News | April 17, 2007

Masimo Files for IPO of Up to $150M

April 18, 2007 - Masimo Corp. filed with the Securities and Exchange Commission for an initial public offering of up to $150 million in common stock. The Irvine, CA-based medical technology company makes noninvasive patient monitoring products.

The company didn't disclose how many shares will be offered, nor did it provide an estimated price range for the offering.

The company said it expects to use about $15 million to $20 million of the net proceeds from this offering in capital expenditures and deferred cost of sales, primarily representing the placement of equipment under long-term sensor purchase contracts, and about $7.5 million in miscellaneous capital purchases.

The company said it intends to use the remainder net proceeds for ongoing research and development, sales and marketing activities and increased costs associated with becoming a public company.

Piper Jaffray, Deutsche Bank Securities, Cowen and Co. and Thomas Weisel Partners LLC are listed as underwriters for the offering.

The company said it plans to list its stock on the Nasdaq Global Market, under the symbol of MASI.

For the year 2006, the company's net income increased to $181.6 million from 2005's $33.4 million. Its 2006 revenue more than doubled to $224 million from $108 million in 2005, according to the company's prospectus.

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