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How Fitbit Improves Its Financial Health

San Francisco – Fitbit ended its fiscal second quarter by posting the highest quarterly revenue in its eight-year history, with revenue rising 253 percent to $400.4 million in the quarter and by 231 percent in the first half to $737.2 million.

“In the quarter, we introduced new features and services, expanded brand awareness, increased global distribution, and further penetrated the corporate wellness market,” said cofounder and CEO James Park.

During the quarter, Fitbit sold 4.5 million connected health and fitness devices, expanded its partnership with the Tory Burch lifestyle brand, teamed up with Kellogg’s to showcase Fitbit Flex on 20 million packages nationwide, and entered into corporate wellness agreements with Geico, Sutter Health, Transunion, Quicken Loans, and several financial institutions.  To date, the company has signed more than 50 Fortune 500 companies to its corporate wellness offerings.

The company also redesigned the Fitbit app for iPhone, Android and Windows cellphones, and it released an update to the Fitbit Surge to enable GPS bike tracking.

Operating income rose in the quarter by 211 percent to $80.4 million and in the half by 309 percent to $170.4 million. Net income rose in the quarter by 19.8 percent to $17.7 million and in the half by 178 percent to $65.7 million.

The majority of sales and dollar growth came in the U.S., where second-quarter sales rose 253 percent to $312.7 million and first-half sales rose 224 percent to $578 million. International revenue increased 250 percent in the quarter.

Fitbit forecasts full-year sales to hit $1.6 billion to $1.7 billion