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Masimo Corporation (MASI - Analyst Report), a leader in non-invasive monitoring technology for patient care, together with the U.S.-based Saint Alphonsus Regional Medical Center, recently reported that the latter will purchase its Masimo Patient SafetyNet. The 387-bed facility will install the device in patient rooms on orthopedic, general surgery, and neurology floors.

Masimo Patient SafetyNet is a remote monitoring and clinician notification system that combines Masimo SET pulse oximetry with wireless notification and monitoring of ventilation. It instantly routes bedside-generated alarms through a server to a clinician’s hand-held paging device in real-time. Each system is capable of supporting up to 80 bedside monitors and can either be integrated into a hospital’s existing IT infrastructure or operate as a stand-alone wireless network.

Earlier, Masimo had forged an agreement with University Children's Hospital in Basel, Switzerland. The hospital was the first pediatric institution in the region to utilize the Masimo Patient SafetyNet in its general wards.

According to the U.S. News & World Report Best Hospitals Honor Roll, MASI’s popular Masimo SET is used in 8 out of the top 10 hospitals to monitor more than 100 million patients annually. Its accurate measurements, along with increased specificity as well as sensitivity, help to identify fatal breathing difficulties even during patient motion and low perfusion rate.

Further, the Masimo SET provides excellent support to clinicians to reduce retinopathy of prematurity (ROP) in neonates, screen newborns for Critical Congenital Heart Disease (CCHD), as well as perform other functions to improve patient outcome in a cost-effective manner.

However, MASI’s product line faces stiff competition from Covidien’s (COV - Analyst Report) Nellcor pulse oximeters. The company has started labeling the device to promote the usefulness of the product line for CCHD screening in infants. Moreover, the Food and Drug Administration (FDA) has approved Covidien’s Nellcor Bedside SpO2 Patient Monitoring System, Bedside Respiratory Patient Monitoring System, and N-600x Pulse Oximetry Monitoring System for motion tolerance.

Masimo has a Zacks Rank #3 (Hold). Other medical instruments stocks that are worth considering include Luminex (LMNX - Analyst Report) and Given Imaging . All these stocks carry a Zacks Rank #2 (Buy).

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