The following is a summary of the Owlet, Inc. (OWLT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Owlet reported Q4 revenue of $21 million.

• The company achieved nearly breakeven adjusted EBITDA by the end of 2023.

• Operating expenses were significantly reduced by 60% and marketing expenses by 70%.

• There was a 1,900 basis points year-over-year improvement in gross margins to 47% in Q4.

• Gross billings for Q4 and full year were $32.9 million and $73.2 million, respectively.

• Operating expenses in Q4 were at $13 million, a 46% decrease year-over-year.

• Net loss for Q4 was $6.9 million, a 65% decrease from Q4 2022.

• The company has a target gross margin within the range of 45% to 50% through unit volume, product mix, and ongoing operational efficiencies.

Business Progress:

• Owlet launched BabySat and Dream Sock with medical-grade features and secured FDA clearances.

• Owlet became the 1st and only FDA cleared baby monitor in its category.

• Key channels reduced weeks on hand and improved sell-through, improving by over 45% over the year.

• Plans for European expansion in 2024, beginning with CE Medical clearance, are in place.

• Owlet intends to launch new software and services to better leverage their extensive infant health data.

• The company is focusing on maximizing Dream products and maintaining sell-in and sell-through retail inventory balance.

• New DME partnerships are expected to increase revenue as these partnerships solidify in 2024.

• The company is financially supported by its largest investors and banking and trade partners.

More details: Owlet inc IR

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