Tech-Enabling Your Baby with Kurt Workman, Owlet CEO & Co-Founder

Speaker 1:
Welcome to Cowen Insights, a space that brings leading thinkers together to share insights and ideas shaping the world around us. Join us as we converse with the top minds who are influencing our global sectors.
Charles Rhyee:
Hello, my name is Charles Rhyee, Cowen's healthcare technology analyst, and welcome to the Cowen FutureHealth podcast. Today's podcast is part of our monthly series that continues Cowen's efforts to bring together thought leaders, innovators and investors to discuss the convergence of healthcare technology and consumerism and how it's changing the way we look at health, healthcare and the health care system. In this episode, we'll be talking about how technology is changing the way we think about parenting, especially in the first two years of infancy. To discuss the topic with me is Kurt Workman, CEO and co-founder of Owlet, a disruptive baby monitoring and safety company whose mission is to empower parents with the right information at the right time through their increasing array of products and services. Kurt, thanks for joining us today.
Kurt Workman:
Yeah, thanks for having me, Charles.
Charles Rhyee:
When I think back to when my first kid was born, I think of all the books that we had collected prior to that. All the stuff that we were told that we needed, I went out and bought. Everything was from advice from friends and family. Obviously, I doubt my experience was very unique in that sense. Maybe start by talking to us about the challenges that new parents are facing today, particularly, after they leave the hospital. In regards to that, what have they been armed with? What are some of the challenges in terms of support systems that they have, or haven't had?
Kurt Workman:
Yeah, it's a great question. I still remember the moment when I left the hospital with my son, Ashton. He's my oldest, and kind of for the first time realizing that all of the activities that had been happening in the hospital for the last few days were up to me. I was the doctor, and the nurse, and the dietician, and the sleep trainer, all of those roles. Even when you're in the hospital, they wheel your baby off to the nursery so you can get a good night's sleep. It's a very stark transition. Parents become caregivers overnight. I went through more training to get a driver's license than I did to become a dad. I think that the only tool that we were sort of recommended or given was a little digital thermometer.
The average pediatrician gets about five minutes per patient. Those are some pretty big deficits as parents take on this new role. Unfortunately, between the last trimester of pregnancy and the first six months of life, there's 28,000 babies that pass away unexpectedly at home. These are healthy babies from stillbirth and SIDS. The average parent will care for up to 120 days of sickness of a sick child in the first few years and 44 nights of lost sleep. You've got this exhausted, understaffed, under-trained caregiver that's dealing with some really big care challenges in the home, and that drives really out-sized healthcare utilization, the highest health rate of healthcare and primary care utilization of any other time of life.
There's 92 million visits in the first four years of life. They've done studies, and 97% of the visits, for example, to an ER are treat and release. They're essentially peace of mind visits. Parents go in to just make sure baby's okay, which is a really unique thing. For teenagers, their head has to be split open from a trampoline accident or something like that to take them into the ER, but there's this phenomenon with our children, because we don't have the training, or the tools or the resources at home to really assess, and baby can't actually communicate how they're feeling, that parents take them into the urgent care, or ER, or a pediatric visit at really high rates.
I think that at Owlet, we're trying to give parents access to the technology, and the tools, and the training and the resources that they need to deliver care at home. We want to shift the center of triage from urgent care clinics and hospital systems to the home and empower parents with that information.
Charles Rhyee:
Yeah. I remember, too, probably my second son was easier because we knew a little bit, but even then I remember ending up going to the hospital for some random stuff, just because just wasn't sure.
Kurt Workman:
Yeah. With Ashton, we didn't know that this happened, but when he first got his immunization shots, sometimes babies' fevers will spike. It spiked above 103, and we spent the night in the ER. It cost us over a thousand dollars. We just didn't know kind of what was happening. We had no ways to kind of assess them at home. It's very common. In fact, every baby on average will take a trip to the ER the first year.
Charles Rhyee:
Yeah. Obviously, Owlet has come into existence and partly to help us with that. Creating services for children is not new. You walk into any Buy Buy Baby, and any parent knows that it's aisles and aisles of stuff. The market for early childhood, it's big business. Maybe talk about this market. How big is the parenting market, both domestic and globally, and maybe talk broadly about the market for child-related products, and then maybe when you think about where Owlet competes and how big is that market itself?
