Sleep Number Stock Price, News & Analysis

Sleep Number (Nasdaq: SNBR) reported Q2 2024 results, generating adjusted EBITDA of $28 million. Despite an 11% decline in net sales to $408 million, the company achieved a gross margin rate of 59.1%, up 150 basis points year-over-year. Operating expenses were reduced by $19 million for the quarter. The company reiterated its full-year 2024 adjusted EBITDA outlook of $125 million to $145 million.

Key highlights include:

• Year-to-date free cash flow increased $21 million compared to last year
• Prioritizing debt reduction and lowering leverage
• Expecting mid-single digit net sales decline for the year
• Anticipating at least 100 basis points of gross margin rate improvement
• Projecting $50 million to $70 million of free cash flow for 2024

Sleep Number (Nasdaq: SNBR) has announced that it will release its second quarter 2024 results on Wednesday, July 31, 2024, after the market closes. The results will cover the period through June 29, 2024. Following the release, the company's management will host a conference call at 5 p.m. EDT to discuss the results.

Investors and interested parties can access the webcast of the conference call through the investor relations section of Sleep Number's website at https://ir.sleepnumber.com. The webcast replay will be available for approximately 60 days after the call, providing an opportunity for those who miss the live event to catch up on the discussion and results.

Sleep Number (Nasdaq: SNBR) has launched the c1 smart bed, priced at $999 for a Queen size, as part of their Classic Series. The c1 offers adjustable firmness, breathable technology, and personalized sleep insights. This model aims to deliver quality sleep benefits at an affordable price, complementing the existing c2 and c4 smart beds priced at $1,299 and $1,899 respectively. Sleep Number's smart beds are designed to address common sleep issues like temperature regulation and personalized comfort for couples. The c1 smart bed is now available online and in stores, coinciding with Sleep Number's annual sale event.

Sleep Number (SNBR) announced new studies to be presented at SLEEP 2024, utilizing data from their smart beds and the Smart Sleeper Panel comprising over 468,000 participants. These studies, in partnership with the University of Pittsburgh and the American Cancer Society, include research on snoring, obstructive sleep apnea (OSA), daytime sleepiness, and cardiovascular health. Findings suggest smart beds can accurately identify OSA risk, link sleep habits to daytime alertness, and monitor heart rate patterns for cardiovascular risks. This research could revolutionize at-home health screening and enhance clinical practices.

Sleep Number (Nasdaq: SNBR) and the American Cancer Society (ACS) have won the Golden Halo Award for Best Intersectional Initiative in 2024. The award, from Engage for Good, honors brand and non-profit partnerships tackling multiple causes and communities. The partnership incorporates Sleep Number's sleep technology in cancer research and cancer prevention campaigns, including collaborations with the NFL-supported Crucial Catch campaign and The Defender. Initiatives also enhance sleep for cancer patients and caregivers at ACS Hope Lodge® communities. The award was presented on May 15, 2024, at the Engage for Good Conference in Minneapolis.