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LEHI, Utah - Owlet, Inc. (NYSE: OWLT), a small-cap healthcare company with a market capitalization of $71 million, known for its smart infant monitoring technology, has launched Owlet360, a new subscription-based service aimed at providing parents with detailed insights into their baby's health and development. According to InvestingPro data, the company has demonstrated impressive revenue growth of nearly 75% in the last twelve months. The service, which is an addition to Owlet's existing offerings, utilizes the company's extensive pediatric health data to offer tailored information to caregivers.
Owlet360 is designed to give parents a clearer understanding of their child’s sleep patterns and key health metrics, such as pulse rate and oxygen levels, by comparing individual data with Owlet's vast dataset. The service also includes features like video clip sharing and sleep environment insights, adding to the company's mission to ensure babies' safety and support parents' peace of mind.
Since its inception, Owlet has monitored over 1.7 million babies and tracked more than 17 trillion heartbeats, making it one of the most comprehensive pediatric health datasets available. This data is the foundation of Owlet360, enabling the company to offer unique insights. While maintaining a healthy gross profit margin of 49%, InvestingPro analysis indicates the company is currently trading below its Fair Value, suggesting potential upside for investors interested in the pediatric healthcare technology sector.
The new service has been tested with a select group of users and has reportedly become a daily tool for the majority of subscribers. Parents have expressed confidence in having access to detailed information about their babies' health and sleep, which helps them make informed decisions.
Owlet360 is currently available to Owlet Dream App users in the U.S., with a seven-day free trial. The introductory price is set at $5.99 per month. Owlet plans to expand the service internationally later this year and may offer additional pricing options and features.
Owlet, Inc., a small-cap healthcare growth equity, has been providing FDA-authorized medical and consumer pediatric wearables and an integrated HD visual and audio camera since 2012. The company's digital health infant monitoring platform aims to bridge the gap between hospital and home care and bring new insights to parents and caregivers worldwide.
The launch of Owlet360 is presented as a transformative moment for Owlet and the industry, with the company's CEO and Co-Founder, Kurt Workman, emphasizing the importance of actionable insights and peace of mind for parents. InvestingPro subscribers can access additional insights, including multiple ProTips and a comprehensive analysis of Owlet's financial health, which is currently rated as FAIR based on various financial metrics and growth indicators.
This article is based on a press release statement from Owlet, Inc.
In other recent news, Owlet Inc. reported a record Q3 revenue, largely driven by sales of its Dream Sock product. The company's net revenue surged by 141% year-over-year, reaching $22.1 million. Gross margins also reached a record high of 52.2%, marking the sixth consecutive quarter of growth. The positive adjusted EBITDA of $0.6 million was another highlight, reflecting a substantial rise from the previous year.
These strong financial results were bolstered by strategic initiatives including distribution expansion through Amazon (NASDAQ:AMZN) and enhancing its medical sector presence with the BabySat monitor. The company also launched a beta subscription service with an 85% retention rate and ended the quarter with $21.5 million in cash. Owlet has raised its 2024 revenue guidance to between $74 million and $77.5 million.
However, operating expenses increased to $16.4 million, partially due to a $1.9 million non-cash impairment charge and rising marketing costs. Operating loss was reported at $4.8 million, an improvement from the previous year's $7.9 million, while the net loss remained stable at $5.6 million. Despite these challenges, Owlet remains confident in its market position and its path toward profitability.
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