Masimo Corporation (MASI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia médica, a Masimo Corporation (MASI) é um farol de inovação, transformando o monitoramento de pacientes por meio de tecnologias de sensores de ponta e soluções avançadas de saúde. Ao integrar perfeitamente sistemas sofisticados de monitoramento não invasivos com plataformas digitais inteligentes, a Masimo redefiniu como os profissionais de saúde rastreiam e interpretam sinais vitais do paciente, potencialmente revolucionando os cuidados clínicos em vários domínios médicos. Seu modelo de negócios meticulosamente criado representa um plano estratégico que aproveita as tecnologias médicas inovadoras para melhorar os resultados dos pacientes, reduzir os custos de intervenção na saúde e fornecer informações sem precedentes sobre dados fisiológicos humanos.

Masimo Corporation (MASI) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos estratégicos e fornecedores

A Masimo Corporation mantém parcerias estratégicas com os seguintes fabricantes e fornecedores de dispositivos médicos seguintes:

Parceiro	Foco em parceria	Detalhes da colaboração
Medtronic	Monitorando a tecnologia	Desenvolvimento conjunto de soluções de monitoramento de pacientes
GE Healthcare	Integração de equipamentos médicos	Processamento de sinal e colaboração de tecnologia de sensores
Philips Healthcare	Sistemas de monitoramento de pacientes	Integração de tecnologia de sensor avançado

Instituições de pesquisa em tecnologia da saúde

Masimo colabora com instituições de pesquisa para avançar em tecnologia médica:

• Centro Médico da Universidade de Stanford
• Johns Hopkins University School of Medicine
• Divisão de Pesquisa Clínica Mayo

Principais redes hospitalares e centros médicos

Rede hospitalar	Valor da parceria	Volume anual de colaboração
Kaiser Permanente	Implementação de tecnologia	US $ 12,5 milhões
HCA Healthcare	Soluções de monitoramento de pacientes	US $ 9,3 milhões
Mayo Clinic Health System	Tecnologias de sensor avançado	US $ 7,8 milhões

Desenvolvedores de Plataforma Médica de Software e Saúde Digital

Principais detalhes da parceria de software:

• Epic Systems - integração eletrônica de registros de saúde
• Cerner Corporation - Gerenciamento de dados clínicos
• Allscripts - Soluções de Informática para Saúde

Centros de Pesquisa Médica Acadêmica

Centro de Pesquisa	Foco na pesquisa	Investimento anual de pesquisa
Escola de Medicina de Harvard	Tecnologias de monitoramento não invasivas	US $ 3,2 milhões
MIT Laboratório de Pesquisa	Inovações de processamento de sinal	US $ 2,7 milhões
UC San Diego Medical Research	Avanços de monitoramento de pacientes	US $ 2,5 milhões

Masimo Corporation (MASI) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de dispositivos médicos

Despesas de P&D em 2022: US $ 239,8 milhões

Áreas de foco em P&D	Valor do investimento
Tecnologias de monitoramento não invasivas	US $ 87,3 milhões
Sistemas avançados de monitoramento de pacientes	US $ 65,5 milhões
Inovações em tecnologia de sensores	US $ 53,2 milhões

Sensor avançado e inovação tecnológica de monitoramento

Número de patentes ativas a partir de 2023: 542

• Tecnologias de oximetria de pulso
• Monitoramento acústico do arco -íris
• Medição contínua de hemoglobina não invasiva

Projeto do sistema de monitoramento de pacientes

Categoria de produto	Total de produtos	Penetração de mercado
Sistemas de monitoramento hospitalar	37 modelos exclusivos	68% de participação no mercado hospitalar global
Dispositivos de monitoramento portátil	22 modelos exclusivos	45% do mercado de cuidados ambulatoriais

Validação clínica e testes médicos

Estudos clínicos totais realizados em 2022: 89

• Ensaios controlados randomizados: 42
• Estudos observacionais prospectivos: 31
• Estudos de análise retrospectiva: 16

Desenvolvimento de patentes de tecnologia médica

Despesas de arquivamento de patentes em 2022: US $ 18,7 milhões

Categoria de patentes	Número de patentes
Tecnologia do sensor	214 patentes
Algoritmos de monitoramento	167 patentes
Design de dispositivos médicos	161 patentes

