Fitbit

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Get insights into Fitbit including business profile, stock information, news, and rankings from Fortune.

Fitbit (FIT): Company Profile, Stock Price, News, Rankings

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Fitbit | Fortune

Fitbit (FIT): Company Profile, Stock Price, News, Rankings | Fortune

Jordyn Bradley

Your Apple Watch or Fitbit may be a breeding ground for E. coli and staph bacteria. Here’s how to clean your fitness tracker

/well/article/fitness-tracker-bacteria-staph-e-coli/

David Hamilton

The Associated Press

Google is combining Android and Chrome software group with Pixel and Fitbit hardware division to more broadly integrate AI

/2024/04/19/google-combining-android-chrome-software-pixel-fitbit-hardware-divisions-integrate-ai/

https://fortune.com/well/article/fitness-tracker-bacteria-staph-e-coli/?itm_source=parsely-api

Tim Rosa, Chief Executive Officer, Somnee Interviewer: Leo Schwartz, Fortune

Brainstorm Tech 2024: Don’t Sleep On It

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Good morning, everyone. I think Andrew might have taken my question, but I was going to start off. I know last night might not have been the most conducive conducive to a good night's sleep. There was arcade games, there was bowling. It was a busy night. But can I just pull the audience on average? Who thinks that they mostly get a good night's sleep? All right. That's a, that's a pretty good, pretty good section there. I know, especially among this cohort sleep apps and sleep tracking is incredibly popular from fitbit to eight sleep. Now, I've had a very interesting experience the past couple weeks of testing out the product offered by Tim's company here, Somny, which is very different. It's a headband that you wear with electrodes and it delivers electrical pulses to your brain. So you wear it for 15 minutes before you go to sleep. When you close your eyes, you can actually see lights flash before your eyes and you can feel like a warm tingling sensation and it plays music. So it's very different, I would say than probably pretty much anything that you're used to. And I want to start off with Tim, if you can really explain what somny is and how the technology works, how it differs from a lot of the other tools that are out there. Yeah. So somny was actually uh invented by four UC Berkeley professors and neuroscientists. Um One of them, Doctor Matt Walker, he wrote the book Why We Sleep. He runs the sleep lab at UC Berkeley. Doctor Robert Knight. Uh he runs the Neuroscience Institute at UC Berkeley and two others. And they basically pioneered uh this idea of using neuro stimulation to uh manipulate your brain to help you fall asleep. And the way it works is we have an eeg sensor that maps your brain. Um We then personalize the data sets to determine the right frequency to help you fall asleep faster. So we cut the time it takes to fall asleep in half. We also eliminate uh sleep disruptions by a third and we outperform sleeping pills and traditional defaults like taking Melatonin or C BT I. Um as Matt says, sleeping pills are really bad. They're like a baseball bat to the brain. They're addictive. There are a lot of side effects. Um So it's a new technology, it's a new category product. It is a closed loop product. So it's a diagnostic as well as a therapeutic, which is pretty rare and it's exciting and it works. So, yeah, so Tim, you were previously at fitbit and I mean, like you said, this is a really different product than probably most of the different tools that anybody in this audience has tested out instead of waking up the next morning. And it telling you, you know, you've got two hours of deep sleep and one hour of rem cycle, which doesn't really mean that much to most people. This you only wear for 15 minutes. And again, it's a pretty strong pitch, I think where you're getting electricity delivered to your brain, what made you decide to go from fitbit in this last cycle of wearables to SOMNY, which is really representing the next generation. Well, Fitbit, um and most wearables are general diagnostics at Fitbit. We pioneered sleep tracking and sleep sensors. Um I always knew, you know, the size of uh the population that is focused on sleep and the issues around sleep. Um I believe 70 million uh consumers have a sleep disorder in, in America. Um What we're trying to do is focus on the therapeutic side. We need the diagnostic. It's a clinical grade diagnostic. It's the gold standard EEG and PSG sensors. So bringing that into a wearable that you can use and wear for 15 minutes is something very powerful. But the unique thing about it is a therapeutic, I think with wearables, they're great obviously tools to help improve and monitor your overall health. But we're literally literally tracking sleep data sets at the source. So at the brain, as opposed to on the wrist and the finger. So you're getting really clear data sets and we need that in order to perform the therapeutic side of the product. Do you think the pitch has been harder to make to customers where again with something like Fitbit, you know, you wear it on your wrist, you get some data, you can do what