Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________________________________________

FORM 8-K

________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2024

MASIMO CORPORATION

(Exact name of registrant as specified in its charter)

________________________________________________

001-33642

33-0368882

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

52 Discovery

Irvine,

92618

(Address of Principal Executive Offices)

(Zip Code)

(949)

297-7000

Registrant’s telephone number, including area code:

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

MASI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐


Item 2.02.			Results of Operations and Financial Condition.

On August 6, 2024, Masimo Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 29, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 7.01.			Regulation FD Disclosure.

In connection with the Company’s conference call scheduled to be held on August 6, 2024, the Company’s Chief Financial Officer will review supplemental information regarding the Company’s financial results for the second quarter 2024 and six months ended June 29, 2024, as well as the Company’s updated outlook for the remainder of fiscal 2024. The Company is making available to investors supplemental financial information by fiscal quarter for fiscal years 2022 and 2023, along with the first and second quarters of 2024, pursuant to the materials furnished as Exhibit 99.2 to this Current Report.

In accordance with General Instructions B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01.			Financial Statements and Exhibits.

(d) The following items are filed as exhibits to the Current Report on Form 8-K.


Exhibit No.			Description
99.1			Press Release, Dated August 6, 2024, Reporting Second Quarter 2024 Financial Results
99.2			Masimo Second Quarter 2024 Supplemental Presentation to Earnings Press Release
99.3			Masimo GAAP to Non-GAAP Definitions
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Masimo Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MASIMO CORPORATION

Date: August 6, 2024

By:

/s/ MICAH YOUNG

Micah Young

Executive Vice President & Chief Financial Officer

(Principal Financial Officer)

Exhibit 99.1

Masimo Reports Second Quarter 2024 Financial Results

Second Quarter 2024 Highlights:

•

Consolidated revenue was $496.3 million;

•

Healthcare revenue was $343.9 million;

•

Non-healthcare revenue was $152.4 million;

•

GAAP net income per diluted share was $0.29; and

•

Non-GAAP net income per diluted share was $0.86.

Irvine, California, August 6, 2024 - Masimo Corporation (Nasdaq: MASI) today announced its financial results for the second quarter ended June 29, 2024.

Second Quarter 2024 Results:

Consolidated revenue was $496.3 million, comprised of healthcare revenue of $343.9 million and non-healthcare revenue of $152.4 million.

Excluding handheld and fingertip pulse oximeters, shipments of noninvasive technology boards and instruments were 58,600.

Consolidated GAAP operating income was $28.3 million. Consolidated non-GAAP operating income was $72.9 million. Consolidated GAAP net income was $16.0 million, or $0.29 per diluted share. Consolidated non-GAAP net income was $46.6 million, or $0.86 per diluted share.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, “Our team’s record-breaking contracting efforts, exceptional execution of margin expansion initiatives and continued innovation drove strong results for shareholders in the second quarter. On the back of that performance and our growing momentum in the healthcare market, we are increasing our full-year 2024 guidance for healthcare revenue, consolidated operating income and consolidated EPS.”

For additional financial details, please visit the Investor Relations section of the Company’s website at investor.masimo.com to access the second quarter 2024 earnings presentation materials.

Third Quarter 2024 and Updated Full-Year 2024 Financial Guidance:

The Company provided the following estimates for its third quarter 2024 and updated full-year 2024 guidance:

Q3 2024

Guidance(1)

Updated Full-Year

2024 Guidance(1)

(in millions, except earnings per diluted share)

GAAP

Non-GAAP

(Updated Definition)(2)

GAAP

Non-GAAP

(Updated Definition)(2)

Consolidated revenue

$495 to $515

$2,085 to $2,135

Healthcare revenue

$335 to $345

$1,385 to $1,405

Non-healthcare revenue

$160 to $170

$700 to $730

Consolidated operating income

$27 to $31

$70 to $74

$159 to $173

$317 to $330

Consolidated earnings per diluted share

$0.22 to $0.27

$0.81 to $0.86

$1.74 to $1.89

$3.80 to $4.00

______________

(1) Guidance provided August 6, 2024.

(2) Effective fiscal year 2024, we have updated our non-GAAP financial measures to exclude the impact of all expenses related to our ongoing litigation with Apple. Masimo had previously only excluded the expenses related to the U.S. International Trade Commission litigation against Apple. Masimo believes all Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance and has therefore excluded them from our non-GAAP financial measures.

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Supplementary Non-GAAP Financial Information

For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at investor.masimo.com to access Supplementary Financial Information.

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.

Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s net operating results on an on-going basis: (i) constant currency revenue growth percentage, (ii) non-GAAP net income (prior definition and updated definition), (iii) non-GAAP (net income) earnings per diluted share (prior definition and updated definition) and (iv) non-GAAP operating income/margin (prior definition and updated definition). These non-GAAP financial measures may also assist investors in making comparisons of the Company’s operating results with those of other companies. Management believes constant currency revenue growth, non-GAAP operating income/margin, non-GAAP net income and non-GAAP earnings per diluted share are important measures in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business.

The non-GAAP financial measures reflect adjustments for the following items:

Constant currency revenue adjustments

Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our revenue growth rate will continue to occur in future periods.

Acquired tangible asset amortization

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired tangible assets and asset valuation step-ups.

Business transition and related costs

These transactions represent gains, losses, and other related costs associated with business transition plans. These items may include but are not limited to severance, relocation, consulting, leasehold exit costs, asset impairment, and other related costs to rationalize our operational footprint and optimize business results.

Acquired intangible asset amortization

These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired intangible assets including, but not limited to customer relationships, intellectual property, trade names and non-competition agreements.

Acquisitions, integrations, divestitures, and related costs

These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments, divestitures, assets impairments, and in-process research and development.

Litigation related expenses and settlements (prior definition)

These transactions represent gains, losses, and other related costs associated with certain litigation matters, which can vary in their characteristics, frequency and significance to our operating results.

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Litigation related expenses and settlements (updated definition)

We have been engaged in various legal proceedings against Apple since January 2020, including various proceedings in the federal courts, various proceedings in the U.S. Patent and Trademark Office (the “PTO proceedings”), and a proceeding in the U.S. International Trade Commission (the “ITC proceeding”). Although we previously excluded only expenses relating to the ITC proceeding from the definition of “Litigation related expenses and settlements”, beginning with the first quarter of 2024, we have revised the definition of “Litigation related expenses and settlements” to exclude not only expenses relating to the ITC proceeding, but also all other Apple litigation expenses, including those relating to the federal court proceedings and the PTO proceedings. We believe all of the Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance, and this updated definition will provide more useful information to investors by facilitating period-to-period comparisons of our financial performance that otherwise may be obscured by the significant fluctuations in Apple-related litigation expenses.

Other adjustments

In the event there are gains, losses and other adjustments which impact period-to-period comparability and do not represent the underlying ongoing results of the business, the Company may choose to exclude these from non-GAAP earnings.

Realized and unrealized gains or losses

These transactions represent gains, losses, and other related costs associated with foreign currency denominated transactions and investments. Changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Unrealized and realized gains and losses on investments may impact the Company’s reported results of operations for a period. These items are highly variable, difficult to predict and outside the control of those responsible for the underlying operations of the business. Other items also included here are mark-to-market gains and losses of derivative contracts that are not designated as hedging instruments or the ineffective portions of cash flow hedges.

Financing related adjustments

The Company may enter into various financial arrangements whereby costs are incurred and certain instrument features are valued and expensed accordingly but are not necessarily indicative of the on-going cash flow generation of the Company and therefore excludes these costs from non-GAAP earnings. For GAAP earnings per diluted share purposes, the Company cannot reflect the anti-dilutive impact, if applicable, in its diluted shares calculations. However, the Company believes that reflecting the anti-dilutive impact of these instruments in non-GAAP earnings per diluted share provides management and investors with useful information in evaluating the financial performance of the Company on a per share basis.

Tax impact of non-GAAP adjustments

In order to reflect the tax effected impact of the non-GAAP adjustments, the Company will adjust the non-GAAP earnings by the approximate tax impact of these adjustments.

Excess tax benefits from stock-based compensation expense

GAAP requires that excess tax benefits recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. As these excess tax benefits may be highly variable from period-to-period, the Company may choose to exclude these tax benefits from non-GAAP earnings to facilitate comparability between periods and with peers.

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Second Quarter 2024 Actuals versus Second Quarter 2023 Actuals:


RECONCILIATION OF HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE(1):
		Three Months Ended
(in millions, except percentages)		June 29, 2024		July 1, 2023
GAAP healthcare revenue		$	343.9	$	281.1


	Constant currency revenue adjustments	1.8		N/A


Non-GAAP healthcare constant currency revenue		$	345.7	$	281.1


GAAP healthcare revenue growth %	22.4	%
Non-GAAP healthcare constant currency revenue growth %	23.0	%

__________________

(1) May not foot due to rounding.


RECONCILIATION OF NON-HEALTHCARE GAAP TO NON-GAAP CONSTANT CURRENCY REVENUE(1):
		Three Months Ended
(in millions, except percentages)		June 29, 2024		July 1, 2023
GAAP non-healthcare revenue		$	152.4	$	174.2


	Constant currency revenue adjustments	3.0		N/A


Non-GAAP non-healthcare constant currency revenue		$	155.4	$	174.2


GAAP non-healthcare revenue growth %	(12.5)	%
Non-GAAP non-healthcare constant currency revenue growth %	(10.8)	%

__________________

(1) May not foot due to rounding.


RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME(1):
			Three Months Ended
(in millions)			June 29, 2024		July 1, 2023

GAAP operating income			$	28.3	$	29.3
Non-GAAP adjustments:

	Acquired tangible asset amortization		0.8		1.0
	Acquired intangible asset amortization		9.1		9.6
	Acquisitions, integrations, divestitures, and related costs		6.1		4.0
	Business transition and related costs		11.4		—
	Litigation related expenses, settlements and awards		9.3		13.4
	Other adjustments		—		0.9
		Total non-GAAP adjustments	36.7		29.0
Non-GAAP operating income (prior definition)			$	65.1	$	58.6
		Litigation related expenses and settlements	7.9		9.8
Non-GAAP operating income (updated definition)			$	72.9	$	68.4

__________________

(1) May not foot due to rounding.

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RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):
		Three Months Ended
		June 29, 2024				July 1, 2023
(in millions, except per diluted share amounts)		$		Per Diluted Share		$		Per Diluted Share
GAAP net income		$	16.0	$	0.29	$	15.7	$	0.29
Non-GAAP adjustments:
	Acquired tangible asset amortization	0.8		0.01		1.0		0.02
	Acquired intangible asset amortization	9.1		0.17		9.6		0.18
	Acquisitions, integrations, divestitures, and related costs	6.1		0.11		4.0		0.07
	Business transition and related costs	11.4		0.21		—		—
	Litigation related expenses, settlements and awards	9.3		0.17		13.4		0.25
	Other adjustments	—		—		0.9		0.02
	Realized and unrealized gains or losses	(1.4)		(0.03)		(6.5)		(0.12)
	Financing related adjustments	0.5		0.01		0.5		0.01
	Tax impact of non-GAAP adjustments	(9.2)		(0.17)		(4.8)		(0.09)
	Excess tax benefits from stock-based compensation expense	(2.0)		(0.04)		(0.5)		(0.01)
Total non-GAAP adjustments		24.6		0.45		17.7		0.33
Non-GAAP net income (prior definition)		$	40.6	$	0.75	$	33.7	$	0.62
	Litigation related expenses and settlements	7.9		0.15		9.8		0.18
	Tax impact of non-GAAP adjustments	(1.9)		(0.04)		(2.3)		(0.04)
Non-GAAP net income (updated definition)		$	46.6	$	0.86	$	41.2	$	0.76
Weighted average shares outstanding-diluted				54.3				54.4

__________________

(1) May not foot due to rounding.

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Third Quarter 2024 and Updated Full-Year 2024 Financial Guidance:


RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED OPERATING INCOME(1):

(in millions)			Q3 2024 Guidance(2)	Updated Full-Year 2024 Guidance(2)
GAAP operating income			$27 to $31	$159 to $173
Non-GAAP adjustments:

	Acquired tangible asset amortization		1	3
	Acquired intangible asset amortization		9	37
	Acquisitions, integrations, divestitures, and related costs		4	20
	Business transition and related costs		7	33
	Litigation related expenses, settlements and awards		14	29
	Other adjustments		—	3
		Total non-GAAP adjustments	35	125
Non-GAAP operating income (prior definition)			$62 to $66	$285 to $298
		Litigation related expenses and settlements	8	32
Non-GAAP operating income (updated definition)			$70 to $74	$317 to $330

__________________

(1) May not foot due to rounding.

(2) Guidance provided August 6, 2024.


RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE(1):

		Q3 2024 Guidance(2)		Updated Full-Year 2024 Guidance(2)
(in millions, except per diluted share amounts)		$	Per Diluted Share	$	Per Diluted Share
GAAP net income		$12 to $15	$0.22 to $0.27	$95 to $103	$1.74 to $1.89
Non-GAAP adjustments:
	Acquired tangible asset amortization	1	0.02	3	0.06
	Acquired intangible asset amortization	9	0.17	37	0.68
	Acquisitions, integrations, divestitures, and related costs	4	0.07	20	0.37
	Business transition and related costs	7	0.12	33	0.60
	Litigation related expenses, settlements and awards	14	0.26	29	0.53
	Other adjustments	—	—	3	0.06
	Realized and unrealized gains or losses	—	—	(3)	(0.06)
	Financing related adjustments	—	0.01	2	0.03
	Tax impact of non-GAAP adjustments	(9)	(0.17)	(29) to (31)	(0.53) to (0.57)
	Excess tax benefits from stock-based compensation expense	—	(0.01)	(4)	(0.08)
	Total non-GAAP adjustments	26	0.47	89 to 91	1.63 to 1.66
Non-GAAP net income (prior definition)		$38 to $41	$0.70 to $0.75	$183 to $193	$3.36 to $3.55
	Litigation related expenses and settlements	8	0.15	32	0.59
	Tax impact of non-GAAP adjustments	(2)	(0.03)	(8)	(0.14)
	Non-GAAP net income (updated definition)	$44 to $47	$0.81 to $0.86	$207 to $218	$3.80 to $4.00
Weighted average shares outstanding-diluted			54.6		54.5

__________________

(1) May not foot due to rounding.

(2) Guidance provided August 6, 2024.

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Conference Call:

The conference call to review Masimo’s complete financial results for the second quarter ended June 29, 2024 will begin at 1:30 p.m. PT today (4:30 p.m. ET) on August 6, 2024 and will be hosted by Joe Kiani, Chairman and Chief Executive Officer, and Micah Young, Executive Vice President and Chief Financial Officer. A live webcast of the conference call will be available online from the investor relations page of the Company’s corporate website at www.masimo.com.

To register for the conference call and receive the dial-in number, please use the link below. Upon registering, each participant will be provided with call details and a registrant ID number.

Conference Call Registration Link:

https://registrations.events/direct/Q4I407288

A replay of the webcast and conference call will be available shortly after the conclusion of the call and will be archived on the Company’s website.

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About Masimo

Masimo (Nasdaq: MASI) is a global technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight iconic audio brands, including Bowers & Wilkins®, Denon®, Marantz®, and Polk Audio®. Our mission is to improve life, improve patient outcomes; and reduce the cost of care. Masimo SET® Measure-through Motion and Low Perfusion™ pulse oximetry, introduced in 1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies. Masimo SET® has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates, improve CCHD screening in newborns, and, when used for continuous monitoring with Masimo Patient SafetyNet™ in post-surgical wards, reduce rapid response team activations, ICU transfers, and costs. Masimo SET® is estimated to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world, and is the primary pulse oximetry at 9 of the top 10 hospitals as ranked in the 2022-23 U.S. News and World Report Best Hospitals Honor Roll. In 2005, Masimo introduced rainbow® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively and intermittently, including total hemoglobin (SpHb®), oxygen content (SpOC™), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), Pleth Variability Index (Pvi®), RPVi™ (rainbow® Pvi), and Oxygen Reserve Index (Ori™). In 2013, Masimo introduced the Root® Patient Monitoring and Connectivity Platform, built from the ground up to be as flexible and expandable as possible to facilitate the addition of other Masimo and third-party monitoring technologies; key Masimo additions include Next Generation SedLine® Brain Function Monitoring, O3® Regional Oximetry, and ISA™ Capnography with NomoLine® sampling lines. Masimo’s family of continuous and spot-check monitoring Pulse CO-Oximeters® includes devices designed for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7®, Radius-PPG® and Radius VSM™, portable devices like Rad-67®, fingertip pulse oximeters like MightySat® Rx, and devices available for use both in the hospital and at home, such as Rad-97®. Masimo hospital and home automation and connectivity solutions are centered around Root and the Masimo Hospital Automation™ platform, and include Iris® Gateway, iSirona™, Patient SafetyNet, Replica®, Halo ION, UniView®, UniView :60™, and Masimo SafetyNet™. Masimo’s growing portfolio of health and wellness solutions include Radius T™ and the Masimo W1™ watch, Stork™, Opioid Halo™, Bridge™, and PerL™. Additional information about Masimo and its products may be found at www.masimo.com. Published clinical studies on Masimo products can be found at www.masimo.com/evidence/featured-studies/feature/.

RPVi has not received FDA 510(k) clearance and is not available for sale in the United States. The use of the trademark Patient SafetyNet is under license from University HealthSystem Consortium.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expectations regarding our third-quarter 2024 and updated full-year 2024 financial guidance, including GAAP and non-GAAP consolidated revenue, healthcare revenue, non-healthcare revenue, consolidated operating income and consolidated earnings per diluted share; the proposed separation of Masimo’s consumer business, including the potential timing and structure thereof and the expectation that the proposed separation will be value-accretive; our momentum in the healthcare market, including the expectation that such momentum is growing or will continue to grow and the growth targets for our healthcare business of double-digit revenue growth and 30% operating margins and expected timing for achieving such targets. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: our dependence on Masimo SET® and Masimo rainbow SET™ products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors’ assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; our ability to successfully integrate Sound United’s brands into our business; our ability to address and expand into new markets; the lack of acceptance of any of our current or future products and technologies; obtaining regulatory approval of our current and future products and technologies; the risk that the implementation of our international realignment will not continue to produce anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers; the failure to retain and recruit senior management; product liability claims exposure; a failure to obtain expected returns from the amount of intangible assets we have recorded; the maintenance of our brand; the amount and type of equity awards that we may grant to employees and service providers in the future; our ongoing litigation and related matters; the ability to effect any potential separation of our consumer business described above and to meet any of the conditions related thereto; the approval of any such potential separation by Masimo’s board of directors; the ability of any separated businesses to be successful; potential uncertainty during the pendency of any such potential separation that could affect Masimo’s financial performance; the possibility that any potential separation will not be completed within the anticipated time period or at all; the possibility that any such potential separation will not achieve its intended benefits; the possibility of disruption, including changes to existing business relationships, disputes, litigation or unanticipated costs in connection with any such potential separation; the impact on our employees; the uncertainty of the expected financial performance of Masimo prior to and following completion of any such potential separation; negative effects of the announcement or pendency of any such potential separation on the market price of Masimo’s securities and/or on the financial performance of Masimo; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; actions by third parties, including government agencies; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

# # #


Investor Contact: Eli Kammerman						Media Contact: Evan Lamb
(949) 297-7077						(949) 396-3376
ekammerman@masimo.com						elamb@masimo.com

Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI and ORI are trademarks or registered trademarks of Masimo Corporation.

