Owlet Inc - OWLT STOCK NEWS

Owlet, Inc. has submitted a de novo classification request to the FDA for its Health Notifications software, which will enhance the existing Dream Sock's capabilities by providing live heart rate and oxygen notifications for babies. This submission aims to assist caregivers in monitoring their children's health at home. Owlet’s CEO expressed confidence that FDA authorization could uniquely position the company in pediatric care, leveraging its growing data set. The company previously submitted a 510(k) pre-market notification for a prescription-only in-home monitor.

Owlet, Inc. (NYSE: OWLT) has received a notice from the NYSE regarding non-compliance with listing standards as its stock price fell below $1.00 for 30 consecutive trading days as of November 28, 2022. The company plans to respond to the NYSE within the required timeframe, aiming to restore compliance within six months. The stock will continue to be traded on the NYSE during this period, while management evaluates options to enhance shareholder value.

Owlet, Inc. (NYSE: OWLT) will participate in the BTIG Digital Health Forum on November 21, 2022, at 1:30 p.m. EST. Co-Founder and CEO Kurt Workman and CFO Kate Scolnick will present at the event. The presentation aims to empower parents with real-time data and insights, enhancing their peace of mind during parenting. Interested parties can view the live presentation by contacting BTIG via email at info@btig.com. Owlet focuses on providing parents with the right information to enhance their parenting journey.

Owlet, Inc. (NYSE: OWLT) announced third quarter 2022 results, reporting revenues of approximately $17.4 million, down from $31.5 million in Q3 2021, largely due to reduced consumer demand and retailer inventory adjustments. The gross margin decreased to 26.6% from 47.2% the previous year, influenced by returns and chargebacks. Operating loss was $21.8 million, an increase from $13.8 million in Q3 2021. Despite these challenges, the company is making strides in regulatory submissions and expanding retail presence, including 1,200 new Walmart locations.

Owlet, Inc. (NYSE: OWLT) will announce its third quarter 2022 financial results after market close on November 14, 2022. A conference call with President Kurt Workman and CFO Kate Scolnick will follow at 4:30 p.m. ET to discuss the results and provide a business update. Interested parties can join via telephone or listen to a live audio webcast on Owlet's Investor Relations website. The number for the conference call is (844) 200-6205 domestically and +1 (929) 526-1599 internationally, using Access Code 718621.

Owlet, Inc. (NYSE: OWLT) announced preliminary unaudited net revenues for Q3 2022, estimating between $16 million and $18 million. CEO Kurt Workman emphasized ongoing efforts to expand retail presence and manage costs amidst economic uncertainty. The company expects variability in quarterly sales as it restructures its product portfolio. It's important to note that these preliminary results have not been audited and could differ significantly from finalized figures to be released in November 2022.

Owlet, Inc. has submitted a 510(k) premarket notification to the FDA for a prescription-only medical device designed for in-home monitoring of infants. This device leverages pulse oximetry technology to alert parents when heart rate or oxygen saturation levels fall outside prescribed ranges. CEO Kurt Workman highlighted that this milestone represents significant effort over the years, including clinical studies. Owlet aims to expand its core technologies into medical devices, enhancing infant care and parental peace of mind.

Owlet, Inc. (NYSE: OWLT) will participate in the Citi 2022 Global Technology Conference from September 7 to September 9, 2022, in New York City. Co-Founder and CEO Kurt Workman, along with CFO Kate Scolnick, will engage in a fireside chat on September 9, 2022, at 9:45 a.m. EDT. A live webcast of this event will be accessible on Owlet's Investor Relations website, with a replay available afterward. Since its founding in 2012, Owlet has focused on equipping parents with real-time data and insights to promote peace of mind in parenting.

Owlet, Inc. (NYSE: OWLT) reported preliminary unaudited Q2 2022 revenues of $18.3 million, down from $24.9 million in Q2 2021, citing lower shipments and retailer inventory adjustments due to macroeconomic pressures. Gross margins fell to 36.1% due to cost inflation and increased returns. Operating expenses rose to $27.0 million, leading to a net loss of $11.7 million. The company is refocusing on reducing expenses and aims for break-even profitability. Additionally, President Michael Abbott plans to resign on September 1, 2022.