Kurt Workman:
Yeah, there's 140 million babies born every year. If you look at conception to kindergarten, essentially, multiply that six to cover that kind of whole span, which is the market that we think about. The average parent spends about $12,000 per year per child. In the U.S. alone, this is a $300 billion-plus market where parents are spending $12,000 a year per child. That's the variety of needs from food and clothing, but also to gear and products. In the U.S., there's nearly four million babies born every year. Europe has more babies born than the U.S., and China alone is about four times the size of the U S. So, this is a really big market. They've done studies. This is the biggest change in spending habits that we go through as parents, so very large brands, Target. Even some of your large car brands are focused on this time of life, because it's a huge shift in priorities and spending.
I still remember going to... We were living in New York in a small apartment. It was during the winter. The air was bad, and we felt like we needed to get an air purifier for my son after he was born. We were standing in the store, and I was looking at, "Okay, do I want the $49 option, the $99, the 149 option? How clean do I want the air for my child to breathe?" I think what's really unique about this market is that it's very inelastic. If there's a perception that this is going to improve the safety, health or wellbeing of my child, I want it for them, as much as we can afford it.
I think the other interesting thing about this market is just that every parent wants the best for their child, and innovative products that really move the needle, I think there's high demand and a market for that. That's what we've seen with Owlet. We've now tracked, over a one million babies have used the product. Over 2 million parents and grandparents have used our app. It's the number one monitor on the market. It's very innovative, and I think it solves a fundamental need for parents. It's why the overall demand and perception for Owlet is really high. Another interesting statistic is just that in Owlet has higher penetration, for example, in the Midwest than on the Coast, which is surprising, because they're generally lower income areas. I think it's one signal that this is a pretty inelastic market.
We're really focused on building the care ecosystem for families from conception to kindergarten. We believe that that's an $81 billion market by 2025. It's a combination of the technology tools, and the data, and the services, the tele-health services that integrate together to solve problems holistically for parents from conception to kindergarten. We believe we're growing into an $81 billion global market. We've started expanding beyond the U.S. to Europe, and then we'll go from there to Asia. As we assess that market, we take a pretty big income filter for not only the U.S. and Europe, but also Asia. We feel like that's a conservative estimate, and we're just barely scratching the surface. As we've started to expand to some of these other geographies, we're seeing the response from parents be very similar to the United States. It's a really strong response, and obviously, parents everywhere want the best for their child.
Charles Rhyee:
Yeah. Sorry, just to go back, just to clarify, you said, obviously, four million births a year in the U.S. Globally, how many births a year? Did I hear that right?
Kurt Workman:
It's 140 million births every year, globally.
Charles Rhyee:
Yeah, that's amazing. Yeah, clearly. You talked about the ecosystem and the technology that could bring it together here, but brilliant technology, that's not actually unique, I think, to Owlet where we've seen technology increasingly incorporated into products directed at infants and for children, and we see other companies in the market. What have you seen so far? Where are we in terms of this sort of technology adoption trend applied into this part of the market?
Kurt Workman:
Yeah. I don't think there's ever been a better time to be building tech for parents than today. Parents are more engaged than ever before. The average father spends 300% more time today than they did in the 1960s, and parents are relying on technology more and more. I mean, just as adults, 92 million adults in the U.S. will have a pulse oximeter on their wrist by 2022. We're seeing technology work its way into parenting. I think it's directed primarily at kind of the three big Ss is what I call them, safety, sickness and sleep. Those are the three big things that I think every parent is worried about. We're seeing innovation across kind of those three areas. All the way from conception up to kindergarten, we're seeing technology weave its way in.
I will say, though, that this is a space that tends to be sort of thought of second. A lot of the big technology companies and brands focus on the later years in life. If you develop a smart wearable, somebody can wear it from age 12 to age 90, which is pretty different, and baby changes quite rapidly. Babies go from being a single cell to walking in 20 months. It's pretty incredible. The solution set changes a little bit, but the customer's engagement and their behavior around searching for solutions is very different in the space. I think that's what's created kind of an unfair advantage for Owlet.
