Baby technology company Owlet announced it is expanding its reach within Europe by extending access to its baby monitor Dream Sock in Greece, Poland, the Czech Republic, Romania, Slovakia, Hungary and Bulgaria.
Dream Sock, which received FDA clearance last November and CE Mark certification in May, wraps around a baby’s foot and gathers live health readings of infants 0-18 months who weigh 6-30 pounds.
The device monitors the infant’s heart rate, oxygen saturation and sleep state, and also gathers waking data. Parents also receive health notifications via the company’s app.
“Dream Sock has already made a huge impact on thousands of families since its global launch a few months ago, and we are eager to continue the roll-out of our medical-grade technology to even more parents,” Kurt Workman, Owlet CEO and cofounder, said in a statement.
THE LARGER TREND
Owlet went public through a SPAC in 2021. Its stock is currently trading around $4.52 per share on the NYSE, down from a high of $150.78 in 2021.
Last year, the company raised $30 million in private placement financing, and, in February of this year, it raised another $9 million.
In August, the company reported its second quarter 2024 financial results, noting revenue of $20.7 million, up 58% year-over-year from approximately $13.1 million.
Operating expenses were $12.5 million in Q2, compared to $11.9 million for the same period last year, and operating loss was $2.2 million, compared to $6.7 million in the second quarter of 2023.
The Utah-based company reported a net loss of $1.1 million for the second quarter compared to a loss of $8.5 million for Q2 2023.
Its adjusted EBITDA was $0.1 million in Q2 2024 compared to a loss of $4.3 million for the same period last year.
The company expects its full-year 2024 net revenue to range from $72.5 million to $77.5 million with adjusted EBITDA loss of $6 million to $3 million.