you want with it, with this. You know, you're putting electrodes on your brain as you sleep at night. Is that a harder product to convince customers to adopt? I think there's, there's certainly education. Whenever you create a new category, there's a lot of education that comes with it. It's the same thing. And when we launch Fitbit, we had to educate the, you know, consumer market about what we're doing. Um Data was really important, owning your own data was incredibly important here. It's the same idea. Um Basically, we're trying to help you understand um how to improve your sleep. Sleep is a deeply painful and personal experience for a lot of people myself, I struggled with uh uh adult uh insomnia um until I started using uh Soni. And so the thing that's really unique and sets us apart is that there is education, there's more awareness, especially coming out of the pandemic. The great thing about the pandemic is we transition from Kardashians as influencers to scientists and doctors as influencers. So people like Andrew Huberman, certainly, Dr Matt Walker, Peter Tia provided a lot of research and validation around what was happening in just overall health. Um Sleep obviously is one of the most important things we call it. It's a, you know, sleep is your superpower, it affects your physical health, your mental health and certainly performance weight loss, etc. And so for us, it's really about how do we embrace the technology, how do we create education and awareness for what we're doing? How do we drive efficacy and certainly how do we improve your sleep overall? Do you think that this category of wearables which are more focused on therapeutic services than tracking data is going to replace the last generation? No, I think, I think wearables are great. They're really important, obviously, you know, I help launch Fitbit and, and, but wearables are very important because they give you an idea of what's happening and there's certain, certainly certain sensors depending on the that are more accurate. Um We know about, you know, the finger is an accurate uh placement for uh uh heart rate data, et cetera, but we're not looking to replace your, you know, your whoop or you know, your aura. In fact, we'll be partnering with a lot of the wearables. Um just given the, the clinical data sets that we're providing, but even at 50 it, we were always trying to figure out how do we close the loop? We were doing a lot of, you know, M and A looking at the reality is consumers are always looking for the silver bullet, they want to understand what's happening. But how do you drive to a health outcome? How do you improve a physical, you know, fitness goal or a weight loss goal or how do I improve sleep? So, again, the unique thing about what we're doing is the closed loop nature. The therapeutic side of actually fixing your sleep, it's very, very powerful. It's certainly unique. There aren't many products that exist like this on the market. Um One of my personal favorites is a company made a product that's made by a company called Eight Sleep. Um And they make um incredible uh diagnostic and therapeutic products to help regulate your body temperature as you may or may not know, in order to fall asleep, you need to reduce your core body temperature by three degrees. So a sleep makes an incredible product to help you improve your sleep through lowering that core temperature. So barring everyone going out and getting saw me tomorrow and by the way, you can test it out in the networking tent next door or getting one of these, I think the eight sleep mattress is something like $3000. So it might not be for everyone. Are there any other simple tips that you can offer? Maybe that Dr Walker shares on how people can improve their sleep on a nightly basis? Yeah, I think these are basic and all of this is out there at this point in fact on our soni website, we have all of math's tips. Um One of the most important things is being regular with your sleep hygiene and your schedule. So going to sleep at the same time, waking up at the same time, very important. Something that I learned. Uh Actually I didn't learn until I started working at Somny was, I always thought caffeine had a six hour shelf life, but it turns out it has a 12 hour shelf life, so, or shelf life. So if you drink, if you go to sleep at 10 o'clock, you need to stop drinking coffee by 10 o'clock in the morning. And so, um those are things that are really important again, regulating your core body temperature, uh reducing light. Um And certainly one of the other things is exercise. One hour of vigorous exercise does a lot to improve your deep sleep. Um And the single most important thing to not do is alcohol. We being here, we're certainly drinking a lot of alcohol. Alcohol is really bad for sleep, certainly bad for your, your rem sleep. Um So making sure you monitor your alcohol consumption during the evening before you go to sleep. So unfortunately, that's all the time that we have a reminder. You can go check out Somny in the networking 10. I also think that you have a 2.0 version coming out soon. So keep an eye out for that. Tim Thank you so much. For joining us here today. Thank you. Thank you, everyone.