-8-


MASIMO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions)
	June 29, 2024		December 30, 2023
ASSETS
Current assets
Cash and cash equivalents	$	129.6	$	163.0

Accounts receivable, net of allowance for credit losses	337.7		355.5
Inventories	513.0		545.0

Other current assets	161.9		168.4
Total current assets	1,142.2		1,231.9
Lease receivable, non-current	66.5		71.4
Deferred costs and other contract assets	58.8		57.3
Property and equipment, net	413.9		424.4

Customer relationships, net	162.2		177.7
Acquired technologies, net	112.0		129.4
Other intangible assets, net	116.3		112.8
Trademarks	215.6		232.4
Goodwill	389.0		407.7
Deferred tax assets	107.0		107.2
Other non-current assets	110.4		89.3
Total assets	$	2,893.9	$	3,041.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	216.0	$	251.5
Accrued compensation	72.2		62.6
Deferred revenue and other contract liabilities, current	79.8		87.3
Other current liabilities	178.2		162.4
Total current liabilities	546.2		563.8
Long-term debt	746.5		871.7
Deferred tax liabilities	102.1		111.7

Other non-current liabilities	130.3		129.5
Total liabilities	1,525.1		1,676.7
Commitments and contingencies
Stockholders’ equity


Common stock	0.1		0.1
Treasury stock	(1,169.2)		(1,169.2)
Additional paid-in capital	810.6		783.4
Accumulated other comprehensive loss	(103.4)		(45.3)
Retained earnings	1,830.7		1,795.8


Total stockholders’ equity	1,368.8		1,364.8
Total liabilities and stockholders’ equity	$	2,893.9	$	3,041.5

-9-


MASIMO CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share amounts)
	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023



Revenue	$	496.3	$	455.3	$	989.1	$	1,020.3
Cost of goods sold	241.5		234.1		492.6		514.3
Gross profit	254.8		221.2		496.5		506.0
Operating expenses:
Selling, general and administrative	177.5		151.7		337.4		348.0
Research and development	49.0		40.2		96.8		90.7


Total operating expenses	226.5		191.9		434.2		438.7
Operating income	28.3		29.3		62.3		67.3
Non-operating loss	(8.4)		(4.5)		(17.5)		(16.3)
Income before provision for income taxes	19.9		24.8		44.8		51.0
Provision for income taxes	3.9		9.1		9.9		14.0
Net income	$	16.0	$	15.7	$	34.9	$	37.0







Net income per share:
Basic	$	0.30	$	0.30	$	0.66	$	0.70
Diluted	$	0.29	$	0.29	$	0.64	$	0.68

Weighted-average shares used in per share calculations:
Basic	53.1		52.8		53.1		52.7
Diluted	54.3		54.4		54.3		54.3

The following table presents details of the stock-based compensation (benefit) expense that is included in each functional line item in the condensed consolidated statements of operations (in millions):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of goods sold	$	0.3	$	0.2	$	0.5	$	0.5
Selling, general and administrative	9.2		(8.8)		14.8		(4.6)
Research and development	4.0		—		7.8		2.8
Total	$	13.5	$	(8.6)	$	23.1	$	(1.3)

-10-


MASIMO CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions)
	Six Months Ended
	June 29, 2024		July 1, 2023
Cash flows from operating activities:
Net income	$	34.9	$	37.0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	48.2		51.3
Stock-based compensation expense	23.1		(1.3)


Provision for credit losses	0.4		0.5

Amortization of debt issuance cost	0.9		0.9
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	13.1		95.9
Decrease (increase) in inventories	7.6		(45.5)
Decrease (increase) in other current assets	3.4		(8.8)
Decrease (increase) in lease receivable, net	4.9		(4.4)
Decrease (increase) in deferred costs and other contract assets	(1.6)		(0.4)

Decrease (increase) in other non-current assets	(1.4)		(24.4)
Increase (decrease) in accounts payable	(22.5)		(11.8)
Increase (decrease) in accrued compensation	10.3		(39.0)
Increase (decrease) in accrued liabilities	17.1		(19.7)
Increase (decrease) in income tax payable	(1.3)		5.0
Increase (decrease) in deferred revenue and other contract-related liabilities	(7.1)		(6.8)

Increase (decrease) in other non-current liabilities	(9.7)		(4.5)
Net cash provided by (used in) operating activities	120.3		24.0
Cash flows from investing activities:


Purchases of property and equipment	(15.8)		(20.4)
Proceeds from sale of property and equipment	10.8		—
Increase in intangible assets	(16.1)		(19.9)
Business combinations, net of cash acquired	—		7.5
Other strategic investing activities	(0.1)		(0.7)
Net cash (used in) provided by investing activities	(21.2)		(33.5)
Cash flows from financing activities:
Borrowings under line of credit	64.0		79.0
Repayments on line of credit	(185.6)		(112.4)




Proceeds from issuance of common stock	9.9		6.0
Payroll tax withholdings on behalf of employees for vested equity awards	(5.8)		(12.7)


Net cash (used in) provided by financing activities	(117.5)		(40.1)
Effect of foreign currency exchange rates on cash	(14.2)		(1.4)
Net decrease in cash, cash equivalents and restricted cash	(32.6)		(51.0)
Cash, cash equivalents and restricted cash at beginning of period	168.2		209.6
Cash, cash equivalents and restricted cash at end of period	$	135.6	$	158.6

-11-

Second Quarter 2024 Earnings August 6, 2024 1

Safe Harbor Statement 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,” “believe,” “anticipate,” “plan,” “estimate,” “project,” “assume,” “guide,” “target,” “forecast,” “see,” “seek,” “can,” “should,” “could,” “would,” “intend,” “predict,” “potential,” “strategy,” “is confident that,” “future,” “opportunity,” “work toward,” and similar expressions to identify forward-looking statements. All statements other than statements of historical or current fact are, or may be deemed to be, forward-looking statements. Such statements are based upon the current beliefs, expectations and assumptions of management and are subject to significant risks, uncertainties and changes in circumstances that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this presentation are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward- looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this presentation. The risks and uncertainties that may cause actual results to differ materially from Masimo’s current expectations are more fully described in Masimo’s reports filed with the U.S. Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.masimo.com or upon request. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non- GAAP financial measures presented exclude certain items that are more fully described in the Appendix. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. The Company has presented the following non-GAAP financial measures to assist investors in understanding the Company’s core net operating results on an on-going basis: non-GAAP revenue (constant currency), pro- forma non-GAAP revenue (constant currency), pro-forma non-GAAP revenue growth (constant currency), non-GAAP gross profit/margin %, non-GAAP SG&A expense (prior definition and updated definition), non-GAAP R&D expense, non-GAAP litigation settlements and awards, non-GAAP impairment charge, non-GAAP operating expense % (prior definition and updated definition), non-GAAP operating profit/margin % (prior definition and updated definition), non-GAAP non-operating income (expense), non-GAAP provision for income taxes (prior definition and updated definition), non-GAAP net income (loss) (prior definition and updated definition), non-GAAP net income (loss) per share (prior definition and updated definition). This presentation also includes certain preliminary estimated information of a potential separation of the Company’s consumer business for illustrative and informational purposes and further adjusted for separation items. See “Disclaimer Regarding Potential Separation” on the next slide for additional information. These non-GAAP financial measures may also assist investors in making comparisons of the company’s core operating results with those of other companies. Management believes these non-GAAP financial measures are important in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business. For additional financial details, including GAAP to non-GAAP reconciliations, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information. 2

Disclaimer Regarding Potential Separation On March 22, 2024, Masimo announced that its Board of Directors has authorized management to evaluate a proposed separation of the company’s consumer business (the “Potential Separation”). Masimo’s Board of Directors and management are in the process of evaluating the proposed structure of the Potential Separation. Slide 9 of this presentation entitled “Preliminary Estimate: Financial Impact of a Potential Separation” (“Slide 9”) includes an estimate of the financial impact of the Potential Separation; however, the estimate is being provided solely for illustrative and informational purposes and does not purport to contain or present all information relating to any Potential Separation. Moreover, the method, structure, timing and terms of any Potential Separation are still under consideration and have not been determined, approved or finalized, and the final method, structure, timing and terms of any Potential Separation, including the separation of assets and liabilities, may differ materially from what is presented and estimated on Slide 9. There can be no assurance that any Potential Separation that may be implemented will be similar in structure to any of the structures illustrated or discussed on Slide 9, that any Potential Separation may be effected at all or the timing of any Potential Separation. Additionally, the estimate on Slide 9 is an illustrative projection that was calculated using the midpoint of Masimo’s 2024 consolidated guidance, which is based on management’s current expectations and beliefs, but is subject to uncertainty and risks, and also relies on a number of assumptions and adjustments as described on Slide 9. Accordingly, all of the information on Slide 9 constitute “forward-looking statements” as described on Slide 2 of this presentation entitled “Safe Harbor Statement”. Investors are strongly cautioned not to place undue reliance on these forward-looking statements, including in respect of the financial or operating outlook for the potential separated businesses (including, without limitation, the realization of any expected efficiencies or cost savings). The forward-looking statements on Slide 9 are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond our control and could cause the actual results of any Potential Separation to differ materially and adversely from those illustrated on Slide 9 as a result of various risk factors, including, but not limited to: risks related to the ability to effect or complete any Potential Separation on the terms described on Slide 9, or at all, and to meet any of the conditions related thereto; the approval of any Potential Separation by Masimo’s Board of Directors; the ability of the separated businesses to be successful; expectations around the financial impact of any Potential Separation; potential uncertainty during the pendency of any Potential Separation that could affect Masimo’s financial performance; the possibility that any Potential Separation will not be completed within the anticipated time period or at all; the possibility that any Potential Separation will not achieve its intended benefits; the possibility of disruption, including changes to existing business relationships, disputes, litigation or unanticipated costs in connection with any Potential Separation; the impact that any Potential Separation may have on our employees; the uncertainty of the expected financial performance of Masimo prior to and following completion of any Potential Separation; negative effects of the announcement or pendency of any Potential Separation on the market price of Masimo’s securities and/or on the financial performance of Masimo; evolving legal, regulatory and tax regimes; changes in general economic and/or industry specific conditions; actions by third parties, including government agencies; as well as other factors more fully described in Masimo’s reports filed with the U.S. Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q. Copies of these filings, as well as subsequent filings, are available online at www.sec.gov, www.masimo.com or upon request. Except as required by applicable law, Masimo assumes no obligation to, and expressly disclaims any duty or obligation to, provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise. Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Masimo or the Potential Separation), create an implication that there has been no change in the affairs of Masimo or any Potential Separation since the date of this presentation. 3

Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 3. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 4. Represents Masimo’s unrecognized contract revenue (as defined in Masimo’s Annual Report and Form 10-K, filed on February 28, 2024). 5. Represents shipments of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters. 6. Represents the midpoint of the guidance range provided on May 7, 2024. Executive Summary | Second Quarter 2024(1) Masimo’s Healthcare Business Remains on Track for Growth • Healthcare revenue was $344 million, representing 22% reported growth and 23% constant currency growth(2). • Masimo’s successful and aggressive focus on expanding its footprint with existing customers and winning new customers has built a solid foundation for resuming growth now that hospital census has returned to normal levels. o Incremental value of new healthcare contracts(3) was $134 million, representing a 28% increase from Q2 2023. o Unrecognized contract revenue(4) was $1.6 billion, representing a 16% increase from Q2 2023. o Driver shipments(5) were 58,600; exceeding management’s estimate of 55,000. Consolidated Revenue and Earnings • Consolidated revenue was $496 million, including Healthcare revenues of $344 million and Non-Healthcare revenues of $152 million. • Non-GAAP EPS was $0.86, representing 13% growth; favorable to guidance midpoint(6) by $0.10 (or 13%). o Non-GAAP gross margin was 54.2%, representing 420 basis points of year-over-year improvement. o Non-GAAP operating profit was $73 million, representing 7% growth. o Non-GAAP operating margin was 15%, which improved sequentially from the first quarter but declined modestly versus last year due to the return of performance-based compensation to normalized levels in 2024. Other Highlights • Operating cash flow was $75 million due to strong earnings and initiatives to improve working capital. • Total debt was $782 million as of Q2 2024, resulting from $93 million of debt paydown during the quarter. • Net debt was $649 million as of Q2 2024. 4

As Reported Constant Currency Healthcare $344 $335 3% $281 22% 23% Non-Healthcare $152 $160 (5%) $174 (13%) (11%) Revenue $496 $495 0% $455 9% 10% GAAP Gross Profit $255 $250 2% $221 15% GAAP Gross Margin 51% 51% 70 bps 49% 270 bps Non-GAAP Gross Profit $269 $261 3% $228 18% Non-GAAP Gross Margin 54% 53% 140 bps 50% 420 bps GAAP Operating Profit $28 $36 (21%) $29 (3%) GAAP Operating Margin 6% 7% (150) bps 6% (70) bps Non-GAAP Operating Profit $73 $69 5% $68 7% Non-GAAP Operating Margin 15% 14% 70 bps 15% (30) bps GAAP Earnings Per Share $0.29 $0.30 (3%) $0.29 0% Non-GAAP Earnings Per Share $0.86 $0.76 13% $0.76 13% vs. Prior Year ($ in millions) Q2 2024 Actual Q2 2023 Actual Q2 2024 Guidance Midpoint vs. Guidance Midpoint(2) Second Quarter 2024 Actual vs. Guidance and Prior Year(1) Q2 2024 non-GAAP operating margin decreased 30 basis points versus Q2 2023 due to the return of performance-based compensation to normalized levels in 2024, partially offset by 420 basis points of non-GAAP gross margin improvement. 5 Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. Represents the midpoint of the guidance range provided on May 7, 2024. All growth comparisons in this presentation relate to the corresponding period of prior fiscal year unless otherwise noted. Numbers may not foot due to rounding.

33.6% 35.4% 2023 2024 Second Quarter 2024 Performance(1) 60.1% 62.5% 2023 2024 Second Quarter Healthcare Gross Margin % of Healthcare Revenue Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. Second Quarter Non-Healthcare Gross Margin % of Non-Healthcare Revenue Second Quarter Non-GAAP Earnings Per Share $ per share $281 $344 2023 2024 Second Quarter Healthcare Revenue $MM $174 $152 2023 2024 Second Quarter Non-Healthcare Revenue $MM Second Quarter Consolidated Revenue $MM $455 $496 2023 2024 $0.76 $0.86 2023 2024

($ in millions) Low High Low High Low High Healthcare $335 - $345 $308 9% - 12% 9% - 12% Non-Healthcare $160 - $170 $171 (6%) - (1%) (6%) - (0%) Revenue $495 - $515 $479 3% - 8% 4% - 8% GAAP Gross Profit $256 - $266 $235 9% - 13% GAAP Gross Margin 52% - 52% 49% 280 bps - 260 bps Non-GAAP Gross Profit $265 - $275 $241 10% - 14% Non-GAAP Gross Margin 54% - 53% 50% 310 bps - 300 bps GAAP Operating Profit $27 - $31 $25 7% - 22% GAAP Operating Margin 5% - 6% 5% 20 bps - 70 bps Non-GAAP Operating Profit $70 - $74 $66 7% - 12% Non-GAAP Operating Margin 14% - 14% 14% 50 bps - 60 bps GAAP Earnings Per Share $0.22 - $0.27 $0.20 10% - 35% Non-GAAP Earnings Per Share $0.81 - $0.86 $0.75 8% - 15% Q3 2024 Guidance vs. Prior Year As Reported Constant Currency Q3 2023 (2) Third Quarter 2024 Guidance vs. Prior Year(1) Q3 2024 non-GAAP operating margin is projected to increase 50 to 60 basis points versus Q3 2023 due to 300 to 310 basis points of non-GAAP gross margin improvement, partially offset by the return of performance-based compensation to normalized levels in 2024. 7 Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. Represents guidance provided August 6, 2024. All growth comparisons in this presentation relate to the corresponding period of prior fiscal year unless otherwise noted. Numbers may not foot due to rounding.

($ in millions) Low High Low High Low High Low High Healthcare $1,385 - $1,405 $1,355 - $1,385 2% - 1% $1,275 9% - 10% Non-Healthcare $700 - $730 $700 - $780 0% - (6%) $773 (9%) - (6%) Revenue $2,085 - $2,135 $2,055 - $2,165 1% - (1%) $2,048 2% - 4% GAAP Gross Profit $1,057 - $1,080 $1,031 - $1,089 3% - (1%) $1,004 5% - 8% GAAP Gross Margin 51% - 51% 50% - 50% 50 bps - 30 bps 49% 170 bps - 160 bps Non-GAAP Gross Profit $1,102 - $1,125 $1,067 - $1,125 3% - 0% $1,035 6% - 9% Non-GAAP Gross Margin 53% - 53% 52% - 52% 100 bps - 70 bps 51% 240 bps - 220 bps GAAP Operating Profit $159 - $173 $189 - $204 (16%) - (15%) $136 17% - 27% GAAP Operating Margin 8% - 8% 9% - 9% (160) bps - (130) bps 7% 90 bps - 140 bps Non-GAAP Operating Profit $317 - $330 $309 - $324 2% - 2% $313 1% - 6% Non-GAAP Operating Margin 15% - 15% 15% - 15% 20 bps - 50 bps 15% (10) bps - 20 bps GAAP Earnings Per Share $1.74 - $1.89 $1.91 - $2.08 (9%) - (9%) $1.51 15% - 25% Non-GAAP Earnings Per Share $3.80 - $4.00 $3.54 - $3.70 7% - 8% $3.79 0% - 6% FY 2024 Prior Guidance(3) vs. Prior Guidance FY 2024 Updated Guidance(2) vs. Prior Year As Reported FY 2023 Updated Full Year 2024 Guidance vs. Prior Guidance and Prior Year(1) FY 2024 non-GAAP operating margin is projected to be relatively flat versus FY 2023 due to 220 to 240 basis points of non-GAAP gross margin improvement, partially offset by the return of performance-based compensation to normalized levels in 2024. 8 Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. Represents guidance provided August 6, 2024. 3. Represents guidance provided on May 7, 2024. All growth comparisons in this presentation relate to the corresponding period of prior fiscal year unless otherwise noted. Numbers may not foot due to rounding.

