<SEC-DOCUMENT>0001213900-24-057570.txt : 20240701
<SEC-HEADER>0001213900-24-057570.hdr.sgml : 20240701
<ACCEPTANCE-DATETIME>20240701081032
ACCESSION NUMBER:		0001213900-24-057570
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240701
DATE AS OF CHANGE:		20240701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MASIMO CORP
		CENTRAL INDEX KEY:			0000937556
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				330368882
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33642
		FILM NUMBER:		241088237

	BUSINESS ADDRESS:	
		STREET 1:		52 DISCOVERY
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
		BUSINESS PHONE:		949-297-7000

	MAIL ADDRESS:	
		STREET 1:		52 DISCOVERY
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92618
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea0208778-defa14a_masimo.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MASIMO CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>On July 1, 2024, Masimo Corporation (&ldquo;Masimo&rdquo; or the
&ldquo;Company&rdquo;) issued a press release announcing that it has issued a letter to its stockholders regarding Masimo&rsquo;s 2024
annual meeting of stockholders. A copy of the press release and the letter are set forth below.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Masimo Nominee Christopher Chavez Would Bring
Fierce Independence, Exemplary Medtech <BR>
CEO Experience to Masimo Board</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Chavez&rsquo;s Independence Stands in Stark
Contrast to Politan&rsquo;s Paid and Handpicked Nominees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">IRVINE, Calif. &ndash; July 1,
2024 &ndash; Masimo Corporation (&ldquo;Masimo&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ: MASI) today issued a letter to stockholders
in connection with the Company&rsquo;s 2024 Annual Meeting of Stockholders. The letter highlights the fierce independence and deep medtech
experience of nominee Christopher Chavez and contrasts it to Politan&rsquo;s handpicked and paid nominees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Masimo believes that ceding control of Masimo to Politan by electing
its nominees would jeopardize the value of your investment in Masimo. The Board encourages stockholders to vote FOR Masimo&rsquo;s highly
qualified director nominees, Joe Kiani and Christopher Chavez.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Find more information on why your vote is so important to the future
of Masimo at www.ProtectMasimosFuture.com. The full text of the letter to our stockholders can be found here:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Fellow Masimo Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Masimo&rsquo;s Board has a duty to stockholders to share its
views on the nominees proposed for election at this year&rsquo;s annual meeting. The three of us signed below, constituting all the
non-Politan directors, have led public companies as CEOs and senior executives and served on public company boards for many years.
Through our service, we have seen how directors can be effective and value additive for stockholders in the boardroom. Most
critically, we understand that every boardroom needs robust discussion and a healthy, open dialogue and believe that stockholders
should have representatives with the experience, expertise and independence to provide objective counsel to management. That is why
we nominated Christopher Chavez, and why we believe Politan&rsquo;s nominees are clearly inferior to ours. What we find most
disappointing, and troubling, is that Politan&rsquo;s central argument to cede control of Masimo to Politan is the &ldquo;refusal by
Masimo to permit independent oversight.&rdquo; It appears to us that Politan is repeating a false narrative over and over in the
hopes that stockholders will believe it to be true. It is simply not the case that having met Joe Kiani in the past, whether at an
industry event, on the opposite side of the negotiating table, or at a civic function, compromises the independence of our
directors, creates an obligation to him or interferes with their duty to provide oversight. The success Mr. Chavez and our
non-Politan directors have had at the highest levels of leadership allow them to challenge and counsel management and help make the
best decisions for Masimo at the Board level. Meanwhile, Politan continues to admit that its nominees will vote in a bloc regardless
of what is presented and discussed in the boardroom: &ldquo;Electing only one of our two nominees would not be sufficient to effect
this type of change. Adding just Darlene Solomon or William Jellison would result in a deadlocked Board.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The assertion that Mr. Chavez would rubber stamp anything Mr. Kiani
