The following is a summary of the Owlet, Inc. (OWLT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Owlet reported strong double-digit revenue and sell-through growth, with gross billings in Q1 at approximately $18.4 million, a 48% increase year-on-year.
Net revenue for Q1 was approximately $14.8 million, an increase of over 37% year-on-year, primarily driven by increased sales of Dream Sock products.
Gross margin for Q1 was approximately 44.4%, an improvement from 38.7% in the previous year's Q1.
Owlet finished Q1 with approximately $18.4 million in cash equivalents.
Business Progress:
Owlet launched go-to-market channels in the healthcare sector, onboarded telehealth partnerships and received CE Medical authorisation in Europe and FDA clearances in the US.
The company is focusing on three main growth objectives for 2024: preventing infant deaths with significant adoption of the Dream Sock, establishing medical distribution channels for BabySat for insurance reimbursement, and launching a new subscription service.
Owlet is making strides towards the commercialization of BabySat with new partnerships and integration on their website.
Owlet plans expansion in-store merchandising in over 1000 Walmart and Target stores, along with increased marketing efforts focused on parent stories.
More details: Owlet inc IR
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