A device may identify a peak timestamp and a trough timestamp based on a first principal component of photoplethysmography (PPG) data associated with a plurality of wavelength channels. The device may generate a peak absorption spectrum based on the peak timestamp and the PPG data, and may generate a trough absorption spectrum based on the trough timestamp and the PPG data. The device may determine a measured arterial blood spectrum based on the peak absorption spectrum and the trough absorption spectrum. The device may fit the arterial blood spectrum model to the measured arterial blood spectrum to determine a set of values, each value in the set of values corresponding to a variable in a set of variables. The device may calculate an arterial oxygen saturation value based on one or more values of the set of values.