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As you said Masimo wasn’t actually after an Apple Watch ban, but payout/licensing fees, which now is almost guaranteed it will get. Hence it has reached its objective, or in other words ‘it worked!’
The parties may reach an agreement and Masimo may ultimately be able to collect some licensing fees, but that remains very much in doubt. At any rate, I would't say 'it worked' (i.e., that asking for this ITC investigation got results for Masimo) just because of this one decision. I don't think this decision changes the landscape for Masimo and Apple enough to say that.

For one thing, this decision wasn't a complete victory for Masimo. Masimo had asserted 5 patents and many claims therefrom. The ITC judge only found that 2 of those claims from one of those patents were enforceable here. She found that others weren't infringed or that they were invalid or otherwise unenforceable here. That means that Apple only needs to get 2 claims - not dozens - declared invalid by the PTAB. It also makes it easier for Apple to design around the supposedly infringed claims such that a threatened import ban is less worrisome. I'm not sure about the other, but one of the claims would seem pretty easy to design around.

For another thing, the threat of an import ban is still not that great and likely pretty distant. This full USITC would need to uphold this ruling. Then it would need to consider the factors required for an import ban and decide that one was appropriate. Then the President would need to allow such a ban to go into effect. That step in particular is, I think, quite doubtful. Then Apple could appeal to the Federal Circuit and even, if needed, ask the Supreme Court to review the Federal Circuit's decision. The point being, for a number of reasons, the threat of an import ban is still not that great.
 
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