LEHI, Utah - Owlet, Inc. (NYSE:OWLT), known for its smart infant monitoring technology, has announced that its Dream Sock product has received UKCA certification, enabling its sale in the United Kingdom. This follows the recent EU CE mark certification and complements the company's FDA marketing authorizations in the United States.
The UKCA (UK Conformity Assessed) certification signifies that the Dream Sock meets the regulatory requirements for medical devices in the UK. The certification allows Owlet to extend its reach in the European market, which sees over 3.8 million births annually.
Jonathan Harris, Owlet's President and Chief Revenue Officer, emphasized the significance of the certifications for business expansion and the goal of making medical-grade monitoring more accessible to families.
The Dream Sock monitors oxygen saturation and pulse rate in healthy infants and provides sleep insights to parents, a new feature in the UK market. It is intended for use with infants aged 0-18 months and weighing 2.5-13.6 kilograms. The device connects to the Owlet Dream App, which delivers live readings and notifications to caregivers' mobile devices and a nearby base station.
Owlet plans to launch the Dream Sock at major retailers in the UK, Germany, and France in the coming months, with availability in other European countries later in the summer.
The company, established in 2012, has seen over 2 million parents worldwide use its monitoring platform, contributing to a vast collection of infant health and sleep data.
The information in this article is based on a press release statement from Owlet, Inc.
InvestingPro Insights
Owlet, Inc. (NYSE:OWLT), while making strides in international certifications and market expansion, presents a mixed financial picture according to recent data from InvestingPro. The company's market capitalization stands at a modest $35.86M, reflecting the market's current valuation of the company. Despite achieving a significant milestone with the UKCA certification for its Dream Sock product, Owlet's financial metrics indicate some challenges. Notably, the company has been grappling with a negative P/E ratio of -1.61, suggesting investor concerns about profitability.
InvestingPro Tips for Owlet highlight that the company is trading at a low revenue valuation multiple and holds more cash than debt, which could be seen as a positive sign of financial stability. However, analysts are not expecting Owlet to turn a profit this year, and the company has not been profitable over the last twelve months. Additionally, Owlet is not paying dividends, which could affect investor sentiment, especially among those seeking regular income from their investments.
On the operational front, Owlet's revenue growth for the last twelve months as of Q1 2024 was slightly negative at -0.5%, but there was a substantial quarterly revenue growth of 37.85% in Q1 2024. This suggests that while the company may face challenges in maintaining consistent growth, there are periods of significant sales increases. Owlet's gross profit margin stands at 43.17%, indicating a strong ability to control the cost of goods sold relative to sales.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Owlet's financial health and future prospects. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips.
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