Child tech firm Owlet and telehealth staffing and providers 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 acquired FDA clearance final 12 months, 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 advice ought to infants want monitoring at residence.
Via the partnership, an toddler’s caregiver can straight receive a prescription for BabySat by way of Wheel’s on-line portal or by its clinicians.
After receiving the prescription, caregivers can order the sock at little to no price 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 frontrunner in good toddler monitoring. This collaboration marks a big milestone in our mission to broaden healthcare entry and simplify care supply for all Individuals–particularly for rising households,” Wheel CEO Michelle Davey stated in a press release.
THE LARGER TREND
Publicly traded Owlet pulled its Sensible Sock wearables from the market in 2021 after receiving a warning letter from the FDA that precipitated its inventory worth to tumble. The company stated Owlet was advertising the merchandise as “analysis” instruments, which might require 510(okay) clearance.
A 12 months later, the corporate launched its Dream Sock Plus, a consumer-focused sleep wearable for youths as much as 5 years outdated or as much as 55 kilos worn round a toddler’s foot. It was designed to offer insights into a toddler’s sleep.
Owlet has garnered substantial funding since going public by a SPAC in 2021.
In 2023, the corporate raised $30 million in non-public placement financing; in February of this 12 months, it raised one other $9 million.
The corporate reported fiscal 12 months 2023 income of $54 million with a internet lack of roughly $32.9 million, a 59% lower from $79.3 million in 2022. Adjusted EBITDA loss for the 12 months 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 Sequence C funding in 2022, bringing its whole elevate to $216 million.
In 2020, the corporate launched with $13.9 million and, a 12 months later, secured $50 million in a Sequence B funding spherical.
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 12 months, The telehealth staffing and providers firm confirmed it reduce 28% of its workforce, shedding 56 staff. The layoffs marked the second spherical of job cuts on the startup, which let go of 17% of its workers over the summer time.
In March, Wheel introduced it was partnering with Mark Cuban Price Plus Drug Firm, psychological well being platform Talkspace and diagnostic providers firm Well being Gorilla.
Via the collaborations, Wheel will ship psychological well being providers, reasonably priced residence supply prescription drug pricing choices, and lab and diagnostics by its built-in digital care ecosystem.
