Masimo (NASDAQ: MASI), a global leader in noninvasive monitoring
technologies, and NantHealth, Inc. (NASDAQ: NH), a next-generation,
evidence-based, personalized healthcare company, today announced
the signing of a definitive agreement under which Masimo will
acquire the Connected Care assets from NantHealth, Inc. for a
$47.25 million upfront cash payment. NantHealth’s Connected Care
solutions provide medical device interoperability to hospitals and
health systems. The portfolio includes DCX™ device connectivity
(formerly known as DeviceConX™), VCX™ patient vitals software
(formerly known as VitalsConX™), HBox® connectivity hub, and
Shuttle interface cable.
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The acquisition supports Masimo’s goal to help hospitals improve
the continuum of great care through hospital automation,
connectivity, and innovative noninvasive monitoring technologies.
The Connected Care franchise is an established leader in providing
connectivity solutions to hospitals, enabling streamlined
collection and storage of medical device data through a
vendor-agnostic platform into the EHR or other clinical information
systems.
“One of the strategic priorities for Masimo is, through our
Hospital Automation solutions, to reduce clinician cognitive
overload and reduce errors of omission. Through connectivity,
predictive algorithms, and decision support, we hope to improve the
continuum of great care. The connectivity assets we are acquiring
are completely in line with our mission as they will help
accelerate our internal growth initiatives in this area,” said Joe
Kiani, Founder, Chairman, and CEO of Masimo. “Not only does
Connected Care immediately increase our customer footprint but also
provides us with products which complement our current portfolio.
As a result, we are very excited to welcome the Connected Care’s
talented team to Masimo and look forward to realizing our vision
together.”
Patrick Soon-Shiong, MBBCh, MSc, FRCS (C), NantHealth Chief
Executive Officer and Chairman of the Board, said, “Our decision to
sell the Connected Care business enables us to focus on
accelerating growth for our NaviNet® and Eviti® SaaS solutions, our
data and molecular analytics capabilities, and pursue other
strategically aligned goals. We believe Masimo has the best
connectivity solutions, and we are delighted to have found the
right home for our Connected Care business and our committed team
of employees. We are working with Masimo to ensure a smooth
transition for our Connected Care customers.”
The transaction is expected to close in the first quarter of
2020, subject to customary closing conditions. Masimo expects to
fund the acquisition with existing cash on hand. The estimated
financial impact of the transaction is included in Masimo’s
full-year 2020 financial guidance, which is being issued in a
separate press release today.
@MasimoInnovates | #Masimo
About Masimo
Masimo (NASDAQ: MASI) is a global medical 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. Our mission is to 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.1 Masimo SET® has also been shown to
help clinicians reduce severe retinopathy of prematurity in
neonates,2 improve CCHD screening in newborns,3 and, when used for
continuous monitoring with Masimo Patient SafetyNet™ in
post-surgical wards, reduce rapid response team activations, ICU
transfers, and costs.4-6 Masimo SET® is estimated to be used on
more than 100 million patients in leading hospitals and other
healthcare settings around the world,7 and is the primary pulse
oximetry at 9 of the top 10 hospitals according to the 2019-20 U.S.
News and World Report Best Hospitals Honor Roll.8 Masimo continues
to refine SET® and in 2018, announced that SpO2 accuracy on RD SET®
sensors during conditions of motion has been significantly
improved, providing clinicians with even greater confidence that
the SpO2 values they rely on accurately reflect a patient’s
physiological status. In 2005, Masimo introduced rainbow® Pulse
CO-Oximetry technology, allowing noninvasive and continuous
monitoring of blood constituents that previously could only be
measured invasively, 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® and
Radius PPG™, 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
automation and connectivity solutions are centered around the Iris®
platform, and include Iris Gateway®, Patient SafetyNet, Replica™,
Halo ION™, UniView™, and Doctella™. 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/.
ORi and RPVi have not received FDA 510(k) clearance and are not
available for sale in the United States. The use of the trademark
Patient SafetyNet is under license from University HealthSystem
Consortium.
References
- Published clinical studies on pulse oximetry and the benefits
of Masimo SET® can be found on our website at
http://www.masimo.com. Comparative studies include independent and
objective studies which are comprised of abstracts presented at
scientific meetings and peer-reviewed journal articles.
- Castillo A et al. Prevention of Retinopathy of Prematurity in
Preterm Infants through Changes in Clinical Practice and SpO2
Technology. Acta Paediatr. 2011 Feb;100(2):188-92.
- de-Wahl Granelli A et al. Impact of pulse oximetry screening on
the detection of duct dependent congenital heart disease: a Swedish
prospective screening study in 39,821 newborns. BMJ. 2009;Jan
8;338.
- Taenzer AH et al. Impact of pulse oximetry surveillance on
rescue events and intensive care unit transfers: a before-and-after
concurrence study. Anesthesiology. 2010:112(2):282-287.
