Fitbit Inc. on Wednesday announced its new Fitbit Care platform, part of the company’s broader efforts to entice more health-care players and generate recurring revenue.
Fitbit Care is a platform for health plans and employers that merges the company’s existing enterprise offerings for the health-care industry with the Twine Health coaching service that it acquired earlier this year. Participants make use of the company’s wearables to track their activity and can get feedback from both human coaches and software programs.
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The company also announced Wednesday that Humana Inc. HUM, +0.58% is making Fitbit Care its “preferred coaching solution” for its employer groups, and Fitbit FIT, +6.42% expects the program to prove appealing to others in the industry as well.
John Moore, the company’s medical director, said he views Fitbit’s offering to be “quite differentiated” in part because it contains both digital and human components. He also sees the company’s focus on a variety of different conditions as a competitive advantage, as other offerings are tailored to more specific issues. Moore said the Care platform aims to help participants generally improve their wellness through optimizing sleep and also dealing with more serious issues, such as hypertension and congestive heart failure.
“The fact that we’re able to pull all that together is incredibly valuable,” he told MarketWatch.
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Fitbit over the past several quarters has been trying to enmesh itself more deeply into the health-care ecosystem so that it can generate more recurring revenue and become less reliant on device sales to consumers. The company’s health-solutions business remains a small portion of overall revenue.
Shares have fallen almost 12% over the past 12 months, as the S&P 500 SPX, +0.54% has risen 16%.
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