Fitbit Q1 revenues hit $505M for a 50% Y-o-Y growth

Fitbit

Fitbit has released figures for the first quarter of 2016, and has also raised revenue and profit guidance for the current fiscal year.

During Q1, the company’s revenues have hit $505.4 million for a 50 percent year-over-year growth, and adjusted EBITDA of $45.1 million. GAAP diluted net income per share was $0.05, while non-GAAP diluted net income per share was $0.10.

“The strong growth and defensibility of our business continues to be powered by product innovation, the network effects of our community, our expanding global distribution, and investment in our brand,” James Park, Fitbit co-founder and CEO, said in a statement. “Based on the first quarter’s performance and momentum, we are confident about the remainder of the year, which is reflected in our increased guidance.”

In the first quarter, Fitbit has sold 4.8 million connected health and fitness devices. U.S. comprised 70% of revenues, EMEA – 15%, APAC – 11%, and Other Americas – 4%. U.S. revenue grew 33% year-over-year, EMEA – 113%, APAC – 142%, and Other Americas – 74%. New products that were introduced during the quarter, Fitbit Blaze and Alta, comprised 47% of revenues in the quarter.

Approximately 40% of Fitbit Blaze and Alta user activations were by users who had prior Fitbit devices, and approximately 20% of those were buyers who re-activated, coming back to the Fitbit community after having been inactive for 90 days or more. Vast majority of Fitbit Blaze and Alta buyers bought up from a less expensive prior Fitbit device (more than 90%).

For the full year of 2016, Fitbit expects revenues in ranging from $2.5 to $2.6 billion, with adjusted EBITDA between $430 and $490 million. In the second quarter, the company forecasts revenues in the range of $565 to $585 million, and adjusted EBITDA in the range of $37 to $47 million.