Child tech firm Owlet and telehealth staffing and companies firm Wheel introduced they’re partnering to permit Wheel’s clinicians to prescribe caregivers Owlet’s medical pulse oximetry wire-free sock for infants.
Owlet’s BabySat, which obtained FDA clearance final yr, makes use of pulse oximetry know-how to watch a child’s coronary heart fee and oxygen saturation stage and alerts caregivers when a studying is exterior of prescribed ranges.
The corporate says the gadget is for use per a healthcare supplier’s suggestion ought to infants want monitoring at dwelling.
By way of the partnership, an toddler’s caregiver can straight get hold of a prescription for BabySat by way of Wheel’s on-line portal or by way of its clinicians.
After receiving the prescription, caregivers can order the sock at little to no value utilizing Wheel’s BabySat telehealth platform, which integrates with sturdy medical tools suppliers who can invoice insurers for the product on behalf of caregivers.
“We’re thrilled to announce our strategic partnership with Owlet, a pacesetter in good toddler monitoring. This collaboration marks a major milestone in our mission to develop healthcare entry and simplify care supply for all People–particularly for rising households,” Wheel CEO Michelle Davey stated in an announcement.
THE LARGER TREND
Publicly traded Owlet pulled its Good Sock wearables from the market in 2021 after receiving a warning letter from the FDA that triggered its inventory worth to tumble. The company stated Owlet was advertising the merchandise as “prognosis” instruments, which might require 510(okay) clearance.
A yr later, the corporate launched its Dream Sock Plus, a consumer-focused sleep wearable for teenagers as much as 5 years outdated or as much as 55 kilos worn round a toddler’s foot. It was designed to supply insights into a toddler’s sleep.
Owlet has garnered substantial funding since going public through a SPAC in 2021.
In 2023, the corporate raised $30 million in personal placement financing; in February of this yr, it raised one other $9 million.
The corporate reported fiscal yr 2023 income of $54 million with a web lack of roughly $32.9 million, a 59% lower from $79.3 million in 2022. Adjusted EBITDA loss for the yr was roughly $16.3 million, a 76% lower from the $68.3 million reported in 2022.
In the meantime, privately held firm Wheel garnered $150 million in Series C funding in 2022, bringing its whole elevate to $216 million.
In 2020, the corporate launched with $13.9 million and, a yr later, secured $50 million in a Series B funding round.
In 2022, Wheel acquired GoodRx’s backend digital care know-how, which included GoodRx Care’s EHR, scientific administration instruments, and affected person expertise software program, for $19.5 million in money.
Final yr, The telehealth staffing and companies firm confirmed it cut 28% of its workforce, laying off 56 employees. The layoffs marked the second spherical of job cuts on the startup, which let go of 17% of its staff over the summer time.
In March, Wheel announced it was partnering with Mark Cuban Value Plus Drug Firm, psychological well being platform Talkspace and diagnostic companies firm Well being Gorilla.
By way of the collaborations, Wheel will ship psychological well being companies, reasonably priced dwelling supply prescription drug pricing choices, and lab and diagnostics by way of its built-in digital care ecosystem.
