Masimo Corporation

Masimo Corporation

Masimo Corporation

Overview
Date Founded

1996

Headquarters

52 DISCOVERY, IRVINE, CA, 92618

Type of Company

Public

Employees (Worldwide)

4,500

Industries

Medical Products & Equipment
Industrial Machinery & Manufacturing
Hospitals & Patient Services
Biotechnology

Company Description

Masimo (NASDAQ: MASI) is a global medical technology company that develops and manufactures innovative noninvasive patient monitoring technologies, including medical devices and a wide array of sensors. A key medical technology innovator, Masimo is responsible for the invention of award-winning noninvasive technologies that are revolutionizing patient monitoring, including Masimo SET® pulse oximetry, Masimo rainbow® SET Pulse CO-Oximetry and new Masimo noninvasive and continuous total hemoglobin (SpHb®) monitoring technology. These new rainbow® technologies are expected to open new markets and significantly expand the company’s growth opportunities. Joe Kiani founded Masimo in 1989 as a private "garage start-up" company because he was convinced that the use of adaptive signal processing in the measurement of physiological parameters could solve the problems of low perfusion and motion, which had long plagued in-vivo monitoring and especially pulse oximetry. Today, Masimo has grown into a successful publicly traded medical technology company employing over 2,500 people worldwide with product revenues that have increased 4-fold in the last five years. In addition, the company has technology license and OEM agreements with leading patient monitoring manufacturers spanning the globe including Atom, Datascope, GE Medical, Medtronic, Philips, Spacelabs, and Zoll. Masimo is not only the inventor of Measure-through Motion and Low Perfusion pulse oximetry and Pulse CO-Oximetry technologies, but is also the market-leading pulse oximetry technology solution. In 1995, Masimo debuted Measure-through Motion and Low Perfusion pulse oximetry, known as Masimo SET—a breakthrough in pulse oximetry technology that virtually eliminated false alarms and increased pulse oximetry’s ability to detect life-threatening events. More than 100 independent and objective studies demonstrate that 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 rainbow® SET Pulse CO-Oximetry, a breakthrough noninvasive blood constituent monitoring platform that measures many blood constituents that previously required invasive procedures. Masimo rainbow SET continuously and noninvasively measures total hemoglobin (SpHb®), oxygen content (SpOC™), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®) and pleth variability index (PVI®), in addition to oxyhemoglobin (SpO2), pulse rate (PR), and perfusion index (PI), enabling early detection and treatment of potentially life-threatening conditions. For more than 20 years now, Masimo has been focused on a singular mission—to create noninvasive patient monitoring technologies that are more effective and reliable and to improve patient outcomes and reduce the cost of care by bringing these technologies to new sites and applications. The result is a portfolio of clinically-proven products that lead the way in innovation, performance and patient safety by giving health care providers the information they need to optimize clinical decision-making

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Executives & Employees

Founder

Executive Vice President & Chief Financial Officer

Chief Operating Officer

Executive Vice President, General Counsel

Executive Vice President & Chief Information Officer

Chief Scientific Officer

Chief Accounting Officer

President-Japan

President-Europe, Middle East & Africa

Senior Director

Board of Directors

Founder at Masimo Corporation

Former Senator from Iowa

Chief Innovation Officer at Welch Allyn, Inc.

Former Chief Executive Officer & Director at Ebb Therapeutics, Inc.

Professional at Iridex Corp.

Chief Scientific Officer at Masimo Corporation

Partner at Camber Capital Management LP

Former Co-Head of Global Health Care Investment Banking at Deutsche Bank Securities, Inc.

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Owners & Shareholders
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CWAM provides professional management of global equity assets using in-house resources to seek superior long term results. The firm follows a fundamental, research-intensive investment style characterized by unconventional stock picking and multi-year time horizon.CWAM's investment style can be best described as growth at a reasonable price (GARP). The firm seeks to buy growing, undervalued companies, grow with them, and sell them when their growth slows or when they believe they are fully valued. The firm is particularly interested in underfollowed stocks and niche companies. They like companies that benefit from long-term trends that CWAM identifies. The firm uses dividend discount, private market value and cash flow models to value stocks. CWAM especially likes companies with hidden values beyond reported EPS, such as unusually high free cash flow, masked earnings power or hidden assets. They usually avoid companies in highly competitive or unpredictable industries, such as airlines, commodity semiconductors and many natural resource areas. CWAM invests client assets in certain small to medium capitalization companies, both US and foreign, that it believes have growth potential, financial strength and fundamental value. Although the firm invests its managed assets primarily in equity securities, it may also invest in other types of securities.

