EX-99.2 3 masi-20251203xinvdaypres.htm EX-99.2
Investor Day D E C E M B E R 3 , 2 0 2 5

Safe Harbor Statement Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws, including, among others, statements about our expectations, plans, strategies or prospects. We generally use the words “may,” “will,” “expect,” “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. 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 following financial data is presented on a non-GAAP basis, unless stated otherwise. 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 provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company’s underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company is making these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. 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), non-GAAP revenue growth (constant currency), non-GAAP gross profit/margin %, non-GAAP SG&A expense, non-GAAP R&D expense, non-GAAP litigation settlements and awards, non-GAAP impairment charge, non-GAAP operating expense %, non-GAAP operating profit/margin %, non-GAAP non-operating income (expense), non-GAAP provision for income taxes, non-GAAP net income (loss), non-GAAP net income (loss) per share. 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 https://investor.masimo.com/overview/default.aspx to access Supplementary Financial Information. Forward-Looking Non-GAAP Financial Measures This presentation also includes certain forward-looking non-GAAP financial measures. We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For instance, we exclude the impact of certain charges related to acquisitions, integrations, divestitures and related costs; business transition and related costs; litigation related expenses and settlements; realized and unrealized gains or losses; tax related adjustments; and other adjustments. We have not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of certain transactions is difficult to predict because management's plans may change. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. These forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. 2

Agenda S TA R T T I M E ( P T ) S P E A K E R 9:00am Katie Szyman – Chief Executive Officer Expanding Our Global Leadership in Monitoring 9:20am Tim Benner – Chief Marketing & Strategy Officer Accelerating Global Growth 9:45am Dr. Daniel Cantillon – Chief Medical Officer Empowering Clinicians to Transform Patient Care 10:15am 15 Minute Break 10:30am Dr. Daniel Sessler – Guest The Case for Continuous Patient Monitoring 11:00am Micah Young – Chief Financial Officer Our Plan to Drive Value Creation 11:15am Q&A Session 3

Katie Szyman Chief Executive Officer Expanding Our Global Leadership in Monitoring 2 0 2 5

Patients First We do what is best for patients Innovation We thrive on fascination and discovery Performance We deliver with integrity People We respect and grow talent Our Mission: Masimo innovations empower clinicians to transform patient care Our Values: 5

Global Leader in Patient Monitoring (1) Represents estimated installed base of non-invasive technology boards and instruments, excluding handheld and fingertip pulse oximeters, shipped over a rolling 10-year period ending September 30, 2025. 350+ engineers worldwide 200 million+ patients in 150+ countries monitored each year using Masimo SET® technology ~2.6 million installed base of technology boards and monitors(1) $1.5 billion+ FY2025E total revenue Transforming Healthcare Through Relentless Innovation & Execution Resilient global supply chain California, Malaysia, Mexico, Saudi Arabia Leading Monitoring Portfolio 80%+ Recurring Revenue Large & Growing Installed Base High Barriers to Entry 98%+ Renewal Rate 6

F O C U S • Strategy centered on medical technology • Divested Sound United business • Targeted R&D strategy in core markets I N N O VAT I O N • Invested in AI capabilities • Expanded strategic partnership with Philips • Published INSPIRE study results E X E C U T I O N • Restructuring of operating cost structure • Invested in commercial capabilities • Elevated supply chain and quality Note: 2024 - 2025E growth rates and margin expansion based on midpoint of Masimo’s FY2025 non-GAAP guidance. (1) Includes impact of 53rd week in FY2025. (2) Includes tariff headwinds. (3) Represents 2024 Strategic Realignment Initiative cost of goods sold of $61.0 million related to consumer health and discontinued products. KEY WINS 2024 2025E 9% Revenue Growth(1) 2024 2025E 28.4%–28.8% 19.3%(3) 27.3% - 27.7% 820bps Operating Margin Margin Expansion(2) +490bps ex-tariffs and strategic transition 2024 2025E $3.29 $5.40 - $5.55 $5.62–$5.79 Non-GAAP EPS +67% Growth(1) +36% growth ex-tariffs and strategic transition Delivering on Our Commitments in 2025 7 $1,395 $1,510 - $1,530

Positioned to Succeed Long-Range Plan (Targets Through 2028) Note: Revenue growth excluding the impact of the 53rd selling week in 2025. 7%–10% Revenue CAGR $8.00 Adj. EPS by 2028 ~$1B 2026–2028 Cumulative Operating Cash Flow ~30% Operating Margin by 2028 World-class execution-oriented leadership team Targeted growth strategy in our core markets Refocused innovation to accelerate growth Market-leading growth in EPS and free cash flow Ready to execute into 2026 and beyond 8

Experienced Leadership Team With Track Record of Execution * Speakers/Breakout Presenter Katie Szyman* Chief Executive Officer Tim Benner* Chief Marketing & Strategy Officer Lisa Hellmann Chief Human Resources Officer Greg Meehan Chief Commercial Officer Anand Sampath EVP, Operations Linnette Torres EVP, Quality & Regulatory Dr. Daniel Cantillon* Chief Medical Officer Micah Young* Chief Financial Officer Ammar Al-Ali* Chief Engineering, Innovation & Design Charles Dadswell General Counsel 9

Commercial & Operational Excellence Cash Flow Growth Strategic Capital Allocation ExecutionInnovation 3 Waves of Innovation Installed Base Refresh Clinical Evidence Focus Significant Market Opportunity Masimo’s Growth Algorithm Patient Pathway to Growth Our Top Priorities to Drive Value Through 2028 10

Note: Revenue growth excluding the impact of the 53rd selling week in 2025. Expand Advanced Monitoring 2.50%–3.00% 7%–10% Durable Long-Term Growth Masimo’s Growth Algorithm Driving Towards Double-Digit Growth Exiting 2028 Accelerate US Pulse Ox Growth 2.75%–3.75% Execute New Product Launches Global Growth Contribution Penetrate International Pulse Ox Market 1.75%–2.25% Increase International Pulse Ox Market Share + + + 1.00% 11

