Fitbit CEO James Park thinks if you want to change your habits, you can start by measuring them.
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Fitbit, the San Francisco, CA-based company is of course, known for its activity trackers, wireless-enabled wearable technology devices that measure the number of steps walked, heart rate, quality of sleep, steps climbed, and other personal metrics involved in fitness. Founded in 2007, the company rose to prominence in 2010 with the advent of a new category called wearables. However, its been a rough ride for Fitbit since the company introduced IPO on June, 2015. After the company’s stocks fell more than 50% in 2016, Park announced in October that the company was undergoing a major transformation from what he called a “consumer electronics company” to a “digital healthcare company.”
“Connected devices have an important part to play in the healthcare system,” Park told Andrew Nusca of Fortune at Fortune’s Brainstorm Health conference in March in Laguna Niguel, Calif.
That’s what drove Fitbit to establish partnerships with companies like UnitedHealthcare, the largest health provider in the U.S., to reward employees with up to $1,500 for improving their daily activity which is tracked by a Fitbit device.
The company is involved in another pilot project with Dexcom to evaluate whether exercise can be an alternative to medication when it comes to diabetes management.
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As for the company, well, it’s not out of the woods just yet. “We’re starting to stabilize the business,” Park said. “We guided investors to 2018 being a break-even year from a cash-flow perspective.” Park’s announced transformation is ongoing.
“We’re still going to focus on consumers,” Park said. “But take what we develop there and create overall solutions for helping people manage different health conditions.”