We're also seeing health care move to the home. Access to a doctor has never been easier. The rate of healthcare utilization at this time of life is significantly higher than, really, any other time of life, because of the reasons that we mentioned. I think telehealth is playing an increasing role in this space, and COVID has accelerated that. I think it's just a really interesting time to be innovating for parents.
Charles Rhyee:
Kurt, how about we delve into here then and talk a little bit more about Owlet itself, certainly, because I want to circle back to telehealth. One thing that stood out is, as we've looked at this baby monitoring space, Owlet seems to have carved out a pretty unique spot for itself. Maybe help the listeners here learn a little bit more about some of your key products.
Kurt Workman:
Yeah. I would say that the Smart Sock is kind of the flagship product. It's the product we've had the longest, and certainly, the one that I think has seen the most penetration in the market. The Smart Sock, it's a wrap that goes around the baby's foot, that velcros around your baby's foot, and it uses pulse oximetry technology to track your baby's heart rate and oxygen levels, and then can notify you in real time if you need to check on baby. It's the same technology that they use in the hospital. It's pulse oximetry, the little red light that they put on your finger, if you're not familiar with it. In Owlet's, essentially, we've miniaturized it. It's 100th the size. It's a 10th the cost of one of these big hospital monitors, and it's wireless, and wearable, and fits right under the footie pajamas. It's an incredible way for parents to have peace of mind that everything's okay at night.
Then, we've also been able to generate a large amount of data from that, the largest data set of infant health that's ever been collected. It's the number one baby monitor on the market today. I could go on and on, but the last thing I would share about Smart Sock is that 96% of parents report less anxiety, 94% report better sleep, and that first-year experience is just better with the Smart Sock. What we found as we were bringing the Smart Sock to market is that 75% of our customers were still buying video cameras. They still wanted kind of the maintenance care of knowing when you need to go in, when your baby has a diaper change or they wake up in the morning.
Right after that, we launched the Owlet Cam, which with one click of a button in our app, you can actually see your baby, hear your baby and know that they're okay, all with one click of a button. It's our hero product. We call it the Outlet Duo, which is the Sock plus the camera. They work together to create that experience for parents. Parents absolutely love it. The net promoter score on our products, it's best in class. It's around 70, which is higher than most of the top consumer brands. Every single parent that uses the app actually gets net promoter score surveys, so we follow that closely.
Then the most recent product that we launched in the last year or so is our sleep learning program. It's essentially our kind of our first step into telehealth services. We digitized the content from the world's top sleep trainers, built a customized software engine that integrates into our mobile app. We have the most data on infant sleep of anybody in the world. You get this customized sleep training plan for your child to help them sleep through the night. 90% of parents that use that are reporting better sleep within a week, and half of them are actually sleeping through the night within seven days, which is really incredible.
Those are the three products we have in the market today. Then we're beta testing right now our next big product, which is the Owlet Band. It's a wearable monitor for pregnancy that tracks fetal heart rate, and maternal heart rate and maternal sleep position to give parents peace of mind in pregnancy.
Charles Rhyee:
All of this is all integrated into one single app that parents can use across all your products?
Kurt Workman:
That's right, yeah.
Charles Rhyee:
Yeah. Talk about then, obviously, you mentioned telehealth a couple of times, how are you thinking about incorporating this into the Owlet ecosystem? What do you think the opportunities there are?
Kurt Workman:
Yeah. We've talked about how the rate of healthcare utilization is significantly higher, especially primary care utilization, at this age of life is significantly higher than any other time of life. The type of interaction with healthcare providers is very, very unique, as well. You're primarily checking to see if baby's okay. For example, the number one reason for an ER visit are respiratory-related. It's respiratory infections. They're essentially checking to see if it's RSD, or pneumonia, or some deeper issue. If it's not, then it's a cold, and they send baby home with Tylenol and Motrin, and a pat on the back and a big ER bill. We really believe that Owlet's in a unique position in the telehealth world, because not only do we have the data that's predictive, we can tell when a baby might be starting to get sick, and we know when it might be time for a telehealth interaction.
