The following is a summary of the Owlet, Inc. (OWLT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Owlet reported strong double-digit revenue and sell-through growth, with gross billings in Q1 at approximately $18.4 million, a 48% increase year-on-year.

• Net revenue for Q1 was approximately $14.8 million, an increase of over 37% year-on-year, primarily driven by increased sales of Dream Sock products.

• Gross margin for Q1 was approximately 44.4%, an improvement from 38.7% in the previous year's Q1.

• Owlet finished Q1 with approximately $18.4 million in cash equivalents.

Business Progress:

• Owlet launched go-to-market channels in the healthcare sector, onboarded telehealth partnerships and received CE Medical authorisation in Europe and FDA clearances in the US.

• The company is focusing on three main growth objectives for 2024: preventing infant deaths with significant adoption of the Dream Sock, establishing medical distribution channels for BabySat for insurance reimbursement, and launching a new subscription service.

• Owlet is making strides towards the commercialization of BabySat with new partnerships and integration on their website.

• Owlet plans expansion in-store merchandising in over 1000 Walmart and Target stores, along with increased marketing efforts focused on parent stories.

More details: Owlet inc IR

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