The Danaher Masimo acquisition is a $9.9 billion all-cash deal that made Masimo, a pulse oximetry leader, part of Danaher’s Diagnostics segment.
Danaher paid $180 per share, announced the deal on February 17, 2026, and completed it on June 10, 2026.
Masimo now runs as a standalone brand alongside Radiometer, Leica Biosystems, Cepheid and Beckman Coulter Diagnostics.
iData Research ranks Masimo first in European pulse oximetry monitoring and second in the global pulse oximetry market.
This guide explains the deal terms, why Danaher bought Masimo, and what the deal means for patient monitoring in 2026.
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Table of Contents
➜ What is the Danaher Masimo acquisition?
➜ Where does Masimo rank in pulse oximetry?
➜ How does Masimo fit inside Danaher Diagnostics?
➜ What has Masimo done since the deal closed?
➜ What does the Danaher Masimo acquisition mean for competitors?
➜ Danaher Masimo acquisition FAQ
Key Takeaways
- Danaher completed its $9.9 billion, $180-per-share cash acquisition of Masimo on June 10, 2026.
- Masimo operates as a standalone brand within Danaher’s Diagnostics segment.
- iData Research ranked Masimo first in European pulse oximetry in 2025 and second globally in 2024.
- Masimo grew at a high-single-digit rate in Q3 2026, its first full quarter under Danaher.
- Danaher expects Masimo to generate more than $530 million in EBITDA in 2027.
What is the Danaher Masimo acquisition?
Danaher agreed to buy Masimo for $180 per share in cash, a total value of about $9.9 billion.
The boards of both companies approved the deal unanimously.
Danaher funded the purchase with cash on hand and new debt financing.
Masimo shareholders approved the deal in May 2026, and Danaher completed the acquisition on June 10, 2026.
Masimo is based in Irvine, California, and makes pulse oximeters and healthcare monitoring systems used mainly in acute care.
Pulse oximeters estimate the oxygen level in a patient’s blood and are widely installed in ICUs, operating rooms and telemetry wards.
Why did Danaher buy Masimo?
Danaher wanted Masimo’s “advanced sensor technology and AI-enabled monitoring” for its diagnostics portfolio, according to Julie Sawyer Montgomery, who led the deal as Danaher’s head of Diagnostics.
Then-CEO Rainer Blair called Masimo “an exceptional strategic fit for Danaher.”
Danaher expects Masimo to deliver high-single-digit core revenue growth over the long term.
It also expects Masimo to generate more than $530 million in EBITDA in 2027.
Masimo reported preliminary 2025 revenue of about $1.52 billion, up roughly 9%.
Masimo came to the table leaner after it sold its Sound United consumer audio business to HARMAN in 2025 to focus on professional healthcare.
Masimo chair Michelle Brennan said the Danaher deal was “the most value-enhancing path for Masimo and all its stakeholders.”
Where does Masimo rank in pulse oximetry?
iData Research valued the global pulse oximetry monitoring market at $2.5 billion in 2024.
iData forecasts a 2.0% CAGR, taking the market to nearly $2.9 billion by 2031.
Medtronic led the global market in 2024, Masimo ranked second, and Nonin Medical was a distant third.
In Europe, iData’s 2026 European Patient Monitoring Equipment report ranked Masimo first in pulse oximetry monitoring in 2025, ahead of Medtronic and Mindray Medical.
Masimo also ranked second in European cerebral oximetry monitoring, behind Medtronic.
In the US, Masimo held the second-largest position in pulse oximetry in 2025, according to iData’s ranking of the top US patient monitoring equipment companies.
iData valued the European patient monitoring equipment market at nearly €2.6 billion in 2025 and expects it to grow at a 5.4% CAGR to over €3.7 billion by 2032.
How does Masimo fit inside Danaher Diagnostics?
Masimo operates as a wholly owned subsidiary of Danaher and keeps its own brand.
It sits in the Diagnostics segment with Radiometer, Leica Biosystems, Cepheid and Beckman Coulter Diagnostics.
Montgomery became Danaher’s CEO on October 1, 2026, after Blair retired.
On Danaher’s Q3 2026 earnings call, she described Masimo as “a continuous diagnostic that is strategically compounding with our Diagnostics business.”
She added that she does not see Masimo “as a med tech M&A play.”
What has Masimo done since the deal closed?
Masimo “delivered high single digits” in Q3 2026, its first full quarter inside Danaher, according to Montgomery.
She said Masimo “continued to track ahead of our initial expectations.”
Montgomery also said the teams have completed more than 10 kaizens, with more planned.
In October 2026, the FDA cleared an AI-based AFib detection feature for Masimo’s Radius VSM wearable monitor.
The feature, called PPG AFib, runs on Masimo’s smartSET pulse oximetry platform and helps clinicians decide whether a patient needs an ECG or telemetry check.
That followed a June 2026 FDA clearance on Radius VSM for detecting opioid-induced respiratory depression.
Montgomery congratulated the Masimo team on “their sixth FDA clearance this year.”
Masimo’s patent case against Apple also grew, with a federal judge adding about $184 million in interest to a $634 million jury award.
What does the Danaher Masimo acquisition mean for competitors?
The Danaher Masimo acquisition puts Danaher’s global scale behind the second-largest company in global pulse oximetry, based on iData’s 2024 ranking.
Blair said Danaher’s global scale and the Danaher Business System would help expand Masimo’s reach, especially in acute care.
Medtronic remains the global pulse oximetry leader and ranked first in iData’s ranking of US patient monitoring equipment companies.
In Europe, Philips Healthcare, GE HealthCare and Tunstall led the overall patient monitoring equipment market in 2025, according to iData.
Mindray Medical ranked third in European pulse oximetry monitoring.
Because European hospitals already have large installed bases, iData expects pulse oximetry demand there to stay largely replacement-driven.
Accuracy is another battleground, since the FDA notes that skin pigmentation and poor circulation can affect pulse oximeter readings.
The FDA issued draft guidance on pulse oximeter performance testing, labeling and premarket submissions in January 2025.
Danaher Masimo acquisition FAQ
How much did Danaher pay for Masimo?
Danaher paid $180 per share in cash, for a total value of about $9.9 billion.
When did the Danaher Masimo acquisition close?
The Danaher Masimo acquisition closed on June 10, 2026, after Masimo shareholders approved it in May 2026.
Is Masimo still a separate company?
Masimo is a wholly owned Danaher subsidiary that runs as a standalone brand within the Diagnostics segment.
Who is the CEO of Danaher now?
Julie Sawyer Montgomery has been Danaher’s president and CEO since October 1, 2026.
Which company leads the pulse oximetry market?
Medtronic led the global pulse oximetry monitoring market in 2024, with Masimo second, according to iData Research.
Masimo ranked first in the European pulse oximetry monitoring market in 2025.
What does Masimo add to Danaher?
Masimo adds advanced sensor technology, AI-enabled monitoring and a strong position in hospital pulse oximetry to Danaher’s diagnostics portfolio.
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