- Net revenues of $21.9 million, up 47% year-over-year
- Gross margin of 58%, an increase of 1,100 basis points
year-over-year
- Announcements of three new board members: Zane Burke, former
CEO of Livongo; Laura Durr, former EVP and CFO at Polycom; and John
Kim, President of Platform and Marketplaces at Expedia
- In February, Owlet entered into a business combination
agreement with Sandbridge Acquisition Corporation (NYSE: SBG),
which is expected to close in the third quarter of 2021
Owlet Baby Care Inc. ("Owlet" or the "Company"), the connected
nursery ecosystem that delivers data-driven technology to modern
parenting, reported today on its financial results for the first
quarter ended March 31, 2021.
“The first quarter of 2021 exceeded our internal growth
expectations, as we achieved both record revenue and gross
margins,” said Kurt Workman, Owlet CEO and Co-Founder. “Adoption of
our connected nursery technology among consumers continues to
expand. Along these lines, we’ve continued to bolster our team to
support our strong growth with key executive hires and board
appointments that are integral to our compelling pipeline of
innovative products and services.”
Owlet’s record revenues in the first quarter of 2021 were driven
by robust year-over-year sales volume growth in both the Owlet
Smart Sock and Owlet Monitor Duo. The first quarter also had
stronger-than-anticipated sales via e-commerce and our retail
partners, as well as continued international expansion, primarily
in Europe.
Gross margin of 58% for the first quarter exceeded the Company’s
internal expectations, driven by improved logistics costs that had
risen in 2020 during the COVID-19 pandemic and continued benefit
from lower costs associated with the 3rd Gen Owlet Smart Sock that
launched in mid-2020.
"With strong business fundamentals in place, Owlet is now
focused on getting its innovative products into the homes of more
families around the world,” said Owlet Board Chair and Eclipse
Ventures Founding Partner Lior Susan. “The Company’s proprietary
products and services, along with its successful e-commerce
strategy, have been key to Owlet’s continued impressive
growth.”
Owlet reported a net loss of $7.9 million and EBITDA loss of
$7.2 million for the first quarter 2021, as the Company invested in
connected products and services development to drive long-term
growth, hired senior executive talent, and accelerated sales and
marketing initiatives. The Company also incurred certain one-time
transaction-related costs.
Management Presentation
A recorded presentation by Kurt Workman, Owlet Chief Executive
Officer and Co-Founder, and Kate Scolnick, Chief Financial Officer,
reviewing the first quarter results will be available on the Owlet
website at 8:30 a.m. EST on Wednesday, May 19, 2021. To access the
recording, visit
https://owletcare.com/pages/investor-relations.
About Owlet
Owlet was founded by a team of parents in 2012. Owlet’s mission
is to empower parents with the right information at the right time,
to give them more peace of mind and help them find more joy in the
journey of parenting. Owlet’s digital parenting platform aims to
give parents real-time data and insights to help parents feel
calmer and more confident. Owlet believes that every parent
deserves peace of mind and the opportunity to feel their
well-rested best. Owlet also believes that every child deserves to
live a long, happy, and healthy life, and is working to develop
products to help facilitate that belief.
Additional Information and Where to Find It
In February, Owlet entered into a definitive merger agreement
with Sandbridge Acquisition Corporation (NYSE: SBG) ("Sandbridge"),
a special purpose acquisition company.
Sandbridge has filed with the SEC a Registration Statement on
Form S-4, which includes a proxy statement/prospectus, that will be
both the proxy statement to be distributed to holders of
Sandbridge’s Class A common stock in connection with its
solicitation of proxies for the vote by Sandbridge’s stockholders
with respect to the business combination and other matters as may
be described in the registration statement, as well as the
prospectus relating to the offer and sale of certain securities to
be issued in the business combination. After the registration
statement is declared effective, Sandbridge will mail a definitive
proxy statement/prospectus and other relevant documents to its
stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combination and is not intended to form the basis of any
investment decision or any other decision in respect of the
proposed business combination. Sandbridge’s stockholders and other
interested persons are advised to read, when available, the
preliminary proxy statement/prospectus included in the registration
statement and the amendments thereto and the definitive proxy
statement/prospectus and other documents filed in connection with
the proposed business combination, as these materials will contain
important information about the Company, Sandbridge and the
proposed business combination. When available, the definitive proxy
statement/prospectus and other relevant materials for the proposed
business combination will be mailed to stockholders of Sandbridge
as of a record date to be established for voting on the proposed
business combination. Stockholders of Sandbridge will also be able
to obtain copies of the preliminary proxy statement, the definitive
proxy statement and other documents filed with the SEC, without
charge, once available, at the SEC’s website at www.sec.gov, or by
directing a written request to: Sandbridge Acquisition Corp., 1999
Avenue of the Stars, Suite 2088, Los Angeles, California 90067.
