Owlet, Inc. (NYSE: OWLT) experienced a noteworthy surge of 28.80%, concluding the preceding session at $6.44. This ascent in Owlet stock transpired in advance of the release of its financial results subsequent to the market’s closing on Monday.
The financial report for the third quarter concluding on September 30, 2023, was disclosed by Owlet (OWLT). Kurt Workman, OWLT’s Chief Executive Officer, and Kate Scolnick, the Chief Financial Officer, hosted a conference call to meticulously analyze these results and furnish a comprehensive business update.
A novel agreement by Owlet to begin direct sales to Amazon.com, Inc. resulted in $9.2 million in revenues. It resulted in Amazon revenues shifting to the fourth quarter, which resulted in operating losses and net losses of approximately $7.9 and $5.6 million, respectively. During the corresponding quarter last year, the company suffered operating losses of $21.8 million and net losses of $19.4 million.
Earlier this week, Owlet received FDA clearance for Dream Socks through its De Novo clearance process. This groundbreaking product is the premier over-the-counter medical pulse oximetry solution designed for infants. Owlet is pioneering advancements in both consumer and medical solutions, empowering caregivers to administer enhanced care to their infants at home through the integration of cutting-edge digital health technologies.
The FDA-cleared Dream Sock is equipped to monitor and display live health readings for infants, encompassing pulse rate and oxygen saturation levels. Additionally, it will issue health notifications, utilizing lights and alarms to alert caregivers when their infant’s readings deviate from predetermined ranges. Owlet plans to unveil these medically endorsed features to all existing and new Dream Sock users shortly. These features are intended for use with healthy infants aged 1-18 months and weighing between 6 lbs to 30 lbs.
The attainment of De Novo clearance underscores that the Owlet Dream Sock underwent rigorous clinical testing in both home and hospital environments. Independent laboratories confirm that it complies with all relevant performance and safety standards, and that it is as accurate as medical-grade baby monitoring technology. This innovative technology is poised to furnish caregivers with timely and accurate information, instilling confidence and clarity regarding their baby’s well-being.