Significant Market Opportunity Across Large Key Markets US Pulse Ox Int'l Pulse Ox Advanced Monitoring Continuous Monitoring ~55% Masimo share ~35% Masimo share ~15% Masimo share $1.5B Market 3%–4% Annual Growth ~$800M Market 6%–8% Annual Growth ~$2.5B Market 5%–9% Annual Growth ~45% opportunity ~65% opportunity ~85% opportunity 98%+ opportunity ~$2B TAM ~1.5x Market Rate 5%–7% Annual Growth ~1.5x Market Rate 10%+ Annual Growth Grow to Match Pulse Ox Market Share Over Time 10%+ Annual Growth Expansion Into Low- Acuity Monitoring (Curb-To-Curb) Long Runway for Masimo Share Capture in Core Markets Market Expansion Masimo Growth Outlook Ample Opportunity for Share Gains in Highly Profitable US and International Markets Source: Management estimates. 12

Expanding Our Impact to New Patient Pathways Expansion Opportunity Monitoring Setting Today Expansion Opportunity Operating Room ICU Step-Down & Discharge UnitsER Admissions 30M Annual Patient Encounters 60M+ Annual Patient Encounters 145M Annual Patient Encounters 30M Annual Patient Encounters ~$2B Market Expansion Opportunity in Hospital Transit and Low-Acuity Settings Source: Management estimates. 13

Radius VSM Refocused Innovation to Accelerate Growth Wave 2 (2026–2028) Wave 3 (2028+) Accelerate intelligent monitoring and new product adoption Innovate & launch wearables for curb-to-curb patient monitoring across the portfolio Elevate commercial excellence and new product launches Wave 1 (2025–2026) Consumables & Algorithms Monitors Smart SET Rhythm Detection Smart SET PRD Smart SedLine® Smart SET OIRD Next-Gen Root® H & L Acuity Next-Gen Root® Vital Signs Next-Gen Patient SafetyNet ASICs Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery Next-Gen Wearables 100K+ refresh opportunity 14 Note: The use of the trademark Patient SafetyNet is under license from University HealthSystem Consortium.

Global Root® Monitor Refresh Opportunity 12 Years of Innovation Coming to Market Root® Monitor Next-Gen Root® Monitors High & Low Acuity Vital Signs 2027 LAUNCH 2028 LAUNCH2014 LAUNCH 100K+ Unit Root® Monitor Refresh Drives Revenue Opportunity 15

ITC Case In November, the International Trade Commission (ITC) announced a new proceeding We Continue to Defend Our Intellectual Property… …While Allowing the Team to Stay Focused on Driving Business Results What’s Next… CA Trade Secrets Decision expected from February 2025 bench trial $634M Damages Awarded Implied interest will be in addition (amount not yet disclosed) Recent Major Win CA Jury Finds Apple Infringed Masimo Patent Delaware Trial Anticipated 2027+ 16

Positioned to Succeed Long-Range Plan (Targets Through 2028) Note: Revenue growth excluding the impact of the 53rd selling week in 2025. 7%–10% Revenue CAGR $8.00 Adj. EPS by 2028 ~$1B 2026–2028 Cumulative Operating Cash Flow ~30% Operating Margin by 2028 World-class execution-oriented leadership team Targeted growth strategy in our core markets Refocused innovation to accelerate growth Market-leading growth in EPS and free cash flow Ready to execute into 2026 and beyond 17

Tim Benner Chief Marketing and Strategy Officer Accelerating Global Growth SHARPENING OUR STRATEGY

Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. Expand Advanced Monitoring 2.50% –3.00% 7% –10% Durable Long -Term Growth Masimo’s Growth Algorithm Driving Towards Double -Digit Growth Exiting 2028 Accelerate US Pulse Ox Growth 2.75% –3.75% Execute New Product Launches Global Growth Contribution Penetrate International Pulse Ox Market 1.75% –2.25% Increase International Pulse Ox Market Share + + + 1.00% 2

NPI Up to 1 ppt Ad vanced Monitoring 2.5 –3.0 ppts Int’l Pulse Ox 1.75 –2.25 ppts US Pulse Ox 2.75 –3.75 ppts 3 Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. Masimo Growth Pillars 7% –10% Masimo CAGR 2026 –2028 Elevate Commercial Excellence Proven Markets | Proven Technology | Proven Execution1 Elevate Commercial Excellence Proven Markets | Proven Technology | Proven Execution2 Accelerate US Pulse Ox Growth Accelerate US Pulse Ox Growth3 Increase International Pulse Ox Market Share Expand Advanced Monitoring 4 5 Execute New Product Launches

Elevate Commercial Excellence 1

ELEVATE COMMERCIAL EXCELLENCE1 Building Upon Our Commercial Leadership Winning portfolio supported by real -world evidence Strengthening market -leading commercial channel and elevating marketing strategy Expansive installed base via OEM partnerships with high recurring revenue Deep customer relationships with 98%+ renewal rates Masimo’s Commercial Playbook 5

ELEVATE COMMERCIAL EXCELLENCE1 SET Pulse Ox #1 • Best -in-class accuracy in motion + low perfusion • Used on 200M+ patients globally (1) • Adopted by all top 10 US hospitals (2) 2026/2027 Next -Gen Launch CO -Oximetry* & Hemodynamics #2 • Continuous CO -Ox/Hemoglobin monitoring • LiDCO cardiac output integrated on Root ® monitor • Integrated data enables real -time DO ₂ monitoring 2026/2027 New Product Launch Capnography #2 • Durable cannulas designed for patient comfort • Moisture -wicking technology extends cannula lifespan • Complete portfolio offering + 3 rd party connectivity 2026 New Product Launch SedLine + O3 Brain Monitoring #2 • Standard data acquisition on both sides of the brain • Supported by world -class evidence • Only platform to offer total brain monitoring 2026/2027 Next -Gen Launch Hospital Automation -- • Remote monitoring + clinician notification • Strong evidence -based outcomes + cost savings • Drives hospital costs down + workflow efficiencies 2026/2027 Next -Gen Launch Winning Portfolio of Market -Leading Innovations 6 Hospitals Choose Masimo to Deliver Proven, Best -in-Class Patient Monitoring & Safety MARKET SEGMENT MARKET POSITION MARKET PERFORMANCE INNOVATION (1) Estimate: Masimo data on file. (2) Source: Newsweek World’s Best Hospitals . *E.g., SpHb , SpCO , SpMet

E L E V A T E C O M M E R C I A L E X C E L L E N C E1 7 *”New Go to Market” launch planning model. Strengthening Market-Leading Commercial Channel Unified Sales Structure New Chief Commercial Officer New Chief Marketing & Strategy Officer New President, JPAC Region E NH A NC E D F IE L D & M A R K E T ING C A P A B IL I T Y ENHANCED MARKETING CAPABILITY Commercial Engine ESTABLISHED COMMERCIAL CHANNEL • Massive Installed Base • Deep Customer Relationships • Excellent Brand Recognition REFINING SALES MODEL • Unified Sales Organization • New Commercial Leadership • Expanded Clinical Footprint • New Talent • New Strategic Advisory Boards • New GTM* Model Decentralized, regionally-led Multi-specialty team Cross-selling across portfolio Acute Care Capnography Perioperative Automation Clinical US Regional Leader

