Owlet to Report Second Quarter 2024
Financial Results on August 12, 2024
Owlet, Inc. (“Owlet” or the “Company”) (NYSE:OWLT), the pioneer
of smart infant monitoring, today announced that Kate Scolnick,
Chief Financial Officer (“CFO”), will be departing the Company to
pursue other opportunities. Amanda Twede Crawford, Owlet’s Vice
President, Financial Planning and Analysis, will assume the role of
CFO. Kate will remain at the Company in an advisory role for a
transition period through September 2024.
“On behalf of the Board of Directors and Owlet, I want to thank
Kate for her executive leadership and significant contributions
since joining our management team prior to our initial public
listing. Over the last three and a half years she has been
instrumental in supporting our top line growth, margin expansion
and profitability objectives, and with her help we are on track to
achieve our 2024 operational and financial goals,” said Kurt
Workman, Owlet Chief Executive Officer and Co-Founder. “Along with
public company execution rigor and commitment to our Company’s
mission, Kate has established and developed executive talent in our
finance and operations teams. Since joining Owlet in 2022, Amanda
Twede Crawford has been a key financial leader and we’re excited
for her to be moving into the CFO role. We anticipate this will be
a smooth transition and wish Kate continued success in her future
endeavors.”
Amanda brings over 15 years of finance and accounting experience
to Owlet. Prior to Owlet, she held multiple positions at Swire
Coca-Cola, USA including Vice President of Finance and Corporate
Controller. She began her career at PricewaterhouseCoopers and is a
Certified Public Accountant. She holds a Master of Accounting
degree from the University of Utah.
Workman continued, “In addition to this change, I’d like to
provide some color on Owlet’s strong momentum and business
performance thus far in 2024. The entire Owlet team has worked hard
to put us in position to execute on our strategic operational goals
for the remainder of 2024 and beyond. We continue to make strong
inroads outside of our core US market, especially in the EU and UK,
and are expanding our presence in the large remote patient
monitoring segment following two landmark FDA clearances last year.
Importantly, we continue to see accelerating product sell-through
to parents, and we remain focused and progressing towards our
stated goal of reaching and maintaining Adjusted EBITDA breakeven.
We’re excited to share more on our upcoming financial results
call.”
Owlet will release its second quarter 2024 financial results
after the market closes on August 12, 2024. Owlet will issue a copy
of the earnings release via Business Wire and include a copy on
Owlet’s Investor Relations website at www.investors.owletcare.com.
Owlet’s Chief Executive Officer, Kurt Workman, President, Jonathan
Harris, and Chief Financial Officer, Amanda Twede Crawford, will
host a conference call that same day at 4:30 p.m. ET to discuss
these results and provide a business update.
To access the conference call by telephone, please dial (404)
975-4839 (Domestic) or (833) 470-1428 (Toll-Free) and reference
Access Code 458341. To listen to the conference call via live audio
webcast, please visit the Events section of Owlet’s Investor
Relations website at investors.owletcare.com. The archived webcast
will also be available on Owlet’s Investor Relations website
shortly after the completion of the call.
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. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. 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 expected achievement of its financial goals. 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. 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 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; (ii)
Owlet’s competition and the Company’s ability to profitably grow
and manage growth; (iii) the Company’s ability to enhance future
operating and financial results or obtain additional financing to
continue as a going concern; (iv) Owlet’s ability to obtain
additional financing in the future, as well as 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; (v) 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; (vi) 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; (vii)
Owlet’s ability to maintain relationships with customers,
manufacturers and suppliers and retain Owlet’s management and key
employees; (viii) Owlet’s ability to upgrade and maintain its
information technology systems; (ix) changes in applicable laws or
regulations; (x) 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; (xi) 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 (xii) other risks and uncertainties set
forth in the Company’s other releases, public statements and
filings with the U.S. Securities and Exchange Commission (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, as updated in the Company’s Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2024 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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240709164287/en/
Investor Contacts: Mike Cavanaugh ICR Westwicke Phone:
+1.617.877.9641 mike.cavanaugh@westwicke.com Media Contacts:
pr@owletcare.com owlet@diffusionpr.com
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