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
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 thrivingAs 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. Sponsors 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.
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