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CIP believes that investing in companies with sustainable competitive advantages, durable business models, sound balance sheets, capable and sincere management, and that are trading at valuations that each team deems reasonable can, over time, provide attractive returns with less risk than the overall market. In all of their strategies they actively attempt to minimize business and valuation risk through our well-defined and consistent investment processes. Their investment processes are focused on absolute returns and avoiding large losses, which we believe is critical to wealth creation. Their strategies include small cap equity, mid cap equity, emerging markets equity and emerging markets small cap equity. For CIP's small and mid cap equity, they follow a three-step process: (1) screen all potential companies through unique sector factors; (2) analysis of company fundamentals; (3) valuation analysis. For their emerging markets and emerging markets small cap equity, they also have a process they follow: (1) screen using filters including minimum market cap and liquidity; (2) apply their sector factors - a set of qualitative judgments that target the business models CIP find most attractive; (3) fundamental analysis of company attributes; (4) valuation analysis.

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Ownership Capital is a fundamental, long-term equity investment manager that combines active engagement with ESG integration to achieve superior returns. The firm's mission is to invest on a multi-decade time horizon and provide sustainable returns that allow its long-term clients to comfortably meet their long-term obligations. They invest and engage with a ten-year investment horizon, which they believe is unique among public equity managers. Ownership Capital create value by identifying high-quality companies and engaging directly with them to encourage long-termism, strong corporate governance and sustainability leadership. Their portfolio is comprised of 20-25 high-quality companies. This focused approach allows them to gain a deeper understanding of investee companies and engage with some of the world's leading management teams. Ownership Capital help pension funds and endowments meet their fiduciary responsibility to act in the long-term interests of their beneficiaries and invest across generations by engaging with the companies they own to enhance their long-term success.

Recent Transactions
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Masimo Corporation purchases Masimo Sweden AB

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Masimo Corporation purchases Spire Semiconductor LLC from Spire Corp.

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Masimo Corporation purchases SEDLine, Inc.

Insider Transactions
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Transaction Advisors
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Advised onMasimo Corporation purchases Masimo Sweden AB

Underwriter

Advised onMasimo Corporation issued Common Stock

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Advised onMasimo Corporation issued Common Stock

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Advised onMasimo Corporation purchases Masimo Sweden AB

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Advised onMasimo Corporation purchases Masimo Sweden AB

Clients

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group. The Cardiac and Vascular Group segment consist Cardiac Rhythm and Heart Failure, Coronary and Structural Heart, and Aortic and Peripheral Vascular divisions. The Minimally Invasive Technologies Group segment comprises Surgical Innovations and Respiratory, Gastrointestinal, and Renal divisions. The Restorative Therapies Group contains Spine, Brain, Specialty Therapies, and Pain Therapies divisions. The Diabetes Group segment focuses in the development, manufacturing, and marketing of products and services for the management of Type I and Type II diabetes. The company was founded in 1949 and is headquartered in Dublin, Ireland.

Cardinal Health, Inc. is a healthcare services and products company, which engages in the provision of customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices. It also provides medical products and pharmaceuticals and cost-effective solutions that enhance supply chain efficiency. The company operates through the following segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical and over-the-counter healthcare and consumer products. The Medical segment manufactures, sources and distributes cardinal health branded medical, surgical and laboratory products. The company was founded by Robert D. Walter in 1979 and is headquartered in Dublin, OH.

