Masimo Corporation · NASDAQ:MASI
Masimo — Investor Day (December 2025)
78 slides from Masimo's investor day presentation, Dec 3, 2025
Slide 1: Investor Day
Investor Day D E C E M B E R 3 , 2 0 2 5
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words “may,” “will,” “expect,” “belie
Slide 3: Agenda
Agenda S TA R T T I M E ( P T ) SPEAKER Katie Szyman – Chief Executive Officer 9:00am Expanding Our Global Leadership in Monitoring Tim Benner – Chief Marketing & Strategy Officer 9:20am Accelerating Global Growth Dr. Daniel Cantillon – Chief Medical Officer 9:45am Empowering Clinicians to Transform
Slide 4: Expanding Our Global Leadership in Monitoring
Expanding Our Global Leadership in Monitoring 2025 Katie Szyman Chief Executive Officer
Slide 5: Our Mission and Values
Our Mission: Masimo innovations empower clinicians to transform patient care Our Values: Patients First Innovation We do what is best for We thrive on fascination patients and discovery Performance People We deliver with We respect and grow integrity talent 5
Slide 6: Global Leader in Patient Monitoring
Global Leader in Patient Monitoring Transforming Healthcare Through Relentless Innovation & Execution Leading Monitoring Portfolio 200 million+ patients in 150+ countries monitored each year using Masimo SET® technology 80%+ Recurring Revenue $1.5 billion+ FY2025E total revenue Large & Growing Insta
Slide 7: Delivering on Our Commitments in 2025
Delivering on Our Commitments in 2025 KEY WINS Revenue Operating Margin Non-GAAP EPS FOCUS • Strategy centered on medical technology 9% 820bps +67% • Divested Sound United business Growth(1) Margin Expansion(2) Growth(1) • Targeted R&D strategy in core markets 28.4%–28.8% $5.62–$5.79 I N N O V AT I
Slide 8: Positioned to Succeed: Long-Range Plan
Positioned to Succeed Long-Range Plan (Targets Through 2028) World-class execution-oriented leadership team 7%–10% Revenue CAGR Targeted growth strategy in our core markets ~30% Refocused innovation to accelerate growth Operating Margin by 2028 Market-leading growth in EPS and free cash flow $8.00 Ad
Slide 9: Experienced Leadership Team With Track Record of Execution
Experienced Leadership Team With Track Record of Execution Katie Szyman* Chief Executive Officer Ammar Al-Ali* Tim Benner* Dr. Daniel Cantillon* Chief Engineering, Innovation & Design Chief Marketing & Strategy Officer Chief Medical Officer Charles Dadswell Lisa Hellmann Greg Meehan General Counsel Chi
Slide 10: Our Top Priorities to Drive Value Through 2028
Our Top Priorities to Drive Value Through 2028 Focus Innovation Execution Commercial & Operational Significant Market Opportunity 3 Waves of Innovation Excellence Masimo’s Growth Installed Base Refresh Cash Flow Growth Algorithm Patient Pathway Clinical Evidence Strategic Capital Allocation to Growt
Slide 11: Masimo's Growth Algorithm
Masimo’s Growth Algorithm Driving Towards Double-Digit Growth Exiting 2028 Global Growth Contribution Accelerate US 2.75%–3.75% Pulse Ox Growth + Increase International Penetrate International 1.75%–2.25% Pulse Ox Ox Pulse Market Share Market + 7%–10% Expand Advanced Durable Long-Term Growth 2.50%–3
Slide 12: Significant Market Opportunity Across Large Key Markets
Significant Market Opportunity Across Large Key Markets Long Runway for Masimo Share Capture in Core Markets Market Expansion $1.5B Market ~$800M Market ~$2.5B Market ~$2B TAM 3%–4% Annual Growth 6%–8% Annual Growth 5%–9% Annual Growth ~45% ~65% ~85% 98%+ opportunity opportunity opportunity opportuni
