LEHI, Utah - Owlet, Inc. (NYSE: OWLT), known for its smart infant monitoring technology, has announced a strategic partnership with Wheel, a leader in virtual healthcare. This collaboration is aimed at transforming infant care by integrating Owlet’s FDA-cleared BabySat pulse oximeter with Wheel’s telehealth services, providing caregivers with easier access to medical-grade monitoring for infants.
The initiative addresses a significant need, as annually over 450,000 babies in the United States transition home from neonatal intensive care units, and tens of thousands are affected by conditions such as Congenital Heart Disease and respiratory syncytial virus. Owlet’s BabySat, which features a wire-free sock design, allows caregivers to monitor their baby's health and collaborate with healthcare providers more effectively.
Jim Fidacaro, Owlet Senior Vice President and General Manager of Healthcare, stated that the partnership enables parents to obtain prescriptions for BabySat directly through Wheel’s online portal, with the potential for insurance reimbursement making the device more accessible.
The platform managed by Wheel also connects with durable medical equipment suppliers, facilitating billing through many insurance providers, which may offer up to 100% reimbursement for BabySat. This streamlines the process for caregivers to secure BabySat and receive insurance reimbursement.
Michelle Davey, CEO of Wheel, expressed excitement about the partnership, emphasizing its role in expanding healthcare access and simplifying care delivery for American families.
The partnership reflects Owlet's commitment to providing accessible, high-quality care for infants and their families. For more information on BabySat and the telehealth services process, caregivers can visit www.owletcare.com.
This news is based on a press release statement and includes forward-looking statements regarding the expected benefits of the partnership and the availability and reimbursement of BabySat. These statements are subject to risks and uncertainties, and actual results may differ.
InvestingPro Insights
Owlet, Inc. (NYSE: OWLT) has recently made headlines with its innovative partnership with Wheel to enhance infant care, but what does the financial picture look like for investors considering this tech-forward company? According to InvestingPro data, Owlet boasts a market capitalization of $35.68 million, reflecting its position as a smaller player in the tech and healthcare sectors. Despite a challenging financial performance with a negative P/E ratio of -0.89 and a concerning revenue decline of 21.95% over the last twelve months as of Q4 2023, the company did experience a notable quarterly revenue growth of 75.68% in Q4 2023.
Two critical InvestingPro Tips for Owlet are its volatile stock price movements and the fact that it's not currently profitable. Nevertheless, analysts who follow Owlet predict that the company will become profitable this year. This could signal a potential turning point for the company's financial health and investor sentiment. However, potential investors should be aware that Owlet is quickly burning through cash and its short-term obligations exceed its liquid assets, indicating potential liquidity issues.
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