To be clear, the exclusion order prevents Apple from importing into the U.S. and selling in the States any Apple Watch Series 9 and Apple Watch Ultra 2 models with the pulse oximeter feature enabled whether the device is new or refurbished. Apple also stopped selling refurbished Series 7 and Series 8 Apple Watch models once the exclusion order took effect.

Greyed out Apple Watch Series 9 and Ultra 2 names indicate refurbished versions of these models are coming to the U.S.
Masimo reportedly was upset when it discovered the pulse oximeter could be reactivated by pairing an impacted Apple Watch with a jailbroken iPhone running an older version of iOS. This would seem to indicate that should Apple and Masimo reach a settlement, or when the exclusion order ends in 2028, Apple can enable the feature via a watchOS update. While the first-generation Apple Watch Ultra has never been available refurbished in the U.S., it is available via Apple's online store in the U.K., China, Ireland, and Japan. Additionally, since the exclusion order applies to the U.S. only, refurbished Apple Watch models sold in other countries that offer the feature (such as the Apple Watch Ultra, Apple Watch Series 7 and Apple Watch Series 8) will include a working pulse oximeter.If you're in the market for a new Apple Watch Series 9 or an Apple Watch Ultra 2 with a pulse oximeter, Best Buy still has inventory which it is legally allowed to sell until it runs out of stock.
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