Masimo Corporation - MASI STOCK NEWS

Politan Capital Management, an 8.9% shareholder of Masimo (NASDAQ: MASI), has responded to the company's decision to delay its Annual Meeting from July 25 to September 19, 2024. Politan views this as an entrenchment maneuver by CEO Joe Kiani to prevent shareholders from being heard. The delay pushes the meeting beyond the 13-month limit required by Delaware law.

Politan also addressed a lawsuit filed against them by Masimo's Board, calling it retaliatory and meritless. They plan to take action to ensure the meeting is not delayed further and potentially held sooner. Politan encourages shareholders to vote for their nominees, Darlene Solomon and William Jellison, on the WHITE proxy card to support change at Masimo.

Masimo (Nasdaq: MASI) has initiated legal action against Politan Capital Management LP, seeking to compel Politan to rectify material misstatements and omissions in their proxy materials. The complaint alleges that Quentin Koffey has aided plaintiff's counsel in litigation against Masimo. In response to these developments and a request from Politan, Masimo has rescheduled its 2024 Annual Meeting of Stockholders to September 19, 2024, at 2:00 p.m. PDT, with a new record date of August 12, 2024. This postponement aims to ensure a fair and fully informed stockholder vote. Masimo will file a revised proxy statement and conduct a new broker search. All stockholders, including those who previously voted, will need to resubmit their votes based on the updated information.

Masimo (NASDAQ: MASI) responds to Politan's misrepresentations, addressing key issues:

• Joint Venture (JV): The proposed JV won't compete with Masimo in healthcare or benefit CEO Joe Kiani at shareholders' expense. Kiani commits to not supporting the JV unless the entire Board, including Politan's Quentin Koffey, approves.
• Director Independence: Masimo asserts its directors are truly independent, contrary to Politan's claims.
• Healthcare Business Performance: Masimo highlights strong revenue growth and improving EBIT margins.
• Future Plans: Masimo aims for 30% EBIT margins and $8 EPS by 2029, while questioning Politan's ability to deliver greater value.
• Voting Practices: Masimo denies engaging in "empty voting".

Masimo urges shareholders to vote for Kiani and Christopher Chavez using the GOLD proxy card.

Masimo independent director Michelle Brennan has voiced concerns about the company's boardroom culture, suggesting a need for a cultural reset. According to Brennan, the current board prioritizes loyalty to CEO Joe Kiani over independent oversight, which has led to operational inefficiencies and poor financial performance. She insists that a majority of truly independent directors could benefit stakeholders and unlock Masimo's growth potential. The call for change is supported by Politan Capital Management, which holds an 8.9% stake in Masimo. Brennan highlights issues such as lack of transparency, ineffective oversight of regulatory investigations, and the impact on employees and patients. She urges shareholders to support further changes at the upcoming 2024 Annual Meeting.

Masimo (NASDAQ: MASI) has accused Politan and Quentin Koffey of actions that contradict their stated commitment to good governance. The company claims that over the past twelve months, Koffey has acted against Masimo's and its shareholders' best interests. Specific allegations include rejecting board expansion efforts, refusing director duties, deceiving a Special Committee, and advancing Politan's agenda over shareholder interests. Masimo urges shareholders to vote for Joe Kiani and Christopher Chavez using the GOLD proxy card to protect the company's future.

Masimo (Nasdaq: MASI) announced its preliminary revenue and select financial results for Q2 2024, ending June 29, 2024. The company expects consolidated revenue to be around $496 million, reflecting a 9% growth on a reported basis and 10% on a constant currency basis.

Healthcare revenue is anticipated at approximately $344 million, marking a 22% increase on a reported basis and 23% on a constant currency basis. Non-healthcare revenue is expected to decline to about $152 million, which is a 13% drop on a reported basis and an 11% drop on a constant currency basis.

The incremental value of new healthcare contracts is projected to be around $134 million. The company also expects 58,000 driver shipments. CEO Joe Kiani highlighted strong growth in the healthcare segment and a robust order backlog as indicators of a promising start to 2024.

Complete Q2 2024 financial results and updated fiscal year 2024 guidance will be discussed in the upcoming earnings call.

Masimo has issued a statement addressing what it claims are deceptive tactics by Politan to distract from its own shortcomings. The company urges shareholders to support its nominees, Joe Kiani and Christopher Chavez, instead of Politan's picks.

Masimo disputes several assertions by Politan, including the qualifications and independence of Politan's nominees, and claims about Masimo's governance and transactions. The company provides detailed counterpoints, asserting that Politan's candidates are neither independent nor suitably qualified.

Masimo clarifies that all transactions, including IP licensing and consumer separation, are overseen by the Board and follow agreed-upon processes. The company further addresses accusations about CEO travel, employee approval ratings, and handling of subpoenas, emphasizing transparency and proper procedures.

Masimo argues that Politan's failure to deliver viable plans and solutions, especially regarding consumer separation, disqualifies their nominees. They also highlight Politan's alleged misinformation and lack of understanding of Masimo's operations.

In summary, Masimo believes that Politan's actions and claims are detrimental to shareholders and urges a vote for its own nominees to ensure value creation and transparency.

Masimo has issued a letter to its stockholders concerning the 2024 Annual Meeting of Stockholders, emphasizing the importance of voting for their director nominees, Joe Kiani and Christopher Chavez. Masimo highlights Chavez's extensive experience in the medical technology industry and contrasts it with the nominees proposed by Politan, whom they describe as paid and lacking independence. Masimo argues that electing Politan's nominees could jeopardize the company's value and future innovation. The letter seeks to assure stockholders of the qualifications and independence of their nominees, aiming for continued innovation-driven revenue growth.

Masimo (NASDAQ: MASI) has introduced Sleep Halo™, an advanced sleep analysis feature for the Masimo W1® Sport wearable. Sleep Halo uses 70,000+ daily measurements of continuous pulse oximetry data and advanced AI to provide detailed insights into sleep quality, including duration, sleep stages, and desaturation episodes. Users can view these insights and a Sleep Halo score on the Masimo Health app. This technology will also be featured in future Masimo wearables, such as the Masimo Freedom™ Watch and Band. Masimo W1 Sport owners can update their firmware and app to access Sleep Halo.