May 8, 2018 Source: Ddu 353
During the Fitbit Q1 earnings call, the company confirmed its focus on digital health regardless of the expected decline in sales numbers. Currently, Fitbit is focusing on its new alliance with Google, wherein the two companies will work together to speed up innovation in the digital health space to provide clear EHRs and precise patient data to help the clinicians.
“We are planning to use Google‘s application programming interfaces (API) to help us to join with the healthcare system connecting user data with electronic medical records. Combining Fitbit with EMRs can help accurate view of the patients’ profile. We are looking to work together to help tackle chronic conditions like diabetes and hypertension by using services such as Fitbit’s recently acquired Twine Health” Said James Park, Fitbit CEO.
Fitbit reportedly sold 2.2 million devices and generated $247.9 million in revenue, 17 percent decrease in revenue as the company sold less devices this quarter, regardless of the fact that the average price of a device increased by 16 percent to $112. Despite decrease in profits, the company reported success with the launch of its new Fitbit-Versa, a smart-watch released in Q1. This quarter Fitbit also launched its Fitbit Ace, which is aimed at the kids segment.
It is too early to say if the product was going to be on the shelf in Q2. “While sales and earnings were challenged as expected in the first quarter, we worked on the plan and surpass our dedications while making headway towards these objectives. We also launched two new product offerings to exceed our addressable market, Fitbit-Versa, and Fitbit Ace, closing the acquisition of Twine Health, and reducing operating expenses on a year-over-year basis.” said Park.
Earlier this quarter the company acquired Twine Health, a healthcare coaching app for an undisclosed amount. The app addresses health-related coaching for employees in the employee wellness programs.
Park also said. “In the coming days, we are planning to leverage the Twine platform to provide wellness programs to our large active user base.”By editor
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