Masimo Corp (NASDAQ:MASI), a maker of patient monitoring devices and wearable tech, saw its stock surge higher in Friday’s early deals as it was handed a significant win in its patent dispute with Apple Inc (NASDAQ:AAPL).
The US International Trade Commission (USITC) found that Apple violated US patent law, with the Apple Watches infringing on Masimo patented technology that uses light pulse ‘oximetry’ to measure blood oxygen.
Masimo chief executive Joe Kiani, in a statement, said “even the world’s largest company is not above the law”.
“This important determination is a strong validation of our efforts to hold Apple accountable for unlawfully misappropriating our patented technology.”
The USITC recommended a limited exclusion order and Apple could potentially face an import ban.
Apple, via a spokesperson, said the finding had immediate impact on sales of Apple Watch – and, moreover, claimed: "Masimo has wrongly attempted to use the ITC to keep a potentially lifesaving product from millions of U.S. consumers while making way for their own watch that copies Apple.”
In New York, Masimo stock was up 4.68%, changing hands at $84.63.