Creator of Non-Invasive Patient Monitoring Devices: Masimo Corporation Founder
and CEO Joe Kiani Named Ernst & Young National Entrepreneur Of The Year® 2012
Life Sciences Award Winner
Kiani honored for revolutionizing today's health care technologies with the
invention and commercialization of non-invasive patient monitoring devices
IRVINE, Calif., Nov. 18, 2012
IRVINE, Calif., Nov. 18, 2012 /PRNewswire/ --Joe Kiani, founder, CEO and
Chairman of the Board of Massimo Corporation, has been named the Ernst & Young
National Entrepreneur Of The Year^® 2012 Life Sciences Award Winner. The Ernst
& Young Entrepreneur Of The Year Award is the country's most prestigious
business award for entrepreneurs. The award encourages entrepreneurial
activity and recognizes leaders and visionaries who demonstrate innovation,
financial success and personal commitment as they create and build world-class
Kiani was recognized for revolutionizing the health care industry by taking
risks to create and commercialize non-invasive patient monitoring devices,
which include a wide array of sensors that lead to improved accuracy, a
reduction in the overall number of false readings, and ultimately, reduced
cost of care. Kiani was honored at the Entrepreneur Of The Year Awards gala,
the culminating event of the Ernst & Young Strategic Growth Forum^® in Palm
Springs, Calif. The Forum is the nation's premier gathering of high-growth,
market-leading companies. Awards were given in nine additional categories. The
Ernst & Young Entrepreneur Of The Year Award winners were selected by an
independent panel of judges from 244 regional award recipients.
"We are pleased to honor Joe Kiani with this esteemed award and recognize him
for his perseverance, passion, and innovative mind – all of which continue to
make a positive impact on health care and patient monitoring technologies,"
said Bryan Pearce, Americas Director, Entrepreneur Of The Year, Ernst & Young
LLP. "Joe's innovative approach, discipline and triumph over the years truly
demonstrate the meaning of the entrepreneurial spirit we've come to celebrate
over the last 26 years."
The early rise and collapse
By training, Kiani is an electrical engineer, graduating from highschool at
the mere age of 15. Kiani's entrepreneurial spirit sprouted early on at his
first job, a smaller company with pulse oximeter technology, where he worked
in exchange for stock – not cash. Kiani's aptitude and contributions led to
his swift rise to the top as president of the company at an early age. But as
hasty as the rise, Kiani quickly learned an important aspect of ethics and
integrity. In an effort to ensure the company would not be sold under false
pretenses, Kiani was blamed for the collapse of the company's pending merger.
It was this decision and outcome that ultimately led to Masimo Corporation
Passion & discipline: never settle for less
With Kiani's developed passion for adaptive signal monitoring, he took the
money he had saved and a $40,000 bank loan and began to developing
non-invasive patient monitoring technology from his garage. Within three short
years of maintaining a strong financial discipline, Kiani had raised
substantial capital and was well on his way to creating medical technology
that has transformed the health care industry today – technology that would
not exist today if it was not for Masimo Corporation.
Despite hospital administrators and clinicians embracing Masimo's superior
technology, Kiani still faced barriers. Larger, more established companies and
group purchasing organizations (GPOs) were reluctant to let Masimo Corporation
succeed in the market. Kiani stuck by his belief of always doing what is right
for patient care and emerged victorious after a seven-year patent infringement
legal battle – a battle that threatened to bankrupt Masimo.
Giving back and thriving
As Masimo emerged as a success story in the medical industry, many advised
Kiani to buy out his existing shareholders. But instead, he distributed much
of his profit in a special dividend and offered a substantial appreciation
bonus to employees. Soon after, Kiani knew Masimo could achieve bigger and
better things, and in order to do so, he took the company public. In its first
five years as a public company, Masimo Corporation revenues increased by more
than 70 percent, and net income increased by more than 175 percent. Throughout
it all, Kiani never stopped taking risks to grow what is now a multi-million
dollar public company with more than 2,500 employees.
National Entrepreneur Of The Year 2012 Life Sciences finalists
In addition to Kiani, the Ernst & Young Entrepreneur Of The Year Life
Sciences national finalists were: Dr. Rajesh Shrotriya, Chairman of the Board,
CEO and President, Spectrum Pharmaceuticals, Inc., based in Henderson, Nev.,
an oncology-focused biotechnology company with fully integrated commercial and
drug development operations; Cynthia LaConte, CEO, Dohmen, based in
Milwaukee, Wis., a leading family of companies that create efficiencies within
the health care supply system; Michael and Staci Gauthier, President and Vice
President, Gauthier Biomedical, Inc., based in Grafton, Wis., a proud
manufacturer of high-quality instruments for spine, trauma, hip, shoulder,
knee, ankle and small bone surgical applications.
National Entrepreneur Of The Year^® 2012 Overall Award winner
Hamdi Ulukaya, Founder of Chobani, was named the Ernst & Young National
Entrepreneur Of The Year^® 2012 Overall Award winner.
Video and photos
To view video clips of all of the Entrepreneur Of The Year winners, please
visit ey.com/us/eoy. Photos of the winners are also available by request.
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards
are nationally sponsored in the United States by SAP America and the Ewing
Marion Kauffman Foundation.
About Ernst & Young's Entrepreneur Of The Year
Ernst & Young's Entrepreneur Of The Year is the world's most prestigious
business award for entrepreneurs. The unique award makes a difference through
the way it encourages entrepreneurial activity among those with potential and
recognizes the contribution of people who inspire others with their vision,
leadership and achievement. As the first and only truly global award of its
kind, Entrepreneur Of The Year celebrates those who are building and leading
successful, growing and dynamic businesses, recognizing them through regional,
national and global awards programs in more than 140 cities in 50 countries.
About Ernst & Young LLP's Strategic Growth Markets practice
Ernst & Young LLP's Strategic Growth Markets (SGM) practice guides leading
high-growth companies. Our multidisciplinary team of elite professionals
provides perspective and advice to help our clients accelerate market
leadership. SGM delivers assurance, tax, transactions and advisory services to
thousands of companies spanning all industries. Ernst & Young is the
undisputed leader in taking companies public, advising key government agencies
on the issues impacting high-growth companies and convening the experts who
shape the business climate. For more information, please visit us at
ey.com/us/strategicgrowthmarkets, or follow news on Twitter at EY_Growth.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory
services. Worldwide, our 167,000 people are united by our shared values and an
unwavering commitment to quality. We make a difference by helping our people,
our clients and our wider communities achieve their potential.
For more information, please visit ey.com.
Ernst & Young refers to the global organization of member firms of Ernst &
Young Global Limited, each of which is a separate legal entity. Ernst & Young
Global Limited, a UK company limited by guarantee, does not provide services
This news release has been issued by Ernst & Young LLP, a client-serving
member firm of Ernst Young Global Limited operating in the US.
SOURCE Ernst & Young
Contact: Jennifer Compton, Ernst & Young, Mobile: +1-917-903-7506,
email@example.com; or Nicole Bott, Peppercomm, Mobile: +1-646-714-9550,
Press spacebar to pause and continue. Press esc to stop.