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Fitbit Partners With Humana, Unviels Fitbit Care Platform
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Fitbit, Inc. recently expanded its partnership with Humana Inc. (HUM - Free Report) , in order to help people improve health culture and prevent chronic diseases.
Fitbit will offer a new enterprise health care platform, Fitbit Care, to Humana members, per the agreement. The deal will enable Humana members to have an access to Fitbit health coaching or wellness solutions through wellness programs and capabilities such as Go365 and the Humana Employee Assistance Program.
Fitbit Care is a connected health platform. It combines wearables, digital interventions and health coaching through the new Fitbit Plus app to deliver a more personalized healthcare experience.
The platform provides coaches who look into vital issues such as management of weightand chronic conditions like diabetes, hypertension, depression or congestive heart failure.
Following the partnership news, shares of Fitbit have increased 5.3%. However, the stock has gained 39.4% against the industry’s decline of 2.6% in a year’s time.
Expansion Into Enterprise Holds the Key
With rising concerns surrounding healthcare and fitness, and increasing chronic diseases, Fitbit is expanding the enterprise business by selling fitness trackers and software subscriptions to employers as part of their corporate wellness programs. The company has already partnered with several enterprises and healthcare companies.
More and more enterprises are opting for such coaching solutionsnowadays to cater to the well-being of their teams. The addition of Fitbit’s new health services to the wellness programs of enterprises is expanding its footprint and improving brand awareness in the healthcare market. These integrations are enabling the company to not only reach its partner’s employees but also to a much larger population.
According to MarketsandMarkets report, the global wearable fitness technology market is expected to reach $12.44 billion by 2022 at a CAGR of 13.7% between 2016 and 2017. Fitbit wants to capitalize on the same and remain on growth trajectory.
Our Take
Fitbit’s prospects look bright since the company is focused on developing new features and services, increasing brand awareness and expanding its global distribution & presence in the corporate wellness market.
Moreover, Fitbit has been working with leading medical institutions, helping researchers overcome major challenges and engage patients in better ways. It also provides its corporate wellness program to entities like self-insured businesses, boosting its growth prospects.
The deal is inline with the company’s strategy to expand its share in the healthcare sector and generate more recurring revenues. The collaboration with Humana will not only make its associates Fitbit’s prospective customers but also expand the latter’s brand awareness.
In addition, the partnership will also help Fitbit stay ahead of competitors like Apple (AAPL - Free Report) , which has been focusing on the health care market. Recently, Apple revealed its new smartwatch technology that incorporates FDA-approved heart monitoring services.
Notably, the program is anticipated to expand Fitbit’s enterprise customer baseand canbe appealing to others in the industry as well.
Long-term earnings growth for Advantest Corporation is currently projected to be 15.5%.
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Image: Bigstock
Fitbit Partners With Humana, Unviels Fitbit Care Platform
Fitbit, Inc. recently expanded its partnership with Humana Inc. (HUM - Free Report) , in order to help people improve health culture and prevent chronic diseases.
Fitbit will offer a new enterprise health care platform, Fitbit Care, to Humana members, per the agreement. The deal will enable Humana members to have an access to Fitbit health coaching or wellness solutions through wellness programs and capabilities such as Go365 and the Humana Employee Assistance Program.
Fitbit Care is a connected health platform. It combines wearables, digital interventions and health coaching through the new Fitbit Plus app to deliver a more personalized healthcare experience.
The platform provides coaches who look into vital issues such as management of weightand chronic conditions like diabetes, hypertension, depression or congestive heart failure.
Following the partnership news, shares of Fitbit have increased 5.3%. However, the stock has gained 39.4% against the industry’s decline of 2.6% in a year’s time.
Expansion Into Enterprise Holds the Key
With rising concerns surrounding healthcare and fitness, and increasing chronic diseases, Fitbit is expanding the enterprise business by selling fitness trackers and software subscriptions to employers as part of their corporate wellness programs. The company has already partnered with several enterprises and healthcare companies.
More and more enterprises are opting for such coaching solutionsnowadays to cater to the well-being of their teams. The addition of Fitbit’s new health services to the wellness programs of enterprises is expanding its footprint and improving brand awareness in the healthcare market. These integrations are enabling the company to not only reach its partner’s employees but also to a much larger population.
According to MarketsandMarkets report, the global wearable fitness technology market is expected to reach $12.44 billion by 2022 at a CAGR of 13.7% between 2016 and 2017. Fitbit wants to capitalize on the same and remain on growth trajectory.
Our Take
Fitbit’s prospects look bright since the company is focused on developing new features and services, increasing brand awareness and expanding its global distribution & presence in the corporate wellness market.
Moreover, Fitbit has been working with leading medical institutions, helping researchers overcome major challenges and engage patients in better ways. It also provides its corporate wellness program to entities like self-insured businesses, boosting its growth prospects.
The deal is inline with the company’s strategy to expand its share in the healthcare sector and generate more recurring revenues. The collaboration with Humana will not only make its associates Fitbit’s prospective customers but also expand the latter’s brand awareness.
In addition, the partnership will also help Fitbit stay ahead of competitors like Apple (AAPL - Free Report) , which has been focusing on the health care market. Recently, Apple revealed its new smartwatch technology that incorporates FDA-approved heart monitoring services.
Notably, the program is anticipated to expand Fitbit’s enterprise customer baseand canbe appealing to others in the industry as well.
Fitbit, Inc. Price and Consensus
Fitbit, Inc. Price and Consensus | Fitbit, Inc. Quote
Zacks Rank & A Stock to Consider
Fitbit currently has a Zacks Rank #3 (Hold). A better-ranked stock from the same industry is Advantest Corporation (ATEYY - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for Advantest Corporation is currently projected to be 15.5%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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