- Taenzer A et al. Postoperative Monitoring – The Dartmouth
Experience. Anesthesia Patient Safety Foundation Newsletter.
Spring-Summer 2012.
- McGrath SP et al. Surveillance Monitoring Management for
General Care Units: Strategy, Design, and Implementation. The Joint
Commission Journal on Quality and Patient Safety. 2016
Jul;42(7):293-302.
- Estimate: Masimo data on file.
-
http://health.usnews.com/health-care/best-hospitals/articles/best-hospitals-honor-roll-and-overview.
About NantHealth
NantHealth, a member of the NantWorks ecosystem of companies,
provides leading solutions across the continuum of care for
physicians, payors, patients and biopharmaceutical organizations.
NantHealth enables the use of cutting-edge data and technology
toward the goals of empowering clinical decision support and
improving patient outcomes. NantHealth’s comprehensive product
portfolio combines the latest technology in payor/provider
platforms that exchange information in near-real time (NaviNet and
Eviti), connected care solutions that deliver medical device
interoperability (DCX device connectivity platform and VCX patient
vitals software) and molecular profiling services that combine
comprehensive DNA & RNA tumor-normal profiling with
pharmacogenomics analysis (GPS Cancer®). For more information,
please visit www.nanthealth.com or follow us on Twitter, Facebook
and LinkedIn.
Forward-Looking Statements: Masimo
This press release includes forward-looking statements as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, in connection with the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among others, those related to
Masimo’s proposed acquisition of the Connected Care Business from
NantHealth (the “Acquisition”), and are based on current
expectations about future events affecting us and are subject to
risks and uncertainties, all of which are difficult to predict and
many of which are beyond our control and could cause our actual
results to differ materially and adversely from those expressed in
our forward-looking statements as a result of various risk factors,
including, but not limited to: risks related to achieving the
conditions to closing the Acquisition and risks regarding the
integration of assets acquired from NantHealth; risks related to
our assumptions regarding the repeatability of clinical results;
risks related to our belief that Masimo's unique noninvasive
measurement technologies, contribute to positive clinical outcomes
and patient safety; risks related to our belief that Masimo
noninvasive medical breakthroughs provide cost-effective solutions
and unique advantages; as well as other factors discussed in the
"Risk Factors" section of our most recent reports filed with the
Securities and Exchange Commission ("SEC"), which may be obtained
for free at 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. All forward-looking statements included in this press
release are expressly qualified in their entirety by the foregoing
cautionary statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of today's date. We do not undertake any obligation to update,
amend or clarify these statements or the "Risk Factors" contained
in our most recent reports filed with the SEC, whether as a result
of new information, future events or otherwise, except as may be
required under the applicable securities laws.
Forward-Looking Statements: NantHealth
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Forward-looking statements can be identified by the
words “expects,” “anticipates,” “believes,” “intends,” “estimates,”
“plans,” “will,” “outlook” and similar expressions. Forward-looking
statements are based on management’s current plans, estimates,
assumptions and projections, and speak only as of the date they are
made. Risks and uncertainties include, but are not limited to: our
ability to successfully integrate a complex learning system to
address a wide range of healthcare issues; our ability to
successfully amass the requisite data to achieve maximum network
effects; appropriately allocating financial and human resources
across a broad array of product and service offerings; raising
additional capital as necessary to fund our operations; achieving
significant commercial market acceptance for our sequencing and
molecular analysis solutions; establish relationships with, key
thought leaders or payers’ key decision makers in order to
establish GPS Cancer as a standard of care for patients with
cancer; our ability to grow the market for our Systems
Infrastructure, and applications; successfully enhancing our
Systems Infrastructure and applications to achieve market
acceptance and keep pace with technological developments; customer
concentration; competition; security breaches; bandwidth
limitations; our ability to continue our relationship with
NantOmics; our ability to obtain regulatory approvals; dependence
upon senior management; the need to comply with and meet applicable
laws and regulations; unexpected adverse events; clinical adoption
and market acceptance of GPS Cancer; and anticipated cost savings.
We undertake no obligation to update any forward-looking statement
in light of new information or future events, except as otherwise
required by law. Forward-looking statements involve inherent risks
and uncertainties, most of which are difficult to predict and are
generally beyond our control. Actual results or outcomes may differ
materially from those implied by the forward-looking statements as
a result of the impact of a number of factors, many of which are
discussed in more detail in our reports filed with the Securities
and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200114005452/en/
Investor Contact: Masimo Eli Kammerman 949-297-7077
ekammerman@masimo.com
Media Contacts: Masimo Evan Lamb 949-396-3376
elamb@masimo.com
NantHealth Kelly Neagu 760-670-0197 kneagu@nanthealth.com
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