Slide 13: Expanding Our Impact to New Patient Pathways
Expanding Our Impact to New Patient Pathways Expansion Opportunity Monitoring Setting Today Expansion Opportunity Step-Down & ER Admissions Operating Room ICU Discharge Units 145M 30M 30M 60M+ Annual Patient Encounters Annual Patient Encounters Annual Patient Encounters Annual Patient Encounters ~$2
Slide 14: Refocused Innovation to Accelerate Growth
Refocused Innovation to Accelerate Growth Wave 3 (2028+) Wave 2 (2026–2028) Innovate & launch wearables for Accelerate intelligent monitoring curb-to-curb patient monitoring Wave 1 (2025–2026) and new product adoption across the portfolio Elevate commercial excellence Algorithm Additions: Algorithm
Slide 15: Global Root Monitor Refresh Opportunity
Global Root® Monitor Refresh Opportunity 12 Years of Innovation Coming to Market Root® Monitor Next-Gen Root® Monitors 2014 LAUNCH 2027 LAUNCH 2028 LAUNCH High & Low Acuity Vital Signs 100K+ Unit Root® Monitor Refresh Drives Revenue Opportunity 15
Slide 16: We Continue to Defend Our Intellectual Property
We Continue to Defend Our Intellectual Property… Recent Major Win CA Jury Finds Apple Infringed Masimo Patent What’s Next… CA Trade Secrets Decision expected from February 2025 bench trial $634M ITC Case In November, the International Trade Commission Damages Awarded (ITC) announced a new proceeding
Slide 17: Positioned to Succeed: Long-Range Plan
Positioned to Succeed Long-Range Plan (Targets Through 2028) World-class execution-oriented leadership team 7%–10% Revenue CAGR Targeted growth strategy in our core markets ~30% Refocused innovation to accelerate growth Operating Margin by 2028 Market-leading growth in EPS and free cash flow $8.00 Ad
Slide 18: Accelerating Global Growth
SHARPENING OUR STRATEGY Accelerating Global Growth Tim Benner Chief Marketing and Strategy Officer
Slide 19: Masimo's Growth Algorithm
Masimo’s Growth Algorithm Driving Towards Double -Digit Growth Exiting 2028 Global Growth Contribution Accelerate US 2.75% –3.75% Pulse Ox Growth + Increase International Penetrate International 1.75% –2.25% Pulse Ox Market Pulse Share Ox Market + 7% –10% Expand Advanced Durable Long -Term Growth 2.
Slide 20: Masimo Growth Pillars
Masimo Growth Pillars 1 Elevate Commercial Excellence Proven Markets | Proven Technology | Proven Execution Elevate Commercial Excellence US Pulse Ox 2.75 –3.75 ppts 2 Accelerate US Pulse Ox Growth Proven Markets | Proven Technology | Proven Execution 7% –10% Int’l Pulse Ox 3 Increase International
Slide 21: Elevate Commercial Excellence
Elevate Commercial 1 Excellence
Slide 22: Building Upon Our Commercial Leadership
1 ELEVATE COMMERCIAL EXCELLENCE Building Upon Our Commercial Leadership Masimo’s Commercial Playbook Winning portfolio supported by real -world evidence Strengthening market -leading commercial channel and elevating marketing strategy Expansive installed base via OEM partnerships with high recurring
Slide 23: Winning Portfolio of Market-Leading Innovations
1 ELEVATE COMMERCIAL EXCELLENCE Winning Portfolio of Market -Leading Innovations Hospitals Choose Masimo to Deliver Proven, Best -in-Class Patient Monitoring & Safety MARKET SEGMENT MARKET POSITION MARKET PERFORMANCE INNOVATION • Best -in-class accuracy in motion + low perfusion 2026/2027 SET Pulse