ELEVATE COMMERCIAL EXCELLENCE1 Engagement: Elevating Partnerships With Leading Key Opinion Leaders New Strategic Advisory Boards LUMINARY SAB NURSE ADVOCATE SAB • Global KOL MDs • Portfolio, Pipeline • Investor Relations • Global Nurse KOLs • Portfolio, Pipeline • Marketing, Branding Inaugural Luminary Advisory Board Meeting: December 2025 8

ELEVATE COMMERCIAL EXCELLENCE1 Installed Base via OEM Partnerships Creates Durable Revenue Sept. 2025: Multi -Year Partnership Renewal With Broadened Focus 90+ Strong OEM Partnerships Create High Barriers to Entry Large and Growing Installed Base Creates High Recurring Revenue New Philips Partnership With Equivalent Share Gain Opportunity + = ~2.6M shipped over last 10 years MonitorsTechnology Boards 9

ELEVATE COMMERCIAL EXCELLENCE1 Deep Customer Relationships With 98%+ Renewal Rates 10 • 50% reduction in unplanned ICU transfers (4) • Blike study (2025) proves cost reduction (5) The Primary Pulse Oximetry at All 10 Top US Hospitals 98%+ Customer Retention Over Past 10 Years ~90% Win -Rate During Head -to- Head Clinical Evaluations LEADING CUSTOMER RETENTION, WIN - RATE AND COVERAGE • 0 preventable deaths or brain damage from OIRD (1) • 80% reduction in the rate of ROP (2) SAVES LIVES SAVES MONEY • 86% fewer false alarms (3) • 60% reduction in rapid response team activations (4) SAVES TIME Masimo Pulse Ox Triple Win (1) McGrath S et al. Inpatient Respiratory Arrest Associated With Sedative and Analgesic Medications: Impact of Continuous Monitoring on Patient Mortality and Severe Morbidity. J Patient Saf . 2021; 17(8):557 -561. DOI: 10.1097/PTS.0000000000000696. (2) Castillo A et al. Prevention of Retinopathy of Prematurity in Preterm Infants through Changes in Clinical Practice and SpO 2 Technology. Acta Paediatr . 2011 Feb;100(2):188 -92. (3) Hay W et al. J Perinatol . 2002;360 –366. (4) McGrath S 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. (5) Blike et. al. J Patient Safety 2025.

Accelerate US Pulse Ox Growth 2

ACCELERATE US PULSE OX GROWTH2 Predictable Market Growth, Consistent Share Gains US Pulse Ox US Pulse Ox Market Size ~$1.5B Market ~$2B TAM | ~75% Penetrated Masimo share: ~55% Opportunity: ~45% 7% –10% US Pulse Ox 2.75 –3.75 ppts Contribution to Masimo 2026 –2028 CAGR Masimo CAGR 2026 –2028 ~3.25 ppts US Pulse Ox Growth US Pulse Ox Market Growth: • US patient census: ~1% –2% • Pulse Ox TAM penetration: ~2% 3% –4% Masimo US Pulse Ox Share Gains: • Growth from market share gain: ~1% –2% • Sensor mix shift upgrades: ~1% 2% –3% Source: Management estimates. 12 7% –10%

ACCELERATE US PULSE OX GROWTH2 Proven Track Record Growing US Pulse Ox Share ~50% ~55% Commercial Excellence Clinical Evidence Investments Sensor Innovation (NPI) Continued Share Gains Driven by : 2021 2022 2023 2024 2025 2026 2027 2028 Targeting 58% –60% share by 2028 Masimo Drives 1 –2 ppts US Pulse Ox Share Gains Every Year Experienced Field Team, New Evidence and NPI Execution Will Extend Pulse Ox Leadership 13

A C C E L E R A T E U S P U L S E O X G R O W T H2 Multi-Year Launch of New Pulse Ox Sensors Begins in 2026 *OEM integration 1-2 years post-launch. (1) Khanna AK, et al. Prediction of Opioid-Induced Respiratory Depression on Inpatient Wards Using Continuous Capnography and Oximetry: An International Prospective, Observational Trial. Anesth Analg.2020 Oct;131(4):1012-1024. (2) Eikelboom R, et al. Postoperative Atrial Fibrillation After Cardiac Surgery: A Systematic Review and Meta-Analysis. Ann Thorac Surg. 2021 Feb;111(2):544-554. (3) Churpek et al., Causes, Diagnostic Testing, and Treatments Related to Clinical Deterioration Events Among High-Risk Ward Patients, Crit Care Explorer, 2024 Oct 1;6(10):e1161. doi: 10.1097/CCE.0000000000001161. with HCUP (NIS) 2022. Smart SET™ Opioid-Induced Respiratory Depression (OIRD) • OIRD impacts up to 46% of patients post-operatively(1) • AI-powered algorithm predicts risk of OIRD US Launch Target: H1 2026* Atrial Fibrillation (AFib) US Launch Target: H2 2026* • AFib impacts 20%–40% of patients post-cardiac surgery(2) • New algorithm detects heart rhythm irregularities Predictive Respiratory Depression (PRD) • Impacts over 33M+ patients annually(3) • AI-powered algorithm provides early warning of respiratory depression US Launch Target: 2028* 14

Increase International Pulse Ox Market Share 3

INCREASE INT’L PULSE OX MARKET SHARE3 Int’l Pulse Ox 1.75 –2.25 ppts Increase International Pulse Ox Market Share Int’l Pulse Ox Growth Contribution to Masimo 2026 –2028 CAGR Masimo CAGR 2026 –2028 7% –10% ~2.00 ppts Int’l Pulse Ox Market Size ~$ 800M Market 6% –8% Market Growth Masimo Share: ~55%+ Int'l Pulse Ox Opportunity: ~65% Masimo share: ~35% Int’l Pulse Ox Market: • Annual market growth: 6% –8% Masimo Int’l Pulse Ox Share Gains: • Market share & sensor mix shift upgrades: 4% –5% Attractive and Consistent International Pricing and Margins Source: Management estimates. 16

