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What does Fitbit do? Fitbit
makes a slew of wearable fitness trackers, including wrist bands, smartwatches, and devices that clip onto clothing. The devices can track a range of metrics, including steps, calories burned, active minutes, distance, sleep, and heart rate. The company also makes its own mobile apps for tracking fitness data. Image source: Fitbit.
Hardware sales: Fitbit makes nearly
all of its revenue — more than 99% — from sales of its devices. The company brought in $409 million in revenue in Q3 2015, a 168% increase from the year-ago quarter. 0 100 200 300 400 500 Q3 2014 Q3 2015 Revenue(inmillions) Data source: Fitbit SEC filings. Fitbit’s key segments
The company has successfully increased
unit shipments over the past couple of years, solidifying itself as the leader in the wearable tech space. FitBit shipped 4.8 million devices in Q3 2015 and took 22% of the wearable tech market. While Apple followed closely behind with 18% and Xiaomi took 17%. 0 1 2 4 5 6 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 FitbitUnitSales(inmillions) Data source: Fitbit and IDC. Fitbit’s key segments
Premium subscriptions: Fitbit also sells
access to detailed fitness tracking through its premium subscriptions, but the segment contributes less than 1% to the company’s total revenues. Fitbit admits it needs to increase revenue in this space, saying “our inability to successfully sell and market our premium services could deprive us of a potentially significant source of revenue in the future.” Fitbit’s key segments Source: Fitbit.
• Revenue of $409.3 million,
a 168% increase year-over-year. • GAAP net income per share of $0.19. • U.S. sales accounted for 66% of Q3 revenue, and U.S. revenue grew 130% year-over-year. • The Q3 non-GAAP gross margin, adjusted for international currency impact, was 50.8%. • Fitbit expects full-year revenue in the range of $1.77 billion to $1.80 billion. Q3 2015 How Fitbit performed in the most recent quarter Source: Fitbit.
How Fitbit is expanding Fitbit
recently debuted its new Blaze smart fitness watch, which is the company’s first device with a touchscreen, color LCD. The device is likely an attempt convince consumers that the company can compete in both the fitness tracker and smartwatch space. Unfortunately, Fitbit investors didn't respond well to the Blaze — likely because of the lack of third-party apps — and pushed the company’s stock price down following the announcement. Source: Fitbit.
Potential trouble spots Fitbit is
facing increased competition from the Apple Watch. Apple is expected to lead the wearable tech market soon and is already closing in on Fitbit’s market share dominance. Additionally, smartwatches (and not fitness trackers) are expected to drive wearable tech growth over the next few years, which means Fitbit will need its Blaze and other smartwatch pursuits to pay off soon. Source: Fitbit.
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