Product revenue increased 18% to $101.6m, against $85.9m for the first quarter of 2010.

Revenue from Masimo rainbow products rose 39% to $7.4m in the first quarter, compared to $5.3m during the same period last year.

Net income for the first quarter was $18m, compared to reported net income of $26.7m in the first quarter of 2010.

During the first quarter, Masimo shipped approximately 43,100 Masimo SET pulse oximetry and Masimo rainbow SET Pulse CO-Oximetry units, excluding handheld units, up 16% compared to approximately 37,100 in the same prior year period.

Masimo chairman and CEO Joe Kiani said they continue to experience increasing global demand for their technologies as evidenced by new highs in product revenue and driver shipments in the quarter.

"We continue to pursue our mission to improve patient outcomes and reduce the cost of care by taking noninvasive monitoring to new sites and applications," Kiani said.