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Owlet Baby Care Inc. will participate in the 2021 Oppenheimer MedTech, Tools, and Diagnostics Summit on May 26, 2021, with CEO Kurt Workman and CFO Kate Scolnick engaging in one-on-one investor meetings. Additionally, Workman will join the virtual IPO Edge Roundtable discussing 'Digital Health and Parenting' at 1:00 PM EDT on the same day. The company entered a merger agreement with Sandbridge Acquisition Corporation (NYSE: SBG) in February. Sandbridge has filed a Registration Statement with the SEC for the business combination, which includes important proxy and prospectus information.
Owlet Baby Care reported strong financial results for Q1 2021, achieving record revenue driven by sales growth in the Owlet Smart Sock and Monitor Duo. Revenue growth was supported by e-commerce and retail partnerships, alongside international expansion, particularly in Europe. Gross margin reached 58%, surpassing expectations due to reduced logistics costs. However, the company incurred a net loss of $7.9 million. Owlet is focused on product innovation and marketing to further its growth.
Owlet Baby Care Inc. reported preliminary revenue and gross margin results for Q1 2021, indicating robust demand for its digital nursery ecosystem. Since 2015, Owlet has monitored nearly 1 million babies for over 650 million hours, assisting research on infant health. The company's flagship product, the Smart Sock, boasts a Net Promoter Score of 76. Weekly active users of the Owlet app rose 11% from Q4 2020. Owlet's performance is reportedly ahead of 2021 projections as it approaches a merger with Sandbridge Acquisition Corp. (NYSE: SBG).
Owlet Baby Care has appointed Kate Scolnick as Chief Financial Officer and Laura Durr to its Board of Directors as it approaches a public listing. Scolnick brings over 30 years of financial management experience, previously serving at Anaplan, while Durr, former CFO of Polycom, will oversee the audit committee. Both add strategic financial insight as the company prepares for expansion globally, following a merger agreement with Sandbridge Acquisition Corporation (NYSE: SBG). Their expertise is expected to enhance Owlet's financial operations and support its growth in the nursery technology sector.
Owlet Baby Care Inc. reported its 2020 financial results and highlighted key developments, including the launch of the next-generation Smart Sock. Over 1.5 million parents trust Owlet, reflecting strong customer satisfaction and revenue growth. The company introduced its Dream Lab online platform and saw significant sales growth of the Owlet Cam. In February, Owlet announced a merger with Sandbridge Acquisition Corporation (NYSE: SBG), with a Registration Statement on Form S-4 filed with the SEC for regulatory approval. The company aims to continue enhancing its product offerings to meet increasing market demand.
Owlet Baby Care announced the appointment of Zane Burke to its Board of Directors. Burke, a health tech leader with over 20 years of experience, previously served as CEO of Livongo, leading it through a significant IPO and merger. His expertise in health technology will enhance Owlet's mission to improve infant health. The move comes as Owlet prepares for its merger with Sandbridge Acquisition Corporation (SBG), aiming to innovate in pediatric care. Burke's leadership is expected to be pivotal in advancing Owlet's goals in this transformative period.
Owlet Baby Care has appointed Jim Fidacaro as Healthcare General Manager, enhancing its leadership as it aims to advance the connected nursery ecosystem. Fidacaro, with 25 years in the healthcare field, previously led strategic initiatives at Philips and other firms. He noted that over 1.5 million parents trust Owlet products, monitoring over 850,000 babies. A recent Cleveland Clinic study suggests Owlet's Smart Sock may detect irregular heartbeats in infants at higher rates than prior studies. This aligns with Owlet's mission to empower parents through data-driven health insights.
Owlet Baby Care and Sandbridge Acquisition Corporation have announced a definitive merger agreement, valuing Owlet at a $1,000 million equity basis. The merger, expected to complete in Q2 2021, will allow the combined company to trade under the symbol 'OWLT' on the NYSE. Owlet aims to leverage its innovative nursery ecosystem and data-driven platform to meet an addressable market worth over $81 billion. With the backing of institutional investors and the planned infusion of up to $325 million in cash, the merger aims to significantly enhance Owlet's growth potential.
