Smart monitor supplier, Owlet, has reported a sales increase on 37% for the first quarter ended 31 March 2024.
Q1 revenue was $14.8 million, an increase of 37% year-on-year, while gross margin was 44.4%, up 570 basis points year-on-year. Net income for the period was $3.3 million, compared to a net loss of $11.9 million year-on-year.
Adjusted EBITDA loss was $3.1 million, improving approximately 46% year-on-year.
Kurt Workman, Owlet’s ceo and co-founder, commented: “We’ve started off 2024 by delivering solid year over year growth. Consumer sell-through demand is up 60% year over year for our Dream Sock and Dream Duo products following FDA clearance, and the initial feedback on our groundbreaking medical device has been overwhelmingly positive.
“Parents are benefiting from the expanded health information our Dream Sock now provides and this is translating into higher NPS scores, healthy demand and sell-through across our consumer channels. In addition, parents are now able to contact their healthcare providers for prescriptions and seek support through Owletcare.com with growing reimbursement coverage from insurance providers which is a bright opportunity in 2024 and 2025.
“As we’ve surpassed over 2 million infants monitored on our platform, the unequaled insights from our digital data capabilities are strengthening. Globally, parents and caregivers want accessible health insights between hospital and home and Owlet is uniquely addressing this demand. We believe our growing market position and operational health are strong momentum indicators for continued success in 2024.”
