Fitness tracking wearables company Fitbit has decided to go public
According to Fortune, Fitbit will trade on the NYSE under the symbol FIT. The company says it plans to raise $100 million, but that number is likely to change.
Fitbit’s regulatory filing revealed some interesting things about the company – including some impressive numbers in terms of revenues and profit.
According to the filing, Fitbit hauled in over $745 million in revenues in 2014, up from $271 million the previous year. The company was profitable for the first time in 2014, generated nearly $132 million in net income. The previous year, that figure was a loss ($51.6 million).
Fitbit also revealed just how many devices it has sold.
In 2011, the company sold 200,000 devices. By 2012, that number was 1.3 million. Last year, Fitbit sold 10.9 million devices.
“Our primary goal is to help our users improve their health and fitness. We believe our platform assists users in changing their daily behavior, such as eating healthier foods or going for a run or walking more to reach a goal or win a challenge. We empower our users to set their own health and fitness goals and track their progress towards these goals. We also offer premium services on a subscription basis that provide personalized insights and virtual coaching through customized fitness plans and interactive video-based exercise experiences on mobile devices and computers. Our premium services feature in-depth data analysis and personalized reports, as well as benchmarking against peers,” said Fitbit.
And yes, if you were wondering, Fitbit’s filing takes a sideswipe at the Apple Watch.
“By offering a broad range of products spanning styles and affordable price points and cross-platform compatibility, we empower a wide range of individuals with different fitness routines and goals that are difficult for other competitors to address. Moreover, our singular focus on building a connected health and fitness platform, coupled with a leading market share, has led to our brand becoming synonymous with the connected health and fitness category. This singular focus on health and fitness has driven us to dedicate significant resources to developing proprietary sensors, algorithms, and software to ensure that our products, which are specifically oriented towards health and fitness, have accurate measurements, insightful analytics, compact sizes, durability, and long battery lives. We believe this singular focus allows us to compete favorably with companies that have introduced or have announced plans to introduce devices with broad-based functionalities, including health and fitness tracking capabilities, which are not necessarily optimized for health and fitness usage.”
Image via Fitbit, Facebook