(Opens in a new window)Masimo Corp. (NDSQ:MASI(Opens in a new window)) announced today that it reached a long-term non-exclusive agreement to integrate its rainbow SET technology into Philips Healthcare’s products.
The terms of the agreement were not disclosed.
This could be a positive step for both companies, which have had some tough news recently.
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Philips recalled its infant breathing lines last month after learning from their manufacturer, Oridion Systems Ltd., that they may contain hair-like plastic strands that infant patients might inhale.
No injuries have been reported(Opens in a new window) from the potential problem, according to the Andover, Mass.-based health care and consumer products conglomerate.
More recently, Philips received an FDA warning over quality control and record-keeping issues(Opens in a new window) cited in an audit of its Cleveland headquarters.
Masimo was mired in a proxy war over CEO pay packages(Opens in a new window) since proxy advisory firm, ISS Proxy Advisory Services, began urging shareholders to veto chairman & CEO Joe Kiani’s package, claiming the value of his stock options rose nearly 25 percent from 2009 to 2010. Shareholders rejected the challenge(Opens in a new window) early this month.
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Masimo’s SET technologies are already included in monitors made by more than 50 medical device manufacturers worldwide, according to the release(Opens in a new window).
The Massachusetts Medical Devices Journal(Opens in a new window) is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
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