wants to do is frankly nonsensical. Mr. Chavez is widely respected for his industry knowledge and decades of experience working for and
leading medical technology companies. We invite stockholders to compare Mr. Chavez&rsquo;s independence and experience with Mr. Jellison&rsquo;s
or Dr. Solomon&rsquo;s, who are being paid by Politan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Chavez is a self-made businessman who rose from the bottom to leading
public medtech companies. <FONT STYLE="background-color: white">He brings more than 30 years of leadership experience in the medical technology
industry, including two past appointments as a public company CEO and many years as an independent public company director. He has dealt
with complex strategic, operational, regulatory and transactional matters unique to the medtech industry that neither Politan nominee
&ndash; and neither of the Politan directors &ndash; has experienced. His personal involvement in product development, commercialization
and revenue growth in the medtech industry will add significant value to the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It should come as little surprise to stockholders that Mr. Kiani and
Mr. Chavez became professionally acquainted many years ago, given they were both leading medtech CEOs who as a result served on the board
of the Medical Device Manufacturers Association (MDMA). However, while Mr. Kiani still serves on MDMA&rsquo;s board, Mr. Chavez left more
than 12 years ago. Since that time, Mr. Kiani has had only one brief meeting with Mr. Chavez, when Masimo considered &ndash; but did not
pursue &ndash; the acquisition of a company at which he was a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Jellison is by contrast a serial activist nominee. He recently
joined the board of Anika Therapeutics (a company with a market cap well under $400 million) as a nominee of activist investor Caligan
Partners. Notwithstanding Politan&rsquo;s claims that Mr. Jellison is &ldquo;unquestionably independent&rdquo; and &ldquo;found via nationally
recognized, third-party search firm,&rdquo; it is no coincidence that Caligan Partners&rsquo; attorney also happens to be Politan&rsquo;s
attorney.<SUP>1</SUP> Moreover, in a recent publication an executive at Anika Therapeutics indicated that he believes that Mr. Jellison
is simply a stand-in for Caligan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;[Jellison] is not what is important. It&rsquo;s Caligan.
Jellison is a proxy,&rdquo; the executive said. The&nbsp;activist investor approach is their worst nightmare&nbsp;because if they don&rsquo;t
reach an agreement, &ldquo;it tears you apart.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dr. Solomon has a technical background, but her expertise is in a field
unrelated to Masimo&rsquo;s business, and she does not have familiarity with medical technology development or the regulatory processes
to which Masimo is subject, all of which are critical to Masimo&rsquo;s innovation engine. She has dealt with few, if any, of the industry-specific
challenges through which Mr. Chavez has successfully led the companies he served during his long career.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is our belief that Politan selectively chose nominees who depend
on activist investors to advance their director careers or have limited perspective on, background in, or knowledge of the medical device
sector to ensure they will simply follow Mr. Koffey&rsquo;s lead on issues before the Board, as Ms. Brennan has done. It is clear Politan
wants Board members that will vote with Mr. Koffey. Politan&rsquo;s mantra, &ldquo;Masimo Urgently Needs a Truly Independent Board,&rdquo;
should truthfully state, &ldquo;Politan Urgently Wants a Quentin Koffey-Controlled Board.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also do not believe that any of Politan&rsquo;s current directors
or nominees are qualified to serve as an interim CEO. Politan is demanding control of Masimo without providing any concrete transition
and leadership plan to shareholders. That is not an approach we think will maximize value for stockholders. Quite the opposite.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">https://www.srz.com/en/people/ele-klein (see &ldquo;Representations&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Masimo stockholders want knowledgeable, independent Board members
to lead and guide the company, Mr. Chavez is the ally they need on the Board. In our view, Politan has already told stockholders what
they will get voting for their slate: control of Masimo by Politan. An activist with less than 9% of Masimo&rsquo;s shares in control
of Masimo with an inexperienced Board and with no actual plan for running Masimo is a threat to Masimo&rsquo;s current and future value.