Participants in the Solicitation
Sandbridge and its directors and executive officers may be
deemed participants in the solicitation of proxies from
Sandbridge’s stockholders with respect to the proposed business
combination. The names of those directors and executive officers
and a description of their interests in Sandbridge are contained in
the proxy statement/prospectus for the proposed business
combination.
Owlet and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of Sandbridge in connection with the proposed business
combination. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
business combination are included in the proxy statement/prospectus
for the proposed business combination.
Forward-Looking Statements
Certain statements, estimates, targets, and projections in this
press release may be considered forward-looking statements.
Forward-looking statements generally relate to future events. For
example, statements regarding Owlet’s expected future operating and
financial performance and the expected timing of its transaction
with Sandbridge are forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as
"may", "should", "expect", "intend", "will", "estimate",
"anticipate", "believe", "predict", "potential" or "continue", or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Sandbridge and its
management, and Owlet and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: the regulatory pathway for Owlet products and responses
from regulators, including the U.S. Food and Drug Administration
and similar regulators outside of the United States; changes in
applicable laws or regulations; the evolution of the markets in
which Owlet competes; the ability of Owlet to implement its
strategic initiatives and continue to innovate its existing
products; the ability of Owlet to defend its intellectual property
and satisfy regulatory requirements; the impact of the COVID-19
pandemic on Owlet’s business; the limited operating history of
Owlet; and other risks and uncertainties set forth in the sections
titled "Risk Factors" and "Cautionary Note Regarding
Forward-Looking Statements" in Sandbridge’s registration statement
on Form S-4 and other documents to be filed with the SEC by
Sandbridge.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither Sandbridge
nor Owlet undertakes any duty to update these forward-looking
statements.
Non-GAAP Financial Measures
In addition to its results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), Owlet believes the non-GAAP measure of EBITDA is useful
in evaluating its operating performance because it provides
consistency and comparability with past financial performance and
may be helpful in comparing with other companies, some of which use
similar non-GAAP information to supplement their GAAP results.
EBITDA is calculated as GAAP net loss excluding income tax
provision, interest expense, interest income, and depreciation and
amortization. The non-GAAP financial information included in this
press release is presented for supplemental informational purposes
only and should not be considered a substitute for financial
information presented in accordance with GAAP, and may be different
from similarly-titled non-GAAP measures used by other companies. A
reconciliation table of the most comparable GAAP financial measure
to the non-GAAP financial measure of EBITDA is included at the end
of this press release.
Owlet Baby Care Inc.
Condensed Consolidated Balance
Sheets
(In thousands, except share and
per share amounts)
(unaudited)
Assets
March 31, 2021
December 31, 2020
Current assets:
Cash and cash equivalents
$
12,811
$
17,009
Accounts receivable, net of allowance for
doubtful accounts of $390 and $201
12,769
10,525
Inventory
10,583
7,912
Capitalized transaction costs
3,160
522
Prepaid expenses and other current
assets
1,612
1,646
Total current assets
$
40,935
$
37,614
Property and equipment, net
1,599
1,718
Intangible assets, net
590
605
Other assets
189
181
Total assets
$
43,313
$
40,118
Liabilities, Redeemable Convertible
Preferred Stock, and Stockholders’ Deficit
Current liabilities:
Accounts payable
19,341
16,379
Accrued and other expenses
10,440
10,592
Deferred revenues
1,573
1,643
Line of credit
12,500
9,700
Current portion of related party
convertible notes payable
7,019
6,934
Current portion of long-term debt
3,563
2,024
Total current liabilities
$
54,436
$
47,272
Deferred rent, net
301
322
Long-term deferred revenues, net of
current portion
152
159
Long-term debt, net
8,416
10,180
Preferred stock warrant liabilities
7,601
2,993
Other long-term liabilities
13
13
Total liabilities
$
70,919
$
60,939
Commitments and contingencies
Redeemable convertible Series A and Series
A-1 preferred stock, $0.0001 par value, 23,030,285 shares
authorized; 22,596,929 shares issued and outstanding (liquidation
preference of $9,702 and $14,245 for Series A and Series A-1,
respectively)
23,652
23,652
Redeemable convertible Series B and Series
B-1 preferred stock, $0.0001 par value, 7,507,073 shares
authorized; 7,507,071 shares issued and outstanding (liquidation
preference of $19,000 and $3,745 for Series B and Series B-1,
respectively)
23,536
23,536
Stockholders’ deficit:
Common stock, $0.0001 par value,
52,000,000 shares authorized; 10,951,730 and 10,772,774 shares
issued and outstanding as of March 31, 2021 and December 31, 2020,
respectively.