INCREASE INT’L PULSE OX MARKET SHARE3 Elevated International Pulse Ox Commercial Playbook in 2025 JPAC • Market development • New JPAC leaders • Next -Gen Pulse Ox: 2027 Masimo International Pulse Ox Share EMEA • Focus on top 5 EU markets • Expand presence in Middle East • Next -Gen Pulse Ox: EU 2026, ME 2027 Masimo International Playbook New and Tailored Regional Market Strategies Will Accelerate International Pulse Ox Growth ~ 35 % Masimo share $150M+ “Go -Get” Opportunity ~55%+ Masimo US Share Source: Management estimates. 17

INCREASE INT’L PULSE OX MARKET SHARE3 $ 1 50M + Market *Based upon country -level contribution to global sales. Masimo Japan Turnaround Initiated 2H 2025 International Region Spotlight: Japan Country Manager (new) (starts January 2026) Sales Leader (new) (starts December 2025) Underpenetrated: Masimo market share <15 % Underrepresented: #10 in Masimo country mix* (typically, #2 or #3 country in med tech) Masimo Japan • Re -built leadership team + sales structure • Initiating stronger regional OEM partnerships • Robust Masimo customer brand reputation • Investing in marketing + commercial excellence 2025 Japan Market Actions: 2025 Strategy and Structure Changes Implemented to Drive Growth in Japan Dr. Huimin Wang (new) President, JPAC Region 18

Expand Advanced Monitoring 4

EXPAND ADVANCED MONITORING4 World -Class, Differentiated Portfolio in High -Growth Markets NomoLine ® Capnography Respiration and ventilation ISA CO 2 Gas Monitoring Absorption of anesthetic gas SedLine ® Brain Function Monitoring Depth of sedation O3 ® Regional Oximetry Brain oxygenation LiDCO ® Cardiac Output Blood pumped from the heart Masimo rainbow ® Hemoglobin/CO -Oximetry Blood oxygen carrying capacity Broad Portfolio of Gas Monitoring Capnography + Gas Monitoring Brain Monitoring Complete Brain Monitoring Solution On One Platform Hemodynamic Monitoring The Only Solution to Offer Continuous DO 2 Assessment 20

EXPAND ADVANCED MONITORING4 Ad vanced Monitoring 2.5 –3.0 ppts Leveraging the Advanced Monitoring Portfolio to Accelerate Growth Advanced Monitoring Global Market Size Masimo Share: ~55%+ Masimo Advanced Monitoring Global Growth Contribution to Masimo 2026 –2028 CAGR 7% –10% ~2.75 ppts ~$ 2.5B Global Market 5% –9% Annual Growth Advanced Monitoring Opportunity: ~85% Masimo share: ~15% Hemodynamics/CO -Oximetry Growth Brain Monitoring Growth Capnography Growth 10%+ Growth in Global Advanced Monitoring Global Market Share “Headroom” and Strong Category Growth Drive Upside in Advanced Monitoring Source: Management estimates. 21 Masimo CAGR 2026 –2028

EXPAND ADVANCED MONITORING4 Example: Masimo US Market Share Pulse Oximetry Capnography Brain Monitoring Hemodynamic Monitoring ~ 55% Significant Advanced Monitoring “Go -Get” Opportunity New US Commercial Structure Enables Portfolio Growth US Commercial Structure Enhancement Unified, Coordinated Regional Teams Driving Portfolio -Wide Growth PREVIOUS STRUCTURE Product Teams Capno Team NEW STRUCTURE (MID -2025) Portfolio Teams Pulse Ox Team Periop Team Automation Team Acute Care Capnography Perioperative Automation Clinical US Regional Leader 22

Execute New Product Launches 5

EXECUTE NEW PRODUCT LAUNCHES5 NPI: up to 1 ppt Executing Next -Gen Innovations Across the Portfolio Contribution to Masimo 2026 –2028 CAGR Masimo CAGR 2026 –2028 7% –10% Up to 1 ppt Masimo NPI Growth 2026 –2028 Growth From New Product Introductions • Global launches initiate 2026 • OEM partnership launches 2027+ • NPI contributions accelerate 2028+ Focused Launch Plans 2026 –2028 • Executing focused launch cadence • Full refresh across sensors + capital • Drives share gains + mix shift 24

EXECUTE NEW PRODUCT LAUNCHES5 Meaningful Pipeline Delivering Innovations Our Customers Want Next -Gen Root ® H & L Acuity Next -Gen Root ® Vital Signs Next -Gen Patient SafetyNet Radius VSM Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Consumables Elevate commercial excellence and new product launches Wave 1 2025 –2026 Monitors + Wearables Accelerate intelligent monitoring and new product adoption Wave 2 2026 –2028 Next -Gen Wearables Innovate & launch wearables across the portfolio Wave 3 2028+ Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery 100K+ refresh opportunity Smart SET Rhythm Detection Smart SET PRD Smart SedLine ® Smart SET OIRD 25

High Confidence in 7% –10% Growth (2026 –2028) Note: Revenue growth excluding the impact of the 53 rd selling week in 2025. NPI Up to 1 ppt Ad vanced Monitoring 2.5 –3.0 ppts Int’l Pulse Ox 1.75 –2.25 ppts US Pulse Ox 2.75 –3.75 ppts 7% –10% Masimo CAGR 2026 –2028 Elevate Commercial Excellence Proven Markets | Proven Technology | Proven Execution1 Accelerate US Pulse Ox Growth2 Increase International Pulse Ox Market Share3 Expand Advanced Monitoring 4 Execute New Product Launches5 26 • Strong Global Commercial Engine – Getting Stronger • Distinguished “Weight of Evidence” – New Data Hitting • Winning Product Portfolio – 3 Waves of NPI Upgrades

200M Patients and Counting…

Daniel Cantillon, MD Chief Medical Officer Empowering Clinicians to Transform Patient Care

Masimo is Innovating the Delivery of Healthcare A differentiated and meaningful body of clinical evidence Newly released clinical studies establish Masimo’s leadership across skin tone accuracy and hospital cost savings (1,2) Delivering transformative innovations inspired by clinicians Well positioned to lead, drive and change the standard of care (1) Travers et. al. Chest Critical Care 2025. (2) Blike et. al. J Patient Safety 2025. 2

Differentiated and Meaningful Body of Clinical Evidence 30+ active clinical studies with 50+ planned 2026 –2028 Clinical studies across nine global regions, including 5 RCTs High -impact 2025 publications including: JAMA Pediatrics, Journal of Patient Safety, Chest Critical Care & others Real -world evidence focused on elevating the standard of care CLINICAL EVIDENCE GENERATION 3

