Owlet Q3 2023 revenue $9.2M, net loss $5.6M; FDA clears Dream Sock OTC

Owlet, Inc.

2023-Q3 EPS reported -$3.56 revenue$33,006,000

Q3 revenue $9.2M, down 47% YoY due to shift to Amazon first-party seller; sell-in shifted to Q4.
Net loss narrowed to $5.6M ($0.84/sh) from $19.4M ($2.42/sh) in Q3 2022.
Gross margin improved to 36.3% from 26.6%; operating expenses cut to $11.2M from $26.4M.
FDA de novo authorization for Dream Sock as first OTC pulse oximeter for healthy infants; launch by Dec 2023.
BabySat monitoring system market introduction began; commercial launch target by end of 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Owlet, Inc. reported third quarter ended September 30, 2023 results: revenue $9.2 million, net income $5.6 million, EPS $(0.84).

Period: third quarter ended September 30, 2023
Revenue: $9.2 million
Net income: $5.6 million
EPS: $(0.84)
Result: reported results

Exact text from the filing

Sock® – the first and only over-the-counter, medical grade pulse oximeter classified by FDA for healthy infants and preparing for launch by December 2023. · Achieved revenues of $9.2 million as the Company entered into a new arrangement to start selling products directly to Amazon.com, Inc. under a first-party seller relationship shifting Amazon revenues into Q4. ·

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Source: SEC EDGAR

accession 0001628280-23-038605

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