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[MUSIC PLAYING] JAMES PARK: So for us, we clearly don't want to monetize data directly, meaning sell it to third parties, et cetera. It's not in our interests. And there's already a lot of regulation, including GDPR in Europe, that's going to heavily regulate this for the protection of consumers. But we do see the opportunity in data. Managing data flows between different entities is one area, and then secondly, providing insights or diagnoses, some value-add on top of the data. So for instance, a couple of the algorithms that we're working on through the FDA's new Pre-Cert program is algorithms to diagnose sleep apnea, or AFib. So those are some ways that we could monetize the data, by providing algorithms on top of it. SPEAKER: That's great. And it's a subscription model, or is it a-- JAMES PARK: It could be subscription, or it could be some type of risk sharing model as well with payers. SPEAKER: And that is to the payers, right? JAMES PARK: Right. OK. 

Insights: How Fitbit is Considering Monetizing User Data

Uncategorized

The company doesn't want to sell your personal health data.

How Fitbit is Considering Monetizing User Data

CEO James Park explains why the company doesn't want to sell your personal health tracking data to third parties, but he does want to make money off it. (March 2018)

way clearly don't want to monetize data directly, meaning selective third parties, et cetera. It's not in our interests and theirs early. A lot of regulation, including GDP, are in Europe. That's going to have We regulate this for production of consumers. But were we Did you see the opportunity in data? Managing data flows between different entities is one area and then secondly, providing insights or, you know, diagnoses some value out on top of the data, for instance. Ah, couple The algorithms that we're working on with the FDA is through. The FBI's new Priester program is algorithms to diagnose sleep apnea or a fib that those are some ways that we could monetize data by providing algorithms on top of that. Great. And it's a subscription model. Or is it a It could be subscription. Or it could be some type of rich risk sharing model. Well, and that is to the payers, right? Okay,

 James, everyone knows about Fitbit and all of those fitness trackers, but you're also moving more now into health care and into the wellness businesses. So is Fitbit a hardware maker or a health care company? I think more the latter. I like to consider Fitbit and its evolution to be more of a digital health company, where I think technology, such as advanced sensors, analysis of data can start that profound impacts on health care system. But this new direction that you're going in is punishing your stock. Fitbit stock has dropped from about $55 a share a year ago, shortly after you went public to around $12. Now, how are you going to prove to investors that you're on the right path? So there's only so much we can do to control the stock price, but what we're trying to do to disprove people is continue to execute. We've done that over nine years as a company. Our financial performance every year, every quarter has been exceptional. And I hope to continue to do that. And the way we do that is by continuing to deliver amazing products, which have profound impacts on people's health. So where's that innovation going to come from? Is it going to be through internal research? Is it through acquisitions? What's your plan? I think our strategy is going to involve both. I think any successful company has to have a healthy mix. We definitely don't have a not-invented-here syndrome. There's so many people doing crazily innovative things outside of Fitbit and digital health. And so at the end of the year, I think we almost have a billion in cash. And we want to be very wise in the way that we think about acquiring companies, but that's definite part of our strategy. Meanwhile, you're getting an incredible amount of competition on your traditional fitness tracker part of the business from companies like Apple, and Jawbone, and Samsung, and Under Armor. So what are you doing to protect and grow your market share? So we've seen a lot of companies enter a category over time. I think the amazing thing about our execution over the past nine years is that many of these companies have come and gone. So we take every new entrant very seriously, but I think what's defined our success is one, the focus on this mission. Health and fitness are the primary things that Fitbit does. It's not 1 of 5 things or 1 of 10 things like many of our competitors. And I think that focus has served us pretty well. You've talked about moving more into international markets. Are you still thinking that, or are you rethinking it given all of the concerns and uncertainty about Brexit and the risks that go with that? Yeah, so Brexit is definitely something that we monitored. But we're not affected as much by macroeconomic trends, primarily because this market is so early and so large that we're going to continue to grow pretty rapidly as a company. And international is a big part of that strategy. I've said before that international for us is only 20-something percent of our revenue. But if you look at our peer companies, international typically constitutes at least 50% of our revenues. So that shows that international can be a powerful driver of our growth next few years. Looking ahead, let's say, 2-3 years from now, how will we be describing Fitbit? What kind of companies are going to be? I would like people to think a Fitbit as the company that's had the most profound impact on their health outside of a hospital. I think too much of our health care dollars are spent fixing people on therapies, surgeries, treatments, et cetera. Whereas more money investment spent on preventative technologies, such as Fitbit, can generate much better returns for people and the health care system. 

