Fitbit has a brand new health tracker, however it’s one you can’t purchase in shops.
The corporate quietly uncorked the Encourage on Friday, releasing its first product that’s out there solely to company workers and medical insurance members. The thought is to supply a totally backed wearable that helps the corporate dig deeper into the company and enterprise worlds.
The brand new units are out there as a wristband with the choice of a clip. The essential tracker’s options are fairly commonplace and embrace exercise and sleep monitoring, calory burn and alerts from a linked cellphone. The next specced mannequin contains coronary heart fee monitoring, GPS for health monitoring and deeper analytics on sleep. No costs are displayed on the web site, however eligible clients received’t must pay.
In an interview with CNBC, CEO James Park stated the corporate has 6.eight million customers on wellness packages embrace Fitbit units through employers, well being plans or hospital packages. In providing the Encourage — which is Fitbit’s most cost-effective gadget but — the aim is to develop that quantity additional nonetheless. Certainly, Park stated Fitbit is a named coated health profit in 42 Medicare Benefit plans throughout 27 U.S. states whereas it’s working with insurance coverage corporations like UnitedHealth.
It is sensible that Fitbit is shifting into that area as a result of the patron market is a troublesome one. Wearables are not an early novelty and competitors is fierce. Apple dominates on the excessive finish with the Apple Watch — which has doubled down on well being options — whereas, on the cheaper finish, corporations like Xiaomi and its companion Huami provide primary trackers from as little as $30.
Fitbit went public in 2015. Whereas its share value rallied to $6.48 on Friday on this information, it’s nonetheless down massively from its record value of $20 and first-day buying and selling shut of $29.68. Right this moment the corporate’s market cap stands at round $1.6 billion.