Slide 24: Strengthening Market-Leading Commercial Channel
1 ELEVATE COMMERCIAL EXCELLENCE Strengthening Market-Leading Commercial Channel ENHANCED FIELD & MARKETING CAPABILITY REFINING SALES MODEL • Unified Sales Organization • New Commercial Leadership New Chief New Chief Marketing New President, Commercial Officer & Strategy Officer JPAC Region • Expande
Slide 25: Elevating Partnerships With Leading Key Opinion Leaders
1 ELEVATE COMMERCIAL EXCELLENCE Engagement: Elevating Partnerships With Leading Key Opinion Leaders New Strategic Advisory Boards Inaugural Luminary Advisory Board Meeting: December 2025 LUMINARY SAB NURSE ADVOCATE SAB • Global KOL MDs • Global Nurse KOLs • Portfolio, Pipeline • Portfolio, Pipeline
Slide 26: Installed Base via OEM Partnerships Creates Durable Revenue
1 ELEVATE COMMERCIAL EXCELLENCE Installed Base via OEM Partnerships Creates Durable Revenue Large and Growing Installed Base Creates High Recurring Revenue ~2.6M + = shipped over last 10 years Technology Boards Monitors 90+ Strong OEM Partnerships Create High Barriers to Entry Sept. 2025: Multi -Yea
Slide 27: Deep Customer Relationships With 98%+ Renewal Rates
1 ELEVATE COMMERCIAL EXCELLENCE Deep Customer Relationships With 98%+ Renewal Rates The Primary Pulse Oximetry at All 10 Top US Hospitals SAVES LIVES LEADING CUSTOMER RETENTION, WIN - RATE • 0 preventable deaths or brain damage AND COVERAGE from OIRD (1) • 80% reduction in the rate of ROP (2) 98%+ S
Slide 28: Accelerate US Pulse Ox Growth
Accelerate US Pulse 2 Ox Growth
Slide 29: Predictable Market Growth, Consistent Share Gains
2 ACCELERATE US PULSE OX GROWTH Predictable Market Growth, Consistent Share Gains US Pulse Ox Market Size US Pulse Ox Growth Contribution to Masimo 2026 –2028 CAGR ~$1.5B Market US Pulse Ox Market Growth: 7% 7% –10% –10% ~$2B TAM | ~75% Penetrated • US patient census: ~1% –2% • Pulse Ox TAM penetrat
Slide 30: Proven Track Record Growing US Pulse Ox Share
2 ACCELERATE US PULSE OX GROWTH Proven Track Record Growing US Pulse Ox Share Masimo Drives 1 –2 ppts US Pulse Ox Continued Share Gains Driven by : Share Gains Every Year Targeting 58% –60% Commercial Excellence share by 2028 ~50% ~55% Clinical Evidence Investments Sensor Innovation (NPI) 2021 2022
Slide 31: Multi-Year Launch of New Pulse Ox Sensors Begins in 2026
2 ACCELERATE US PULSE OX GROWTH Multi-Year Launch of New Pulse Ox Sensors Begins in 2026 US Launch Target: H1 2026* Opioid-Induced Respiratory • OIRD impacts up to 46% of patients post-operatively(1) Depression (OIRD) • AI-powered algorithm predicts risk of OIRD US Launch Target: H2 2026* Atrial • A
Slide 32: Increase International Pulse Ox Market Share
Increase International 3 Pulse Ox Market Share
Slide 33: Increase International Pulse Ox Market Share
3 INCREASE INT’L PULSE OX MARKET SHARE Increase International Pulse Ox Market Share Int’l Pulse Ox Market Size Int’l Pulse Ox Growth Contribution to Masimo 2026 –2028 CAGR ~$ 800M Market Int’l Pulse Ox Market: 7% –10% 6% –8% Market Growth • Annual market growth: 6% –8% Opportunity: ~2.00 ppts ~65% I
Slide 34: Elevated International Pulse Ox Commercial Playbook in 2025
3 INCREASE INT’L PULSE OX MARKET SHARE Elevated International Pulse Ox Commercial Playbook in 2025 Masimo International Pulse Ox Share $150M+ Masimo International Playbook “Go -Get” Opportunity • Focus on top 5 EU markets EMEA ~55%+ • Expand presence in Middle East Masimo US Share • Next -Gen Pulse
