Dubai Health Authority has given a go-ahead for the implementation of Masimo Corporation (NASDAQ:MASI) remote monitoring and clinician system, Patient SafetyNet, in two hospitals in the United Arab Emirates. The two hospitals are the Dubai hospital with 625 beds, specializing in General medical and surgical care, and Latifa hospital with 327 beds specializing in maternal and child care.
Patient SafetyNet
Patient SafetyNet enables information from bedside monitors in hospitals to be transmitted to a central viewing station. The system is designed to automatically send wireless alerts to clinicians about the condition of patients under monitoring. In addition, the remote monitoring system can automate the transfer of patient data including admission data, vital signs, and psychological parameters to help improve clinician’s workflow.
Studies carried out on Patient SafetyNet have shown that the system can help reduce rescue events by 65% while also reducing intensive care unit transfers by 48%. A study conducted at Dartmouth Hitchcock Medical Center has also shown that the Masimo’s patient monitoring system can help hospitals save up to $1.5 million in costs.
“Patient SafetyNet, in conjunction with Masimo SET® pulse oximetry, enables continuous supplemental monitoring of active patients in post-surgical wards and can help save the lives of patients on opioids, among many other benefits,” said Joe Kiani, Founder, and CEO of Masimo.
Stellar Q2
Separately, the maker of non-invasive monitoring technologies reported better than expected second quarter results depicted by revenue and earnings gains. Masimo reported 11.1% year over year increase in sales that came in at $182.8 million. Earnings were up by 27.4%, as operating expenses dropped 4% year over year.
A key driver of the impressive performance is the company’s pulse oximetry products that continue to enjoy strong demand. The company has since hinted at the possibility of carrying out acquisitions that have the potential fuel additional growth.
Looking ahead, Masimo expects full year revenue of $769 million an upgrade from an initial guidance of $759 million. The company is also projecting earnings of $2.8 a share up from an earlier estimate of $2.65 million.
Shares of Masimo were up by 2.35% in Monday’s trading session to end the day at $85.54 a share.
