Masimo makes patient monitoring technology for hospitals and clinical settings. Its core product is pulse oximetry — sensors and monitors that noninvasively measure blood oxygen saturation and pulse rate in real time. Masimo's key differentiator is its Signal Extraction Technology (SET), which it argues delivers more accurate readings than conventional pulse oximetry during patient motion and low blood perfusion, the two conditions that cause standard pulse oximeters to fail. Beyond core pulse oximetry, Masimo sells its rainbow SET platform, which uses multiple light wavelengths to noninvasively measure additional blood parameters — including hemoglobin and carboxyhemoglobin — that previously required invasive blood draws. Masimo also offers capnography, brain monitoring, hemodynamic monitoring, and hospital automation and connectivity products that integrate device data into hospital EMRs. Masimo's business model is a razor-and-blades structure: monitors and circuit boards are placed at hospitals under long-term contracts, generating recurring revenue from ongoing consumption of proprietary single-use sensors. Consumables and services represent roughly 85%+ of healthcare revenue. Masimo sells through a direct U.S. sales force, international distributors, and over 90 OEM partners — including Philips, GE Healthcare, and Mindray — who embed Masimo circuit boards into their own monitors. Masimo is a pure-play healthcare technology company following the 2025 sale of its consumer audio unit to Harman, with healthcare revenue running at approximately $1.5B annually. Danaher announced an all-cash acquisition of Masimo at $180 per share in February 2026, expected to close in the second half of 2026.