2020 was one of the hardest years in recent memory—for all of us. If anything, 2020 revealed not only how interconnected our world has become, but also the everyday heroism of essential workers across the globe.
Despite the unknown, these brave people— doctors, nurses, respiratory therapists, medical aids, janitors, and countless others—suited up and faced down the deadly virus at their door. COVID-19 tried but could not break their commitment to the health and safety of their patients nor deter them from service to their communities. And I am proud to say that we, Masimo, were right beside them. At every level, our organization showed up, stepped up, and helped the best way we could: with innovation, ingenuity, hard work, and a deep, unwavering commitment to clinicians and their patients.
This was the year to either make a difference or fail to support all those fighting to save the lives of their patients, colleagues, loved ones, and friends. We met this moment by innovating and committing more service— to healthcare providers, patients, and caretakers—than ever before.
We have always paid close attention to global health trends, which this time enabled us to act in time. At the earliest signs of an emerging pandemic illness, we reacted—immediately bolstering our operational capacity, strengthening our global supply chain, and instituting protective protocols to keep our staff safe, healthy, and poised to meet the growing demand for our solutions.
While some organizations referenced the pandemic, and the global shutdown that followed, as a reason to not meet the needs of their customers, Masimo did the opposite. In the face of this adversity, we came together to create and deliver a solution that offered hospitals struggling under the weight of the growing patient surge a pressure relief valve—enabling them to preserve valuable hospital beds for the sickest patients, while keeping a close eye from afar on those whose medical needs were not quite as severe, though could become so, and therefore still required attention. That solution was Masimo SafetyNet™.
In early March, once it became clear that oxygen saturation (SpO2) was a key indicator of a patient’s deteriorating COVID condition, we asked ourselves: what could we do as the leading pulse oximetry technology company in the world, right now, to make a difference? The answer proved just how nimble, agile, and committed Masimo is as an organization.
Our brilliant engineers, literally working around the clock, took a promising technology intended for opioid overdose detection that was awaiting FDA approval and retooled it—creating Masimo SafetyNet™ COVID, a remote patient management system that combines continuous tetherless oxygen saturation, respiration rate, pulse rate, and temperature measurements with a cloud-based patient surveillance platform.
The innovative system allowed clinicians to remotely monitor COVID-19 patients—or those suffering from a range of chronic health conditions—from the comfort and safety of their own home or an alternative care facility.
Since its launch, Masimo SafetyNet has been a phenomenal success—helping clinicians not only save patient lives during a global pandemic, but also manage patient surges without compromising care. The success of Masimo SafetyNet undoubtedly signifies the start of a remote monitoring revolution, at the forefront of which Masimo will remain as we continue to innovate.
Even beyond our pandemic-driven advances, 2020 was a milestone year for Masimo in many ways. We grew our product revenue by $206 million dollars, achieving an impressive 22% product revenue growth on a constant currency basis. 2020 also saw us establish Masimo as both a hospital and a consumer brand. Our growing line of health and wellness solutions is powered by the same clinically proven SET® technology used in medical institutions around the globe—solidifying our position as a leading medical technology provider in both the hospital and the home.
Moreover, in 2020, we remained true to our commitment to enhancing patient safety. Despite our pivot to address the pandemic, we simultaneously delivered a range of innovative products and solutions to hospitals—each designed to make meaningful clinical differences and help improve patient safety.
New product highlights include Centroid™, a patient orientation and activity sensor designed to help care teams monitor patient position to avoid hospital-acquired pressure ulcers—a completely preventable harm that affects nearly 2.5 million patients per year1—and UniView :60™, a compact digital display placed outside a patient’s room that enables care teams to review the most relevant details of each patient’s case, including near real-time patient data, assisting hospitals with better hand-off communication. We also introduced important products through acquisitions, including softFlow™, an innovative high-flow therapy that provides respiratory support for patients with COVID-19 and other respiratory conditions, as well as LiDCO™ hemodynamic monitoring, to enhance our already robust monitoring portfolio.
Additionally, we launched Masimo SafetyNet-OPEN™, a suite of turnkey tools to help businesses, governments, and schools reopen and stay open responsibly during the pandemic, and the iSirona™ Connectivity Hub, a compact, versatile connectivity device designed to maximize interoperability across the continuum of care, in addition to many other innovations and solutions you’ll read about in this year’s Annual Report.
While these achievements are fantastic news for our stakeholders, we do not intend to slow down. In 2021, we will strive to continue our rapid expansion into the telehealth and consumer markets, while also remaining committed to delivering the powerful medical tools and technologies clinicians and care teams rely on to improve patient outcomes and safety.
As the world moves forward from the grip of the pandemic; vaccines and COVID-19 treatments become more effective and accessible, the potential for remote patient monitoring remains tremendous.
As remote healthcare accelerates, and the world adjusts to the conveniences of virtual healthcare, we intend to provide the tools—for clinicians, patients, and anyone invested in their own health and wellness—to live comfortable, healthy lives, wherever they are.
Chairman and CEO
Are we ready for this change? Content last reviewed October 2014. Agency for Healthcare Research and Quality, Rockville, MD. http://www.ahrq.gov/professionals/systems/hospital/pressureulcer toolkit /putool1.html