Objective: To assess the reliability of measuring hemoglobin (Hb) and hematocrit (Hct) in neonates using a point of care blood gas analyzer. Methods: Hb and Hct results were compared between the point of care blood gas analyzer (OMNI-S, Roche) and laboratory values on 131 paired blood samples, collected from 67 newborns. The bias and limits of agreement were assessed with the Bland Altman method. Paired results were classified in four therapeutic groups according to the Canadian Pediatric Society (CPS) guidelines for blood transfusion; the percent of agreement and weighed kappa were calculated. Results: The mean difference between paired samples was – 0.14 g/dl (± 1.4) and -0.11% (± 8.8) for Hb and Hct respectively; 97% of Hb and 77.4% of Hct values fell within the acceptable limits of the Clinical Laboratories Improvement Amendment. The correlation coefficient between the paired results was 0.95 (P 0.0005) and 0.84 (P 0.0005) respectively. The data distribution in the four CPS groups showed a high level of agreement for Hb (86.3%) and less for Hct (65%) corresponding to a weighted kappa of 0.75 and 0.45 respectively. The disagreement between the Hb and Hct pairs modified the clinical indication of blood transfusion in 2.3% and 3.2% respectively. Conclusion: Our data showed a high level of agreement between paired Hb values measured by the blood gas analyzer and the laboratory permitting its routine use in the point of care setting. The wide limits of agreement between Hct values hinder its clinical use.