Fitbit cites Apple as a tough competitor

Fitbit is slowly trying to distance itself from Apple and its products

Ever since Fitbit has filed in to go public on the New York Stock Exchange, analysts and others concerned with their recent developments have been wondering about getting information on the company’s financials, sales numbers, and other notes. According to The Financial Times‘s Tim Bradshaw, Fitbit has listed Apple’s Apple Watch as the top competitor as far as the IPO Risk Factors section goes. They have openly cited Apple as the main competitor for their operations;

“For example, Apple has recently introduced the Apple Watch smartwatch, with broad-based functionalities including some health and fitness tracking capabilities. We also compete with a wide range of stand-alone health and fitness-related mobile apps that can be purchased or downloaded through mobile app stores.”

Fitbit is slowly trying to distance itself from Apple and its products. The company removed its hardware products from Apple’s online and physical retail stores and Fitbit has clearly stated that it doesn’t want to update its products to make them work with Apple’s HealthKit software framework.

Now that Fitbit has clearly placed itself against competing Apple Watch, it would be wise to have a look at their numbers. The IPO documents have shown that the company managed to sell merely 11 million devices through the year 2014 and their revenues stood at $745 million with an average corporate margin of 48% during that same year.