Exhibit 99.1

Masimo Reports First Quarter 2010 Financial Results

Q1 2010 Highlights:

• Total revenues rose 15.5% to $98.8 million, compared to the first quarter 2009

• Product revenues rose 15.3% to $85.9 million, compared to the first quarter 2009

• Shipments of Masimo SET and Masimo Rainbow SET units rose 34% to 37,100 units, compared to the first quarter 2009

• Rainbow revenues rose 71.3% to $5.3 million, compared to the first quarter 2009

• GAAP EPS of $0.44 included a $0.20 net gain related to antitrust lawsuit victory. Adjusted EPS of $0.24, compared to $0.22 in the first quarter of 2009

Irvine, California, May 4, 2010 – Masimo (NASDAQ: MASI), the inventor of Pulse CO-Oximetry and Measure-Through Motion and Low Perfusion pulse oximetry, today announced its financial results for the first quarter of 2010.

Masimo’s total revenues for the first quarter were $98.8 million, up 15.5% from $85.5 million for the first quarter of 2009. Masimo’s first quarter product revenues rose 15.3% to $85.9 million, compared to $74.5 million for the first quarter of 2009. Revenues from Masimo Rainbow SET products rose 71.3% to $5.3 million in the first quarter, compared to $3.1 million for the first quarter of 2009.

Net income for the first quarter was $26.7 million, or $0.44 per diluted share, including the after-tax impact of $30.1 million in proceeds from the antitrust lawsuit victory against Covidien, partially offset by $10.9 million in related, incremental one-time SG&A expenses. Excluding this net one-time pre-tax gain of $19.2 million, net income for the first quarter was $14.3 million, or $0.24 per diluted share, compared to net income of $13.0 million, or $0.22 per diluted share, in the first quarter of 2009.

During the first quarter, the company shipped 37,100 Masimo SET pulse oximetry and Masimo Rainbow SET Pulse CO-Oximetry units, excluding handheld units, compared to 27,700 in the same period last year. Masimo estimates its worldwide installed base as of April 3, 2010 to be approximately 757,000 units, up 16% from approximately 651,000 for the same period last year.

Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, “Masimo’s mission is to improve patient outcomes and reduce the cost of care by taking noninvasive monitoring to new sites and new applications. Toward this mission, we made solid progress through double-digit growth in our core Masimo SET pulse oximetry and a 71% increase in sales of Masimo Rainbow Pulse CO-Oximetry, which includes the first-ever continuous and noninvasive hemoglobin measurement. The 34% year-over-year growth in unit shipments of Masimo SET and Masimo Rainbow monitors and OEM boards reflects strong sales to OEMs and growing demand for both our Rainbow platform, and Patient SafetyNet system for the general floor.”

As of April 3, 2010, cash, cash equivalents and short-term investments totaled $112.1 million, compared to $189.0 million as of January 2, 2010. The decline is due to the March 31, 2010 dividend payment of $117.5 million, partially offset by operating cash flow and the net proceeds from the antitrust lawsuit.

Conference Call

Masimo will hold a conference call today at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. The dial-in numbers are (888) 520-7182 for domestic callers and +1 (706) 679-9937 for international callers. The reservation code for both dial-in numbers is 69324525. A live webcast of the conference call will be available online from the investor relations page of the company’s corporate web site at www.masimo.com. After the live webcast, the call will be available on Masimo’s website through June 4, 2010. In addition, a telephonic replay of the call will be available through May 18, 2010. The replay dial-in numbers are (800) 642-1687 for domestic callers and +1 (706) 645-9291 for international callers. Please use reservation code 69324525.

About Masimo

Masimo (Nasdaq: MASI) develops innovative monitoring technologies that significantly improve patient care—helping solve “unsolvable” problems. In 1995, the company debuted Measure-Through Motion and Low Perfusion pulse oximetry, known as Masimo SET^®, which virtually eliminated false alarms and increased pulse oximetry’s ability to detect life-threatening events. More than 100 independent and objective studies demonstrate Masimo SET provides the most reliable SpO₂ and pulse rate measurements even under the most challenging clinical conditions, including patient motion and low peripheral perfusion. In 2005, Masimo introduced Masimo Rainbow SET^® Pulse CO-Oximetry^TM, allowing noninvasive and continuous monitoring of blood constituents that previously required invasive procedures, including total hemoglobin (SpHb^®), oxygen content (SpOC^TM), carboxyhemoglobin (SpCO^®), methemoglobin (SpMet^®), and PVI^®, in addition to SpO₂, pulse rate, and perfusion index (PI). In 2009, Masimo introduced Masimo Rainbow SET^® Acoustic Monitoring^TM, the first-ever noninvasive and continuous monitoring of acoustic respiration rate (RRa^TM). Masimo’s Rainbow platform offers a breakthrough in patient safety by helping clinicians detect life-threatening conditions and helping guide treatment options. Founded in 1989, Masimo has the mission of “Improving Patient Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications.” Additional information about Masimo and its products may be found at www.masimo.com.

