Sleep Number Stock Price, News & Analysis

Sleep Number (NASDAQ: SNBR) has announced the appointment of Bob Ryder as interim Chief Financial Officer, effective July 21, 2025, following the departure of Francis Lee. Lee will remain as an advisor through August 15, 2025, while the company conducts a search for a permanent CFO.

CEO Linda Findley emphasized that the company is working to return to growth while maintaining debt covenant compliance. The leadership change is not related to any financial, operational, or policy matters. The company reports being on track to exceed cost reduction goals announced in Q1 2025, despite ongoing revenue challenges.

Ryder brings over 30 years of finance leadership experience, including roles as CFO at Constellation Brands, IMG, and American Greetings Corporation. He currently serves as a senior advisor at Boston Consulting Group and CEO of Horsepower Advisors, LLC.

Sleep Number (SNBR) presented groundbreaking research at SLEEP 2025 demonstrating the effectiveness of their ClimateSeries smart beds' temperature control features. Studies analyzing over 9,100 sleep sessions revealed significant improvements in sleep quality, particularly for women experiencing menopause symptoms. The research, conducted with Northwestern University and University of Pittsburgh, showed that personalized temperature programs helped users fall asleep faster and stay asleep longer. Key findings demonstrated that women benefited most from beds starting with low heat followed by cooling, while both genders showed improved sleep with temperature programs aligned to natural body rhythms. The Climate360 smart bed's ability to heat or cool each side independently offers a non-medication solution for the 40-60% of women struggling with menopause-related sleep issues.

Sleep Number Corporation (SNBR) has announced the granting of equity awards to its newly appointed Executive Vice President and Chief Marketing Officer, Amber Minson, effective May 15, 2025. The inducement grants include two components: a performance stock unit award of 21,724 shares vesting after three years based on company performance and relative shareholder return (2025-2027), and a time-vested restricted stock unit award of 21,724 shares vesting in three equal annual installments. These awards were granted outside Sleep Number's equity incentive plan and were approved by the Management Development and Compensation Committee on April 7, 2025, in compliance with Nasdaq Rule 5635(c)(4).

Sleep Number has announced significant leadership changes as part of its organizational redesign under President and CEO Linda Findley. The restructuring aims to create a more streamlined decision-making process and improved efficiency.

Key appointments include Melissa Barra as EVP, Chief Product and Enterprise Strategy Officer; Chris Krusmark as EVP, Chief Retail and People Officer; and Tanya Skogerboe as SVP, Chief Supply Chain and Transformation Officer. Hitesh Patel, CIO, will lead consolidated corporate technology capabilities, while Amber Minson joins as EVP, Chief Marketing Officer.

The company eliminated the Chief Innovation Officer position, held by Annie Bloomquist, who will serve as an advisor until May 31, 2025. Francis Lee (CFO) and Sam Hellfeld (Chief Legal and Risk Officer) retain their current roles. These changes focus on enhancing accountability, operational efficiency, and customer responsiveness.

Sleep Number reported challenging Q1 2025 results with net sales of $393 million, down 16% year-over-year. The company posted a net loss of $8.6 million ($0.38 per share), compared to a $7.5 million loss in Q1 2024.

Under new CEO Linda Findley's leadership, Sleep Number is implementing significant organizational changes, including a 21% reduction in corporate management roles. The company aims to reduce annual operating expenses by $80-100 million through streamlined operations and efficiency improvements.

Key financial metrics include:

• Gross profit margin improved to 61.2% (up 250 basis points)
• Operating expenses reduced by $23 million year-over-year
• Adjusted EBITDA of $22 million (down 41%)
• Leverage ratio at 4.46x EBITDAR

Due to recent leadership transition and macroeconomic uncertainty, Sleep Number has suspended providing 2025 financial guidance.

Sleep Number (SNBR) has announced equity inducement awards granted to their newly-hired President and CEO, Linda A. Findley, effective April 15, 2025. The compensation package includes three components:

• 362,057 shares of time-vested restricted stock units with performance modifier, vesting in three annual installments
• 181,028 performance stock units vesting after three years, based on company performance (2025-2027) and relative shareholder return
• 181,029 time-vested restricted stock units vesting in three annual installments

These inducement awards were approved by Sleep Number's Board on March 29, 2025, under Nasdaq Rule 5635(c)(4), granted outside the company's equity incentive plan, and are contingent upon continued employment.

Sleep Number (Nasdaq: SNBR) has appointed Amber Minson as Executive Vice President and Chief Marketing Officer (CMO), effective May 12, 2025. Minson brings over two decades of marketing and brand strategy experience from companies including Intuit, Alibaba, HSN, and Comcast NBCUniversal.

Most recently serving as CMO at Casper Sleep Inc. under a contract agreement, Minson previously held the position of Chief Revenue Officer at Blue Apron from 2022 to 2024. In her new role, she will lead Sleep Number's integrated marketing strategy, focusing on:

• Driving sustained demand generation
• Enhancing brand visibility
• Delivering media efficiency
• Ensuring message consistency across digital and in-store experiences
• Developing new customer partnerships

Minson succeeds Kevin Brown, who is departing the company. CEO Linda Findley emphasized that this appointment represents a transition in marketing strategy, prioritizing efficiency as a foundation for growth in today's challenging market environment.

Sleep Number (SNBR) has scheduled the release of its fiscal first quarter 2025 results for Wednesday, April 30, 2025, after market close. The results will cover the period through March 29, 2025.

The company's management will hold a conference call at 5 p.m. EDT (4 p.m. CDT; 2 p.m. PDT) to discuss the quarterly performance. Investors can access the webcast through the investor relations section of Sleep Number's website, with the replay remaining available for approximately 60 days.

Sleep Number (SNBR) has partnered with GEM HEALTH to integrate GEM SLEEP into Sleep Number's new BreatheIQ™ digital sleep health app. The collaboration aims to provide seamless access to virtual sleep care services for individuals at risk of sleep apnea.

GEM SLEEP offers end-to-end virtual care including clinical evaluation, diagnosis, and treatment support without requiring in-person clinic visits. The service targets the estimated 80% of individuals with undiagnosed obstructive sleep apnea. BreatheIQ users can now easily connect to GEM SLEEP's care platform, which is in-network with health plans covering 53 million Americans.

The BreatheIQ app helps users monitor their snoring and potential breathing irregularities, and can be used with or without a Sleep Number® bed. GEM SLEEP's approach reduces care access time to days instead of weeks or months, while lowering costs for both patients and insurers.