Masimo Corporation (MASI) - Modelo de negócios: Recursos -chave

Tecnologia avançada de sensores médicos

Masimo possui 1.024 patentes concedidas e pendentes a partir de 2023. O portfólio de tecnologia de sensores da empresa inclui:

• Tecnologia de co-oximetria do conjunto de arco-íris
• Sensores de oximetria de movimento de medição e baixa perfusão
• Plataforma de Extração de Sinais (Set)

Tipo de tecnologia	Contagem de patentes	Investimento em P&D (2023)
Tecnologias de sensores	412 patentes	US $ 242,3 milhões
Processamento de sinal	287 patentes	US $ 186,5 milhões

Algoritmos de processamento de sinal proprietários

Os recursos de processamento de sinal de Masimo incluem:

• Algoritmo do conjunto de arco -íris cobrindo vários parâmetros fisiológicos
• Tecnologias avançadas de redução de ruído
• Recursos de processamento de dados em tempo real

Talento de engenharia de dispositivos médicos

Composição da força de trabalho a partir de 2023:

Categoria de funcionários	Número total	Profissionais de P&D
Total de funcionários	6,800	1,350
Engenheiros de nível de doutorado	287	N / D

Portfólio de propriedade intelectual

Aparelhamento da propriedade intelectual:

• Total de patentes: 1.024
• Cobertura de patente geográfica: mais de 50 países
• Categorias de patentes: dispositivos médicos, tecnologias de sensores, algoritmos

Capacidades de pesquisa clínica

Métrica de pesquisa	2023 dados
Estudos clínicos ativos	42
Artigos de pesquisa publicados	218
Instituições de colaboração de pesquisa	87

Masimo Corporation (MASI) - Modelo de Negócios: Proposições de Valor

Soluções de monitoramento de pacientes não invasivas

A Masimo oferece a tecnologia de co-oximetria do Rainbow Set Pulse, que fornece 14 medições de um único sensor. A tecnologia permite o monitoramento contínuo de:

• Saturação de oxigênio
• Taxa de pulso
• Índice de perfusão
• Índice de Variabilidade da Pletabilidade

Parâmetro de tecnologia	Capacidade de medição
Precisão do sensor	± 2% spo2 varia de 70-100%
Tempo de resposta	Menos de 3 segundos
Tolerância ao movimento do paciente	99,7% de confiabilidade do sinal

Tecnologias de medição médica de alta precisão

As tecnologias de medição de precisão da Masimo incluem:

• Plataforma de monitoramento de pacientes raiz
• Co-oxímetro de pulso radical-7
• Capnografia nomolina

Capacidades contínuas de rastreamento de saúde do paciente

As soluções de monitoramento contínuo da Masimo incluem:

• Monitoramento da respiração acústica
• Oximetria cerebral
• Monitoramento de temperatura

Monitorando a tecnologia	Nível de precisão
Respiração acústica	± 1 respiração por minuto
Oximetria cerebral	± 3% medição RSO2
Monitoramento de temperatura	± 0,1 ° C precisão

Custos de intervenção na saúde reduzidos

As tecnologias Masimo demonstram:

• Taxas reduzidas de infecção adquirida no hospital
• Diminuição das despesas de monitoramento de pacientes
• Intervenções médicas desnecessárias minimizadas

Sistemas aprimorados de suporte à decisão clínica

Masimo fornece:

• Análise de dados de pacientes em tempo real
• Algoritmos de monitoramento de saúde preditivos
• Integração com registros eletrônicos de saúde

Recurso de suporte clínico	Métrica de desempenho
Velocidade de processamento de dados	200 milissegundos
Precisão preditiva	92% de confiabilidade clínica
Capacidade de integração de dados	Múltiplas plataformas de EHR

Masimo Corporation (MASI) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de vendas de equipamentos médicos diretos

Masimo mantém uma força de vendas dedicada de 305 representantes de vendas diretas a partir do quarto trimestre 2023. A equipe de vendas cobre vários segmentos de mercado de assistência médica, incluindo hospitais, clínicas e centros de atendimento ambulatorial.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas diretas	305
Cobertura média de território de vendas	7-9 Instalações de saúde
Geração anual de receita da equipe de vendas	US $ 487,3 milhões

Programas de suporte técnico e treinamento

O Masimo fornece suporte técnico abrangente com 124 especialistas em suporte técnico dedicado.