2028 Alarm Fatigue Cost-of-Care Reduction Investing in Evidence to Empower Clinicians Core Pulse Ox Clinical Studies Advanced Monitoring + NPI Clinical Evidence BLIKE Study INSPIRE Study 2025 VSM Outcomes RCT VSM Cost Savings Adult SedLine RCT Bite Block Study 2027 OIRD and AFib Detection Outcomes Studies 2026 Smart SET™ AFib PPG Validation NomoLine Performance Study VSM Outcomes Study DO2 Study 4

INSPIRE Study THE CLINICAL NARRATIVE INSPIRE Study (50 ICU Patients | Medical University of South Carolina) Best -in-class accuracy of Masimo Pulse Ox sensors among critically ill patients with dark and light skin tones INSPIRE Study(1) Medically complex patients: • 40% with low perfusion • 60% on vasopressors Overall bias -0.6% (-0.2% for dark and -0.9% for light) ZERO occult hypoxemia events (1) Travers et. al. Chest Critical Care 2025. INSPIRE Study Best -in-Class Accuracy Across Skin Tones 5

BLIKE Study Continuous Monitoring Costs Less – Not More BLIKE Study Continuous monitoring of general wards reduces costs with ZERO preventable deaths due to OIRD (2) BLIKE Study(1) >32,000 general ward patients over 3 ½ years at Dartmouth - Hitchcock Medical Center Elegant real -world data analysis from actual accounting database reflecting real -world payor mix Cost savings per event avoided: • $5,500 per rescue • $10,700 per rescue/transfer (1) Blike et. al. J Patient Safety 2025. (2) McGrath et. al. J Patient Safety 2021. THE CLINICAL NARRATIVE 6

Delivering Transformative Innovations Inspired by Clinicians Next -Gen Root ® H & L Acuity Next -Gen Root ® Vital Signs Next -Gen Patient SafetyNet Radius VSM Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Consumables Elevate commercial excellence and new product launches Wave 1 2025 –2026 Monitors + Wearables Accelerate intelligent monitoring and new product adoption Wave 2 2026 –2028 Next -Gen Wearables Innovate & launch wearables across the portfolio Wave 3 2028+ Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery 100K+ refresh opportunity Smart SET Rhythm Detection Smart SET PRD Smart SedLine ® Smart SET OIRD 7 Note: The use of the trademark Patient SafetyNet is under license from University HealthSystem Consortium.

WAVE 1 2025 – 2026 A Commitment to Leadership and Excellence in Pulse Oximetry Capturing Human Signal Signal Processing & Feature Extraction Masimo AI/ML Engine Predictive Clinical Alerts & Decision Support Tools Masimo SET ® Testing 49% of subject pool FDA Guidance 2 subjects or > 15% subjects 50 50 NeoPODS PediatricsNeonates Adults 2018 2025 –2026 INSPIRE Masimo SET ® Oxygen Reserve Index (ORi ® ) Respiration Rate from Pleth (RRp ® ) Perfusion Index (Pi® ) Pleth Variability Index (PVi ® ) Real -World Clinical Studies: Accuracy Where It Matters Most 2026 2024 2026 8

WAVE 3 2028+ Introducing Next Generation AI -Enabled Pulse Ox Sensors Smart SET First AI -enabled sensor designed to detect patient deterioration Delivers 3 novel algorithmic clinical insights: OIRD, AFib and PRD Launching late 2026 (US and EU) Smart SET RD SET ® LNCS ® Introducing Masimo 1 5 – 2026 9

WAVE 1 2025 – 2026 New Smart SET Sensor Addresses Critical Clinical Gaps Opioid -Induced Respiratory Depression ( OIRD ) Continuous 24/7 OIRD Monitoring • Affects up to 46% of patients post -operatively (1) • ~20% of opioid -related deaths involve prescribed use (2) • Unmet need for patient -controlled analgesia (PCA) monitoring • CMS will require hospitals to report opioid -related adverse events as a new electronic quality measure ( eCQM ) in 2026 Masimo OIRD AI -Enabled Algorithm De novo FDA cleared AI -enabled algorithm for pattern interpretation using multiple parameters Tiered notification based on risk level to provided advance warning of OIRD PPG -Based Atrial Fibrillation (AFib ) Detection • AFib impacts 20% –40% of patients post -cardiac surgery (3) • Leads to increased ICU stay , risk of stroke and 30 -day mortality (4,5) • PPG -based detection reduces need for resource -intensive care & improves hospital workflow (6) Masimo PPG Solution Continuous 24/7 A F ib Monitoring 10 (1) Khanna AK, et al. Prediction of Opioid -Induced Respiratory Depression on Inpatient Wards Using Continuous Capnography and Ox imetry: An International Prospective, Observational Trial. Anesth Analg.2020 Oct;131(4):1012 -1024. (2) NIH National Institute on Drug Abuse. Drug Overdose Deaths: Facts and Figures: https://nida.nih.gov/research -topics/trends -statistics/overdose -death -rates (3) Eikelboom R, et al. Postoperative Atrial Fibrillation After Cardiac Surgery: A Systematic Review and Meta -Analysis. Ann Thorac Surg. 2021 Feb;111(2):544 -554. (4) Wang MK, et al. Short -term and Long -term Risk of Stroke in Patients With Perioperative Atrial Fibrillation After Cardiac Surgery : Systematic Review and Meta -analysis. CJC Open.2021 Sep 16;4(1):85 -96. (5) Caldonazo T, et al. Atrial fibrillation after cardiac surgery: A systematic review and meta -analysis. J Thorac Cardiovasc Surg. 2023;165(1):94 -103.e24. (6) Chen W, Khurshid S, Singer DE, et al. Cost -effectiveness of Screening for Atrial Fibrillation Using Wearable Devices. JAMA Healt h Forum. 2022;3(8):e222419

W A V E 3 2 0 2 8 + Radius VSM • Expands continuous monitoring to new care areas • Enhanced battery life (up to 12 hours) • Full market launch in 2026 (US + EU) • Announced partnership with University Hospitals to equip 1,500 beds across Northeast Ohio with Masimo Radius VSM® Radius VSM® Launch 1 5 – 2 0 2 6 University Hospitals Expands Continuous Patient Monitoring Technology System-Wide October 2025 ® 11

