IRVINE, Calif., April 28 Masimo Corporation (Nasdaq: MASI), the inventor of Pulse CO-Oximetry(TM) and Measure-Through Motion and Low Perfusion pulse oximetry, announced today the formation of The Masimo Foundation for Ethics, Innovation and Competition in Healthcare, a non-profit organization that will facilitate its corporate philanthropy. During the first quarter of 2010, Masimo provided a monetary gift of $10 million and an in-kind contribution of pulse oximetry equipment and supplies to support the foundation's efforts.
Advertisement
Masimo Founder and Chief Executive Officer Joe Kiani will serve as Chairman of The Masimo Foundation. The Foundation's purpose will be to encourage and promote various activities, programs, and research opportunities designed to improve patient safety and deliver advanced health care to people worldwide who may not otherwise have access to lifesaving technologies. In addition, the Foundation intends to support third-party research, development initiatives, and clinical studies designed to expand the healthcare industry's ability to provide better and more cost-effective solutions and protocols for healthcare delivery throughout the world. Finally, the Foundation intends to provide special attention to those causes whose ultimate goals are ethical--focused on doing the right thing for the right reasons--and designed to create healthy competition, which we believe is the ultimate answer to lower health care costs in the U.S. and throughout the world.
Advertisement
Mr. Kiani stated, "Masimo has long been dedicated to its mission to improve patient outcomes and reduce the cost of care through innovations in noninvasive monitoring. Similarly, The Masimo Foundation will dedicate itself to improving patient care through philanthropic programs and research initiatives that foster an environment of robust and honest competition, and enhance caregiver access to cost-effective and innovative healthcare solutions."
Masimo's $10 million gift to The Masimo Foundation represents a portion of the $30 million payment it received in January 2010, following the Ninth Circuit Court of Appeals' October 2009 affirmance of a Federal District Court judgment in Masimo's favor that Tyco Healthcare, now Covidien, violated the antitrust laws through anticompetitive business practices related to the sale of its pulse oximetry products.
Currently, the Foundation is in the process of formalizing its grant-making guidelines and will be developing a comprehensive website that will serve as a resource for those interested in learning more about specific programs and grant opportunities aimed at fostering ethics, innovation and competition in healthcare. In the meantime, letters of inquiry may be sent to Ann L. Van Dormolen, Administrator, Masimo Foundation, P.O. Box 9399, Marina Del Rey, CA, 90295.
About Masimo
Masimo (Nasdaq: MASI) develops innovative monitoring technologies that significantly improve patient care--helping solve "unsolvable" problems. In 1995, the company debuted Measure-Through Motion and Low Perfusion pulse oximetry, known as Masimo SET®, which virtually eliminated false alarms and increased pulse oximetry's ability to detect life-threatening events. More than 100 independent and objective studies demonstrate Masimo SET provides the most reliable SpO2 and pulse rate measurements even under the most challenging clinical conditions, including patient motion and low peripheral perfusion. In 2005, Masimo introduced Masimo Rainbow SET® Pulse CO-Oximetry(TM), allowing noninvasive and continuous monitoring of blood constituents that previously required invasive procedures, including total hemoglobin (SpHb®), oxygen content (SpOC(TM)), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), and PVI®, in addition to SpO2, pulse rate, and perfusion index (PI). In 2009, Masimo introduced Masimo Rainbow SET® Acoustic Monitoring(TM), the first-ever noninvasive and continuous monitoring of acoustic respiration rate (RRa(TM)). Masimo's Rainbow platform offers a breakthrough in patient safety by helping clinicians detect life-threatening conditions and helping guide treatment options. Founded in 1989, Masimo has the mission of "Improving Patient Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications." Additional information about Masimo and its products may be found at www.masimo.com.
Forward Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about future events affecting us and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond our control and could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements as a result of various risk factors, including, but not limited to benefits of one-time spending associated with the recovery related to the antitrust matter, as well as other factors discussed in the "Risk Factors" section of our most recent reports filed with the Securities and Exchange Commission ("SEC"), which may be obtained for free at the SEC's website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. We do not undertake any obligation to update, amend or clarify these forward-looking statements or the "Risk Factors" contained in our most recent reports filed with the SEC, whether as a result of new information, future events or otherwise, except as may be required under the applicable securities laws.
Masimo, SET, Signal Extraction Technology, Improving Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications, Rainbow, SpHb, SpOC, SpCO, SpMet, PVI, RRa, Radical-7, Rad-87, Rad-57,Rad-9, Rad-8, Rad-5, Pulse CO-Oximetry and Pulse CO-Oximeter are trademarks or registered trademarks of Masimo Corporation.
Masimo Foundation Contact: Ann L. Van Dormolen, Administrator P.O. Box 9399 Marina Del Ray, CA 90295 Masimo Corporation Media Contact: Dana Banks (949) 297-7348 [email protected] Masimo Corporation Investor Contact: Sheree Aronson (949) 297-7043 [email protected]
SOURCE Masimo Corporation