Parents are also opening up our app, on average, seven times a day at rival social media platforms, so we have a deep relationship with the customer. We have the data that can be helpful, and that's what's going to allow us to really close the loop at home and save parents that two-hour trip and large urgent care bill when it's unnecessary. Hopefully, in the future, as we get FDA clearances, we'll actually be able to screen for risk for children sooner, so that the 3% of children that need to get into the ER, will get in there sooner, and they'll get better care.
Charles Rhyee:
Maybe lastly, to think about it, when we're thinking about telehealth, particularly for Owlet, we're specifically talking about getting in contact with pediatricians. Is that the right way to think about it?
Kurt Workman:
Yeah, that's the right way to think about it. Just having access immediately to a pediatrician in the app, having your Owlet data available and making that process as seamless as possible.
Charles Rhyee:
Yeah.
Kurt Workman:
Yeah, yeah.
Charles Rhyee:
We've talked a little bit about the Smart Sock, obviously, the Cam, and then the sleep training. We're now talking about a pregnancy band, so now we're talking from conception into early childhood. You talk a bit about ecosystem. Obviously, a lot of in our everyday life, we talk about the Internet of Things, IoT, and how much more of all of our devices are connected to each other. This is something that you tend to talk about a lot. I know you've brought up this idea in the past about connected nursery. Talk about, what does a connected nursery in your mind mean? What does that look like in the future? Then maybe lastly, how do you see this really adding value to the parents as we think about not just what you have, but what could be added?
Kurt Workman:
Yeah. I'll start with where the connected nursery is today, which it's basically just Owlet. If you go to Best Buy and you go to the smart home category, you've got a few brands that have multiple products that work together to make your life simpler. If you go to a retail store, and you look at their connected nursery section, it's a bunch of disconnected technology tools, and so parents have to take on that extra role of being the IT expert. For us, when we think about it, a great example, last night, this is a mindless job, my son woke up. It was 2:30 in the morning. I went in there, and he just needed me to rock him back to sleep. Parents have a lot of interruptions. Sleep is a great example where the baby needs a little bit of comfort and parents are there. How could technology play a role in that?
Well, if you have a smart crib that has motion in it, and then you have the Owlet Sock data that is tracking heart rate, and oxygen and sleep quality, we know when baby's coming out of the sleep cycle and is likely going to wake up, and we can actually cue motion in the crib to help prevent a night waking and get parents more sleep. That's one example. Lights and sounds, temperature control, Owlet's in a really unique position, because we're upstream in the data collection. We know when baby's getting sick. We know when they had a bad night of sleep. We know when they may not be in a safe sleep position. We know when they're uncomfortable. It puts us in a position to actually quarterback this connected nursery ecosystem and optimize the environment around baby's needs that that can solve parents a lot of headache throughout the night.
We also think about it in terms of the parenting journey. As you start in pregnancy, being able to have access to your baby's health information into a doctor in the cloud, and then not have to switch partners or switch brands throughout that journey, actually weaving this together into an integrated ecosystem where parents know it's one app. Everything's going to work together, and one plus one is going to equal three. We think it translates to better health, better sleep and better safety for children.
Charles Rhyee:
To me, it seems like Owlet is in a much needed position, because you're talking about your upstreaming, and whereas if someone started as a crib manufacturer, they could put motion into the crib, but how do they then integrate it downstream into everything else? It's not really there.
Kurt Workman:
The crib is like the arms, but you need the brain. Yeah, having the AI that we have, and the intelligence and the data is really the centralized unit. We thought maybe the next thermostat would be the hub of the home, and then it seems silly now, because of course, voice is the hub of the home. That's where the intelligence is flowing through to home automation, so similar for monitoring. The monitor is the voice of baby during that stage.
Charles Rhyee:
Yeah. No, that makes a lot of sense. We touched on it a little bit before. You're talking about FDA approval for some of your products. I think that a lot of what the company has done so far has been very kind of consumer-facing, but to me, one of the under-appreciated opportunities, really, is this healthcare opportunity for you. You've, obviously, brought some strong healthcare leadership in the last few months, as well. You're in the process of submitting a number of your products for review by the FDA. Can you talk about which products you're planning to submit for review? How do you see gaining FDA approval benefiting Owlet?