Delivering Transformative Innovations Inspired by Clinicians Next -Gen Root ® H & L Acuity Next -Gen Root ® Vital Signs Next -Gen Patient SafetyNet Radius VSM Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Consumables Elevate commercial excellence and new product launches Wave 1 2025 –2026 Monitors + Wearables Accelerate intelligent monitoring and new product adoption Wave 2 2026 –2028 Next -Gen Wearables Innovate & launch wearables across the portfolio Wave 3 2028+ Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery 100K+ refresh opportunity Smart SET Rhythm Detection Smart SET PRD Smart SedLine ® Smart SET OIRD 12

WAVE 2 2026 – 2028 Next -Gen Root Improves hospital workflows with EMR connectivity Hosts totality of Masimo’s smart algorithms Individualized care with advanced detection & prediction Launches in 2027 Innovating Masimo's Core Capital Portfolio ® 13

WAVE 2 2026 – 2028 Next -Gen Root VITAL SIGNS Enhanced portability across hospital Advanced signal processing & algorithms Automates vital signs Bluetooth WiFi Alarm Speaker 12 -Hour Battery Innovating Masimo's Core Capital Portfolio Launches in 2027 ® 14

Delivering Transformative Innovations Inspired by Clinicians Next -Gen Root ® H & L Acuity Next -Gen Root ® Vital Signs Accelerate intelligent monitoring and new product adoption Wave 2 2026 –2028 Algorithm Additions: AFib Detection Predictive Respiratory Depression Oxygen Delivery Smart SET Rhythm Detection Smart SET PRD 15 Next -Gen Patient SafetyNet Algorithm Additions: Sepsis O3 Autoregulation Seizure Detection Next -Gen Wearables Innovate & launch wearables across the portfolio Wave 3 2028+ Radius VSM Consumables Elevate commercial excellence and new product launches Wave 1 2025 –2026 Monitors + Wearables Smart SedLine ® Smart SET OIRD 100K+ refresh opportunity

WAVE 3 2028+ (1) AHA survival statistics (cpr.heart.org). (2) Balshi et. al. 2023. (3) Cantillon et. al. 2016. With Key Clinical Benefits Substantial Breadth + Opportunity Masimo Patient SafetyNet installed in: • 850 hospitals (18% of US hospitals) • Covering 48,000 beds Lower missed events Rapid response & effectiveness Vendor agnostic Decreased ICU length of stay, mortality & complication rates Return of Spontaneous Circulation (ROSC) Rates : 25% Non -ICU US Hospital Average (1) Masimo Current Patient SafetyNet (2) 60% Masimo Next -Gen Patient SafetyNet (3) 93% Centralized Patient Monitoring: Next -Gen Patient SafetyNet Supported by Large Prospective Outcome Studies and Innovation Partnership With Cleveland Clinic 16

WAVE 3 2028+ Next -Generation Patient SafetyNet : Novel Clinical Capabilities Main campus plus regional hospitals: 13-month outcome study Discretionary Emergency Response Team (ERT) deployment to bedside Associated with 93% Return of Spontaneous Circulation (ROSC) 17

Masimo is Innovating the Delivery of Healthcare A differentiated and meaningful body of clinical evidence Newly released clinical studies establish Masimo’s leadership across skin tone accuracy and hospital cost savings (1,2) Delivering transformative innovations inspired by clinicians Well positioned to lead, drive and change the standard of care (1) Travers et. al. Chest Critical Care 2025. (2) Blike et. al. J Patient Safety 2025. 18

Micah Young Chief Financial Officer Our Plan to Drive Value Creation

Note: Growth rates and margin expansion metrics based on midpoint of 2025 guidance range. Long History of Driving Strong Financial Results Within Core Med Tech Business 2017 2025 $738 $1,510–$1,530 Durable Revenue Growth 9%+ CAGR 2017 2025 18.6% 27.3%– 27.7% Incl. 110bps tariff impact Strong Margin Expansion 870+ bps Significant EPS Growth 2017 2025 $1.73 $5.40–$5.55 Incl. ~$0.23 tariff impact 15%+ CAGR Driven by Unique Business Model of 80%+ Recurring Revenue 2

Dedicated focus on core medical technology markets Leverage SET platform to drive share gains across portfolio High-single-digit grower with pathway to double-digit growth Disciplined capital allocation strategy Multiple initiatives to drive further operating margin expansion Driving Durable Growth, Efficiency and Shareholder Returns Returning to Our Roots With Renewed Strength Our Financial Priorities 3

Delivering on Our 2025 Commitments Note: Data shown is non-GAAP. (1) Represents 2024 Strategic Realignment Initiative cost of goods sold of $61.0 million related to consumer health and discontinued products. (2) Midpoint of latest 2025 guidance range. Key Drivers 19.3% 27.5% 2024 Reported Operating Margin Strategic Realignment Charges in 2024 Tariff Impact Gross Margin Improvement Operating Expense Improvement 2025E Operating Margin +440bps (110bps) +80bps +410bps …Delivering ~490bps of estimated operating margin improvement excluding tariffs On pace to exceed initial 2025 operating margin guidance of 26.5% by ~100bps… (2) (1) Gross Margin Improvement • Reduced unit COGS • Discontinued non-core products • Improved manufacturing & facility footprint Operating Expense Improvement • Eliminated consumer health marketing and product development spend • Restructured G&A • Partially offset by reinvestments in sales, marketing and R&D within core med tech business (1) 4

Positioned to Deliver Meaningful Growth, Margin Expansion and Cash Generation 7%–10% Revenue CAGR Operating Margin by 2028 ~30% Adj. EPS by 2028 $8.00 2026–2028 Cumulative Operating Cash Flow ~$1B Focused on Delivering Shareholder Value L o n g - R a n g e Ta rg e t s ( T h ro u g h 2 0 2 8 ) Note: Revenue growth excluding the impact of the 53rd selling week in 2025. 5

Continued Focus on Financial Discipline & Capital Deployment Clear, Executable Financial Roadmap Delivering Shareholder Returns Note: Revenue growth excluding the impact of the 53rd selling week in 2025. Margin Expansion Manufacturing and operational excellence Pricing discipline and COGS reduction Delivering higher margins while investing for growth Free Cash Flow Growth Low capex requirement Working capital efficiency Driving towards 70%– 80% free cash flow conversion Disciplined Capital Allocation Focused on shareholder returns Share buybacks & debt paydown Opportunistic approach to growth- oriented, tuck-in M&A 6

