Baby technology company Owlet and telehealth staffing and services company Wheel announced they are partnering to allow Wheel physicians to prescribe Owlet Medical Pulse Oximetry Cordless Socks for infants to caregivers.
Owlet’s BabySat, which received Cleared by the FDA last year, it uses pulse oximetry technology to monitor a baby’s heart rate and oxygen saturation level and alerts caregivers when a reading is outside prescribed ranges.
The company says the device should be used as recommended by a healthcare provider in case babies need to be monitored at home.
Through the partnership, a baby’s caregiver can directly obtain a prescription for BabySat through Wheel’s online portal or through their doctors.
After receiving the prescription, caregivers can order the sock at low or no cost using Wheel’s BabySat telehealth platform, which integrates with durable medical equipment providers who can bill insurers for the product on caregivers’ behalf. .
“We are thrilled to announce our strategic collaboration with Owlet, a leader in smart child monitoring. This marks an important milestone in our mission to expand access to healthcare and simplify care delivery for all Americans, especially growing families. “, Michelle Davey, CEO of Wheel. he said in a statement.
THE BIGGEST TREND
Equal rights Owlet withdrew its Smart Sock wearables from the market in 2021 after receiving a warning letter from the FDA that caused its stock price to drop. The agency said Owlet was marketing the products as “diagnostic” tools, which would require 510(k) clearance.
A year later, the company launched its Dream Sock Plus, a consumer-focused sleep device for children up to 5 years old or up to 55 pounds that is worn around a child’s foot. It was designed to provide information about a child’s sleep.
Owlet has raised significant investments since go public via a SPAC in 2021.
In 2023, the company raised $30 million in private placement financing; In February of this year she raised another $9 million.
The company reported fiscal 2023 revenue of $54 million with a net loss of approximately $32.9 million, a 59% decrease from $79.3 million in 2022. Adjusted EBITDA loss for the year was approximately $16.3 million, a 76% decrease from the $68.3 million reported in 2022.
Meanwhile, the private company Wheel obtained $150 million in Series C funding in 2022, bringing its total raising to $216 million.
In 2020, the company It launched with $13.9 million and a year later raised $50 million in a Series B funding round.
In 2022, Wheel acquired GoodRx’s backend virtual care technology, which included GoodRx Care’s EHR, clinical management tools and patient experience software, for $19.5 million in cash.
Last year, the telehealth staffing and services company confirmed this. cut 28% of its workforce, laying off 56 employees. The layoffs marked the second round of job cuts at the startup, which laid off 17% of its staff during the summer.
In March, roll announced that it would partner with Mark Cuban Cost Plus Drug Company, mental health platform Talkspace, and diagnostic services company Health Gorilla.
Through the collaborations, Wheel will provide mental health services, affordable prescription drug pricing offerings with home delivery, and lab and diagnostics through its integrated virtual care ecosystem.