Slide 35: Masimo Japan Turnaround Initiated 2H 2025
3 INCREASE INT’L PULSE OX MARKET SHARE Masimo Japan Turnaround Initiated 2H 2025 International Region Spotlight: Japan 2025 Japan Market Actions: • Re -built leadership team + sales structure Country Manager (new) (starts January 2026) Masimo Sales Leader (new) Japan (starts December 2025) Dr. Huimi
Slide 36: Expand Advanced Monitoring
Expand Advanced 4 Monitoring
Slide 37: World-Class, Differentiated Portfolio in High-Growth Markets
4 EXPAND ADVANCED MONITORING World -Class, Differentiated Portfolio in High -Growth Markets Capnography + Gas Monitoring Brain Monitoring Hemodynamic Monitoring NomoLine ® SedLine ® LiDCO ® Capnography Brain Function Monitoring Cardiac Output Respiration and ventilation Depth of sedation Blood pumpe
Slide 38: Leveraging the Advanced Monitoring Portfolio to Accelerate Growth
4 EXPAND ADVANCED MONITORING Leveraging the Advanced Monitoring Portfolio to Accelerate Growth Advanced Monitoring Masimo Advanced Contribution to Masimo Global Market Size Monitoring Global Growth 2026 –2028 CAGR ~$ 2.5B Global Market Hemodynamics/CO -Oximetry 7% –10% 5% –9% Annual Growth Growth Br
Slide 39: New US Commercial Structure Enables Portfolio Growth
4 EXPAND ADVANCED MONITORING New US Commercial Structure Enables Portfolio Growth Example: Masimo US Market Share US Commercial Structure Enhancement PREVIOUS STRUCTURE NEW STRUCTURE (MID -2025) ~ 55% Significant Advanced Monitoring “Go -Get” Opportunity Product Teams Portfolio Teams US Regional Lea
Slide 40: Execute New Product Launches
Execute New Product 5 Launches
Slide 41: Executing Next-Gen Innovations Across the Portfolio
5 EXECUTE NEW PRODUCT LAUNCHES Executing Next -Gen Innovations Across the Portfolio Focused Launch Plans Masimo NPI Growth Contribution to Masimo 2026 –2028 2026 –2028 2026 –2028 CAGR 7% –10% Growth From New Product Introductions Up to 1 ppt • Executing focused launch cadence • Global launches initi
Slide 42: Meaningful Pipeline Delivering Innovations Our Customers Want
5 EXECUTE NEW PRODUCT LAUNCHES Meaningful Pipeline Delivering Innovations Our Customers Want Wave 1 Wave 2 Wave 3 2025 –2026 2026 –2028 2028+ Elevate commercial excellence Accelerate intelligent monitoring Innovate & launch wearables and new product launches and new product adoption across the portf
Slide 43: High Confidence in 7%–10% Growth (2026–2028)
High Confidence in 7% –10% Growth (2026 –2028) 7% –10% Masimo CAGR 2026 –2028 1 Elevate Commercial Excellence Proven Markets | Proven Technology | Proven Execution US Pulse Ox • Strong Global Commercial 2.75 –3.75 ppts 2 Accelerate US Pulse Ox Growth Engine – Getting Stronger • Distinguished “Weight
Slide 44: 200M Patients and Counting
200M Patients and Counting... |
Slide 45: Empowering Clinicians to Transform Patient Care
Empowering Clinicians to Transform Patient Care Daniel Cantillon, MD Chief Medical Officer
Slide 46: Masimo is Innovating the Delivery of Healthcare
Masimo is Innovating the Delivery of Healthcare A differentiated and meaningful body of clinical evidence Newly released clinical studies establish Masimo’s leadership across skin tone accuracy and hospital cost savings (1,2) Delivering transformative innovations inspired by clinicians Well position
Slide 47: Differentiated and Meaningful Body of Clinical Evidence