Our Plan To Drive Operating Margin Expansion Through 2028 Note: Data shown is non-GAAP. (1) Midpoint of latest 2025 guidance range. ~27.5%(1) (110bps) +270bps +190bps (210bps)+110bps 2025 Operating Margin Incremental Annual Tariff Impact Tariff Mitigation Gross Margin Improvement Operating Leverage Strategic Investments 2028 Operating Margin ~250bps of estimated operating margin improvement excluding tariffs ~30% Incl. 110bps tariff impact Incl. 110bps tariff impact • Salesforce productivity • G&A leverage Operating Expense Improvement • High-impact R&D • Commercial excellence • Scalable systems & infrastructure Strategic InvestmentsGross Margin Improvement • Product COGS reduction • Operational efficiencies • Fixed cost leverage • Adjustments to supply chain and manufacturing processes Tariff Mitigation . (1) 7

Growth and Margin Expansion Translating to Strong EPS Growth Commercial and Operational Execution to Maximize Shareholder Returns 7%–10% Revenue CAGR ~250bps Operating Margin Expansion Through 2028 Capital Deployment Share Buybacks & Debt Paydown $8.00 Adj. EPS by 2028 Note: Revenue growth excluding the impact of the 53rd selling week in 2025. 8

Highly Efficient Cash Flow Profile… Strong Cash Flow Capacity Driven by: Low capex requirements (~3% of sales) Continued operating leverage and margin improvement Working capital efficiency …With Meaningful Planned Improvement 2025 2026 2027 2028 ~60% 70%–80% FCF Conversion (%)* Operating Cash Flow ($M) ~$1B Cumulative Operating Cash Flow (2026–2028) *Note: FCF conversion is defined as (cash flow from operations less capex) / non-GAAP net income. 9

Foundation to Drive Shareholder Value Highly predictable and recurring revenue Leverageable operating model delivering margin expansion and strategic reinvestment Significant cash generation Clear, executable roadmap delivering shareholder returns Large and growing installed base with significant barriers to entry Note: Revenue growth excluding the impact of the 53rd selling week in 2025. L O N G - R A NGE P L AN ( TA R G E T S T H R O U G H 2 0 2 8 ) 7%–10% Revenue CAGR $8.00 Adj. EPS by 2028 ~$1B 2026–2028 Cumulative Operating Cash Flow ~30% Operating Margin by 2028 10

11 Appendix

Masimo Common Abbreviations and Acronyms Adj. Adjusted G&A General & Administrative OIRD Opioid-Induced Respiratory Depression Afib Atrial Fibrillation GAAP Generally Accepted Accounting Principles PCA Patient-Controlled Analgesia AI Artificial Intelligence GM General Manager Periop Perioperative APAC Asia-Pacific GTM Go-to-Market Ppts Percentage Points Bps Basis Points H1 First Half PPG Photoplethysmography CapEx Capital Expenditures H2 Second Half PRD Predictive Respiratory Depression Capno Capnography H&L Acuity High & Low Activity Pulse Ox Pulse Oximetry CAGR Compound Annual Growth Rate ICU Intensive Care Unit PVi Pleth Variability Index CMS Centers for Medicare & Medicaid Services Incl. Included Pi Perfusion Index COGS Cost of Goods Sold Int’l International RCT Randomized Controlled Trial EPS Earnings Per Share ITC International Trade Commission ROSC Return of Spontaneous Circulation ED Emergency Department JAMA Journal of the American Media Association R&D Research & Development eCQM Electronic Clinical Quality Measure JPAC Japan & Asia-Pacific RRp Respiration Rate from Plethysmography ERT Emergency Response Team M&A Mergers & Acquisitions TAM Total Addressable Market EU European Union Next-Gen Next-Generation US United States EVP Executive Vice President NPI New Product Introduction VSM Vital Signs Monitoring FCF Free Cash Flow Non-GAAP Non-Generally Accepted Accounting Principles FDA Food and Drug Administration OEM Original Equipment Manufacturer 12

Reconfirmed FY 2025 Guidance Notes: (1) Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See “Forward-Looking Non-GAAP Financial Measures" posted on our website, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo’s 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of FY2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to-date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. (2) The information presented is based on calculations holding exchange rates constant with the prior year period for comparison purposes. (1) (2) ($ in millions; except EPS) Low - High Non-GAAP Revenue $1,510 - $1,530 Reported Growth 8.2% - 9.7% Constant Currency Growth 8.5% - 10.0% Excluding New Tariffs $428 - $440 Impact of New Tariffs, Net of Mitigation ($16) - ($17) Non-GAAP Operating Profit $412 - $424 Excluding New Tariffs 28.4% - 28.8% Impact of New Tariffs, Net of Mitigation (1.1%) - (1.1%) Non-GAAP Operating Margin 27.3% - 27.7% Excluding New Tariffs $5.62 - $5.79 Impact of New Tariffs, Net of Mitigation ($0.22) - ($0.24) Earnings per Diluted Share $5.40 - $5.55 Updated FY 2025 Guidance 13

GAAP to Non-GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo’s healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was classified as “held for sale” and reported in discontinued operations. (3) Constant currency adjustments are intended to reflect revenue at prior year foreign exchange rates for comparison purposes. (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP Revenue $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,513 $1,533 Business transition & related costs - - - - - - - - (3) (3) Other Adjustments (52.0) (28.4) (1.4) - - - - - - - Non-GAAP Revenue $738.2 $829.9 $936.4 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,510 $1,530 Constant currency revenue adjustments n.a. (4.0) 6.7 (0.5) (8.2) 30.0 5.8 4.9 $4 $4 Non-GAAP constant currency revenue $738.2 $825.9 $943.1 $1,143.3 $1,231.0 $1,370.4 $1,281.3 $1,400.1 $1,514 $1,534 GAAP revenue growth 10.9% 8.6% 9.3% 22.0% 8.3% 8.2% -4.8% 9.4% 8.4% 9.8% Non-GAAP revenue growth (constant currency) 9.5% 11.9% 13.6% 22.1% 7.6% 10.6% -4.4% 9.8% 8.5% 10.0% 14

