IRVINE, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Masimo (Nasdaq: MASI), the inventor of Pulse CO-Oximetry(TM) and Measure-Through Motion and Low Perfusion pulse oximetry, today announced that Masimo Chairman and CEO Joe Kiani has been awarded the 2009 Frost & Sullivan CEO of the Year Award in the North American Patient Monitoring market. According to Frost & Sullivan, the award is presented in recognition of Mr. Kiani's "unprecedented ability in understanding customer requirements, developing new technologies, delivering relevant products, and thereby exploiting new market opportunities. In leading Masimo, he has not only made technology innovation the core of the company's philosophy but also equally emphasized protection of that innovation through patent licensing and OEM contracts with established patient monitoring manufacturing companies such as GE Medical, Philips, Zoll, Atom, Draeger, and Medtronic. While accomplishing all of these things, Masimo and Mr. Kiani have also been recognized for their integrity in conducting business and truthfulness in advertising."
In its summary outlining the reasons they chose to honor Kiani with the CEO of the Year award, Frost & Sullivan referenced his significant contributions to the industry, starting with the development of Masimo SET pulse oximetry. With the assistance of his friend and fellow engineer Mohamed Diab, Frost & Sullivan noted, "Kiani embarked on achieving the impossible goal of developing a pulse oximetry technology that provides precise, reliable measurements during low peripheral profusion and patient motion. The outcome of this endeavor was the invention of a breakthrough technology in pulse oximetry, Masimo SET, which considerably reduced false alarms and increased the instrument's capability of detecting critical conditions."
"This revolutionary discovery marked the beginning of Masimo's legacy as a pulse oximetry technology innovator developing and manufacturing advanced, unique equipment each year. Under Mr. Kiani's leadership, in 2005 Masimo unveiled its second ground-breaking innovation, Masimo Rainbow SET Pulse CO-Oximetry with the advanced ability to measure several blood constituents that traditionally necessitated invasive methods," Frost & Sullivan continued. "Considerable enhancements were made in this product line with the capacity to measure carboxyhemoglobin (SpCO®) in 2005, methemoglobin (SpMet®) in 2006, and pleth variability index (PVI(TM)) in 2007. The latest Rainbow innovation from Masimo launched in 2008 is the noninvasive total hemoglobin (SpHb(TM)). Additionally, this novel equipment also measures pulse rate, perfusion index, and oxyhemoglobin and plays a critical role in early detection and treatment of life-threatening conditions."
Frost & Sullivan added that the key to Mr. Kiani's success as the CEO of Masimo "lies in directing his technological inventions to strategically address the unmet needs of the market" and that under his leadership, Masimo's innovations have "redefined patient monitoring systems." The award summary goes on to cite "the strategies adopted by Mr. Kiani as the CEO of Masimo have persistently created new industry standards. The novel product portfolio of Masimo has added a new dimension to noninvasive patient monitoring equipment that has considerably facilitated early detection of challenging patient conditions."
"As a dynamic entrepreneur, he has accepted technological and business challenges successfully, resolved them, and created new industry benchmarks during this process. In this context, it is relevant to mention that in 2006, Mr. Kiani's relentless efforts enabled Masimo to attain a historic victory against Nellcor division of Tyco Healthcare in one of the biggest patent infringement violation lawsuits. Despite Tyco Healthcare's stature and market dominance, Mr. Kiani won his company more than $300 million in damages setting a dramatic precedent that has changed the very face of the healthcare industry," the award summary states. "In addition, his testimony before the U.S. Senate in 2002 led to Group Purchasing Organization (GPO) reforms that help ensure clinicians have access to the best technology and that every company making effective products, competitively priced, is given a chance to compete and sell to hospitals through a GPO, not just the dominant suppliers."
In addition, Frost & Sullivan said that Mr. Kiani's "technology licensing strategy has successfully demonstrated the infallibility of patenting as a critical growth propeller for emerging medical device companies. Masimo's victory against Tyco Healthcare buttresses the importance of patenting in guarding the innovations of the emerging companies against established market participants. Furthermore, this victory also indicates the capability of emerging companies to compete with the market leaders that control the market."
Frost & Sullivan continued: "While leading innovation and industry change, Masimo and Mr. Kiani have also been guided by the highest principles and ethics, resulting in recognition by customers and partners alike for their integrity in conducting business. Masimo has also received high rankings by industry publications and professional societies for truthfulness in advertising."
"In successfully augmenting his scientific acumen, his formal university training, his business foresight, and the highest integrity, Mr. Kiani has demonstrated the characteristic virtues of a true entrepreneur. As the CEO, he has constantly assisted Masimo in taking confident, progressive strides in the highly monopolized patient monitoring equipment market," the award summary concludes. "In strategically balancing product innovation, manufacturing, licensing, and marketing, Mr. Kiani has carefully delineated the cardinal elements of an effective business model. Fostering healthy competition and transforming challenges to drivers, Mr. Kiani has emerged as the ideal choice for the 2009 Frost & Sullivan CEO of the Year Award in the North American Patient Monitoring market."
"On behalf of the entire Masimo team around the world, I am humbled to accept this award," Mr. Kiani said. "This award truly reflects the hard work and dedication of a large group of dedicated men and women at Masimo who come to work each day to solve the unsolvable, and as a result make a real difference in the lives of patients."
A complete description of this award and the multiple other awards Masimo has received is available at: http://www.masimo.com/awards/index.htm
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), a breakthrough noninvasive blood constituent monitoring platform that can measure many blood constituents that previously required invasive procedures. Masimo Rainbow SET continuously and noninvasively measures total hemoglobin (SpHb(TM)), oxygen content (SpOC(TM)), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), PVI®, and acoustic respiration rate (RRa(TM)), in addition to oxyhemoglobin (SpO2), pulse rate (PR), and perfusion index (PI), allowing early detection and treatment of potentially life-threatening conditions. 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: whether Mr. Kian's receipt of the Frost & Sullivan award as CEO or the Year will have any material affect on our business, 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.
Contact: Dana Banks Masimo Corporation 949-297-7348
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.
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