• Disponibilidade de suporte técnico 24/7
• Programas de treinamento de produtos certificados
• Opções de treinamento online e pessoalmente

Parcerias de provedores de saúde de longo prazo

A partir de 2023, a Masimo mantém parcerias estratégicas com 1.247 instituições de saúde em todo o mundo.

Categoria de parceria	Número de instituições
Redes hospitalares	672
Instituições de pesquisa	285
Centros de Cuidados Ambulatoriais	290

Consultas de desempenho do produto em andamento

Masimo realiza 2.365 sessões de consulta de desempenho do produto anualmente, com uma duração média de consulta de 1,5 horas.

Plataformas de suporte ao cliente digital

A infraestrutura de suporte digital inclui:

• Portal de clientes on -line com 87.500 usuários registrados
• Aplicativo de suporte móvel com 45.300 usuários mensais ativos
• Tempo médio de resposta digital: 17 minutos

Canal de suporte digital	2023 Métricas
Usuários registrados portal online	87,500
Usuários ativos mensais de aplicativo móvel	45,300
Tempo médio de resposta digital	17 minutos

Masimo Corporation (Masi) - Modelo de Negócios: Canais

Força de vendas de equipamentos médicos diretos

A Masimo mantém uma equipe de vendas interna dedicada de 387 representantes de vendas diretas a partir do quarto trimestre de 2023. Esses representantes se concentram em segmentar hospitais, clínicas e instituições de saúde nos Estados Unidos.

Métrica do canal de vendas	2023 dados
Representantes de vendas diretas	387
Vendas médias por representante	US $ 1,2 milhão
Cobertura total de vendas direta	48 Estados dos EUA

Distribuidores de equipamentos de saúde

A Masimo colabora com 62 distribuidores de equipamentos médicos autorizados em todo o mundo, expandindo seu alcance no mercado além dos canais de vendas diretas.

• Rede de distribuição internacional cobrindo 120 países
• Parcerias estratégicas com cadeias de suprimentos médicos
• Receita anual do distribuidor: US $ 214 milhões

Plataformas de tecnologia médica online

Os canais de vendas digitais da Masimo geraram US $ 87,3 milhões em receita durante 2023, representando 12,4% do total de vendas da empresa.

Métrica de plataforma online	2023 desempenho
Receita de vendas on -line	US $ 87,3 milhões
Visitantes mensais do site	342,000
Taxa de conversão da plataforma digital	3.7%

Exposições de conferência médica e feira

Masimo participou de 47 conferências internacionais de tecnologia médica em 2023, gerando aproximadamente US $ 42,6 milhões em vendas diretas por meio desses eventos.

• Conferências participaram: 47
• Receita gerada por eventos: US $ 42,6 milhões
• Taxa média de conversão de chumbo: 6,2%

Sites de marketing digital e tecnologia médica

Os esforços de marketing digital resultaram em US $ 55,7 milhões em receita rastreável, com campanhas de publicidade on -line direcionadas em plataformas especializadas em tecnologia médica.

Métrica de marketing digital	2023 dados
Receita de marketing digital	US $ 55,7 milhões
Gastos com publicidade on -line	US $ 8,3 milhões
Retorno sobre investimentos em marketing digital	6.7x

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

Hospitais e centros médicos

Masimo atende a 80% dos 100 principais hospitais nos Estados Unidos. Mercado endereçável total para tecnologia médica hospitalar estimada em US $ 4,2 bilhões em 2023.

Métricas de segmento hospitalar	2023 dados
Total de clientes hospitalares	3.742 Instituições de Saúde
Receita anual do segmento hospitalar	US $ 687,3 milhões
Penetração de mercado	62% dos hospitais dos EUA

Instalações de emergência e cuidados intensivos

O segmento de cuidados intensivos representa 35% da receita hospitalar da Masimo, aproximadamente US $ 240,6 milhões em 2023.

• Departamentos de emergência em 1.256 instalações médicas
• Mercado de equipamentos de monitoramento de cuidados intensivos: US $ 1,8 bilhão
• Participação de mercado da Masimo em cuidados intensivos: 18,5%

Departamentos de anestesiologia

O Masimo fornece tecnologias de monitoramento para 2.100 departamentos de anestesiologia em todo o país.

