Owlet Forges Groundbreaking Partnership with Wheel to Launch Virtual TeleHealth Services Platform

April 25, 2024 at 08:30 AM EDT

The partnership is set to transform infant care by providing virtual telehealth services to caregivers, increasing access to innovative medical-grade monitoring.

Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT), the pioneer of smart infant monitoring, announces a strategic partnership with Wheel, an industry leader in providing virtual patient-centric care. Through this partnership, Wheel clinicians will provide caregivers of infants with timely prescriptions for BabySat™, Owlet’s FDA-cleared infant pulse oximeter, ushering in a new era of digital healthcare solutions for families.

Annually, more than 450,000 babies transition home from the neonatal intensive care unit (NICU)¹. Further, every year in the United States, Congenital Heart Disease (CHD) affects 40,000 babies²and an estimated 58,000-80,000 children under five with respiratory syncytial virus (RSV) require hospitalization³. BabySat, featuring Owlet’s signature wire-free sock design, empowers caregivers to more effectively monitor their baby’s health and collaborate with healthcare providers to ensure optimal care.

“Home monitoring plays a pivotal role in safeguarding at-risk infants by improving access to health services,” said Jim Fidacaro, Owlet Senior Vice President and General Manager of Healthcare. “Owlet, in partnership with Wheel, can now enable parents to obtain prescriptions for BabySat directly via Wheel’s online portal and network of physicians. With a prescription, caregivers will then be able to order BabySat at little to no cost with insurance reimbursement.”

The BabySat virtual telehealth services platform, managed and powered by Wheel, also integrates with durable medical equipment (DME) suppliers who accept and can bill for the product through many insurance providers, who may offer up to 100% reimbursement for BabySat. This new, streamlined process makes advanced monitoring even more accessible by significantly reducing the effort and time needed to secure BabySat and get reimbursed through insurance or HSA/FSA.

“We’re thrilled to announce our strategic partnership with Owlet, a leader in smart infant monitoring. This collaboration marks a significant milestone in our mission to expand healthcare access and simplify care delivery for all Americans — especially for growing families,” said Wheel CEO, Michelle Davey. “Wheel’s virtual care platform helps streamline access to home monitoring, making Owlet’s BabySat pulse oximeter more convenient for new parents than ever before.”

Detailed information on BabySat and the telehealth services process are available at www.owletcare.com. These partnerships reflect Owlet's commitment to providing accessible, high-quality care for infants and their families.

About Owlet, Inc.

Owlet was founded by a team of parents in 2012. Owlet’s mission is to empower parents with the right information at the right time, to give them more peace of mind and help them find more joy in the journey of parenting. Owlet’s digital parenting platform aims to give parents real-time data and insights to help parents feel calmer and more confident. Owlet believes that every parent deserves peace of mind and the opportunity to feel their well-rested best. Owlet also believes that every child deserves to live a long, happy, and healthy life, and is working to develop products to help further that belief. To learn more, visit www.owletcare.com.

About Wheel

Wheel is evolving the traditional care ecosystem by equipping the nation's most innovative companies with a premier platform to deliver high-quality virtual care at scale. We offer proven strategies and cutting-edge technologies to foster consumer engagement, build brand loyalty, and maximize return on investment. Wheel solutions include configurable virtual care programs, an intuitive consumer interface, and access to a nationwide network of board-certified clinicians. Discover how Wheel is transforming the future of healthcare by visiting www.wheel.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s ability to dispense BabySat through Wheel’s telehealth services platform, the BabySat’s reimbursement under insurance plans and parents’ and caregivers’ access to the BabySat products through those plans. In some cases, you can identify forward-looking statements by terms such as “estimate,” “may,” “believes,” “plans,” “expects,” “anticipates,” “intends,” “goal,” “potential,” “upcoming,” “outlook,” “guidance,” the negation thereof, or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on the Company’s expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by our forward-looking statements. Many important factors could affect the Company’s future results and cause those results to differ materially from those expressed in or implied by the Company’s forward-looking statements. Such factors include, but are not limited to, (i) the availability of, adoption and reimbursement success of BabySat within new healthcare payment programs, (ii) the regulatory pathway for Owlet’s products, including submissions to, actions taken by and decisions and responses from regulators, such as the FDA and similar regulators outside of the United States, as well as Owlet’s ability to obtain and maintain regulatory approval or certification for our products and other regulatory requirements and legal proceedings; (iii) Owlet’s competition and the Company’s ability to profitably grow and manage growth; (iv) the Company’s ability to enhance future operating and financial results or obtain additional financing to continue as a going concern; (v) Owlet’s ability to obtain additional financing in the future, as well risks associated with the Company’s current loan and debt agreements, including compliance with debt covenants, restrictions on the Company’s access to capital, the impact of the Company’s overall debt levels and the Company’s ability to generate sufficient future cash flows to meet Owlet’s debt service obligations and operate Owlet’s business; (vi) the ability of Owlet to implement strategic initiatives, reduce costs, grow revenues, develop and launch new products, innovate and enhance existing products, meet customer demands and adapt to changes in consumer preferences and retail trends; (vii) Owlet’s ability to acquire, defend and protect its intellectual property and satisfy regulatory requirements, including but not limited to requirements concerning privacy and data protection, breaches and loss, as well as other risks associated with Owlet’s digital platforms and technologies; (viii) Owlet’s ability to maintain relationships with customers, manufacturers and suppliers and retain Owlet’s management and key employees; (ix) Owlet’s ability to upgrade and maintain its information technology systems; (x) changes in applicable laws or regulations; (xi) the impact of and disruption to Owlet’s business, financial condition, operations, supply chain and logistics due to economic and other conditions beyond the Company’s control, such as health epidemics or pandemics, macro-economic uncertainties, social unrest, hostilities, natural disasters or other catastrophic events; (xii) the possibility that Owlet may be adversely affected by other economic, business, regulatory, competitive or other factors, such as changes in discretionary consumer spending and consumer preferences; and (xiii) other risks and uncertainties set forth in the Company’s other releases, public statements and filings with the U.S. Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and as any such factors may be updated from time to time in the Company’s other filings with the SEC. All such forward-looking statements attributable to the Company or any person acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Moreover, the Company operates in an evolving environment. New risk factors and uncertainties may emerge from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict such events or how they may affect Owlet. Except as required by law, the Company assumes no obligation to update any forward-looking statements after the date of this press release, whether because of new information, future events or otherwise, although Owlet may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.

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