Owlet Announces Expanded Availability of Medically-Certified Dream SockTM Across Europe

Rhea-AI Summary

Owlet (NYSE:OWLT) announced at Kind + Jugend in Cologne, Germany, that its medically-certified Dream Sock will soon be available in more European countries, including Poland, Greece, and the Czech Republic. The Dream Sock is a CE and UKCA Marked smart digital health infant monitoring device that tracks pulse rate, oxygen saturation, and sleep patterns for babies aged 0-18 months.

The device connects to the Owlet Dream App, providing real-time health readings and immediate notifications for abnormal vital signs. Owlet's CEO, Kurt Workman, emphasized the impact Dream Sock has already made on thousands of families since its global launch. The company is attending Kind + Jugend to meet with current and potential distribution partners to showcase their latest technology.

Positive

• Expansion of Dream Sock availability to new European markets
• CE and UKCA Marked certification under EU and UK Medical Device Regulations
• Clinically proven accuracy in tracking infant vital signs
• Integration with Owlet Dream App for real-time monitoring and notifications

Negative

• None.

Insights

Medical Device Market Analyst

Owlet's expansion of the medically-certified Dream Sock across Europe represents a significant market opportunity. The CE and UKCA markings underscore the product's compliance with stringent EU and UK medical device regulations, potentially boosting consumer confidence and facilitating market penetration. The expansion into Poland, Greece and the Czech Republic, followed by other Eastern European countries, indicates a strategic move to capture a broader market share in the infant monitoring segment.

However, it's important to note that the medical device market is highly competitive and regulated. Owlet will need to navigate varying healthcare systems and reimbursement policies across these new markets. The company's success will largely depend on its ability to differentiate its product from existing solutions and establish strong distribution partnerships, as hinted by their presence at Kind + Jugend 2024.

Pediatric Technology Expert

The Dream Sock's ability to monitor vital signs like pulse rate and oxygen saturation in infants is technologically impressive. Its clinical proof of accuracy in tracking these metrics is a significant selling point. The integration with a mobile app and Base Station for real-time notifications adds substantial value, potentially reducing parental anxiety and improving infant care.

However, it's important to consider the broader implications of such technology. While it may provide peace of mind, there's an ongoing debate in pediatric circles about the necessity and potential over-reliance on constant monitoring for healthy infants. The key will be in how Owlet positions this product - as a medical necessity or a premium convenience item. The company should also be prepared to address any data privacy concerns that may arise from the collection and transmission of infant health data.

Owlet debuts new Dream Sock at Kind + Jugend 2024 and shares that the device will soon be available to even more parents across the globe.

LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. (“Owlet” or the “Company”) (NYSE:OWLT), the pioneer of smart infant monitoring, announced today at Kind + Jugend in Cologne, Germany, that medically-certified Dream Sock will soon be available in even more countries, including Poland, Greece, and the Czech Republic. Dream Sock is the Company’s medically-certified baby monitor accessible across Europe, giving parents safe and accurate health readings and actionable alarms while their baby sleeps.

Owlet Dream Sock (Photo: Business Wire)

“Dream Sock has already made a huge impact on thousands of families since its global launch a few months ago, and we are eager to continue the roll-out of our medical-grade technology to even more parents,” said Kurt Workman, Owlet Chief Executive Officer and Co-Founder. “We are attending Kind + Jugend this week to meet with current and potential distribution partners to demonstrate our latest technology and show the impact Owlet is having across the world.”

Dream Sock is CE and UKCA Marked under EU and UK Medical Device Regulations and meets rigorous regulatory standards, ensuring its safety, efficacy, and compliance with all applicable requirements. This smart digital health infant monitoring device comfortably wraps around Baby's foot, providing real-time monitoring of pulse rate, oxygen saturation level, sleep patterns, and more. The connected Owlet Dream App (available on iOS and Android) delivers live health readings directly to mobile devices and the included Base Station – both of which will immediately notify users if Baby has low/high pulse rate, or low oxygen. It is clinically proven to accurately track and display an infant’s vital signs and is intended for healthy infants between 0-18 months and 2.5-13.6 kg. Dream Sock can also be paired with the Owlet Cam^® 2 allowing caregivers to see and hear Baby from anywhere, receive motion notifications, and more.

Dream Sock is available now for purchase in the UK and select European markets. Dream Sock will be available in the following markets via Owlet’s localized websites and key retailers in the coming weeks: Poland, the Czech Republic, Slovakia, Hungary, Romania, Bulgaria, and Greece.

About Owlet, Inc.
Owlet’s digital health infant monitoring platform is transforming the journey of parenting. The Company (NYSE:OWLT), a small-cap healthcare growth equity, offers FDA-authorized medical and consumer pediatric wearables and an integrated HD visual and audio camera that provide real-time data and insights to parents who safeguard health, optimize wellness, and ensure peaceful sleep for their children.

