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Fitbit, Inc. Class A
Symbol U : FIT
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Fitbit, Inc. to Acquire Twine Health

2018-02-13 09:00 ET - News Release

Acquisition brings Fitbit’s leading brand and community of millions together with Twine Health’s clinically proven health coaching platform to drive better health outcomes and ultimately, lower healthcare costs


SAN FRANCISCO -- (Business Wire)

Fitbit, Inc. (NYSE: FIT) the leading global wearables brand, today announced that it will acquire Twine Health, an innovative, proven health coaching platform that empowers people to achieve better health outcomes and helps health systems, health plans and workplace health providers lower healthcare costs. A HIPAA-compliant connected health platform, Twine Health delivers an engaging and user-friendly experience to help people manage chronic conditions, such as diabetes and hypertension, and aid in lifestyle interventions, such as weight loss and smoking cessation, by making it easy for care teams of providers, coaches, friends and family to collaborate on care plans. The Twine Health platform brings a scalable approach to health coaching, allowing a single coach to work with a large number of patients, driving efficiencies while helping more people reach their goals.

With this acquisition, Fitbit further extends its reach into healthcare and lays the foundation to expand its offerings to health plans, health systems and self-insured employers, while creating opportunities to increase subscription-based revenue. The acquisition will combine the power of the Fitbit platform to drive lasting behavior change with Twine Health’s clinical expertise and proven ability to help patients better manage their care through a highly scalable platform and coaching model. In the longer term, Fitbit will have the opportunity to extend the benefits of the Twine platform to its more than 25 million users and expand into new condition areas.

“Twine Health has delivered powerful results for patients managing conditions like diabetes and hypertension – two key focus areas for Fitbit, which together affect approximately 105 million people in the U.S. alone. When combined with our decade-plus of experience empowering millions of consumers to take control of their health and wellness, we believe we can help build stronger connections between people and their care teams by removing some of the most difficult barriers to behavior change,” said James Park, co-founder and CEO of Fitbit. “Together, we can help healthcare providers better support patients beyond the walls of the clinical environment, which can lead to better health outcomes and ultimately, lower medical costs.”

Founded in 2013 by Dr. John Moore, Frank Moss (Executive Chairman), and Scott Gilroy, Twine Health developed its approach based on years of behavior change and clinical research done at the MIT Media Lab. It uses a powerful combination of artificial intelligence-driven insights and human interaction to generate positive health outcomes, automating parts of the coaching process and freeing up time for more personalized care. Randomized controlled trials conducted by world-renowned facilities including Massachusetts General Hospital and the Joslin Diabetes Center found that the foundational behavior change principles behind Twine Health’s technology helped drive statistically significant improvements in both diabetes and hypertension management. For example, patients at the Joslin Diabetes Center saw an average 3.2 drop in HbA1c after 3 months, and patients in Massachusetts General Hospital’s hypertension intervention saw an average 26mmHg drop in blood pressure after 3 months.

“We built Twine Health with the goal of putting people back at the center of their care, helping them take ownership of their health actions and outcomes with the continuous support of both clinicians and loved ones. Technology has a profound opportunity to facilitate this shift in behavior and give people the coaching they need to overcome the challenges that arise in daily life,” said Dr. Moore, Twine Health’s co-founder and CEO. “That potential becomes even more compelling when combined with Fitbit, whose brand and ability to engage and motivate a diverse range of consumers is incredibly powerful. Together, we can build a complete experience to optimize health at scale, across the full spectrum from prevention to disease management.”

As part of the acquisition, the Twine Health team will join Fitbit as part of its Health Solutions group. Dr. Moore will serve as Fitbit’s Medical Director.

The acquisition is expected to close in Q1 2018.

About Fitbit, Inc. (NYSE: FIT)

Fitbit helps people lead healthier, more active lives by empowering them with data, inspiration and guidance to reach their goals. As the leading global wearables brand, Fitbit designs products and experiences that track and provide motivation for everyday health and fitness. Fitbit’s diverse line of innovative and popular products includes Fitbit Surge®Fitbit Blaze®Fitbit Charge 2®Alta HR™Alta®Fitbit Flex 2®Fitbit One® and Fitbit Zip® activity trackers, as well as the Fitbit Ionic™ smartwatch, Fitbit Flyer™ wireless headphones and Fitbit Aria® and Fitbit Aria 2™ Wi-Fi Smart Scales. Fitbit products are carried in 46,000 retail stores across 78 countries around the globe. Powered by one of the world’s largest social fitness networks and databases of health and fitness data, the Fitbit platform delivers personalized experiences, insights and guidance through leading software and interactive tools, including the Fitbit and Fitbit Coach apps, Guided Health Programs, and the Fitbit OS for smartwatches. Fitbit Health Solutions develops health and wellness solutions designed to help increase engagement, improve health outcomes, and drive a positive return for employers, health plans and health systems.

Fitbit and the Fitbit logo are trademarks or registered trademarks of Fitbit, Inc. in the U.S. and other countries. Additional Fitbit trademarks can be found at www.fitbit.com/legal/trademark-list. Third-party trademarks are the property of their respective owners.

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Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties including, among other things, statements regarding our ability to influence behavior change, help users manage chronic conditions, drive better health outcomes and lower healthcare costs, as well as our expansion into the healthcare market, expansion of the Twine platform and new offerings and opportunities to increase subscription revenue. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including the effects of the highly competitive market in which we operate, including competition from much larger technology companies; any inability to successfully develop and introduce new products, features, and services or enhance existing products and services; product liability issues, security breaches or other defects; and other factors discussed under the heading “Risk Factors” in our most recent report on Form 10-Q filed with the Securities and Exchange Commission. All forward-looking statements contained herein are based on information available to us as of the date hereof and we do not assume any obligation to update these statements as a result of new information or future events.

Contacts:

Fitbit, Inc.
Jen Ralls, 415-941-0037
PR@fitbit.com

Source: Fitbit, Inc.

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