Métricas do segmento de anestesiologia	2023 dados
Clientes de anestesiologia total	2.100 departamentos
Receita anual do segmento	US $ 412,7 milhões

Provedores de saúde em casa

O segmento de saúde em casa crescendo 7,2% ao ano, representando US $ 156,4 milhões em 2023 receita.

• Dispositivos de monitoramento de pacientes conectados: 42.000 unidades implantadas
• Tamanho do mercado de assistência médica em casa: US $ 372 bilhões
• Participação no mercado de cuidados de saúde em casa da Masimo: 4,2%

Instituições de Pesquisa Médica Especializadas

A base de clientes da Instituição de Pesquisa inclui 287 centros de pesquisa acadêmica e privada.

Métricas de instituição de pesquisa	2023 dados
Total de clientes de pesquisa	287 instituições
Receita anual do segmento de pesquisa	US $ 93,5 milhões
Vendas de equipamentos de pesquisa	1.200 sistemas de monitoramento especializados

Masimo Corporation (MASI) - Modelo de negócios: estrutura de custos

Investimento significativo em P&D

Para o ano fiscal de 2022, a Masimo Corporation investiu US $ 169,1 milhões em despesas de pesquisa e desenvolvimento, representando 12,4% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 169,1 milhões	12.4%
2021	US $ 156,3 milhões	11.8%

Despesas de fabricação de dispositivos médicos

Os custos de fabricação para os dispositivos médicos da Masimo em 2022 totalizaram aproximadamente US $ 387,5 milhões.

• Custo dos bens vendidos (engrenagens): US $ 387,5 milhões
• Manufatura de sobrecarga: US $ 68,2 milhões
• Custos de mão -de -obra direta: US $ 42,6 milhões

Custos de teste clínico e validação

A Masimo alocou US $ 45,3 milhões para testes clínicos e processos de validação de produtos em 2022.

Categoria de custo	Quantia
Ensaios clínicos	US $ 28,7 milhões
Teste de conformidade regulatória	US $ 16,6 milhões

Despesas de vendas e marketing

As despesas de vendas e marketing da Masimo em 2022 atingiram US $ 312,4 milhões.

• Compensação da equipe de vendas direta: US $ 124,6 milhões
• Campanhas de marketing: US $ 87,2 milhões
• Feira de feira e despesas da conferência: US $ 36,8 milhões
• Marketing Digital: US $ 63,8 milhões

Manutenção da propriedade intelectual

Masimo gastou US $ 22,6 milhões em manutenção da propriedade intelectual e despesas relacionadas a patentes em 2022.

Categoria de despesa IP	Quantia
Arquivamento e acusação de patentes	US $ 15,3 milhões
Taxas de manutenção de patentes	US $ 7,3 milhões

Masimo Corporation (MASI) - Modelo de negócios: fluxos de receita

Vendas de equipamentos de dispositivos médicos

Vendas totais de equipamentos de dispositivos médicos para Masimo em 2023: US $ 1,09 bilhão

Categoria de produto	Receita ($ m)	Porcentagem de vendas totais
Dispositivos de monitoramento de pacientes	$492.5	45.2%
Sistemas de oximetria de pulso	$327.8	30.1%
Equipamento de monitoramento não invasivo	$269.7	24.7%

Licenciamento de tecnologia de monitoramento contínuo

Receita de licenciamento para 2023: US $ 87,6 milhões

• Número de acordos de licenciamento de tecnologia ativa: 42
• Taxa média de licenciamento por contrato: US $ 2,09 milhões
• Taxa de crescimento da receita de licenciamento: 8,3%

Royalties de tecnologia de sensores

Renda total de royalties em 2023: US $ 63,4 milhões

Fonte de royalties	Receita ($ m)	Taxa de royalties
Parcerias de tecnologia médica	$42.1	3.5% - 5.2%
Licenciamento de tecnologia de saúde	$21.3	2.8% - 4.1%

Software e assinaturas de plataforma de saúde digital

Receita de assinatura da plataforma de saúde digital para 2023: US $ 95,2 milhões

• Número total de assinaturas ativas: 3.750
• Valor médio de assinatura anual: US $ 25.387
• Crescimento da receita de assinatura: 12,6%

Contratos de suporte técnico e manutenção em andamento

Receita do contrato de suporte técnico e manutenção em 2023: US $ 76,5 milhões

Tipo de contrato	Receita ($ m)	Número de contratos
Contratos anuais de manutenção	$52.3	1,875
Suporte técnico estendido	$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.