme de santé logicielle et numérique

Revenus d'abonnement à la plate-forme de santé numérique pour 2023: 95,2 millions de dollars

• Nombre total d'abonnements actifs: 3 750
• Valeur d'abonnement annuel moyen: 25 387 $
• Croissance des revenus d'abonnement: 12,6%

Contrats de soutien technique et de maintenance en cours

Revenus de contrat de soutien technique et de maintenance en 2023: 76,5 millions de dollars

Type de contrat	Revenus ($ m)	Nombre de contrats
Contrats de maintenance annuels	$52.3	1,875
Support technique prolongé	$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.