Founded in Richmond, Virginia, in 1882, Owens & Minor is the nation’s leading distributor of medical and surgical supplies to the acute-care market and a leading provider of healthcare supply chain management solutions. For the first 110 years, our company provided pharmaceutical, and medical and surgical supplies to drugstores and hospitals throughout selected areas of the United States. In 1992, we made a decision to sell our wholesale drug business and focus entirely on the medical/surgical marketplace. This wise decision has paid huge dividends. Today, our 5,100 teammates in 55 distribution centers and our home office serve 4,500 hospitals, integrated healthcare systems, alternate care locations, and the federal government with a comprehensive offering of medical and surgical products. The majority of our sales are consumable goods, such as disposable gloves, dressings, endoscopic products, needles and syringes, sterile procedure trays, surgical products and gowns, and urological and wound-closure products. We have established a great reputation for providing superior, world-class service and continually strive to exceed our customers’ expectations. We understand that if we take great care of our customers, they will take great care of us. Owens & Minor’s common shares are traded on the New York Stock Exchange under the symbol OMI. Our goal is to deliver long-term value to our shareholders and we have paid dividends consistently since 1930. Delivering the difference is our mantra, and we strive every day to live up to that.

Key Stats and Financials As of 2018
Market Capitalization
$7.76B
Total Enterprise Value
$5.36B
Earnings Per Share
$3.45
Revenue
$858M
Net Profit
$194M
EBITDA
$230M
EBITDAMargin
26.75%
Total Debt
$0
Total Equity
$969M
Enterprise Value Sales
6.25x
Enterprise Value EBITDAOperating
23.36x
TEVNet Income
27.71x
Debt TEV
0x
Three Year Compounded Annual Growth Rate Of Revenue
11.26%
Five Year Compounded Annual Growth Rate Of Revenue
9.42%
Non-Profit Donations & Grants
$5,000 +
2016
$5,000 - $10K
2014
Non-Profit Donations & Grants Received
Political Donations
$6,300
2014
$6,800
2014
$4,100
2013
Investments
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TNI medical AG develops, produces, and sells diagnostic and therapeutic devices for breathing therapy. Its products are primarily used for home treatments, especially during sleep. TNI medical focuses on maximizing patient comfort with simultaneous simplification of the application. The company was founded by Michael Lauk in 2007 and is headquartered in Wuerzburg, Germany.

Investors
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Camden Partners Private Equity:Camden Partners invests in lower middle market companies located in the US with an enterprise value of $25 - $250 million. The fund focuses on companies with positive cash flow, recurring revenue, low leverage, revenues of $10 million to $100 million and EBITDA up to $10 million. It targets companies operating in the fields of biomedical technology education, healthcare and business services. It provides financing for acquisitions, recapitalizations and growth stage capital requirements. It acquires controlling interests and takes a seat on the board of directors.It also provides financing that combines debt with warrants and with various types of preferred securities and also invest in micro-cap public companies.Camden Partners Nexus Strategy:Camden Partners Nexus Fund LP seeks investment opportunities in companies located in the US. The fund targets companies operating in the fields of technology services. It provides financing for seed-stage capital requirements and invests $500,000 to $2,500,000.

Suppliers
Amazon.com, Inc. IT Consulting & Services | Seattle, Washington

Amazon.com, Inc. engages in the provision of online retail shopping services. It operates through the following business segments: North America, International, and Amazon Web Services (AWS). The North America segment includes retail sales of consumer products and subscriptions through North America-focused websites such as www.amazon.com and www.amazon.ca. The International segment offers retail sales of consumer products and subscriptions through internationally-focused websites. The Amazon Web Services segment involves in the global sales of compute, storage, database, and AWS service offerings for start-ups, enterprises, government agencies, and academic institutions. The company was founded by Jeffrey P. Bezos in July 1994 and is headquartered in Seattle, WA.

Publicis Groupe SA Hospitals & Patient Services | Paris, IF

Publicis Groupe SA engages in the advertising industry. Its services include customer relationship management, direct marketing, sales promotion, events management, public relations, and corporate, multicultural and financial communications. The company was founded by Marcel Bleustein-Blanchet in 1926 and is headquartered in Paris, France.

Competitors
Medtronic Plc Medical Products & Equipment - Dublin, DU

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group. The Cardiac and Vascular Group segment consist Cardiac Rhythm and Heart Failure, Coronary and Structural Heart, and Aortic and Peripheral Vascular divisions. The Minimally Invasive Technologies Group segment comprises Surgical Innovations and Respiratory, Gastrointestinal, and Renal divisions. The Restorative Therapies Group contains Spine, Brain, Specialty Therapies, and Pain Therapies divisions. The Diabetes Group segment focuses in the development, manufacturing, and marketing of products and services for the management of Type I and Type II diabetes. The company was founded in 1949 and is headquartered in Dublin, Ireland.

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