Owlet Expands Global Footprint with Launch of Medically-Certified Dream Sock™ in the UK and Across Europe

Rhea-AI Summary

Owlet has launched its medically-certified Dream Sock™ in the UK and Europe, expanding its global footprint. The Dream Sock is a smart baby monitor designed to provide real-time health readings for infants aged 0-18 months, weighing 2.5-13.6 kg. It offers live monitoring of pulse rate, oxygen levels, and sleep patterns, notifying parents via the Owlet Dream App and Base Station in case of irregularities.

The device is CE and UKCA Marked, meeting stringent regulatory standards. Available in multiple European countries, it can be paired with the Owlet Cam® 2 for enhanced monitoring. Owlet's CEO, Kurt Workman, emphasized the product's role in providing reassurance and hospital-grade accuracy at home.

The Dream Sock is available through local websites and major retailers like Amazon and John Lewis. The launch aims to improve infant care by equipping parents with precise data to make informed decisions.

Positive

• Owlet has expanded its market reach into the UK and Europe, potentially increasing revenue.
• The Dream Sock is medically certified and meets EU and UK regulatory standards, enhancing its credibility.
• Real-time health monitoring via the Owlet Dream App and Base Station provides parents with peace of mind.
• The product is available in multiple countries, increasing market penetration and visibility.
• Bundling with Owlet Cam® 2 offers comprehensive monitoring solutions, adding value for consumers.
• Hospital-grade accuracy and scientific approach in home monitoring could lead to increased consumer trust and adoption.

Negative

• High regulatory compliance costs for CE and UKCA Mark certifications could impact profit margins.
• Potential market saturation in Europe may limit growth opportunities.
• Increased competition in the smart baby monitor market could affect market share.
• The necessity of pairing with other devices like Owlet Cam® 2 could increase the total cost for consumers, potentially limiting adoption.

Insights

Market Research Analyst

The launch of Owlet's Dream Sock in the UK and Europe is noteworthy, signaling the company's expansion into new markets and potentially increasing its revenue streams. The product's compliance with CE and UKCA marking under EU and UK Medical Device Regulations is a significant achievement, ensuring it meets stringent safety and efficacy standards. This can instill confidence in consumers, potentially boosting sales and enhancing brand reputation.

From a market perspective, Owlet is tapping into a growing demand for smart health monitoring devices in the infant care sector. This move could position Owlet as a leader in this niche market, increasing its market share and competitive edge. However, the company must navigate challenges such as consumer trust in new technologies and potential regulatory hurdles in different regions.

Investors should consider the long-term benefits of Owlet's geographic expansion, which include diversified revenue streams and increased brand recognition. Yet, they should also be mindful of the initial costs and logistical complexities associated with entering new markets.

Medical Research Analyst

The introduction of the Dream Sock, which is medically certified and provides real-time health monitoring, represents a significant advance in home infant care. The device's ability to track vital signs such as pulse rate and oxygen saturation with hospital-grade accuracy is a substantial selling point. For parents, this means better-informed decision-making and potentially earlier detection of health issues.

Moreover, the integration with the Owlet Dream App, offering features like Predictive Sleep Technology, adds value by helping parents manage sleep schedules. These advanced features cater to a growing consumer base seeking technologically advanced, yet user-friendly, health monitoring solutions.

In the long term, the product's clinical validation and regulatory approvals can help solidify its position in the market. Nevertheless, the company must continue to invest in research and development to stay ahead of competitors and ensure ongoing compliance with evolving medical standards.

LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. (“Owlet” or the “Company”) (NYSE:OWLT), the pioneer of smart infant monitoring, today announces the UK and European launch of Dream Sock, a smart baby monitor with live health readings and notifications for healthy infants between 0-18 months and 2.5-13.6 kg. This innovative medical device provides parents with real-time health and vital information, offering unparalleled peace of mind.

(Photo: Business Wire)

“We’re beyond proud to launch Dream Sock to caregivers across the UK and Europe and bring millions of parents more reassurance while their baby sleeps,” said Kurt Workman, Owlet Chief Executive Officer and Co-Founder. “Dream Sock is now a global product that is recognized as medically accurate and safe, having undergone regulatory authorizations and certifications within several geographies. Today our mission to support every baby and every caregiver is even more realized.”