Kurt Workman:
Yeah, we're working on primarily our health monitoring products with FDA. The Smart Sock, we have two versions of the Smart Sock, the BabySat, which will be used for babies who are high-risk that need access to monitoring, and doctors can actually prescribe that monitor for parents to take home. Then we call it OTC Sock, which is an over-the-counter version of our Smart Sock, which hopefully will eventually replace our Smart Sock as an FDA-cleared, over-the-counter health monitor for healthy babies for parents to have at home. Then the Band, that we're working on a clearance for the pregnancy Band, as well.
I think it's going to do a few things. The first is that it's going to open up the ability to use the data that we're capturing from our devices, so that doctors can use that to diagnose and to direct care at home. That's a really big opportunity. Then the second piece is that there's existing reimbursement codes for pulse oximetry monitoring. We'll be able to work with those codes and then develop new codes over time that we hope will... We're HSA and FSA-approved today. We'll have codes with BabySat and then expand that base. As we continue to improve health and reduce costs to insurance companies, we think we can actually get codes and insurance reimbursement.
Charles Rhyee:
That sounds really interesting. When you think about moving into this healthcare market, obviously, you've already built a consumer-directed model. You've had great growth so far, and you have strategies in place to grow both domestically and abroad. What changes when you think about approaching the healthcare market, particularly providers and the insurance companies?
Kurt Workman:
Yeah, I think one of our strengths is that we are direct-to-consumer. Over a million babies have used Owlet, and we have a direct relationship with the end user and beneficiary of the products that we've built. I think that's a real position of strength. As we integrate telehealth services and expand on this ecosystem, the data that we're generating is really compelling. We did a study with researchers from the Cleveland Clinic. It was the largest study ever done on infant cardiac issues, and we were able to kind of establish the bell curve of what's normal in the home, really interesting stuff. We're also able to use that data to then take that to insurance companies, providers, and self-insured employers to show health outcomes and cost-savings data. That's kind of the second piece for us is we are going to have this integrated ecosystem with a large consumer platform, but then being able to take that and get insurance companies and self-insured employers to buy into it, because of the obvious benefits for parents they think will be another big channel for Owlet.
Charles Rhyee:
Do you think that not having FDA approvals so far has been limiting, at least, having the ability for pediatricians to aggressively advocate for their patients' parents to get an Owlet? Do you think that is a gating factor for you at the moment that would be alleviated once you get approval?
Kurt Workman:
Yeah, I do. Yeah, I honestly do. The number one source of referrals for products for parents are friends and family, and so we've obviously done really well. We have really high penetration in key geographies, and we think the rest of the U.S. is going to get to those penetration levels. But I do think it's an unlock for the business when we get the FDA clearance, and we're able to get pediatricians to start recommending it, and it becomes more of a standard of care.
Charles Rhyee:
Yeah, that makes sense. One area I do want to touch on too, is you talked about the Cleveland Clinic study. I think was tachyarrhythmia. If we think about beyond for the research being done to support submission for FDA, I know the company is funding a number of other clinical research studies. One of the ones that I find very exciting is the one for SIDS, sudden infant death syndrome. That looks, potentially, to be a game changer. Can you give us some details about that study?
Kurt Workman:
Yeah, we've partnered with researchers from the University of Utah. This is the largest study ever done on SIDS and monitoring. We're looking at the rate of mortality with monitoring for SIDS. It's a really innovative study. It will be statistically-powered, and it's going very well. We're excited to be able to announce and release that study. But, really, from my perspective, it's a game changer in terms of how we think about technology at home and the benefits that it can provide, but really excited because it is the largest study ever done in this area, and it's the only statistically-powered study on the subject. This is a huge problem for parents, so we're excited to shed more light on this and have some updates soon.
Charles Rhyee:
Do you have any rough estimate on when you think the study will be completed by, or is that still [crosstalk 00:27:36]?
Kurt Workman:
Yeah, the study's nearing completion, and we're just submitting it for peer review. The study will be submitted very soon, and then it's up to the journals as to when it will get published.
Charles Rhyee:
As we kind of close out here, as we think about sort of where do you go here? You already talked about a number of the products that were beta testing and on the market now. I think one we didn't talk about really was, obviously, Smart Sock Plus. Maybe talk about that. As we think about the connected nursery, you kind of mentioned the crib. Is that something that you're actively looking at? How do you see over the near term the Owlet ecosystem kind of expanding?