Fitbit Isn't Just a Wearables Company Anymore

CEO James Park discusses its transformation.

James. Everyone knows about Fitbit and all of those fitness trackers, but you're also moving more now into healthcare and into the wellness businesses. So it's Fitbit Ah, hardware maker or health care company. Uh, I think more the latter. I like to consider Fitbit and its evolution to be more of a digital health company, where I think technologies such as advanced sensors analysis of data can start that profound impact from health care. But this new direction that you're going in is punishing your stock. Fitbit stock has dropped from about $55 a share a year ago, shortly after you in public to around $12. Now what? How are you gonna prove to investors that you're on the right path so there only so much we can do to control the stock price. But what we're trying to do to disprove people is continue to execute. We've done that over nine years as a company. Our financial performance every year every quarter has been exceptional, and I hope to continue to do that. And the way we do that is by continuing to deliver amazing products which have profound impact from people's health. So where's that innovation gonna come from? Is it going to be through? Internal research is through acquisitions. What's your plan? I think our strategy is gonna involve both. I think any successful company has to have a healthy mix. We definitely don't have a knot invented here syndrome. There's so many people doing crazily innovative things outside a Fitbit in digital help. And so, um, you know, at the end of the year, I think we almost have a $1,000,000,000 in cash. And you know, we want to be very wise in the way that we think about acquiring companies, but that's definitely part of our strategy. Meanwhile, you're getting a new incredible amount of competition on your traditional fitness tracker, part of the business from companies like Apple and Jawbone and Samsung. And you know who else under armour. So what are you doing to protect and grow your market share? So we've seen a lot of companies inter category over time. I think the amazing thing about our execution for the past nine years is that many of these companies have come and gone, so we take every new entrant very seriously. But I think what defined our success is one. The focus on this mission health and fitness are the primary things that if it does, it's not one of five things. One of 10 things, like many of our competitors. And I think that focus has served us pretty well. You've talked about moving more into international markets. Are you still thinking that or you re thinking? Given all of the concerns and uncertainty about Brexit and you know, the the risk single with that? Yeah. So you know, Brexit is definitely something that we monitored, but, uh, we're not affected as much by macroeconomic trends, primarily because, um, you know, this market is so early and so large that, you know, we're going to continue to grow pretty rapidly as the company and international is a big part of that strategy. Um, you know, I've said before that, uh, you know, International for us is only 20 something percent of our revenue. But if you look at our pure companies, international typically constitutes 50% of our revenue, so that shows that international can be a powerful driver of her growth next few years. Looking ahead, let's say 23 years from now, how will we be describing? What kind of company is it gonna be? Uh, I would like people to think a Fitbit as the company that had the most profound impact under health outside of the hospital. I think too much of our health care dollars are spent 16 people on therapies, surgeries, treatments, etcetera. Whereas, you know, more money investments spent on preventative technologies. Such a Fitbit can generate much better returns for people and the health care system.

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