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$Owlet inc (OWLT.US)$ NEWS Owlet Announces Strong First Quar...
NEWS
Owlet Announces Strong First Quarter 2024 Results
Owlet, Inc. announced strong first quarter 2024 results with revenue of approximately $14.8 million, up 37% year over year, gross margin at 44.4%, and net income of $3.3 million. The company's adjusted EBITDA loss improved by 46% year over year. Owlet's CEO highlighted the positive feedback on their medical devices and increased demand for their products, projecting continued success in 2024.
Q1 revenue increased by 37% year over year to approximately $14.8 million.
Gross margin stood at 44.4%, up 570 basis points year over year.
Net income for Q1 was approximately $3.3 million, a significant improvement from the net loss of $11.9 million in the previous year.
Adjusted EBITDA loss improved by approximately 46% year over year.
Positive feedback on the Dream Sock and Dream Duo products following FDA clearance led to a 60% increase in consumer demand.
Owlet surpassed 2 million infants monitored, indicating strong market position and operational health for continued success.
Gross margin stood at 44.4%, up 570 basis points year over year.
Net income for Q1 was approximately $3.3 million, a significant improvement from the net loss of $11.9 million in the previous year.
Adjusted EBITDA loss improved by approximately 46% year over year.
Positive feedback on the Dream Sock and Dream Duo products following FDA clearance led to a 60% increase in consumer demand.
Owlet surpassed 2 million infants monitored, indicating strong market position and operational health for continued success.
Operating loss was approximately $5.7 million for Q1 2024.
Adjusted net loss per share was ($0.39) for the first quarter of 2024, compared to adjusted net loss per share of ($1.10) for the same period in 2023.
Operating expenses, including stock-based compensation, were approximately $12.3 million for Q1 2024.
Adjusted net loss per share was ($0.39) for the first quarter of 2024, compared to adjusted net loss per share of ($1.10) for the same period in 2023.
Operating expenses, including stock-based compensation, were approximately $12.3 million for Q1 2024.
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