Baby technology company Owlet has announced it is expanding its reach within Europe, expanding access to its baby monitor, Dream Sock, to Greece, Poland, Czech Republic, Romania, Slovakia, Hungary and Bulgaria.
DreamSocks, which received FDA approval in November and CE mark certification in May, wrap around a baby’s feet and provide real-time health monitoring for infants aged 0 to 18 months and weighing 6 to 30 pounds.
The device monitors the baby’s heart rate, oxygen saturation and sleep status, collects wake-up data and provides health notifications to parents via the company’s app.
“DreamSock has already made a significant impact on thousands of families since its global launch a few months ago, and we’re excited to continue deploying our medical-grade technology to even more parents,” Owlett CEO and co-founder Kurt Workman said in a statement.
Larger trends
Owlett went public via a SPAC in 2021. The company’s shares are currently trading around $4.52 per share on the New York Stock Exchange, down from a 2021 high of $150.78.
The company raised $30 million in private funding last year and another $9 million in February of this year.
The company reported its second-quarter 2024 results in August, revealing that revenue rose 58% to $20.7 million, up from about $13.1 million in the same period last year.
Operating expenses for the second quarter were $12.5 million, up compared to $11.9 million in the same period last year, and operating loss was $2.2 million, up compared to $6.7 million in the second quarter of 2023.
The Utah-based company reported a second-quarter net loss of $1.1 million, compared with a loss of $8.5 million in the second quarter of 2023.
Adjusted EBITDA for the second quarter of 2024 was $0.1 million, compared to a loss of $4.3 million in the same period last year.
For the full year 2024, the company expects net revenue to be between $72.5 million and $77.5 million and an adjusted EBITDA loss of between $6 million and $3 million.
