Owlet, the Connected Nursery Ecosystem, Provides Full Year 2020 Financial Results and Corporate Update
April 05 2021 - 4:05PM
Business Wire
Strong Year-Over-Year Revenue Growth Driven by
the Continued Adoption of Owlet Technology
Recent Highlights
- Full year 2020 revenues of $75.4 million, a 51% increase from
2019.
- 2020 gross margin was 47.6%, compared with 46.0% the previous
year.
- Operating loss in 2020 declined 59% year-over-year to $(7.0)
million.
- Announcements of former Livongo CEO Zane Burke joining the
Board of Directors, and of Jim Fidacaro joining as Healthcare
General Manager, bolstering the Company’s digital health and
telehealth initiatives.
- In 2020, the Company made investments in new products and
services to help drive future growth in its connected
ecosystem.
- In February, Owlet entered into a business combination
agreement with Sandbridge Acquisition Corporation.
Owlet Baby Care Inc. (“Owlet” or the “Company”), the connected
nursery ecosystem that delivers data-driven technology to modern
parenting, recently disclosed 2020 financial results and provides a
recap of recent corporate activity.
“Over 1.5 million parents have trusted Owlet to be their partner
since we first started selling the Owlet Smart Sock in 2015. 2020
was a pivotal year all around for Owlet, including the release of
the next generation Smart Sock, with great results both financially
and with customer satisfaction,” said Kurt Workman, Owlet’s
Co-Founder and Chief Executive Officer. “The release of our new
online platform Dream Lab and continued growth of the Owlet Cam in
2020 were tremendous accomplishments and additional catalysts for
the momentum we are bringing into 2021.”
“Owlet is well positioned to capture the trend of healthcare
moving to the edge, a move that was accelerated by the COVID-19
pandemic during the past year. The Company’s products provide
parents with accurate, real-time data about their babies in the
comfort of their own home,” said Lior Susan, Founding Partner of
Eclipse Ventures and Owlet’s Chairman. “Enthusiastically embraced
by users, Owlet’s products are fast becoming indispensable
components of the modern, connected nursery, and offer parents a
peace of mind not previously available to the average consumer. The
company’s strong revenue growth in 2020 demonstrates a convergence
of Owlet’s high-quality product and robust market demand. We are
committed to continuing to enhance our products as part of our
ongoing goal to provide parents with a better understanding of
their baby’s needs.”
About Owlet
Owlet was founded by a team of parents in 2012. Owlet’s mission
is to empower parents with the right information at the right time,
to give them more peace of mind and help them find more joy in the
journey of parenting. Owlet’s digital parenting platform aims to
give parents real-time data and insights to help parents feel more
calm and confident. Owlet believes that every parent deserves peace
of mind and the opportunity to feel their well-rested best. Owlet
also believes that every child deserves to live a long, happy, and
healthy life, and is working to develop products to help facilitate
that belief.
Additional Information and Where to Find It
In February, Owlet entered into a definitive merger agreement in
February with Sandbridge Acquisition Corporation (NYSE: SBG)
(“Sandbridge”), a special purpose acquisition company.
Sandbridge has filed with the SEC a Registration Statement on
Form S-4, which includes a proxy statement/prospectus, that will be
both the proxy statement to be distributed to holders of
Sandbridge’s Class A common stock in connection with its
solicitation of proxies for the vote by Sandbridge’s stockholders
with respect to the business combination and other matters as may
be described in the registration statement, as well as the
prospectus relating to the offer and sale of certain securities to
be issued in the business combination. After the registration
statement is declared effective, Sandbridge will mail a definitive
proxy statement/prospectus and other relevant documents to its
stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
proposed business combination. Sandbridge’s stockholders and other
interested persons are advised to read, when available, the
preliminary proxy statement/prospectus included in the registration
statement and the amendments thereto and the definitive proxy
statement/prospectus and other documents filed in connection with
the proposed business combination, as these materials will contain
important information about the Company, Sandbridge and the
proposed business combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the proposed
business combination will be mailed to stockholders of Sandbridge
as of a record date to be established for voting on the proposed
business combination. Stockholders of Sandbridge will also be able
to obtain copies of the preliminary proxy statement, the definitive
proxy statement and other documents filed with the SEC, without
charge, once available, at the SEC’s website at www.sec.gov, or by
directing a written request to: Sandbridge Acquisition Corp., 1999
Avenue of the Stars, Suite 2088, Los Angeles, California 90067.
Participants in the Solicitation
Sandbridge and its directors and executive officers may be
deemed participants in the solicitation of proxies from
Sandbridge’s stockholders with respect to the proposed business
combination. The names of those directors and executive officers
and a description of their interests in Sandbridge are contained in
the proxy statement/prospectus for the proposed business
combination.
Owlet and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Sandbridge in connection with the proposed business
combination. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
business combination are included in the proxy statement/prospectus
for the proposed business combination.
Forward-Looking Statements
Certain statements, estimates, targets, and projections in this
press release may be considered forward-looking statements.
Forward-looking statements generally relate to future events. For
example, statements regarding the expected future operating and
financial performance and market opportunities of Owlet are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may”, “should”,
“expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”,
“predict”, “potential” or “continue”, or the negatives of these
terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking
statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Sandbridge and its
management, and Owlet and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: the regulatory pathway for Owlet products and responses
from regulators, including the U.S. Food and Drug Administration
and similar regulators outside of the United States; changes in
applicable laws or regulations; the evolution of the markets in
which Owlet competes; the ability of Owlet to implement its
strategic initiatives and continue to innovate its existing
products; the ability of Owlet to defend its intellectual property
and satisfy regulatory requirements; the impact of the COVID 19
pandemic on Owlet’s business; the limited operating history of
Owlet; and other risks and uncertainties set forth in the sections
titled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Sandbridge’s registration statement
on Form S-4 and other documents to be filed with the SEC by
Sandbridge.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither Sandbridge
nor Owlet undertakes any duty to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210405005399/en/
Media Relations Cammy Duong Westwicke, an ICR company
cammy.duong@westwicke.com (203) 682-8380 Jane Putnam
jputnam@owletcare.com Investor Relations Mike Cavanaugh
Westwicke, an ICR company mike.cavanaugh@westwicke.com (617)
877-9641
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