Slide 1: Owlet, Inc. Q3 2024 Financial Results
Owlet, Inc. Q3 2024 Financial Results November 13, 2024
Slide 2: Conference Call
Owlet, Inc. (NYSE: OWLT) | Q3 2024 Financial Results Conference Call Speakers ● Kurt Workman, Co-Founder and CEO ● Jonathan Harris, President and CRO ● Amanda Twede Crawford, CFO ● Jay Gentzkow, VP Investor Relations Webcast ● Domestic Callers: (833) 470-1428 ● International Callers: (404) 975-4839;
Slide 3: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). All statements contained in this presentation that do not relate to matters of historical fact should be consider
Slide 4: Owlet Business Update
Owlet Business Update Privileged & Confidential | 4
Slide 5: Owlet Business Update | Third Quarter 2024
Owlet Business Update | Third Quarter 2024 Net Revenue Gross Margin Adj. EBITDA $22.1M 52.2% $0.6M Growth of 141% y/y Expanded 1,590 bps y/y Improved $6.1M y/y Business Highlights ● Consistently delivering on key financial goals ○ Triple-digit revenue growth y/y ○ Significant gross margin expansion
Slide 6: Drive Global Adoption of Dream Sock
Drive Global Adoption of Dream Sock We believe EVERY BABY will have access to health monitoring, U.S. Market Penetration reimbursed by insurance in the future. ~10% Over the past year, of the estimated U.S.-born babies, only ~10% have an Owlet product. Privileged & Confidential | 6
Slide 7: Drive Global Adoption of Dream Sock
Drive Global Adoption of Dream Sock International Expansion Today, Owlet is only available to ~4 million babies outside of the US. There are ~140 million babies born worldwide every year. Massive International Opportunity Privileged & Confidential | 7
Slide 8: Expand Medical + Healthcare Channels
Privileged & Confidential | 8 Expand Medical + Healthcare Channels Today, Owlet is out of pocket. BabySat price is $599, 2x higher than Dream Sock. Weʼre moving into reimbursement and the ability for physicians to send BabySat home with caregivers. Acute & Chronic 570 k(1) Medical Condition Cases Th
Slide 9: Pediatric Health Subscription
Pediatric Health Subscription Owlet was previously a one-time sale. Weʼre launching Owlet Subscription, creating the potential to double LTV per customer. Privileged & Confidential | 9
Slide 10: Owlet is Redefining the Pediatric Care Market
Owlet is Redefining the Pediatric Care Market with Leading Hardware, Medical Approvals, and Infant Health Data #1 Monitor First Medical Clearances Pediatric Health Data Largest distribution. First OTC authorization, Massive data set of infant Most engaged community & Rx Clearance and CE Med. health a
Slide 11: Financial Highlights
Financial Highlights Privileged & Confidential | 11
Slide 12: Financial Highlights | Third Quarter 2024
Financial Highlights | Third Quarter 2024 Net Revenue Growth Global Sell-Through $ in 000s Net Revenue $22.1M Growth of 141% y/y Gross Margin 52.2% Gross Margin Expansion Adj. EBITDA Improvement Expanded 1,590 bps y/y $ in 000s Adj. EBITDA(1) $0.6M Improved $6.1M y/y Owlet has gained operational lev
Slide 13: Financial Updates
Financial Updates Key Developments ● Strengthened cash & cash equivalents position to $21.5M as of September 30, 2024 ○ Successfully completed $11.6M follow-on equity offering ○ Engages new group of supportive investors as we hit an inflection point for Owletʼs long-term opportunity ● Successfully co
Slide 14: 2024 Financial Outlook
2024 Financial Outlook Privileged & Confidential | 14
Slide 15: 2024 Financial Outlook – Update
2024 Financial Outlook – Update FY 2023 A FY 2024 E Growth Y/Y Raising low-end of Net Revenue $54.0M range $1.5M $74M – $77.5M 37% – 43% Raising low end of Gross Profit $22.6M range $1.6M $35.5M – $37.9M 57% – 68% Gross Margin % 41.8% 48% – 49% 610 – 710 bps Raising low end of Adj. EBITDA(1) $(16.3)
Slide 16: Thank You
Thank You
Slide 17: Appendix
Appendix Privileged & Confidential | 17
Slide 18: Acute & Chronic Medical Conditions
Acute & Chronic Medical Conditions Respiratory issues – #1 reason for pediatric ER visits(9) 3.6 million babies a year are born in the US (6) 400K+ per year 50-80k per year 80-100K per year 40K per year Babies are born premature and 2.1M RSV outpatient visits with Infants born annually with Babies w