IRVINE, CA -- (Marketwired) -- 05/19/15 --
Masimo (NASDAQ: MASI), inventor of breakthrough noninvasive Measure-through Motion and Low Perfusion™ pulse oximetry and rainbow® Pulse CO-Oximetry™, announced today that the Delaware federal court upheld a jury verdict of $467 million against Philips Electronics North American Corporation and Philips Medizin Systeme Boblingen GMBH for infringing two Masimo patents.
In so doing, the District Court rejected all of Philips' numerous invalidity challenges, denied Philips' motion for a new trial, denied Philips' motion to lower the damages award, and held that Masimo did not commit inequitable conduct in obtaining one of the infringed patents. Because the District Court also determined that Philips had pled a misuse defense, which had been stayed earlier in the case, the court asked that the parties submit proposals on how to proceed.
After years of unsuccessfully trying to reach an out-of-court solution to Philips' patent infringement of Masimo's breakthrough Measure-through Motion and Low Perfusion pulse oximetry technology, on Feb. 3, 2009, Masimo filed its patent infringement action in Delaware. Philips asserted, among other things, that it did not infringe Masimo's patents, although it later conceded infringement, and then argued Masimo's patents were invalid. After a 10-day trial, a jury on Oct. 1, 2014 returned a verdict in favor of Masimo on every issue and awarded Masimo$466,774,783 in damages.
Joe Kiani, founder and CEO of Masimo, said, "This ruling reaffirms Masimo's innovative creation of measure-through-motion pulse oximetry that has dramatically improved patient care worldwide."
Masimo (NASDAQ: MASI) is a global leader in innovative noninvasive monitoring technologies that significantly improve patient care-helping solve "unsolvable" problems. In 1995, the company debuted Measure-Through Motion and Low Perfusion™ pulse oximetry, known as Masimo SET®, which virtually eliminated false alarms and increased pulse oximetry's ability to detect life-threatening events. More than 100 independent and objective studies have shown that Masimo SET® outperforms other pulse oximetry technologies, even under the most challenging clinical conditions, including patient motion and low peripheral perfusion. In 2005, Masimo introduced rainbow SET® Pulse CO-Oximetry technology, allowing noninvasive and continuous monitoring of blood constituents that previously could only be measured invasively, including total hemoglobin (SpHb®), oxygen content (SpOC™), carboxyhemoglobin (SpCO®), methemoglobin (SpMet®), and Pleth Variability Index (PVI®), in addition to SpO2, pulse rate, and perfusion index (PI). Additional information about Masimo and its products may be found at www.masimo.com.
Forward Looking Statements
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about future events affecting us and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond our control and could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements as a result of various risk factors discussed in the Risk Factors" section of our most recent reports filed with the Securities and Exchange Commission ("SEC"), which may be obtained for free at the SEC's website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our 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's date. We do not undertake any obligation to update, amend or clarify these forward-looking statements or the "Risk Factors" contained in our 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.
Masimo, SET, Signal Extraction Technology, Improving Patient Outcome and Reducing Cost of Care... by Taking Noninvasive Monitoring to New Sites and Applications, rainbow, SpHb, SpOC, SpCO, SpMet, PVI are trademarks or registered trademarks of Masimo.
Phone: (949) 297-7434