Child expertise firm Owlet introduced it’s increasing its attain inside Europe by extending entry to its child monitor Dream Sock in Greece, Poland, the Czech Republic, Romania, Slovakia, Hungary and Bulgaria.
Dream Sock, which acquired FDA clearance final November and CE Mark certification in Could, wraps round a child’s foot and gathers dwell well being readings of infants 0-18 months who weigh 6-30 kilos.
The system displays the toddler’s coronary heart price, oxygen saturation and sleep state, and likewise gathers waking knowledge. Dad and mom additionally obtain well being notifications by way of the corporate’s app.
“Dream Sock has already made a huge effect on 1000’s of households since its world launch a couple of months in the past, and we’re desirous to proceed the roll-out of our medical-grade expertise to much more dad and mom,” Kurt Workman, Owlet CEO and cofounder, mentioned in a press release.
THE LARGER TREND
Owlet went public by way of a SPAC in 2021. Its inventory is at the moment buying and selling round $4.52 per share on the NYSE, down from a excessive of $150.78 in 2021.
Final yr, the corporate raised $30 million in non-public placement financing, and, in February of this yr, it raised one other $9 million.
In August, the corporate reported its second quarter 2024 monetary outcomes, noting income of $20.7 million, up 58% year-over-year from roughly $13.1 million.
Working bills had been $12.5 million in Q2, in comparison with $11.9 million for a similar interval final yr, and working loss was $2.2 million, in comparison with $6.7 million within the second quarter of 2023.
The Utah-based firm reported a internet lack of $1.1 million for the second quarter in comparison with a lack of $8.5 million for Q2 2023.
Its adjusted EBITDA was $0.1 million in Q2 2024 in comparison with a lack of $4.3 million for a similar interval final yr.
The corporate expects its full-year 2024 internet income to vary from $72.5 million to $77.5 million with adjusted EBITDA lack of $6 million to $3 million.
