I'm not sure what it stands for, but it is hooked up to our art lines/Uacs and RT uses it to draw the gases. No blood is taken out, it goes to a sensor and reads the gas, lytes and glucose, then it automatically flushes it back. No blood out
Once a day they have to send labs to the regular lab to make sure it is calibrated right, but we just do this with our daily labs.
It is actually kinda of a pain to use because for some reason the tubing is super short and the sensor can't be in a humidified bed, so the baby is almost to the end of the bed so that the lines don't pull out! It is a good idea with a flawed design. LOL There are really no risks involved, just the usual of having an art line.