Masimo Corporation

And welcome to Massimo's fourth quarter and full year 2024 earnings conference call. The company's press release is available at www.massimo.com. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. And I'm pleased to introduce Eli Kammerman, Massimo's Vice President of Business Development and Investor Relations. You may begin.

Hello, everyone. Joining me today are CEO Katie Zyman and CFO Micah Young. This call will contain forward-looking statements which reflect management's current judgment, including certain of our expectations regarding fiscal year 2025 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. This call may also include a discussion of the potential sale of our consumer business. The company is currently evaluating the impact of a sale of its consumer business, and the timing and terms of any such potential sale are still under consideration and have not been determined, approved, or finalized. Also, this call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We generally refer to these as non-GAAP financial measures. In addition to GAAP results, these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results. Management uses non-GAAP measures to budget, evaluate, and measure the company's performance and sees these results as an indicator of the company's ongoing business performance. The company believes that these non-GAAP financial measures increase transparency, and better reflect the underlying financial performance of the business. Therefore, the financial measures we will be covering today will be primarily on a non-GAAP basis unless noted otherwise. Reconciliation of these measures to the most directly comparable GAAP financial measures are included within the earnings release and supplementary financial information on our website. Investors should consider all of our statements today together with our reports filed with the SEC including our most recent form, 10-K and 10-Q, in order to make informed investment decisions. In addition to the earnings release issued today, we have posted a quarterly earnings presentation within the investor relations section of our website to supplement the content we will be covering this afternoon. I'll now pass the call to Katie Simon.

Thank you, Eli. I couldn't be more excited to join you today for my first earnings call as Chief Executive Officer. As many of you know, my new role was announced in January, but I only officially began on February 12th, less than two weeks ago. That said, I want to touch on a few things before handing the call to Micah. First, I'd like to briefly discuss why I took the role at Massimo, and then I will give a few of my first impressions from the time I have been here. First, Massimo's mission is about patient impact. I wanted to be a part of helping Massimo continue to grow and deliver improved outcomes for hundreds of millions of patients throughout the world. Actually, I had a personal experience some years ago that demonstrated to me exactly how critical the products Massimo provides to patients can be. The short version of the story is that when my youngest daughter was about nine months old, she contracted near fatal pneumonia. I spent four days in the hospital staring at her Massimo Pulse Ox values nonstop praying they would go above 90 and stop alarming. Finally, on the fourth day, her pulse ox rose above 90 and climbed back to 98.99, and we got to bring her home to our family. So, I know firsthand what Massimo's mission means to patients and their families. Second, I have always respected Massimo as the technology leader. With its history of bringing meaningful innovations and products to market, the opportunity to continue the innovation-focused culture at Massimo as we refocus on our core professional healthcare market is extremely exciting to me. Third, I was attracted by Massimo's talent. The leadership team and bench strength here are excellent. I really appreciate how warmly I've been welcomed, starting with Micah, Bilal, Michelle Brenning, and the entire team. There is a true family feel at Massimo and a pride in the work that I believe will be integral to us achieving our financial and strategic goals in the years to come. Finally, I believe I can help Massimo further achieve its terrific potential. I've spent 30 years in the MedTech space, including 10 years focused on advanced patient monitoring. I had a track record of delivering industry-leading profitable growth while improving patient outcomes, and I'm excited to devote myself personally to Massimo's mission. Now I'd like to briefly discuss my impression so far. In all of my discussions, one consistent theme has been the significant opportunity we have before us. As a refocused organization, it's clear to me that there are numerous unmet market needs we are well positioned to address and that we have strong momentum behind us to do so. At Massimo, we have an opportunity to change the way patients are monitored around the world. I fundamentally believe that all patients who are in the hospital should be monitored continuously all the time. And today, most are only monitored intermittently unless they're in the ICU. That is simply not enough. I also want to reiterate how impressed I have been by all of our people. Exceptional innovation requires exceptional talent. And we are in a strong position across our engineering, operations, sales, and all of our teams. To cultivate our talent, I'm committed to building programs that will actively engage, develop, and empower our current and future leaders. These programs will enable the organization to scale, and they will support our long-term growth. Lastly, my initial discussions with customers have reinforced how close our relationships with them are. We are the clear leader in our core categories for a reason, and I look forward to getting a chance to interface more with our customers and to partner with them to improve our products and services in the future. In closing, I'd like to recognize the entire team for just a fantastic quarter, and I'd especially like to thank Michelle Brennan, who has done an exceptional job as interim CEO. I'm thrilled to be taking on the CEO role at a time when the company has such positive momentum and exciting opportunities ahead. With that, I will pass it over to Micah.