Fitbit has filed an S-1 with the SEC declaring its plans to go public. The company is looking to raise $100 million though that number could change in due course.
Morgan Stanley, Deutsche Bank Securities, and BofA Merrill Lynch will act as active joint book-running managers for the proposed offering. Barclays and SunTrust Robinson Humphrey will act as passive joint book-running managers and Piper Jaffray, Raymond James, Stifel, and William Blair will act as co-managers.
The filing reveals some interesting details about Fitbit:
- Fitbit has sold 10.9 million devices last year, for a total of 20.8 million units.
- During 2014, Fitbit brought in $745.4 million in revenue, up from $271.1 million a year before.
- By the end of the year, Fitbit had 6.7 million active users, up from 2.6 million at the end of 2013.
- The company reported net income of $131.8 million in 2014, compared to a loss of $51.6 million in 2013.
- Fitbit’s biggest shareholders are Foundry Group (28.9%), True Ventures (22.4%), and SoftBank (5.6%).
An excerpt from the filing, which BTW mentions the Apple Watch:
By offering a broad range of products spanning styles and affordable price points and cross-platform compatibility, we empower a wide range of individuals with different fitness routines and goals that are difficult for other competitors to address. Moreover, our singular focus on building a connected health and fitness platform, coupled with a leading market share, has led to our brand becoming synonymous with the connected health and fitness category. This singular focus on health and fitness has driven us to dedicate significant resources to developing proprietary sensors, algorithms, and software to ensure that our products, which are specifically oriented towards health and fitness, have accurate measurements, insightful analytics, compact sizes, durability, and long battery lives. We believe this singular focus allows us to compete favorably with companies that have introduced or have announced plans to introduce devices with broad-based functionalities, including health and fitness tracking capabilities, which are not necessarily optimized for health and fitness usage.
Fitbit sells six wearable health and fitness tracking devices, and a wireless scale. It also offers mobile and web apps, and premium services that include virtual coaching. The company has raised more than $80 million in funding, according to TechCrunch.