Remote sensing of physiological parameters could be a cost effective approach to improving health care, and low-power sensors are essential for remote sensing because these sensors are often energy constrained. This paper presents a power optimized photoplethysmographic sensor interface to sense arterial oxygen saturation, a technique to dynamically trade off SNR for power during sensor operation, and a simple algorithm to choose when to acquire samples in photoplethysmography. A prototype of the proposed pulse oximeter built using commercial-off-the-shelf (COTS) components is tested on 10 adults. The dynamic adaptation techniques described reduce power consumption considerably compared to our reference implementation, and our approach is competitive to state-of-the-art implementations. The techniques presented in this paper may be applied to low-power sensor interface designs where acquiring samples is expensive in terms of power as epitomized by pulse oximetry.