The Owlet 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, even through gentle motion and across all skin tones.

“Dream Sock offers a scientific and medical approach to infant health monitoring and is a breakthrough product for the industry,” said Dr. Alisa Niksch, Pediatric Cardiologist and Senior Director of Medical Affairs at Owlet. “It brings hospital-grade accuracy into the home nursery, enabling parents to track vital signs with confidence. Dream Sock equips parents with precise and real-time data to support informed decision-making and help them better care for their infants at home.”

Historical health readings and sleep trends gathered from Baby using Dream Sock can be tracked in the Owlet Dream App, providing caregivers with valuable insights. Parents across the UK and Europe will also now have access to advanced sleep support features. This includes Predictive Sleep Technology, which takes the guesswork out of nap and bedtime by using babies’ historical sleep data to provide parents with recommended sleep and wake windows. 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. Bundled together, parents can experience the perfect balance of technology, safety, and peace of mind.

Dream Sock is now available for purchase in the UK, Ireland, Germany, France, the Netherlands, Austria, Belgium, Sweden, Norway, Denmark, Finland, Italy, Spain, and Switzerland, through Owlet’s localized websites and key retailers, including Amazon, John Lewis, and others.

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 UK and the EU 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 these international markets, (ii) the regulatory pathway for Owlet’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 Owlet’s ability to obtain and maintain regulatory approval or certification for our products and other regulatory requirements and legal proceedings; (iii) Owlet’s competition and the Company’s ability to profitably grow and manage growth; (iv) the Company’s ability to enhance future operating and financial results or obtain additional financing to continue as a going concern; (v) Owlet’s ability to obtain additional financing in the future, as well 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 Owlet’s debt service obligations and operate Owlet’s business; (vi) the ability of Owlet 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; (vii) Owlet’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 Owlet’s digital platforms and technologies; (viii) Owlet’s ability to maintain relationships with customers, manufacturers and suppliers and retain Owlet’s management and key employees; (ix) Owlet’s ability to upgrade and maintain its information technology systems; (x) changes in applicable laws or regulations; (xi) the impact of and disruption to Owlet’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; (xii) the possibility that Owlet may be adversely affected by other economic, business, regulatory, competitive or other factors, such as changes in discretionary consumer spending and consumer preferences; and (xiii) other risks and uncertainties set forth in the Company’s other releases, public statements and filings with the U.S. Securities and Exchange Commission (“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, and as any such factors may be updated from time to time in the Company’s other filings 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 Owlet. 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 Owlet 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/20240611652569/en/

Media:

pr@owletcare.com

owletuk@diffusionpr.com

Source: Owlet, Inc.

FAQ

What is the Owlet Dream Sock?

The Owlet Dream Sock is a medically-certified smart baby monitor that provides real-time health readings for infants aged 0-18 months.

In which countries is the Owlet Dream Sock available?

The Dream Sock is available in the UK, Ireland, Germany, France, the Netherlands, Austria, Belgium, Sweden, Norway, Denmark, Finland, Italy, Spain, and Switzerland.

What features does the Owlet Dream Sock offer?

The Dream Sock offers real-time monitoring of pulse rate, oxygen saturation levels, and sleep patterns, with notifications for any irregularities via the Owlet Dream App and Base Station.

How does the Owlet Dream Sock ensure medical accuracy?

The Dream Sock is CE and UKCA Marked, meeting stringent regulatory standards, and is clinically proven to accurately track infant vital signs.

How can parents use the data from the Owlet Dream Sock?

Parents can use the Owlet Dream App to track historical health readings and sleep trends, providing valuable insights to support informed decision-making.

Can the Owlet Dream Sock be paired with other devices?

Yes, the Dream Sock can be paired with the Owlet Cam® 2 for enhanced monitoring, including motion notifications and the ability to see and hear the baby from anywhere.

Where can I purchase the Owlet Dream Sock?

The Dream Sock is available for purchase through Owlet’s localized websites and key retailers such as Amazon and John Lewis.