Differentiated and Meaningful Body of Clinical Evidence CLINICAL EVIDENCE GENERATION 30+ active clinical studies with 50+ planned 2026 –2028 Clinical studies across nine global regions, including 5 RCTs High -impact 2025 publications including: JAMA Pediatrics, Journal of Patient Safety, Chest Criti
Slide 48: Investing in Evidence to Empower Clinicians
Investing in Evidence to Empower Clinicians Core Pulse Ox BLIKE Study Clinical INSPIRE Study Studies Smart SET™ OIRD and AFib Detection Alarm Fatigue AFib PPG Validation Outcomes Studies Cost-of-Care Reduction 2025 2026 2027 2028 VSM Outcomes Study Bite Block Study Advanced Adult SedLine RCT Monitor
Slide 49: Best-in-Class Accuracy Across Skin Tones
INSPIRE Study Best -in-Class Accuracy Across Skin Tones INSPIRE Study (50 ICU Patients | Medical University of South Carolina) THE CLINICAL NARRATIVE INSPIRE Study Medically complex patients: • 40% with low perfusion • 60% on vasopressors Overall bias -0.6% INSPIRE Study(1) (-0.2% for dark and -0.9%
Slide 50: Continuous Monitoring Costs Less – Not More
BLIKE Study Continuous Monitoring Costs Less – Not More BLIKE Study THE CLINICAL NARRATIVE >32,000 general ward patients over 3 ½ years at Dartmouth - Hitchcock Medical Center Cost savings per event avoided: BLIKE Study(1) • $5,500 per rescue • $10,700 per rescue/transfer Continuous monitoring of El
Slide 51: Delivering Transformative Innovations Inspired by Clinicians
Delivering Transformative Innovations Inspired by Clinicians Wave 1 Wave 2 Wave 3 2025 –2026 2026 –2028 2028+ Elevate commercial excellence Accelerate intelligent monitoring Innovate & launch wearables and new product launches and new product adoption across the portfolio Consumables Algorithm Addit
Slide 52: A Commitment to Leadership and Excellence in Pulse Oximetry
WAVE 1 2025 – 2026 A Commitment to Leadership and Excellence in Pulse Oximetry Real -World Clinical Studies: Accuracy Where It Matters Most Pleth Perfusion Variability Index (Pi ® ) Index Neonates Pediatrics Adults (PVi ® ) Oxygen Respiration Masimo Reserve Rate from SET ® Index Pleth 2018 2026 2025
Slide 53: Introducing Next Generation AI-Enabled Pulse Ox Sensors
WAVE 13 WAVE 2028+ 2025 – 2026 Introducing Next Generation AI -Enabled Pulse Ox Sensors Introducing Masimo First AI -enabled sensor designed Smart SET to detect patient deterioration Delivers 3 novel algorithmic clinical insights: OIRD, AFib and PRD Launching late 2026 (US and EU) Smart SET RD SET ®
Slide 54: New Smart SET Sensor Addresses Critical Clinical Gaps
WAVE 1 2025 – 2026 New Smart SET Sensor Addresses Critical Clinical Gaps Opioid -Induced Respiratory Continuous PPG -Based Atrial Fibrillation Continuous 24/7 OIRD 24/7 A F ib Depression ( OIRD ) Monitoring (AFib ) Detection Monitoring • Affects up to 46% of patients post -operatively (1) • AFib imp
Slide 55: Radius VSM Launch
WA W A VV EE 13 22 00 22 58 –+ 2 0 2 6 Radius VSM® Launch Radius VSM ® • Expands continuous monitoring to new care areas • Enhanced battery life (up to 12 hours) • Full market launch in 2026 (US + EU) • Announced partnership with University October 2025 Hospitals to equip 1,500 beds across Universit
Slide 56: Delivering Transformative Innovations Inspired by Clinicians
Delivering Transformative Innovations Inspired by Clinicians Wave 1 Wave 2 Wave 3 2025 –2026 2026 –2028 2028+ Elevate commercial excellence Accelerate intelligent monitoring Innovate & launch wearables and new product launches and new product adoption across the portfolio Consumables Algorithm Addit