Kurt Workman:
From pregnancy to kindergarten. Yeah, Sock Plus was a big part of that. We extended the benefits of the Smart Sock up to age five. We launched that a little bit ahead of schedule, which was awesome, just about a month ago. We're getting ready to release the Band, which will extend us into pregnancy. We'll layer in our telehealth service, which will act as kind of the glue on this parenting journey, and then we'll continue to build more connected nursery products. The crib has started development. We're really excited about that as a new product line for Owlet that will have automatic integrations that will be very intelligent, and I think will really bring this idea of the connected ecosystem to life.
Those are the major ones. We'll continue to do updates on our existing products and continue to make them better. The Sock Plus is the fourth version of the Smart Sock. We'll continue to add to the Smart Sock line and the camera line and make them better. I think the biggest area of interest for us is, because we have all of this data and we'll have multiple integrations, weaving that together to solve real problems for parents and make their life easier, and really build a relationship. I think Owlet's going to go from where we are today to a six to 10-year customer relationship with a LTV that could be in the multiple thousands of dollars.
Charles Rhyee:
As you think about this kind of lifetime journey or multi-year journey with parents, how do you think that that changes the way we parents think about purchasing items? Right now, I'm buying multiple things for my kids. When my next kid comes along, I buy a whole new bunch of stuff, as well. But in a world where I have an Apple phone, and I buy the next generation Apple phone on a new subscription plan, it seems like there's a real opportunity here to kind of change the way we think about providing for our kids the necessary items to maintain their safety.
Kurt Workman:
Yeah, absolutely. I mean, it's the third trimester that all of a sudden you have this big list of items. We even do baby showers and gifts and sort of the village contributes to try to help you get ready for baby. I think there's a really big opportunity to kind of smooth out that energy of activation, not to be too nerdy, but just that hill that you have to overcome to feel like you have all the tools you need to give better care for your child. I do think new business models around hardware-as-a-service and software-as-a-service, as that ecosystem completes and the services are integrated, will make more and more sense to the consumer versus buying one-off purchases. As a business, we want our customers to have all of our products, because they work together, and actually, the one plus one equals three, and if you have the telehealth service, then just all of that together creates the most optimal parenting journey, and hopefully, the safest, healthiest and happiest environment for the child.
Charles Rhyee:
Yeah. Yeah, we'll look forward to that. Maybe just to close out here, any kind of final message you'd like to leave with listeners as they think about Owlet and this world of parenting?
Kurt Workman:
Yeah. I would just say that this is a really unique category. For example, you can't leave the hospital without putting your baby in a car seat. They actually make sure that they're properly strapped in before you leave the hospital room, and then a nurse will actually walk you down to the car to make sure that you know how to install the car seat in the car. They did this with our first child, our second child, and then our third child. We just take it so seriously, which is a great thing. We've been able to take car accident fatalities for children from about 400 a year to 80 per year, so it's a miracle. It's amazing. Every fire station in the country is trained on this.
The Affordable Care Act covers breast pumps, so every family can get a breast pump. Every family has a flowmeter. When it comes to delivering better care for our children, this generally aren't relegated to a small percentage of the population. We see category-wide adoption. When you look at these big problems, stillbirth and SIDS, and the rate of healthcare utilization, we cannot imagine a world... There're 40 times as many babies that pass away from SIDS, unexpectedly at home, than pass away from car accidents, 40 times. We cannot imagine a world a few years from today where every baby doesn't have access to health-sensing technology and immediate care when they need it. Parents are going to be empowered to deliver that. Whereas today, the only thing I got was a little digital thermometer. That's the world we think we're moving into. I think it's a health equity opportunity to give this to more families.
Charles Rhyee:
Yeah. No, I hope so, too. It looks exciting to watch as it comes. I think we'll end there on that. Kurt, really enjoyed having you join us today, really appreciate all your thoughts here. I want to thank everyone for listening and please join us for our next episode.
Kurt Workman:
Awesome. Thank you so much for having me, Charles.
Speaker 1:
Thanks for joining us. Stay tuned for the next episode of Cowen Insights.

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