1
1
Additional paid-in capital
4,780
3,708
Accumulated deficit
(79,575
)
(71,718
)
Total stockholders’ deficit
(74,794
)
(68,009
)
Total liabilities, redeemable convertible
preferred stock, and stockholders’ deficit
$
43,313
$
40,118
Owlet Baby Care Inc.
Condensed Consolidated
Statements of Operations
(In thousands, except share and
per share amounts)
(unaudited)
Three months ended March
31,
2021
2020
Revenues
$
21,911
$
14,871
Cost of revenues
9,228
7,831
Gross profit
12,683
7,040
Operating expenses:
General and administrative
5,981
2,672
Sales and marketing
6,118
3,812
Research and development
3,432
2,433
Total operating expenses
15,531
8,917
Operating loss
(2,848
)
(1,877
)
Other income (expense):
Interest expense, net
(417
)
(289
)
Preferred stock mark to market
adjustment
(4,608
)
-
Other income, net
21
38
Total other expense, net
(5,004
)
(251
)
Loss before income tax provision
(7,852
)
(2,128
)
Income tax provision
(5
)
-
Net loss
$
(7,857
)
$
(2,128
)
Net loss per share attributable to common
stockholders, basic and diluted
(0.73
)
(0.20
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic and diluted
10,828,882
10,613,286
Owlet Baby Care Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measure
(In thousands)
(unaudited)
Three Months Ended March
31,
2021
2020
Net loss
$
(7,857
)
$
(2,128
)
Income tax provision
5
-
Interest expense
418
321
Interest income
(1
)
(32
)
Depreciation and amortization
249
163
EBITDA
$
(7,186
)
$
(1,676
)
Owlet Baby Care Inc.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(unaudited)
Three Months Ended March
31,
2021
2020
Cash flows from operating
activities:
Net loss
$
(7,857
)
$
(2,128
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
249
163
Amortization of debt issuance costs
-
5
Amortization of debt discount
14
6
Loss (gain) on disposal of property and
equipment
1
(11
)
Stock-based compensation
828
181
Write-down of inventory to net realizable
value
5
-
Provision for losses on accounts
receivable
189
22
Change in fair value of preferred stock
warrant liability
4,608
-
Changes in operating assets and
liabilities:
Accounts receivable
(2,433
)
(165
)
Prepaid expenses and other assets
(2,612
)
28
Inventory
(2,675
)
853
Accounts payable
2,873
604
Accrued and other expenses
(152
)
114
Deferred related party convertible notes
payable interest
85
85
Deferred revenues
(77
)
113
Deferred rent
(22
)
(10
)
Net cash used in operating activities
(6,976
)
(140
)
Cash flows from investing
activities
Purchase of property and equipment
(19
)
(237
)
Purchase of intangible assets
(8
)
-
Net cash used in investing activities
(27
)
(237
)
Cash flows from financing
activities
Proceeds from line of credit
4,332
7,385
Payments on line of credit
(1,532
)
(8,237
)
Payments on financed insurance premium
(239
)
(66
)
Proceeds from exercise of common stock
options
244
50
Net cash provided by (used in) financing
activities
2,805
(868
)
Net change in cash and cash
equivalents
(4,198
)
(1,245
)
Cash and cash equivalents at beginning of
period
17,009
11,736
Cash and cash equivalents at end of
period
$
12,811
$
10,491
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
145
$
120
Cash paid for income taxes
-
-
Supplemental disclosure of non-cash
financing activities:
Unpaid purchases of property and
equipment
$
98
$
254
Unpaid purchases of intangibles
$
12
$
26
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210519005311/en/
Investor Relations Mike Cavanaugh Westwicke, an ICR
company mike.cavanaugh@westwicke.com (617) 877-9641
Media Relations Cammy Duong Westwicke, an ICR company
cammy.duong@westwicke.com (203) 682-8380
Jane Putnam Owlet Baby Care jputnam@owletcare.com
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