Slide 57: Next-Gen Root
WAVE 2 2026 – 2028 Innovating Masimo's Core Capital Portfolio ® Next -Gen Root Improves hospital workflows with EMR connectivity Hosts totality of Masimo’s smart algorithms Individualized care with advanced detection & prediction Launches in 2027 13
Slide 58: Next-Gen Root Vital Signs
WAVE 2 2026 – 2028 Innovating Masimo's Core Capital Portfolio ® Next -Gen Root VITAL SIGNS Enhanced portability across hospital Advanced signal processing & algorithms Automates vital signs Launches in 2027 Bluetooth WiFi Alarm Speaker 12 -Hour Battery 14
Slide 59: Delivering Transformative Innovations Inspired by Clinicians
Delivering Transformative Innovations Inspired by Clinicians Wave 1 Wave 2 Wave 3 2025 –2026 2026 –2028 2028+ Elevate commercial excellence Accelerate intelligent monitoring Innovate & launch wearables and new product launches and new product adoption across the portfolio Consumables Algorithm Addit
Slide 60: Centralized Patient Monitoring: Next-Gen Patient SafetyNet
WAVE 3 2028+ Centralized Patient Monitoring: Next -Gen Patient SafetyNet Supported by Large Prospective Outcome Studies and Innovation Partnership With Cleveland Clinic Substantial Breadth + Opportunity Masimo Patient SafetyNet installed in: • 850 hospitals (18% of US hospitals) • Covering 48,000 be
Slide 61: Next-Generation Patient SafetyNet: Novel Clinical Capabilities
WAVE 3 2028+ Next -Generation Patient SafetyNet : Novel Clinical Capabilities Main campus plus regional hospitals: 13 -month outcome study Discretionary Emergency Response Team (ERT) deployment to bedside Associated with 93% Return of Spontaneous Circulation (ROSC) 17
Slide 62: Masimo is Innovating the Delivery of Healthcare
Masimo is Innovating the Delivery of Healthcare A differentiated and meaningful body of clinical evidence Newly released clinical studies establish Masimo’s leadership across skin tone accuracy and hospital cost savings (1,2) Delivering transformative innovations inspired by clinicians Well position
Slide 63: Our Plan to Drive Value Creation
Our Plan to Drive Value Creation Micah Young Chief Financial Officer
Slide 64: Long History of Driving Strong Financial Results
Long History of Driving Strong Financial Results Within Core Med Tech Business Durable Revenue Growth Strong Margin Expansion Significant EPS Growth 9%+ CAGR 870+ bps 15%+ CAGR $1,510–$1,530 27.3%– 27.7% $5.40–$5.55 18.6% $738 $1.73 Incl. Incl. 110bps ~$0.23 tariff tariff impact impact 2017 2025 2017
Slide 65: Our Financial Priorities
Our Financial Priorities Returning to Our Roots With Renewed Strength Dedicated focus on core medical technology markets Leverage SET platform to drive share gains across portfolio High-single-digit grower with pathway to double-digit growth Multiple initiatives to drive further operating margin exp
Slide 66: Delivering on Our 2025 Commitments: Key Drivers
Delivering on Our 2025 Commitments Key Drivers On pace to exceed initial 2025 operating …Delivering ~490bps of estimated operating margin guidance of 26.5% by ~100bps… margin improvement excluding tariffs +410bps (2) 27.5% Gross Margin Improvement • Reduced unit COGS +440bps +80bps • Discontinued no
Slide 67: Positioned to Deliver Growth, Margin Expansion and Cash Generation