($ in millions; except EPS) Revenue $2,110 ($715) $1,395 $0 $1,395 GAAP Gross Profit $1,069 ($217) $852 $0 $852 GAAP Gross Margin 50.6% 1,040 bps 61.0% 0 bps 61.0% Non-GAAP Gross Profit $1,114 ($242) $872 $0 $872 Non-GAAP Gross Margin 52.8% 970 bps 62.5% 0 bps 62.5% GAAP Operating Profit $166 $25 $191 $37 $228 GAAP Operating Margin 7.9% 580 bps 13.7% 270 bps 16.4% Non-GAAP Operating Profit $323 ($25) $298 $37 $335 Non-GAAP Operating Margin 15.3% 610 bps 21.4% 260 bps 24.0% GAAP Earnings Per Share $1.82 $0.34 $2.16 $0.51 $2.67 Non-GAAP Earnings Per Share $3.90 ($0.34) $3.56 $0.51 $4.07 2024 Consolidated Guidance Midpoint Consumer Audio Separation Adjustments Consumer Health and Other Separation Adjustments RemainCo (without Consumer Health) RemainCo (with Consumer Health)(3) Preliminary Estimate: Financial Impact of a Potential Separation(1),(2) On March 22, 2024, Masimo announced that its Board of Directors has authorized management to evaluate a proposed separation of its consumer business. Masimo expects that any potential separation would result in a full deconsolidation of the financial statements for the separated business. Masimo is currently evaluating all options including (1) the sale of a majority stake in the consumer audio and consumer health businesses (“Joint Venture”), (2) a sale of the consumer audio business (“Sound United”) or (3) a spin-off of the consumer audio and consumer health businesses to shareholders. As illustrated above, if a separation is completed, Masimo expects that the separation will improve the profitability of the healthcare business (“RemainCo”). • The financial information above assumes a separation of the consumer business without cash proceeds (e.g., spin-off). • If a separation transaction (e.g., sale of the consumer audio and consumer health businesses or sale of Sound United only) results in cash proceeds to Masimo, there would be an opportunity to pay down debt (currently ~$782 million) and reduce interest expense (currently ~$40 million, which represents ~$0.55 per share). • “Consumer Health and Other Separation Adjustments” above includes adjustments for consumer health product revenues, cost of goods sold, research and development expenses, selling and marketing expenses and certain corporate expenses. (4) (5) 9 Notes: 1. This preliminary estimate is being provided solely for illustrative and informational purposes. Masimo is currently evaluating the structure of any potential separation of its consumer business, and the method, structure, timing and terms of any such potential separation are still under consideration and have not been determined, approved or finalized. See Slide 3 entitled "Disclaimer Regarding Potential Separation" for additional factors to consider in evaluating and reviewing the information presented on this slide. 2. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. May not foot due to rounding. 3. Represents the midpoint of guidance provided August 6, 2024. 4. Represents the financial profile of RemainCo for FY 2024 excluding the Consumer Audio business. 5. Represents the financial profile of RemainCo for FY 2024 excluding the Consumer Businesses (Consumer Audio and Consumer Health).

Healthcare 10

Healthcare | Second Quarter 2024(1) Second Quarter Total Healthcare Revenue $MM, shown as reported Second Quarter Unrecognized Contract Revenue(3) $MM, shown as reported Second Quarter Driver Installed Base(4) # of Units (MM) Second Quarter Incremental Value of New Contracts(2) $MM, shown as reported Second Quarter Consumable & Service Revenue $MM, shown as reported Second Quarter $1,379 $1,601 2023 2024 Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 3. Represents Masimo’s unrecognized contract revenue (as defined in Masimo’s Annual Report and Form 10-K, filed on February 28, 2024). 4. Represents estimated installed base of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters, shipped over a rolling 10-year period. 5. The percentage presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 6. Reflects annualized figures based on consumable & service revenue for each respective performance period. $281 $344 2023 2024 $243 $311 2023 2024 Consumable & Service Revenue Per Driver Annualized Revenue $ per Driver(6) $104 $134 2023 2024 $385 $481 2023 2024 2.52 2.58 2023 2024 11

Healthcare | Year-to-Date Through the Second Quarter 2024(1) Year-to-Date Through the Second Quarter Total Healthcare Revenue $MM, shown as reported Year-to-Date Through the Second Quarter Unrecognized Contract Revenue(3) $MM, shown as reported Year-to-Date Through the Second Quarter Driver Installed Base(4) # of Units (MM) Year-to-Date Through the Second Quarter Incremental Value of New Contracts(2) $MM, shown as reported Year-to-Date Through the Second Quarter Consumable & Service Revenue $MM, shown as reported Year-to-Date Through the Second Quarter Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends. 3. Represents Masimo’s unrecognized contract revenue (as defined in Masimo’s Annual Report and Form 10-K, filed on February 28, 2024). 4. Represents estimated installed base of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters, shipped over a rolling 10-year period. 5. The percentage presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. 6. Reflects annualized figures based on consumable & service revenue for each respective performance period. $628 $684 2023 2024 $540 $611 2023 2024 Consumable & Service Revenue Per Driver Annualized Revenue $ per Driver(6) $186 $234 2023 2024 $428 $473 2023 2024 2.52 2.58 2023 2024 $1,379 $1,601 2023 2024 12

Driver Installed Base(2) # of Units (MM) Consumable & Service Revenue $M, shown at constant currency(3) Consumable & Service Revenue Per Driver Annualized Revenue $ per Driver(4) Key Performance Indicators (KPI) Healthcare | Year-to-Date Through the Second Quarter of Each Year 1.55 1.65 1.78 2.01 2.22 2.39 2.52 2.58 2017 2018 2019 2020 2021 2022 2023 2024 $303 $333 $384 $425 $480 $563 $538 $612 2017 2018 2019 2020 2021 2022 2023 2024 $392 $404 $431 $423 $432 $472 $426 $473 2017 2018 2019 2020 2021 2022 2023 2024 $42 $59 $58 $76 $129 $126 $186 $234 2017 2018 2019 2020 2021 2022 2023 2024 Incremental Value of New Contracts(1) $MM As of the End of the Second Quarter of Each YearYear-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year 13 Notes: 1. Represents total contract revenue over the multi-year term of the contracts. Includes contracts with new customers and incremental new contracted business with existing customers. Management uses this information to analyze business trends 2. Represents estimated installed base of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters, shipped over a rolling 10-year period. 3. The information presented is based on constant currency exchange rates used by management for 2024 financial planning and analysis purposes. Management uses this information to analyze business trends. 4. Reflects annualized figures for 2024 based on year-to-date consumable & service revenue.

SET Pulse Oximetry | Consumable Revenue Shown at constant currency(1) Rainbow & Hemodynamics | Consumable Revenue Shown at constant currency(1) Capnography & Gas Monitoring | Consumable Revenue Shown at constant currency(1) Brain Monitoring | Consumable Revenue Shown at constant currency(1) Consumable Revenue by Technology Platform 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024 Healthcare | Year-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each YearYear-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year Year-to-Date Through the Second Quarter of Each Year 14 Notes: 1. The information presented is based on constant currency exchange rates used by management for 2024 financial planning and analysis purposes. Management uses this information to analyze business trends.

Non-Healthcare 15

Year-to-Date Through the Second Quarter Core Audio Revenue $MM, shown as reported Year-to-Date Through the Second Quarter Hearables Revenue $MM, shown as reported Year-to-Date Through the Second Quarter Total Non-Healthcare Revenue $$MM, shown as reported $393 $306 2023 2024 $360 $274 2023 2024 $33 $32 2023 2024 Second Quarter Core Audio Revenue $MM, shown as reported Second Quarter Hearables Revenue $MM, shown as reported Second Quarter Total Non-Healthcare Revenue $MM, shown as reported $174 $152 2023 2024 $158 $134 2023 2024 $16 $18 2023 2024 Non-Healthcare | Second Quarter 2024(1) Non-Healthcare | Year-to-Date Through the Second Quarter 2024(1) 16 Notes: 1. See Appendix for reconciliation of GAAP and non-GAAP measures, including constant currency and pro forma measures. 2. The percentage presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes.

