Masimo CEO Joe Kiani on Tuesday explained how its telehealth systems can be useful in the fight against coronavirus.
Masimo, a global medical device maker, markets noninvasive monitoring systems, including pulse oximetry systems that monitor pulse and oxygen levels in patients. The company in March launched a remote patient monitoring system called Masimo SafetyNet that is useful for health-care workers during the deadly Covid-19 outbreak to track patient vitals from a safe distance.
The wireless pulse oximetry works whether a patient is moving or experiencing low blood flow, Kiani said.
“You could put the patient in the room,” he explained, “bring the monitor outside of the room and instead of walking into the room to check on the vital signs of the patient … you can now remotely monitor the patient” when giving care.
The system uses signal extraction technology, or SET, to track a user’s blood oxygen saturation and respiration rate. As hospitals filled up with individuals who contracted the fast-spreading contagion, the pulse oximetry device allows health-care workers to monitor patients from home, Kiani said.
“We now have made it possible to send patients outside the hospital including the home, which you’re probably the most comfortable in, and allow clinicians to remotely monitor you so that if you get in trouble, like some patients have, they can bring you right in,” he said, adding “and if you’re fine and recovering, you can be at your home where it’s less chance” of spreading and catching disease.
Masimo, which reported earnings in late April, topped Wall Street estimates for the first quarter. The company brought in $270 million in revenue and profits of 97 cents per share.
Masimo saw revenue grow more than 16% from the year ago quarter. The SET business also grew double digits and analysts are expecting sales to jump more than 25% in the current quarter, according to FactSet estimates.
Shares of Masimo rose 3.66% to a new closing high of $234 in Tuesday’s session.