Positioned to Deliver Meaningful Growth, Margin Expansion and Cash Generation 7%–10% ~30% $8.00 ~$1B Revenue CAGR Operating Margin by Adj. EPS 2026–2028 Cumulative 2028 by 2028 Operating Cash Flow L o n g - R a n g e Ta r g e t s ( T h r o u g h 2 0 2 8 ) Focused on Delivering Shareholder Value 5 No
Slide 68: Continued Focus on Financial Discipline & Capital Deployment
Continued Focus on Financial Discipline & Capital Deployment Clear, Executable Financial Roadmap Delivering Shareholder Returns Margin Free Cash Disciplined Capital Expansion Flow Growth Allocation Manufacturing and operational Low capex requirement Focused on shareholder returns excellence Pricing
Slide 69: Our Plan To Drive Operating Margin Expansion Through 2028
Our Plan To Drive Operating Margin Expansion Through 2028 ~250bps of estimated operating margin improvement excluding tariffs +270bps +190bps +110bps (210bps) ~30% ~27.5% (1) ~27.5%(1) (110bps) Incl. 110bps Incl. 110bps tariff impact tariff impact 2025 Operating Incremental Annual Tariff Mitigation
Slide 70: Growth and Margin Expansion Translating to Strong EPS Growth
Growth and Margin Expansion Translating to Strong EPS Growth Commercial and Operational Execution to Maximize Shareholder Returns 7%–10% ~250bps Capital $8.00 Revenue Operating Deployment Adj. EPS CAGR Margin Expansion Share Buybacks by 2028 Through 2028 & Debt Paydown 8 Note: Revenue growth excludi
Slide 71: Highly Efficient Cash Flow Profile
Highly Efficient Cash Flow …With Meaningful Planned Profile… Improvement Operating Cash Flow ($M) Strong Cash Flow FCF Conversion (%)* Capacity Driven by: ~$1B Cumulative Operating Cash Flow (2026–2028) Low capex requirements (~3% of sales) 70%–80% Continued operating leverage and margin improvement
Slide 72: Foundation to Drive Shareholder Value
Foundation to Drive Shareholder Value LONG-RANGE PLAN ( TA R G E T S T H R O U G H 2 0 2 8 ) Large and growing installed base with significant barriers to entry 7%–10% Revenue CAGR Highly predictable and recurring revenue ~30% Leverageable operating model delivering margin Operating expansion and str
Slide 73: Appendix
Appendix 4 Masino
Slide 74: Masimo Common Abbreviations and Acronyms
Masimo Common Abbreviations and Acronyms Adj. Adjusted G&A General & Administrative OIRD Opioid-Induced Respiratory Depression Afib Atrial Fibrillation GAAP Generally Accepted Accounting Principles PCA Patient-Controlled Analgesia AI Artificial Intelligence GM General Manager Periop Perioperative AP
Slide 75: Reconfirmed FY 2025 Guidance
Reconfirmed FY 2025 Guidance Updated (1) FY 2025 Guidance ($ in millions; except EPS) Low - High Non-GAAP Revenue $1,510 - $1,530 Reported Growth 8.2% - 9.7% (2) Constant Currency Growth 8.5% - 10.0% Excluding New Tariffs $428 - $440 Impact of New Tariffs, Net of Mitigation ($16) - ($17) Non-GAAP Op
Slide 76: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP Revenue $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,513 $1,533
Slide 77: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP revenue $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,513 $1,533
Slide 78: GAAP to Non-GAAP Reconciliations – Continuing Operations
GAAP to Non-GAAP Reconciliations – Continuing Operations (Unaudited; in millions, except per share data) (1),(2),(3),(5) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP net income per diluted share $2.23 $3.45 $3.44 $4.14 $3.98 $3.09 $1.99 $0.30 Acquire