Forward-Looking Statements

All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our financial condition, results of operations and business generally. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to: our dependence on Masimo SET and Masimo Rainbow SET products and technologies for substantially all of our revenue; any failure in protecting our intellectual property exposure to competitors’ assertions of intellectual property claims; the highly competitive nature of the markets in which we sell our products and technologies; any failure to continue developing innovative products and technologies; the lack of acceptance of any new products and technologies of ours; obtaining regulatory approval of our current and future products and technologies, including the recently announced total hemoglobin measurement; the risk that the implementation of our international realignment, will not produce the anticipated operational and financial benefits, including a continued lower effective tax rate; the loss of our customers the failure to retain and recruit senior management; product liability claims exposure; a failure to obtain expected returns from the amount of intangible assets we have recorded; the maintenance of our brand; the impact of the decline in the worldwide credit markets on us and our customers; the amount and type of equity awards that we may grant to employees and service providers in the future; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

# # #

Masimo Corporation

Investor Contact:

Sheree Aronson

Vice President, Investor Relations

Masimo Corporation

(949) 297-7043

saronson@masimo.com

Media Contact:

Dana Banks

Manager, Public Relations

Masimo Corporation

(949) 297-7348

dbanks@masimo.com

Masimo, SET, Signal Extraction Technology, Improving Outcomes and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications, Rainbow, SpHb, SpOC, SpCO, SpMet, PVI, Radical-7, Rad-87, Rad-57,Rad-9, Rad-8, Rad-5, Pulse CO-Oximetry and Pulse CO-Oximeter are trademarks or registered trademarks of Masimo Corporation.

MASIMO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	April 3, 2010			January 2, 2010
ASSETS
Current assets
Cash and cash equivalents	$	36,153		$	132,054
Short-term investments		75,986			56,989
Accounts receivable, net of allowance for doubtful accounts		46,038			38,897
Royalties receivable		12,000			11,500
Inventories		33,699			31,559
Prepaid expenses		4,057			5,447
Deferred tax assets		11,586			11,585
Other current assets		1,550			1,357
Total current assets		221,069			289,388
Deferred cost of goods sold		30,026			28,163
Property and equipment, net		12,302			11,682
Deferred tax assets		11,520			11,500
Intangible assets, net		9,780			9,829
Other assets		6,577			5,783
Total assets	$	291,274		$	356,345
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	20,949		$	16,716
Accrued compensation		15,061			17,793
Accrued liabilities		9,614			9,754
Income taxes payable		10,498			477
Deferred revenue		17,261			14,641
Current portion of capital lease obligation		61			60
Total current liabilities		73,444			59,441
Deferred revenue		2,079			270
Capital lease obligation, less current portion		155			171
Other liabilities		7,076			6,775
Total liabilities		82,754			66,657
Stockholders’ equity
Common stock		59			58
Treasury stock		(1,209	)		(1,209	)
Additional paid-in capital		205,782			195,690
Accumulated other comprehensive income		127			63
Retained earnings		3,316			94,112
Total Masimo Corporation stockholders’ equity		208,075			288,714
Noncontrolling interests		445			974
Total stockholders’ equity		208,520			289,688
Total liabilities and stockholders’ equity	$	291,274		$	356,345

MASIMO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share amounts)

	Three Months Ended
	April 3, 2010			April 4, 2009
Revenue:
Product	$	85,866		$	74,497
Royalty		12,899			10,995
Total revenue		98,765			85,492
Cost of goods sold		29,228			24,745
Gross profit		69,537			60,747
Operating expenses:
Research and development		9,410			7,767
Selling, general and administrative		49,311			32,880
Antitrust litigation expense (proceeds)		(29,968	)		14
Total operating expenses		28,753			40,661
Operating income		40,784			20,086
Non-operating expense		(347	)		(287	)
Income before provision for income taxes		40,437			19,799
Provision for income taxes		14,273			6,535
Net income including noncontrolling interests		26,164			13,264
Net (income) loss attributable to the noncontrolling interests		546			(243	)
Net income attributable to Masimo Corporation	$	26,710		$	13,021
Net income per share attributable to Masimo Corporation stockholders:
Basic	$	0.46		$	0.23
Diluted	$	0.44		$	0.22
Cash dividend declared per share	$	2.00		$	—

MASIMO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

	Three Months Ended
	April 3, 2010			April 4, 2009
Cash flows from operating activities:
Net income including noncontrolling interests	$	26,164		$	13,264
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization		1,577			1,508
Share-based compensation		2,818			2,640
Provision for doubtful accounts		233			199
Provision for obsolete inventory		249			127
Provision for warranty costs		619			495
Income tax benefit from exercise of stock options granted prior to January 1, 2006		555			435
Excess tax benefit from share-based payment arrangements		(1,383	)		(65	)
Changes in operating assets and liabilities:
Increase in accounts receivable		(7,375	)		(5,467	)
(Increase) decrease in royalties receivable		(500	)		547
Increase in inventories		(2,388	)		(2,585	)
Increase in deferred cost of goods sold		(1,902	)		(253	)
Decrease in prepaid expense		1,375			1,065
Increase in other assets		(1,013	)		(940	)
Increase in accounts payable		4,256			71
Decrease in accrued compensation		(2,646	)		(2,349	)
Increase (decrease) in accrued liabilities		(724	)		342
Increase (decrease) in income taxes payable		11,401			(6,130	)
Increase in deferred revenue		4,429			2,678
Increase in other liabilities		313			137
Net cash provided by operating activities		36,058			5,719
Cash flows from investing activities:
Purchase of short-term investments		(75,986	)		—
Proceeds from sale and maturities of short-term investments		56,989			—
Purchases of property and equipment		(1,885	)		(676	)
Increase in intangible assets		(264	)		(340	)
Decrease in restricted cash		—			21
Net cash used in investing activities		(21,146	)		(995	)
Cash flows from financing activities:
Repayments on long-term debt		(15	)		(79	)
Proceeds from issuance of common stock		5,354			739
Excess tax benefit from share-based payment arrangements		1,383			65
Dividends paid		(117,506	)		—
Net cash provided by (used in) financing activities		(110,784	)		725
Effect of foreign currency exchange rates on cash		(29	)		(112	)
Net increase (decrease) in cash and cash equivalents		(95,901	)		5,337
Cash and cash equivalents at beginning of period		132,054			146,910
Cash and cash equivalents at end of period	$	36,153		$	152,247