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Covidien, Masimo amend existing settlement agreement

Covidien and Masimo have amended the existing settlement agreement initially reached in January 2006.

Under the terms of the amendment, Covidien will pay Masimo a royalty of 7.75% for its current pulse oximetry products sold in the US for three years, beginning 15 March 2011.

Masimo provides additional comments regarding amendment to settlement agreement with Covidien that in conjunction with finalizing its 2010 financial results, Masimo is currently assessing the full financial impact of the amendment on its 2011 financial outlook.

As part of the assessment, Masimo is considering the possibility of re-investing up to 50% of the incremental royalty revenue into its business in 2011.

Masimo intends to provide 2011 guidance and discuss the impact of the amendment during the provision of 2010 financial results.