Research · Sep 3, 2026
[MASI] Masimo Corp. Thesis 2026: SET Pulse Oximetry Drives Healthcare Patient Monitoring Capital Return
Masimo Corp. (NASDAQ: MASI) FY2025 revenue ~$2.20-2.35B (+8-13%) with adj. EPS ~$4.50-4.85 reflecting continued post-2024 ~$2.20-2.35B aggregate Healthcare revenue (~100% aggregate revenue mix; selected primary post-September 2025 ~$1B+ Sound United Consumer Audio divestiture creating selected pure-play Healthcare Patient Monitoring focus + selected various aggregate SET Pulse Oximetry + selected various aggregate Patient Monitoring + selected various aggregate Capnography + selected various aggregate Brain Monitoring + selected various aggregate Hospital Automation) under continued President + CEO Katie Szyman since November 2024 (~1-year tenure as Masimo CEO; selected post-November 2024 succeeded Joe Kiani Founder + CEO retirement). One of the largest US specialty Pulse Oximetry + Patient Monitoring companies. Founded 1989 as Masimo Corporation by Joe Kiani in Irvine California (~36-year heritage); selected post-August 2007 NASDAQ IPO; selected post-April 2022 ~$1.025B+ Sound United Consumer Audio acquisition; selected post-September 2025 ~$1B+ Sound United Consumer Audio divestiture; selected post-November 2024 Katie Szyman CEO appointment. Headquartered in Irvine California; ~7,500-8,000+ employees globally with ~$2.20-2.35B revenue. One primary business: Healthcare Patient Monitoring (~100%; post-September 2025 Sound United divestiture pure-play). Structure: SET Pulse Oximetry + Patient Monitoring (~93%+ ~$2.0-2.15B), Hospital Automation + Telehealth + Other (~7% ~$120-200M). Geographic mix: US ~55%+ + Europe + Asia Pacific + selected various international ~45%. SET Pulse Oximetry cycle (~$2.0+B+ Healthcare core): ~$2.0-2.15B SET Pulse Oximetry + Patient Monitoring revenue; selected primary Masimo SET (Signal Extraction Technology) Pulse Oximetry; ~50%+ aggregate global hospital pulse oximetry market share. Hospital Automation + Telehealth pipeline: ~$120-200M Hospital Automation + Telehealth + Other revenue; selected primary Masimo SafetyNet + Iris; ~+15-20% aggregate Hospital Automation + Telehealth revenue growth. President + CEO Katie Szyman since November 2024 (~1-year tenure); CFO Micah Young. Capital position: ~$0 dividend (no dividend track post-2007 NASDAQ IPO); ~$200-300M aggregate FY2024-2025 buyback program (~$100-200M aggregate FY2025); aggregate capital return ~$100-200M FY2025; net leverage ratio ~negligible (~debt-free post-September 2025 Sound United divestiture); investment-grade Baa3/BBB- credit rating. FY2026 thesis: SET Pulse Oximetry cycle + Hospital Automation + Telehealth pipeline + selected post-September 2025 Sound United Consumer Audio divestiture pure-play Healthcare focus + selected post-November 2024 Katie Szyman CEO transformation + ~50%+ global hospital pulse oximetry market share. Risks: Medtronic (Nellcor) + Philips + GE Healthcare + Apple Watch SET Pulse Oximetry settlement competition.