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Filbit, a maker of wearable fitness tracking devices, is planning on an initial public offering in which it hopes to raise $100 million.
Founded and managed by James Park and Eric Friedman, Filbit is based in San Francisco.
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“We believe that we have been one of the drivers of the growth of the wearable devices market, and that the future growth of this market represents a significant opportunity for us, ” Fitbit said in its SEC filing statement.
In business for 8 years now, the company states that it produces, “products that help transform people’s lives. While health can be serious business, we feel it doesn’t have to be. We believe you’re more likely to reach your goals if you’re encouraged to have fun, smile, and feel empowered along the way.”
Filbit declares its mission to be to, “inspire you to live a healthier, more active life. We design products and experiences that fit seamlessly into your life so you can achieve your health and fitness goals, whatever they may be.
But analysts are not so high on Filbit’s future prospects and many are saying that it is rushing to an IPO in order to cash out before being crushed by the new Apple Watch. After all, Apple’s new product can do everything that Filbit does and a whole lot more too.
Chris Mims of The Wall street Journal Tweeted, “42% of people stop wearing fitness trackers after 6 months. Any growth left for FitBit is just people who haven’t tried, discarded it yet.”
Many responses to that Tweet pointed to less expensive alternatives to Filbit.
But Forbes’ correspondent Tweeted, “Fitbit is going to hit $1 billion in sales this year. http://onforb.es/1ITI4xY, ” with the following graph showing how the company’s profits and profit margins have gone up.
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