Joe Kiani surmounted overwhelming personal and professional odds to build a better blood oxygen monitoring device. So why should he be afraid to push his scrappy company into consumer electronics, challenging firms 100 times its size? Forbes400
oe Kiani had achieved the dream. Masimo Corp., which he founded and runs as CEO and chairman, had carved out a lucrative niche as one of the top makers of pulse oximeters, those fingertip sensors that hospitals use to measure oxygen saturation in patients’ blood. Masimo had made Kiani, who immigrated in poverty to the U.S. from Iran as a child, rich—areckoning.
But Mike Polark, an analyst at Wolfe Research in Boston, wasn’t surprised at the negative reaction: “In medtech, focus pays.” At eight times Ebitda, the problem wasn’t that Kiani had overpaid for Sound United. It’s also a healthy, profitable business expected to bring Masimo’s revenue to $2 billion this year, a 67% increase. “The issue for Wall Street is strategic direction,” Polark continues.
The only real difference is that those firms are all massive multinationals with decades of experience in the consumer space.
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