Intensities of light of two different wavelengths transmitted through a tissue of a living body are measured during a first time period. A data processor determines a first regression line using logarithmically processed data corresponding to the light intensities measured during the first time period. An operator injects a dye into the living body and measurements of intensities of light at the two different wavelengths are made during a later time period. The data processor determines a second regression line using logarithmically processed data corresponding to the light intensities measured during the later time period. The data processor finds an intersection of the two regression lines and uses the intersection to determine a bloodless level point. The processor then forms a dye dilution curve incorporating the bloodless level point data.