Appendix GAAP to Non-GAAP Reconciliations 17

Consolidated Income Statement Notes: (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided August 6, 2024. (3) Effective fiscal year 2024, we are updating our non-GAAP financial measures to exclude the impact of all expenses related to our litigation with Apple. Masimo had previously only excluded the expenses related to the U.S. International Trade Commission litigation against Apple. Masimo believes all Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance and is therefore excluding them from its non-GAAP financial measures. (Unaudited; in millions, except per share data) (1),(3) Quarter to Date Year to Date Q3 2024 Guidance (2) Full Year FY 2024 Guidance (2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 YTD 2023 YTD 2024 Low High FY 2022 FY 2023 Low High GAAP revenue $565.0 $455.3 $478.9 $548.9 $492.8 $496.3 $1,020.3 $989.1 $495 $515 $2,035.8 $2,048.1 $2,085 $2,135 GAAP gross profit $284.8 $221.2 $234.8 $262.7 $241.7 $254.8 $506.0 $496.5 $256 $266 $1,058.8 $1,003.5 $1,057 $1,080 Acquired tangible asset amortization - - - - - - - - - - 52.6 - - - Acquired intangible asset amortization 5.2 5.4 6.2 4.9 4.9 4.8 10.6 9.7 5 5 11.2 21.7 20 20 Acquisitions, integrations, divestitures, and related costs - - - - 0.0 0.1 - 0.1 - - 0.1 - 0 0 Business transition and related costs - - - 6.0 6.2 9.2 - 15.3 4 4 - 6.0 23 23 Other adjustments 2.5 0.9 0.5 (0.0) 3.1 0.0 3.5 3.1 - - - 3.9 3 3 Non-GAAP gross profit $292.6 $227.6 $241.4 $273.6 $255.9 $268.9 $520.1 $524.8 $265 $275 $1,122.7 $1,035.1 $1,102 $1,125 GAAP selling, general and administrative expenses $196.3 $151.7 $156.1 $159.8 $159.9 $177.5 $348.0 $337.4 $657.4 $664.0 Acquired tangible asset amortization (2.2) (1.0) (0.9) (0.9) (0.8) (0.8) (3.2) (1.7) (6.8) (5.0) Acquired intangible asset amortization (4.7) (4.2) (3.3) (4.3) (4.3) (4.3) (8.9) (8.7) (14.3) (16.5) Acquisitions, integrations, divestitures, and related costs (3.5) (3.9) (3.6) (2.1) (6.0) (6.0) (7.3) (12.0) (37.5) (13.1) Business transition and related costs - - (2.4) (2.3) (1.3) (1.2) - (2.5) - (4.6) Litigation related expenses and settlements (19.1) (13.4) (6.0) 7.9 2.3 (9.3) (32.5) (7.0) (28.7) (30.6) Non-GAAP selling, general and administrative expenses (prior definition) $166.8 $128.9 $139.8 $158.4 $149.5 $156.1 $295.7 $305.6 $569.8 $594.0 Litigation related expenses and settlements (11.6) (9.8) (8.9) (13.1) (8.1) (7.9) (21.4) (16.0) (20.3) (43.4) Non-GAAP selling, general and administrative expenses (updated definition) $155.2 $119.1 $130.9 $145.3 $141.5 $148.2 $274.3 $289.6 $549.5 $550.6 GAAP research and development expenses $50.5 $40.2 $46.5 $38.0 $47.8 $49.0 $90.7 $96.8 $191.4 $175.2 Acquisitions, integrations, divestitures, and related costs (0.2) (0.2) - - - - (0.4) - (0.7) (0.4) Business transition and related costs - - (1.8) (1.4) (1.4) (1.1) - (2.4) - (3.2) Non-GAAP research and development expenses $50.2 $40.1 $44.7 $36.5 $46.5 $47.8 $90.3 $94.3 $190.7 $171.6 GAAP litigation settlements and awards $0.0 $0.0 $0.0 $17.8 $0.0 $0.0 $0.0 $0.0 $0.0 $17.8 Litigation related expenses and settlements - - - (17.8) - - - - (0.0) (17.8) Non-GAAP litigation settlements and awards $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 GAAP impairment charge $0.0 $0.0 $7.0 $3.0 $0.0 $0.0 $0.0 $0.0 $0.0 $10.0 Acquisition, integration and related costs - - (7.0) (3.0) - - - - - (10.0) Non-GAAP impairment charge $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 GAAP operating expenses $246.8 $191.9 $209.6 $218.6 $207.7 $226.5 $438.7 $434.2 $848.8 $867.0 Acquired tangible asset amortization (2.2) (1.0) (0.9) (0.9) (0.8) (0.8) (3.2) (1.7) (6.8) (5.0) Acquired intangible asset amortization (4.7) (4.2) (3.3) (4.3) (4.3) (4.3) (8.9) (8.7) (14.3) (16.5) Acquisitions, integrations, divestitures, and related costs (3.7) (4.0) (10.6) (5.1) (6.0) (6.0) (7.7) (12.0) (38.3) (23.5) Business transition and related costs - - (4.2) (3.7) (2.7) (2.3) - (4.9) - (7.9) Litigation related expenses and settlements (19.1) (13.4) (6.0) (9.9) 2.3 (9.3) (32.5) (7.0) (28.7) (48.4) Non-GAAP operating expenses (prior definition) $217.1 $169.0 $184.6 $194.9 $196.0 $203.8 $386.0 $399.8 $760.5 $765.6 Litigation related expenses and settlements (11.6) (9.8) (8.9) (13.1) (8.1) (7.9) (21.4) (16.0) (20.3) (43.4) Non-GAAP operating expenses (updated definition) $205.5 $159.2 $175.6 $181.8 $187.9 $196.0 $364.7 $383.9 $740.2 $722.1 GAAP operating profit $38.0 $29.3 $25.2 $44.1 $34.0 $28.3 $67.3 $62.3 $27 $31 $210.0 $136.5 $159 $173 Acquired tangible asset amortization 2.2 1.0 0.9 0.9 0.8 0.8 3.2 1.7 1 1 59.4 5.0 3 3 Acquired intangible asset amortization 9.9 9.6 9.4 9.1 9.3 9.1 19.5 18.4 9 9 25.5 38.1 37 37 Acquisitions, integrations, divestitures, and related costs 3.7 4.0 10.6 5.1 6.0 6.1 7.7 12.1 4 4 38.4 23.5 20 20 Business transition and related costs - - 4.2 9.7 8.8 11.4 - 20.2 7 7 - 13.9 33 33 Litigation related expenses and settlements 19.1 13.4 6.0 9.9 (2.3) 9.3 32.5 7.0 14 14 28.7 48.4 29 29 Other adjustments 2.5 0.9 0.5 (0.0) 3.1 0.0 3.5 3.1 - - - 3.9 3 3 Non-GAAP operating profit (prior definition) $75.5 $58.6 $56.9 $78.6 $59.9 $65.1 $134.1 $124.9 $62 $66 $362.2 $269.6 $285 $298 Litigation related expenses and settlements 11.6 9.8 8.9 13.1 8.1 7.9 21.4 16.0 8 8 20.3 43.4 32 32 Non-GAAP operating profit (updated definition) $87.1 $68.4 $65.9 $91.7 $67.9 $72.9 $155.5 $140.8 $70 $74 $382.5 $313.0 $317 $330

Consolidated Income Statement Notes: (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided August 6, 2024. (3) Effective fiscal year 2024, we are updating our non-GAAP financial measures to exclude the impact of all expenses related to our litigation with Apple. Masimo had previously only excluded the expenses related to the U.S. International Trade Commission litigation against Apple. Masimo believes all Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance and is therefore excluding them from its non-GAAP financial measures. (Unaudited; in millions, except per share data) (1),(3) Quarter to Date Year to Date Q3 2024 Guidance (2) Full Year FY 2024 Guidance (2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 YTD 2023 YTD 2024 Low High FY 2022 FY 2023 Low High GAAP non-operating income (expense) ($11.8) ($4.5) ($11.2) ($20.9) ($9.1) ($8.4) ($16.3) ($17.5) ($10) ($10) ($16.6) ($48.4) ($38) ($38) Realized and unrealized gains or losses 0.7 (6.5) (1.0) 8.0 (2.1) (1.4) (5.8) (3.5) - - (5.5) 1.1 (3) (3) Financing related adjustments 0.5 0.5 0.5 0.5 0.5 0.5 0.9 0.9 0 0 1.5 1.9 2 2 Other adjustments - - - - 0.0 - - 0.0 - - (0.9) - 0 0 Non-GAAP non-operating income (expense) ($10.7) ($10.5) ($11.6) ($12.4) ($10.7) ($9.4) ($21.2) ($20.1) ($10) ($10) ($21.4) ($45.4) ($40) ($40) GAAP provision for income taxes $4.9 $9.1 $3.4 ($10.8) $6.0 $3.9 $14.0 $9.9 $4 $5 $49.9 $6.6 $27 $32 Tax impact of non-GAAP adjustments 10.0 4.8 8.0 12.0 6.1 9.2 14.8 15.3 9 9 35.2 34.8 31 29 Excess tax benefits from stock-based compensation 2.4 0.5 0.2 (0.2) 1.3 2.0 2.9 3.3 0 0 2.4 2.9 4 4 Tax related adjustments - - - 8.2 - - - - - - - 8.2 - - Non-GAAP provision for income taxes (prior definition) $17.4 $14.4 $11.5 $9.3 $13.4 $15.1 $31.7 $28.5 $14 $15 $87.6 $52.6 $62 $65 Tax impact of non-GAAP adjustments 2.7 2.3 2.1 3.1 1.9 1.9 5.1 3.8 2 2 4.8 10.3 8 8 Non-GAAP provision for income taxes (updated definition) $20.1 $16.7 $13.6 $12.4 $15.3 $16.9 $36.8 $32.2 $16 $17 $92.4 $62.9 $69 $73 GAAP net income $21.3 $15.7 $10.6 $34.0 $18.9 $16.0 $37.0 $34.9 $12 $15 $143.5 $81.5 $95 $103 Acquired tangible asset amortization 2.2 1.0 0.9 0.9 0.8 0.8 3.2 1.7 1 1 59.4 5.0 3 3 Acquired intangible asset amortization 9.9 9.6 9.4 9.1 9.3 9.1 19.5 18.4 9 9 25.5 38.1 37 37 Acquisitions, integrations, divestitures, and related costs 3.7 4.0 10.6 5.1 6.0 6.1 7.7 12.1 4 4 38.4 23.5 20 20 Business transition and related costs - - 4.2 9.7 8.8 11.4 - 20.2 7 7 - 13.9 33 33 Litigation related expenses and settlements 19.1 13.4 6.0 9.9 (2.3) 9.3 32.5 7.0 14 14 28.7 48.4 29 29 Other adjustments 2.5 0.9 0.5 (0.0) 3.1 0.0 3.5 3.1 - - (0.9) 3.9 3 3 Realized and unrealized gains or losses 0.7 (6.5) (1.0) 8.0 (2.1) (1.4) (5.8) (3.5) - - (5.5) 1.2 (3) (3) Financing related adjustments 0.5 0.5 0.5 0.5 0.5 0.5 0.9 0.9 0 0 1.5 1.9 2 2 Tax impact of non-GAAP adjustments (10.0) (4.8) (8.0) (12.0) (6.1) (9.2) (14.8) (15.3) (9) (9) (35.2) (34.8) (31) (29) Excess tax benefits from stock-based compensation (2.4) (0.5) (0.2) 0.2 (1.3) (2.0) (2.9) (3.3) (0) (0) (2.4) (2.9) (4) (4) Tax related adjustments - - - (8.2) - - - - - - - (8.2) - - Non-GAAP net income (prior definition) $47.5 $33.7 $33.7 $56.9 $35.8 $40.6 $81.2 $76.3 $38 $41 $253.2 $171.6 $183 $193 Litigation related expenses and settlements 11.6 9.8 8.9 13.1 8.1 7.9 21.4 16.0 8 8 20.3 43.4 32 32 Tax impact of non-GAAP adjustments (2.7) (2.3) (2.1) (3.1) (1.9) (1.9) (5.1) (3.8) (2) (2) (4.8) (10.3) (8) (8) Non-GAAP net income (updated definition) $56.3 $41.2 $40.5 $66.9 $41.9 $46.6 $97.5 $88.5 $44 $47 $268.7 $204.8 $207 $218 GAAP net income per share $0.39 $0.29 $0.20 $0.63 $0.35 $0.29 $0.68 $0.64 $0.22 $0.27 $2.60 $1.51 $1.74 $1.89 Acquired tangible asset amortization 0.04 0.02 0.02 0.02 0.02 0.01 0.06 0.03 0.02 0.02 1.08 0.09 0.06 0.06 Acquired intangible asset amortization 0.18 0.18 0.18 0.17 0.17 0.17 0.36 0.34 0.17 0.17 0.46 0.70 0.68 0.68 Acquisitions, integrations, divestitures, and related costs 0.07 0.07 0.20 0.09 0.11 0.11 0.14 0.22 0.07 0.07 0.70 0.44 0.37 0.37 Business transition and related costs 0.00 0.00 0.08 0.18 0.16 0.21 0.00 0.37 0.12 0.12 0.00 0.26 0.60 0.60 Litigation related expenses and settlements 0.35 0.25 0.11 0.18 (0.04) 0.17 0.60 0.13 0.26 0.26 0.52 0.89 0.53 0.53 Other adjustments 0.05 0.02 0.01 (0.00) 0.06 0.00 0.06 0.06 0.00 0.00 (0.02) 0.07 0.06 0.06 Realized and unrealized gains or losses 0.01 (0.12) (0.02) 0.15 (0.04) (0.03) (0.11) (0.06) 0.00 0.00 (0.10) 0.02 (0.06) (0.06) Financing related adjustments 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.03 0.03 0.03 0.03 Tax impact of non-GAAP adjustments (0.18) (0.09) (0.15) (0.22) (0.11) (0.17) (0.27) (0.28) (0.17) (0.17) (0.64) (0.64) (0.57) (0.53) Excess tax benefits from stock-based compensation (0.04) (0.01) (0.00) 0.00 (0.02) (0.04) (0.05) (0.06) (0.01) (0.01) (0.04) (0.05) (0.08) (0.08) Tax related adjustments 0.00 0.00 0.00 (0.15) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.15) 0.00 0.00 Non-GAAP net income per share (prior definition) $0.87 $0.62 $0.63 $1.06 $0.66 $0.75 $1.49 $1.42 $0.70 $0.75 $4.59 $3.17 $3.36 $3.55 Litigation related expenses and settlements 0.21 0.18 0.17 0.24 0.15 0.15 0.39 0.29 0.15 0.15 0.37 0.80 0.59 0.59 Tax impact of non-GAAP adjustments (0.05) (0.04) (0.04) (0.06) (0.04) (0.04) (0.09) (0.07) (0.03) (0.03) (0.09) (0.19) (0.14) (0.14) Non-GAAP net income per share (updated definition) $1.03 $0.76 $0.75 $1.25 $0.77 $0.86 $1.79 $1.63 $0.81 $0.86 $4.87 $3.79 $3.80 $4.00 Weighted average shares outstanding - Diluted 54.4 54.4 53.9 53.7 54.2 54.3 54.3 54.3 54.6 54.6 55.2 54.1 54.5 54.5

