Hold on, Apple Watch: Fitbit, the company behind the popular Flex activity trackers, just filed to go public. The company is looking to raise $100 million.
Fitbit sold nearly 11 million units and saw $745 million in revenue last year, with $132 million of net income. That’s a big leap forward from its 2013 performance, which saw $271 million and a net loss of $52 million. The growth is particularly impressive considering only last February a slew of consumer complaints led the company to recall more than a million units of its Force wristbands, which were reported to cause skin rashes.
Not surprisingly, Fitbit includes the Apple Watch in its filing’s risks section, highlighting how its market segment is becoming increasingly competitive–and noting that some of Fitbit’s competitors have a leg up in terms of reach, brand recognition, and product range. Fitbit believes it can differentiate through its “singular focus” on health:
“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.”
Though Fitbit faces deep-pocketed rivals like Apple, its strides, especially in comparison to the company’s wearable-opponent Jawbone, which has stumbled lately, perhaps make it appropriate that its business will be listed on the New York Stock Exchange under the ticker “FIT”.
[via Business Insider]