We believe it is also a disservice to patients around the world and to stockholders to seek to reduce innovation. As we have presented
recently, we expect Masimo&rsquo;s continued investments in R&amp;D to support patient-focused, innovation-based revenue growth will allow
Masimo to achieve $8 non-GAAP EPS in 5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your continued support,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Craig Reynolds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bob Chapek</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joe Kiani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About Masimo</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">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. In addition, Masimo Consumer Audio is home to eight legendary audio
brands, including Bowers &amp; Wilkins, Denon, Marantz, and Polk Audio. Our mission is to improve life, improve patient outcomes, and
reduce the cost of care. Masimo SET<SUP>&reg;</SUP>&nbsp;Measure-through Motion and Low Perfusion&trade; pulse oximetry, introduced in
1995, has been shown in over 100 independent and objective studies to outperform other pulse oximetry technologies.<SUP>1</SUP>&nbsp;Masimo
SET<SUP>&reg;</SUP>&nbsp;has also been shown to help clinicians reduce severe retinopathy of prematurity in neonates,<SUP>2</SUP>&nbsp;improve
CCHD screening in newborns<SUP>3&nbsp;</SUP>and, when used for continuous monitoring with Masimo Patient SafetyNet&trade; in post-surgical
wards, reduce rapid response team activations, ICU transfers, and costs.<SUP>4-7&nbsp;</SUP>Masimo SET<SUP>&reg;</SUP>&nbsp;is estimated
to be used on more than 200 million patients in leading hospitals and other healthcare settings around the world,<SUP>8</SUP>&nbsp;and
is the primary pulse oximetry at 9 of the top 10 hospitals as ranked in the 2022-23&nbsp;<I>U.S. News and World Report</I>&nbsp;Best Hospitals
Honor Roll.<SUP>9</SUP>&nbsp;In 2005, Masimo introduced rainbow<SUP>&reg;</SUP>&nbsp;Pulse CO-Oximetry technology, allowing noninvasive
and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb<SUP>&reg;</SUP>),
oxygen content (SpOC&trade;), carboxyhemoglobin (SpCO<SUP>&reg;</SUP>), methemoglobin (SpMet<SUP>&reg;</SUP>), Pleth Variability Index
(PVi<SUP>&reg;</SUP>), RPVi&trade; (rainbow<SUP>&reg;</SUP>&nbsp;PVi), and Oxygen Reserve Index (ORi&trade;). In 2013, Masimo introduced
the Root<SUP>&reg;</SUP>&nbsp;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<SUP>&reg;</SUP>&nbsp;Brain Function Monitoring, O3<SUP>&reg;</SUP>&nbsp;Regional Oximetry, and ISA&trade; Capnography with NomoLine<SUP>&reg;</SUP>&nbsp;sampling
lines. Masimo&rsquo;s family of continuous and spot-check monitoring Pulse CO-Oximeters<SUP>&reg;</SUP>&nbsp;includes devices designed
for use in a variety of clinical and non-clinical scenarios, including tetherless, wearable technology, such as Radius-7<SUP>&reg;</SUP>,
Radius PPG<SUP>&reg;</SUP>, and Radius VSM&trade;, portable devices like Rad-67<SUP>&reg;</SUP>, fingertip pulse oximeters like MightySat<SUP>&reg;</SUP>&nbsp;Rx,
and devices available for use both in the hospital and at home, such as Rad-97<SUP>&reg;</SUP>&nbsp;and the Masimo W1<SUP>&reg;</SUP>&nbsp;medical
watch. Masimo hospital and home automation and connectivity solutions are centered around the Masimo Hospital Automation&trade; platform,
and include Iris<SUP>&reg;</SUP>&nbsp;Gateway, iSirona&trade;, Patient SafetyNet, Replica<SUP>&reg;</SUP>, Halo ION<SUP>&reg;</SUP>, UniView<SUP>&reg;</SUP>,
UniView :60&trade;, and Masimo SafetyNet<SUP>&reg;</SUP>. Its growing portfolio of health and wellness solutions includes Radius T&ordm;<SUP>&reg;</SUP>,
Masimo W1 Sport, and Masimo Stork&trade;. Additional information about Masimo and its products may be found at&nbsp;www.masimo.com. Published
clinical studies on Masimo products can be found at&nbsp;www.masimo.com/evidence/featured-studies/feature/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>References</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: left">Published clinical studies on pulse oximetry and the benefits
of Masimo SET<SUP>&reg;</SUP> 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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: left">Castillo A et al. Prevention of Retinopathy of Prematurity
in Preterm Infants through Changes in Clinical Practice and SpO<SUB>2</SUB> Technology. <I>Acta Paediatr. </I>2011 Feb;100(2):188-92.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: left">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. <I>BMJ. </I>2009;Jan
8;338.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: left">Taenzer A et al. Impact of pulse oximetry surveillance on
rescue events and intensive care unit transfers: a before-and-after concurrence study. <I>Anesthesiology</I>. 2010:112(2):282-287.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: left">Taenzer A et al. Postoperative Monitoring &ndash; The Dartmouth
Experience. <I>Anesthesia Patient Safety Foundation Newsletter</I>. Spring-Summer 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD STYLE="text-align: left">McGrath S et al. Surveillance Monitoring Management for General
Care Units: Strategy, Design, and Implementation. <I>The Joint Commission Journal on Quality and Patient Safety</I>. 2016 Jul;42(7):293-302.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD STYLE="text-align: left">McGrath S et al. Inpatient Respiratory Arrest Associated
With Sedative and Analgesic Medications: Impact of Continuous Monitoring on Patient Mortality and Severe Morbidity. <I>J Patient Saf.