GAAP to Non-GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo’s healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as “held for sale” and reported in discontinued operations. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of the Company’s on-going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, frequency and significant to our operating results. (4) The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company’s underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company made these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP revenue $790.2 $858.3 $937.8 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,513 $1,533 Business transition and related costs - - - - - - - - ($3) ($3) Other adjustments (52.0) (28.4) (1.4) - - - - - $0 $0 Non-GAAP revenue $738.2 $829.9 $936.4 $1,143.7 $1,239.2 $1,340.3 $1,275.5 $1,395.2 $1,510 $1,530 GAAP gross profit $522.0 $574.9 $629.2 $743.1 $808.3 $867.8 $765.6 $794.3 Acquired tangible asset amortization - - - 0.0 0.5 - - - Acquired intangible asset amortization 0.5 0.5 0.5 1.2 2.4 2.3 1.9 1.8 Acquisitions, integrations, divestitures, and related costs - - 0.1 0.6 0.9 0.1 - 0.1 Business transition and related costs(4) - - - - - - 4.9 14.8 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Non-GAAP gross profit $474.1 $547.6 $628.4 $744.9 $815.5 $870.2 $777.1 $813.6 GAAP operating profit $183.8 $208.0 $221.2 $255.8 $275.8 $243.6 $166.0 $63.0 Acquired tangible asset amortization 0.0 - - 0.0 0.5 - - - Acquired intangible asset amortization 1.6 1.4 1.4 4.4 6.1 5.3 4.5 4.3 Acquisitions, integrations, divestitures, and related costs - - 3.3 3.8 3.1 23.4 6.5 20.1 Business transition and related costs - - - - - - 7.8 76.2 Litigation related expenses and settlements - 0.4 - 5.9 16.1 49.0 93.8 103.5 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Non-GAAP operating profit $137.0 $182.2 $224.7 $270.0 $304.9 $321.4 $283.3 $269.7 $412 $424 GAAP net income $124.8 $193.5 $196.2 $240.3 $229.6 $170.5 $107.7 $16.2 Acquired tangible asset amortization 0.0 - - 0.0 0.5 - - - Acquired intangible asset amortization 1.6 1.4 1.4 4.4 6.1 5.3 4.5 4.3 Acquisitions, integrations, divestitures, and related costs - - 3.3 3.8 3.1 23.4 6.5 20.1 Business transition and related costs - - - - - - 7.8 76.2 Litigation related expenses and settlements - 0.4 - 5.9 16.1 49.0 93.8 103.5 Other adjustments (48.4) (27.7) (1.3) - 3.4 - 4.7 2.5 Realized and unrealized gains or losses 0.3 2.0 0.6 (2.6) 1.9 1.6 8.8 4.4 Financing related adjustments - - - - - 1.5 1.9 1.9 Tax impact of non-GAAP adjustments 16.1 5.5 (0.7) (7.6) (6.1) (17.3) (32.6) (44.4) Excess tax benefits from stock-based compensation (39.2) (22.0) (15.7) (30.2) (16.4) (2.4) (2.9) (5.7) Tax related adjustments 41.4 (4.8) - - - - (8.2) - Non-GAAP net income $96.5 $148.4 $183.9 $214.0 $238.2 $231.6 $191.9 $178.9 $294 $302 15

GAAP to Non-GAAP Reconciliations – Continuing Operations Notes: (1) Totals may not foot due to rounding. Amounts may vary from amounts previously reported due to rounding conventions. (2) The financial information reflects the continuing operations of Masimo’s healthcare business. The sale of the Sound United business was completed on September 22, 2025; which was being classified as “held for sale” and reported in discontinued operations. (3) Includes litigation expenses for certain matters: (i) all Apple litigation which is unique in nature and not indicative of the Company’s on-going operating performance; and (ii) certain other litigation matters, which can vary in their characteristics, frequency and significant to our operating results. (4) The Company has provided and will continue to provide certain non-GAAP financial measures which provide investors supplementary information helpful in understanding the Company’s underlying operating performance. We have modified our presentation of non-GAAP results and no longer exclude from adjusted results: (1) the cost of goods sold directly attributable to the Strategic Realignment Initiative; and (2) the associated approximate tax impact of this adjustment. These specific inventory expenses were previously excluded from adjusted results under the line item business transition and related costs in non-GAAP gross profit. The Company made these changes to its presentation of non-GAAP financial measures following comments from, and discussions with, staff members of the U.S. Securities and Exchange Commission. (5) Represents updated guidance provided November 4, 2025. Financial guidance includes forward-looking non-GAAP financial measures for which reconciliations to the most directly comparable GAAP financial measures are not available without unreasonable efforts. See “Forward-Looking Non- GAAP Financial Measures" within this earnings release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that forward-looking non-GAAP financial measures may be materially different from the corresponding GAAP financial measures. Guidance includes the financial impact of one additional calendar week, which occurs every five or six years based on Masimo’s 4-4-5 fiscal calendar. The incremental revenue from the additional week is primarily offset by a variety of factors including revenue lost from discontinued product lines at the end of 2024 and our shift to a distributor model in some international markets. Guidance also includes the estimated financial impact of new tariffs, net of mitigation implemented to-date. The implementation of tariffs remains a dynamic and uncertain situation that could cause our actual results to be materially different from our projections and forecasts. (4) (Unaudited; in millions, except per share data) (1),(2),(3) FY 2025 Guidance FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Low High GAAP net income per diluted share $2.23 $3.45 $3.44 $4.14 $3.98 $3.09 $1.99 $0.30 Acquired tangible asset amortization 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 Acquired intangible asset amortization 0.03 0.03 0.03 0.08 0.11 0.10 0.08 0.08 Acquisitions, integrations, divestitures, and related costs 0.00 0.00 0.06 0.07 0.05 0.42 0.12 0.37 Business transition and related costs 0.00 0.00 0.00 0.00 0.00 0.00 0.14 1.40 Litigation related expenses and settlements 0.00 0.01 0.00 0.10 0.28 0.89 1.73 1.90 Other adjustments (0.87) (0.49) (0.02) 0.00 0.06 0.00 0.09 0.05 Realized and unrealized gains or losses 0.00 0.04 0.01 (0.05) 0.03 0.03 0.16 0.08 Financing related adjustments 0.00 0.00 0.00 0.00 0.00 0.03 0.03 0.03 Tax impact of non-GAAP adjustments 0.29 0.10 (0.01) (0.13) (0.11) (0.31) (0.60) (0.82) Excess tax benefits from stock-based compensation (0.70) (0.39) (0.27) (0.52) (0.28) (0.04) (0.05) (0.10) Tax related adjustments 0.74 (0.09) 0.00 0.00 0.00 0.00 (0.15) 0.00 Non-GAAP net income per diluted share $1.73 $2.65 $3.22 $3.69 $4.13 $4.20 $3.55 $3.29 $5.40 $5.55 Weighted average shares outstanding - Diluted 55.9 56.0 57.1 58.0 57.7 55.2 54.1 54.4 54.4 54.4 ,(5) 16