LEHI, Utah - Owlet, Inc. (NYSE:OWLT), a company specializing in smart infant monitoring technology, has announced that its Dream Sock product has obtained the EU-CE-Mark certification. This certification indicates that the Dream Sock complies with the safety and health requirements of EU medical device legislation. The company is preparing to launch the medically-certified product across European markets.
The Dream Sock, designed for in-home monitoring of healthy infants, measures oxygen saturation and pulse rate and provides sleep insights to parents. The device is intended for infants aged 0-18 months and weighing 2.5-13.6 kg. It offers clinically-proven accuracy and connects to the Owlet Dream App, which delivers live readings to a mobile device and a Base Station to alert caregivers.
Owlet's CEO and Co-Founder, Kurt Workman, expressed that the certification brings the company closer to its mission of supporting parents and babies across Europe. He highlighted the Dream Sock's role in empowering caregivers to provide care from home.
The certification follows Owlet's receipt of two marketing authorizations from the U.S. Food and Drug Administration for Dream Sock and BabySat, a prescription-only pulse oximeter. The Dream Sock is not yet available for sale but is expected to be launched in Germany, France, and the UK this spring, with other European countries to follow.
Owlet was founded in 2012 with the goal of providing parents with real-time data and insights for peace of mind and confidence in parenting. The company's digital platform is designed to support calm, confident parenting, and Owlet is committed to developing products that contribute to the health and happiness of children.
The press release also contains forward-looking statements regarding the expected impact, growth prospects, and product availability in international markets. These statements are based on the company's current expectations and are subject to various risks and uncertainties.
This news is based on a press release statement from Owlet, Inc.
InvestingPro Insights
As Owlet, Inc. (NYSE:OWLT) gears up for the European launch of its Dream Sock product, investors and potential stakeholders are closely monitoring the company's financial health and market performance. According to InvestingPro data, Owlet's market capitalization stands at $39.26 million, reflecting the size of the company in the marketplace. Despite the challenges, Owlet has managed to achieve a significant return over the last week, with a 10.05% increase in price total return.
While Owlet's recent certification in the EU marks a milestone, the company's financial data indicates that it has been quickly burning through cash, which could raise concerns about its long-term sustainability. The revenue growth has seen a decline of 21.95% in the last twelve months as of Q4 2023, suggesting that while the company is expanding its reach, it may need to tighten its financial strategies to ensure profitability.
Investors should note Owlet's volatile stock price movements, as indicated by a P/E ratio of -0.97, which points to market skepticism about the company's earnings potential. However, Owlet's gross profit margin remains strong at 41.82%, suggesting that while the company faces challenges, it retains the ability to generate a healthy profit on its sales.
For those interested in a deeper dive into Owlet's financials and future prospects, there are additional InvestingPro Tips available. These tips provide insights such as the company's short-term obligations exceeding its liquid assets and its operation with a moderate level of debt. Owlet is currently not profitable over the last twelve months, but analysts predict the company will turn a profit this year. Notably, Owlet does not pay a dividend to shareholders, which could influence investment decisions for those seeking regular income.
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