Q2 2024 Owlet Inc Earnings Call Transcript
Key Points
- Owlet Inc (OWLT) achieved $20.7 million in net revenue for Q2 2024, up 58% year over year.
- Gross margins improved to 50%, up over 1,000 basis points from the previous year.
- The company reported a positive adjusted EBITDA for Q2 2024.
- Owlet Inc (OWLT) successfully launched FDA-cleared devices in both consumer and medical channels.
- The July Amazon Prime event was the strongest in company history, with Dream Sock sell-through up 61% year over year in units and revenue up 68% year over year.
- Elevated transportation costs related to global disruptions impacted cost of goods sold.
- Potential cost of goods sold headwinds from increasing sea and air transportation costs could affect future profitability.
- Q3 and Q4 profitability may be impacted by sales and marketing investments and clinical and regulatory expenses.
- The company is operating at a very lean level in terms of working capital and inventory, which may necessitate higher airfreight costs.
- Returns and allowance reserves were $1.1 million, approximately 4.1% of gross billings, indicating some level of product returns.
Good afternoon. Thank you for attending today's Owlet's Q2 2024 earnings call. My name is Jayla, and I'll be your moderator for today. (Operator Instructions)
I would now like to turn the conference over to our host, Mike Cavanaugh, Investor Relations. Mike, you may proceed.
Thank you, operator. Good afternoon, everyone, and thank you for joining us today for the Owlet Baby Care's second-quarter 2024 earnings call. We appreciate your time and interest in our company. Earlier today, Owlet released financial results for the quarter ended June 30, 2024. The release is currently available on the company's website at www.investors.owletcare.com.
Our speakers for today's call are Kurt Workman, Owlet's Co-Founder and Chief Executive Officer; Jonathan Harris, President; and Amanda Twede Crawford, our Chief Financial Officer.
Kurt will begin with an overview of our performance and key developments followed by Jonathan, who will
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