Revenue Notes: (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided August 6, 2024. (3) Constant currency adjustments are intended to reflect revenue at prior year foreign exchange rates for comparison purposes. (4) Represents pro forma financial information, which is being provided for year-over-year comparison purposes only. Pro forma financial information includes historical results for the acquired Sound United business prior to the transaction date on April 11, 2022. (Unaudited; in millions, except percentages) (1,3) Quarterly Performance Year to Date Q3 2024 Guidance (2) Full Year FY 2024 Guidance (2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 YTD 2023 YTD 2024 Low High FY 2022 FY 2023 Low High Revenue Healthcare 346.7 281.1 307.8 339.9 339.6 343.9 ### 627.8 683.5 335 345 1,340.3 1,275.5 1,385 1,405 Non-Healthcare 218.3 174.2 171.1 209.0 153.2 152.4 392.6 305.6 160 170 695.5 772.6 700 730 GAAP revenue $565.0 $455.3 $478.9 $548.9 $492.8 $496.3 $1,020.3 $989.1 $495 $515 $2,035.8 $2,048.1 $2,085 $2,135 Healthcare 5.6 2.0 (0.7) (1.1) 1.5 1.8 7.6 3.4 1 1 30.0 5.8 3 3 Non-Healthcare N/A N/A (1.5) (3.6) 1.0 3.0 N/A 4.0 1 1 N/A N/A 2 2 Constant currency adjustments $5.6 $2.0 ($2.2) ($4.7) $2.5 $4.8 $7.6 $7.4 $2 $2 $30.0 $5.8 $6 $6 Healthcare 352.3 283.1 307.1 338.8 341.1 345.7 635.4 686.8 336 346 1,370.4 1,281.3 1,388 1,408 Non-Healthcare 218.3 174.2 169.6 205.4 154.2 155.4 392.6 309.6 161 171 695.5 772.6 702 732 Non-GAAP revenue (constant currency) $570.6 $457.3 $476.7 $544.2 $495.3 $501.1 $1,027.9 $996.5 $497 $517 $2,065.9 $2,053.9 $2,091 $2,141 Healthcare 14.0% -21.3% -5.9% -3.4% -2.1% 22.4% -5.1% 8.9% 9% 12% 8.2% -4.8% 9% 10% Non-Healthcare N/A N/A -23.0% -21.2% -29.8% -12.5% 88.5% -22.1% -6% -1% N/A N/A -9% -6% GAAP revenue growth 85.7% -19.5% -12.8% -11.0% -12.8% 9.0% 17.3% -3.1% 3% 8% 64.3% 0.6% 2% 4% Healthcare 15.8% -20.7% -6.1% -3.7% -1.6% 23.0% -3.9% 9.4% 9% 12% 10.6% -4.4% 9% 10% Non-Healthcare N/A N/A -23.6% -22.5% -29.4% -10.8% 88.5% -21.1% -6% 0% N/A N/A -9% -5% Non-GAAP revenue growth (constant currency) 87.6% -19.1% -13.2% -11.8% -12.3% 10.1% 18.2% -2.3% 4% 8% 66.7% 0.9% 2% 5% Pro Forma Revenue (4) Healthcare 346.7 281.1 307.8 339.9 339.6 343.9 627.8 683.5 335 345 1,340.3 1,275.5 1,385 1,405 Non-Healthcare 218.3 174.2 171.1 209.0 153.2 152.4 392.6 305.6 160 170 953.0 772.6 700 730 GAAP revenue $565.0 $455.3 $478.9 $548.9 $492.8 $496.3 $1,020.3 $989.1 $495 $515 $2,293.4 $2,048.1 $2,085 $2,135 Healthcare 5.6 2.0 (0.7) (1.1) 1.5 1.8 7.6 3.4 1 1 30.0 5.8 3 3 Non-Healthcare 9.5 3.5 (1.5) (3.6) 1.0 3.0 13.0 4.0 1 1 58.3 8.0 2 2 Constant currency adjustments $15.1 $5.5 ($2.2) ($4.7) $2.5 $4.8 $20.6 $7.4 $2 $2 $88.3 $13.8 $6 $6 Healthcare 352.3 283.1 307.1 338.8 341.1 345.7 635.4 686.8 336 346 1,370.4 1,281.3 1,388 1,408 Non-Healthcare 227.8 177.7 169.6 205.4 154.2 155.4 405.6 309.6 161 171 1,011.3 780.6 702 732 Non-GAAP revenue (constant currency) $580.1 $460.8 $476.7 $544.2 $495.3 $501.1 $1,040.9 $996.5 $497 $517 $2,381.7 $2,061.9 $2,091 $2,141 Healthcare 14.0% -21.3% -5.9% -3.4% -2.1% 22.4% -5.1% 8.9% 9% 12% 8.2% -4.8% 9% 10% Non-Healthcare -12.9% -19.0% -23.0% -21.2% -29.8% -12.5% -15.7% -22.1% -6% -1% 4.9% -18.9% -9% -6% GAAP revenue growth 1.8% -20.4% -12.8% -11.0% -12.8% 9.0% -9.5% -3.1% 3% 8% 6.8% -10.7% 2% 4% Healthcare 15.8% -20.7% -6.1% -3.7% -1.6% 23.0% -3.9% 9.4% 9% 12% 10.6% -4.4% 9% 10% Non-Healthcare -9.1% -17.4% -23.6% -22.5% -29.4% -10.8% -12.9% -21.1% -6% 0% 11.3% -18.1% -9% -5% Non-GAAP revenue growth (constant currency) 4.6% -19.5% -13.2% -11.8% -12.3% 10.1% -7.6% -2.3% 4% 8% 10.9% -10.1% 2% 5%

