Masimo Corp. (NDSQ:MASI) 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.
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 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 cited in an audit of its Cleveland headquarters.
Masimo was mired in a proxy war over CEO pay packages 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 early this month.
Masimo’s SET technologies are already included in monitors made by more than 50 medical device manufacturers worldwide, according to the release.
