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LEHI, Utah - Owlet, Inc. (NYSE:OWLT), a company specializing in smart infant monitoring technology, announced a transition in its executive team with the appointment of Amanda Twede Crawford as the new Chief Financial Officer (CFO). The outgoing CFO, Kate Scolnick, will remain in an advisory capacity through September 2024 to ensure a smooth transition.
Crawford, who joined Owlet in 2022, brings over 15 years of experience in finance and accounting, having previously served in several roles at Swire Coca-Cola (NYSE:KO), USA, including Vice President of Finance and Corporate Controller. Her career began at PricewaterhouseCoopers, and she is a Certified Public Accountant with a Master of Accounting degree from the University of Utah.
Kurt Workman, Owlet's CEO and Co-Founder, expressed gratitude for Scolnick's contributions, particularly her role in the company's growth and financial strategies leading up to their initial public listing. Workman also highlighted Crawford's financial leadership within Owlet and expressed confidence in her capabilities as she steps into the CFO role.
In addition to the executive change, Workman provided insights into Owlet's performance in 2024, noting strong momentum and strategic operational goals.
The company has been expanding its market reach, particularly in the EU and UK, and has entered the remote patient monitoring segment following two FDA clearances in the previous year. Owlet is also seeing increased product sell-through to parents and is working towards achieving Adjusted EBITDA breakeven.
Owlet will report its second quarter 2024 financial results after the market closes on August 12, 2024. The earnings release will be followed by a conference call hosted by Workman, President Jonathan Harris, and CFO Amanda Twede Crawford, to discuss the results and provide a business update.
The company, known for its FDA-authorized medical and consumer pediatric wearables, has reached over 2 million parents worldwide since its inception in 2012. Owlet continues to develop data-driven solutions aimed at bridging the healthcare gap between hospital and home, contributing to the well-being of children globally.
This article is based on a press release statement from Owlet, Inc.
In other recent news, Owlet, Inc. has reported remarkable financial growth in the first quarter of 2024, with a 48% increase in gross billings to $18.4 million and a 37% increase in net revenue to $14.8 million year-over-year. The company also marked a significant turnaround with a net income of $3.3 million, compared to a loss of $11.9 million in Q1 2023.
Adding to these developments, Owlet's Dream Sock product has received UKCA certification, allowing its sale in the United Kingdom. This follows recent EU CE mark certification and complements Owlet's FDA marketing authorizations in the United States. The company plans to launch the Dream Sock in the UK, Germany, and France in the coming months.
Owlet also anticipates a seasonal revenue increase in Q2 due to Mother's Day and Prime Day promotions and is working towards surpassing pre-FDA warning letter sales levels and expanding distribution channels. These recent developments highlight Owlet's commitment to business expansion and making medical-grade monitoring more accessible to families.
InvestingPro Insights
As Owlet, Inc. (NYSE:OWLT) welcomes Amanda Twede Crawford as the new CFO, the company's financial health and market position are pivotal for investors to consider. Owlet's market capitalization currently stands at $37.85 million, reflecting its scale in the smart infant monitoring technology sector.
Despite its ambitious expansion and operational goals, Owlet's financials indicate significant challenges ahead. The company's P/E ratio, adjusted for the last twelve months as of Q1 2024, is -1.6, underscoring that it is not currently generating profits.
The company's cash management is a mixed picture, according to InvestingPro Tips. On one hand, Owlet holds more cash than debt, which can be a positive sign of financial stability. On the other hand, the company is quickly burning through its cash reserves, which raises concerns about its long-term sustainability.
Moreover, Owlet's stock price has experienced considerable volatility, with a 1-month price total return showing a decline of -12.44%, which may suggest investor uncertainty about the company's future performance.
Investors looking to gain deeper insights into Owlet's financial metrics and stock performance can find additional InvestingPro Tips at https://www.investing.com/pro/OWLT. Currently, there are 6 additional tips available, which can provide a more comprehensive understanding of the company's prospects. For those interested, using the coupon code PRONEWS24 can secure up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to InvestingPro, offering valuable analytics and real-time data to inform investment decisions.
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