Segment Reporting Notes: (1) Totals may not foot due to rounding. Annual reported amounts may vary from amounts previously reported due to rounding conventions. (2) Guidance provided August 6, 2024. (Unaudited; in millions) (1) Quarter to Date Year to Date Q3 2024 Guidance (2) Full Year FY 2024 Guidance (2) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 YTD 2023 YTD 2024 Low High FY 2022 FY 2023 Low High Revenue Healthcare 346.7 281.1 307.8 339.9 339.6 343.9 627.8 683.5 335 345 1,340.3 1,275.5 1,385 1,405 Non-Healthcare 218.3 174.2 171.1 209.0 153.2 152.4 392.5 305.6 160 170 695.5 772.6 700 730 GAAP revenue $565.0 $455.3 $478.9 $548.9 $492.8 $496.3 $1,020.3 $989.1 $495 $515 $2,035.8 $2,048.1 $2,085 $2,135 Gross profit Healthcare 214.8 169.0 185.6 207.7 211.4 214.9 383.8 426.3 209 215 870.2 777.1 866 878 Non-Healthcare 77.8 58.5 55.8 65.8 44.5 54.0 136.3 98.5 56 60 252.5 258.0 237 247 Other (7.7) (6.4) (6.6) (10.8) (14.2) (14.0) (14.1) (28.3) (9) (9) (63.9) (31.6) (45) (45) GAAP gross profit $284.8 $221.2 $234.8 $262.7 $241.7 $254.8 $506.0 $496.5 $256 $266 $1,058.8 $1,003.5 $1,057 $1,080 Acquired tangible asset amortization - - - - - - - - - - 52.6 - - - Acquired intangible asset amortization 5.2 5.4 6.2 4.9 4.9 4.8 10.6 9.7 5 5 11.2 21.7 20 20 Acquisitions, integrations, divestitures, and related costs - - - - 0.0 0.1 - 0.1 - - 0.1 - 0 0 Business transition and related costs - - - 6.0 6.2 9.2 - 15.3 4 4 - 6.0 23 23 Other adjustments 2.5 0.9 0.5 (0.0) 3.1 0.0 3.5 3.1 - - - 3.9 3 3 GAAP adjustments $7.7 $6.4 $6.6 $10.8 $14.2 $14.0 $14.1 $28.3 $9 $9 $63.9 $31.6 $45 $45 Healthcare 214.8 169.0 185.6 207.7 211.4 214.9 383.8 426.3 209 215 870.2 777.1 866 878 Non-Healthcare 77.8 58.5 55.8 65.8 44.5 54.0 136.3 98.5 56 60 252.5 258.0 237 247 Other - - - - - - - - - - - - - - Non-GAAP gross profit $292.6 $227.6 $241.4 $273.6 $255.9 $268.9 $520.1 $524.8 $265 $275 $1,122.7 $1,035.1 $1,102 $1,125 Gross margin Healthcare 61.9% 60.1% 60.3% 61.1% 62.3% 62.5% 61.1% 62.4% 62% 62% 64.9% 60.9% 63% 63% Non-Healthcare 35.6% 33.6% 32.6% 31.5% 29.0% 35.4% 34.7% 32.2% 35% 35% 36.3% 33.4% 34% 34% Other -1.4% -1.4% -1.4% -2.0% -2.9% -2.8% -1.4% -2.9% -2% -2% -3.1% -1.5% -2% -2% GAAP gross margin 50.4% 48.6% 49.0% 47.9% 49.1% 51.3% 49.6% 50.2% 52% 52% 52.0% 49.0% 51% 51% Healthcare 61.9% 60.1% 60.3% 61.1% 62.3% 62.5% 61.1% 62.4% 62% 62% 64.9% 60.9% 63% 63% Non-Healthcare 35.6% 33.6% 32.6% 31.5% 29.0% 35.4% 34.7% 32.2% 35% 35% 36.3% 33.4% 34% 34% Non-GAAP gross margin 51.8% 50.0% 50.4% 49.8% 51.9% 54.2% 51.0% 53.1% 54% 53% 55.1% 50.5% 53% 53%

© 2019 Masimo Forward-Looking Statements Masimo Corporation (“Masimo”, “MASI”, or the “Company”) cautions you that statements included in this presentation that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause the Company’s results to differ materially and adversely from historical results or those expressed or implied by such forward-looking statements. Further information on Masimo’s disclaimer and forward-looking statements and the potential risks and uncertainties that could cause actual results to differ materially are more fully described in the Company’s press releases and periodic filings with the Securities and Exchange Commission.

© 2019 Masimo The Company uses certain non-GAAP financial measures such as constant currency revenue growth, non- GAAP gross profit/margin percentage, non-GAAP SG&A expense percentage, non-GAAP R&D expense percentage, non-GAAP operating income/margin percentage, non-GAAP provision for income taxes/tax rate, non-GAAP net income, non-GAAP net income per diluted share, adjusted EBITDA and adjusted free cash flow. These non-GAAP financial measures may include certain adjustments related to the following items: > Constant currency revenue adjustments > Acquisitions, integrations, divestitures, and related costs > Acquired tangible asset amortization > Acquired intangible asset amortization > Litigation related expenses and settlements (prior definition) > Litigation related expenses and settlements (updated definition) > Business transition and related costs > Realized and unrealized gains or losses > Financing related adjustments > Tax impact of non-GAAP adjustments > Tax events > Excess tax benefits from stock-based compensation expense > Other adjustments Non-GAAP Measures & Adjustments

© 2019 Masimo Non-GAAP Measures & Adjustments (continued) The Company also uses non-GAAP liquidity measures such as adjusted free cash flow, which excludes certain cash items related to the foregoing that may impact period-to-period comparability, and adjusted EBITDA, which excludes non-cash stock-based compensation expense. The Company uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial performance and liquidity of its core business operations, which are generally designated as “non-GAAP” measures herein. Management believes that providing investors with these non-GAAP financial measures gives investors additional information to enable them to assess, in the same way management assesses, the Company’s current and future core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs and expenditures associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. Reconciliations of the non-GAAP financial measures to the nearest comparable GAAP financial measures can be found on the Investor Relations section of the Company’s website.

© 2019 Masimo Non-GAAP Definitions > Constant currency revenue adjustments ▪ Some of our sales agreements with foreign customers provide for payment in currencies other than the U.S. Dollar. These foreign currency revenues, when converted into U.S. Dollars, can vary significantly from period-to-period depending on the average and quarter-end exchange rates during a respective period. We believe that comparing these foreign currency denominated revenues by holding the exchange rates constant with the prior year period is useful to management and investors in evaluating our revenue growth rates on a period-to-period basis. We anticipate that fluctuations in foreign exchange rates and the related constant currency adjustments for calculation of our revenue growth rate will continue to occur in future periods. > Acquisitions, integrations, divestitures, and related costs ▪ These transactions represent gains, losses, and other related costs associated with acquisitions, integrations, investments, divestitures, assets impairments, and in-process research and development. > Acquired tangible asset amortization ▪ These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired tangible assets and asset valuation step-ups. > Acquired intangible asset amortization ▪ These transactions represent amortization expense in connection with business or assets acquisitions associated with acquired intangible assets including, but not limited to customer relationships, intellectual property, trade names and non- competition agreements.

© 2019 Masimo Non-GAAP Definitions (continued) > Litigation related expenses and settlements (prior definition) ▪ These transactions represent gains, losses, and other related costs associated with certain litigation matters, which can vary in their characteristics, frequency and significance to our operating results. > Litigation related expenses and settlements (updated definition) ■ We have been engaged in various legal proceedings against Apple since January 2020, including various proceedings in the federal courts, various proceedings in the U.S. Patent and Trademark Office (the “PTO proceedings”), and a proceeding in the U.S. International Trade Commission (the “ITC proceeding”). Although we previously excluded only expenses relating to the ITC proceeding from the definition of “Litigation related expenses and settlements”, beginning with the first quarter of 2024, we have revised the definition of “Litigation related expenses and settlements” to exclude not only expenses relating to the ITC proceeding, but also all other Apple litigation expenses, including those relating to the federal court proceedings and the PTO proceedings. We believe all of the Apple litigation expenses are unique in nature and not indicative of the Company’s on-going operating performance, and this updated definition will provide more useful information to investors by facilitating period-to-period comparisons of our financial performance that otherwise may be obscured by the significant fluctuations in Apple-related litigation expenses. > Business transition and related costs ▪ These transactions represent gains, losses, and other related costs associated with business transition plans. These items may include but are not limited to severance, relocation, consulting, leasehold exit costs, asset impairment, and other related costs to rationalize our operational footprint and optimize business results.

© 2019 Masimo Non-GAAP Definitions (continued) > Realized and unrealized gains or losses ▪ These transactions represent gains, losses, and other related costs associated with foreign currency denominated transactions and investments. Changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Unrealized and realized gains and losses on investments may impact the Company’s reported results of operations for a period. These items are highly variable, difficult to predict and outside the control of those responsible for the underlying operations of the business. Other items also included here are mark-to-market gains and losses of derivative contracts that are not designated as hedging instruments or the ineffective portions of cash flow hedges. > Financing related adjustments ▪ The Company may enter into various financial arrangements whereby costs are incurred and certain instrument features are valued and expensed accordingly but are not necessarily indicative of the on-going cash flow generation of the Company and therefore excludes these costs from non-GAAP earnings. For GAAP earnings per diluted share purposes, the Company cannot reflect the anti-dilutive impact, if applicable, in its diluted shares calculations. However, the Company believes that reflecting the anti-dilutive impact of these instruments in non-GAAP earnings per diluted share provides management and investors with useful information in evaluating the financial performance of the Company on a per share basis. > Tax impact of non-GAAP adjustments ▪ In order to reflect the tax effected impact of the non-GAAP adjustments, the Company will adjust the non-GAAP earnings by the approximate tax impact of these adjustments.

© 2019 Masimo Non-GAAP Definitions (continued) > Tax events ▪ This represents certain tax events that impact period over period comparability and do not represent the underlying ongoing results of the core operations. The Company may choose to exclude these tax events from non-GAAP earnings. > Excess tax benefits from stock-based compensation expense ▪ GAAP requires that excess tax benefits recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. As these excess tax benefits may be highly variable from period-to-period, the Company may choose to exclude these tax benefits from non-GAAP earnings to facilitate comparability between periods and with peers. > Adjusted free cash flow ▪ Represents free cash flow (cash flow from operations less cash used in the purchase of property, plant and equipment) adjusted for the impact of cash receipts or payments relating to certain previously described non-GAAP adjustments, which may impact period-to-period comparability. > Adjusted EBITDA ▪ Represents earnings before non-operating income/expense, taxes, depreciation and amortization, as adjusted for the applicable non-GAAP adjustments previously described, and further excluding non-cash stock-based compensation expense. > Other adjustments ▪ In the event there are gains, losses and other adjustments which impact period-to-period comparability and do not represent the underlying ongoing results of the business, the Company may choose to exclude these from non-GAAP earnings.

Document and Entity Information Document	Aug. 06, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 06, 2024
Entity Registrant Name	MASIMO CORP
Entity Incorporation, State or Country Code	DE
Entity File Number	001-33642
Entity Tax Identification Number	33-0368882
Entity Address, Address Line One	52 Discovery
Entity Address, City or Town	Irvine,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	(949)
Local Phone Number	297-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	MASI
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000937556
Amendment Flag	false

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