</I>2020 14 Mar. DOI: 10.1097/PTS.0000000000000696.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD STYLE="text-align: justify">Estimate: Masimo data on file.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD STYLE="text-align: justify">http://health.usnews.com/health-care/best-hospitals/articles/best-hospitals-honor-roll-and-overview.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release includes forward-looking statements as defined
in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in connection
with the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding
the 2024 Annual Meeting of Stockholders (the &ldquo;2024 Annual Meeting&rdquo;) of Masimo and the potential stockholder approval of the
Board&rsquo;s nominees and Masimo&rsquo;s earnings per share estimates and targets. These forward-looking statements are based on current
expectations about future events affecting Masimo and are subject to risks and uncertainties, all of which are difficult to predict and
many of which are beyond Masimo&rsquo;s control and could cause its actual results to differ materially and adversely from those expressed
in its forward-looking statements as a result of various risk factors, including, but not limited to (i) uncertainties regarding future
actions that may be taken by Politan in furtherance of its nomination of director candidates for election at the 2024 Annual Meeting,
(ii) the potential cost and management distraction attendant to Politan&rsquo;s nomination of director nominees at the 2024 Annual Meeting
and (iii) factors discussed in the &ldquo;Risk Factors&rdquo; section of Masimo&rsquo;s most recent periodic reports filed with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), which may be obtained for free at the SEC&rsquo;s website at&nbsp;<I>www.sec.gov</I>. Although
Masimo believes that the expectations reflected in its forward-looking statements are reasonable, the Company does not know whether its
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&rsquo;s date. Masimo does not undertake any obligation to update, amend or clarify these statements or the &ldquo;Risk
Factors&rdquo; contained in the Company&rsquo;s 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information Regarding the 2024 Annual Meeting of Stockholders
and Where to Find It<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company has filed a definitive
proxy statement containing a form of GOLD proxy card with the SEC in connection with its solicitation of proxies for its 2024 Annual Meeting.
THE COMPANY&rsquo;S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO)
AND ACCOMPANYING GOLD PROXY CARD AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement, any amendments
or supplements to the proxy statement and other documents as and when filed by the Company with the SEC without charge from the SEC&rsquo;s
website at&nbsp;</FONT><I><U STYLE="text-decoration: none">www.sec.gov</U></I><FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Information Regarding Participants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company, its directors and
certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from the
Company&rsquo;s stockholders in connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct
and indirect interests, by security holdings or otherwise, of the Company&rsquo;s directors and executive officers in the Company is included
in the Company&rsquo;s definitive proxy statement for the 2024 Annual Meeting (the &ldquo;2024 Proxy Statement&rdquo;), which can be found
through the SEC&rsquo;s website at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000937556/000121390024053125/ea0206756-05.htm. Changes
to the direct or indirect interests of Masimo&rsquo;s securities by directors and executive officers are set forth in SEC filings on a
Statement of Change in Ownership on Form 4 filed with the SEC on June 28, 2024, which can be found through the SEC&rsquo;s website at
https://www.sec.gov/Archives/edgar/data/937556/000093755624000053/xslF345X05/wk-form4_1719606794.xml. Any other changes to the 2024 Proxy
Statement may be found in any amendments or supplements to the 2024 Proxy Statement and other documents as and when filed by the Company
with the SEC, which can be found through the SEC&rsquo;s website at <I>www.sec.gov<U STYLE="font-style: normal; font-weight: normal; text-decoration: none">.</U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%"><B>Investor Contact: Eli Kammerman</B></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Media Contact: Evan Lamb</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(949) 297-7077</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(949) 396-3376</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">ekammerman@masimo.com</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">elamb@masimo.com</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