Since 2012, over 2 million parents worldwide have used Owlet’s platform contributing to one of the largest collections of consumer infant health and sleep data. The Company continues to develop software and digital data solutions to bridge the current healthcare gap between hospital and home and bring new insights to parents and caregivers globally. Owlet believes that every child deserves to live a long, happy, and healthy life. To learn more, visit www.owletcare.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s certification and launch of its Dream Sock in the European Market and the impacts, growth prospects, and expanded product offerings and product availability in international markets. In some cases, you can identify forward-looking statements by terms such as “estimate,” “may,” “believes,” “plans,” “expects,” “anticipates,” “intends,” “goal,” “potential,” “upcoming,” “outlook,” “guidance,” the negation thereof, or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on the Company’s expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by our forward-looking statements. Many important factors could affect the Company’s future results and cause those results to differ materially from those expressed in or implied by the Company’s forward-looking statements. Such factors include, but are not limited to, (i) the availability of, adoption and commercial success of Dream Sock and its new medical technology within additional international markets, (ii) the regulatory pathway for the Company’s products, including submissions to, actions taken by and decisions and responses from regulators, such as the FDA and similar regulators outside of the United States, as well as the Company’s ability to obtain and maintain regulatory approval or certification for our products and other regulatory requirements and legal proceedings; (iii) any developments in litigation in which the Company is involved, including the Butala and Cherian cases described in the Company’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”); (iv) the ability of the Company to maintain listing of its Class A common stock on a national stock exchange, including by coming back into compliance with Section 802.01B of the NYSE Listed Company Manual within the allotted cure period described in the Company’s reports filed with the SEC; (v) the Company’s competition and the Company’s ability to profitably grow and manage growth; (vi) the Company’s ability to enhance future operating and financial results or obtain additional financing to continue as a going concern; (vii) risks associated with the Company’s current loan and debt agreements, including compliance with debt covenants, restrictions on the Company’s access to capital, the impact of the Company’s overall debt levels and the Company’s ability to generate sufficient future cash flows to meet the Company’s debt service obligations and operate its business; (viii) the ability of the Company to implement strategic initiatives, reduce costs, grow revenues, develop and launch new products, innovate and enhance existing products, meet customer demands and adapt to changes in consumer preferences and retail trends; (ix) the Company’s ability to acquire, defend and protect its intellectual property and satisfy regulatory requirements, including but not limited to requirements concerning privacy and data protection, breaches and loss, as well as other risks associated with the Company’s digital platforms and technologies; (x) the Company’s ability to maintain relationships with customers, manufacturers and suppliers and retain Owlet’s management and key employees; (xi) the Company’s ability to upgrade and maintain its information technology systems; (xii) changes in applicable laws or regulations; (xiii) the impact of and disruption to the Company’s business, financial condition, operations, supply chain and logistics due to economic and other conditions beyond the Company’s control, such as health epidemics or pandemics, macro-economic uncertainties, social unrest, hostilities, natural disasters or other catastrophic events; (xiv) the possibility that the Company may be adversely affected by other economic, business, regulatory, competitive or other factors, such as changes in discretionary consumer spending and consumer preferences; and (xv) other risks and uncertainties set forth in the Company’s other releases, public statements and filings with the SEC, including those identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, subsequent Quarterly Reports on Form 10-Q, and any current or periodic reports filed with the SEC. All such forward-looking statements attributable to the Company or any person acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Moreover, the Company operates in an evolving environment. New risk factors and uncertainties may emerge from time to time, and factors that the Company currently deems immaterial may become material, and the Company can't predict such events or how they may affect the Company. Except as required by law, the Company assumes no obligation to update any forward-looking statements after the date of this press release, whether because of new information, future events or otherwise, although the Company may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240903971490/en/

Media:

pr@owletcare.com

Source: Owlet, Inc.

FAQ

What new European markets will Owlet's Dream Sock be available in?

Owlet announced that the Dream Sock will soon be available in Poland, Greece, the Czech Republic, Slovakia, Hungary, Romania, and Bulgaria.

What features does the Owlet Dream Sock (OWLT) offer for infant monitoring?

The Owlet Dream Sock monitors pulse rate, oxygen saturation level, sleep patterns, and provides real-time health readings and immediate notifications for abnormal vital signs through the Owlet Dream App.

Is Owlet's Dream Sock medically certified for use in Europe?

Yes, Owlet's Dream Sock is CE and UKCA Marked under EU and UK Medical Device Regulations, meeting rigorous regulatory standards for safety and efficacy.

What age range and weight limit is the Owlet Dream Sock designed for?

The Owlet Dream Sock is intended for healthy infants between 0-18 months and weighing 2.5-13.6 kg.