In its best shape by far, Fitbit has filed its initial public offering in an effort to raise $100 million.
The company behind the line of fitness trackers filed its IPO with the U.S. Securities and Exchange Commission on Thursday. The time appears right for Fitbit to offer its shares to the public, as the company is coming off a record year and preparing to take on the Apple Watch.
"Fitbit helps people lead healthier, more active lives by empowering them with data, inspiration, and guidance to reach their goals," said Fitbit in its mission statement.
The eight-year-old company sold about 21 million devices in its lifetime, with roughly half of those sales occurring in the past year.
The 10.9 million units Fitbit shipped last year brought the company $745.4 million in revenue and $132 million in net income. That's up from $271 million in revenue the year before and a net loss of $52 million.
While Fitbit's growth may make it attractive to new investors, the company warned in its IPO filing that it functions in a market that is crowded with fitness players.
Along with competition from companies who specialize in connected health and fitness devices, "many large, broad-based consumer electronics companies either compete in our market or adjacent markets or have announced plans to do so, including Apple, Google, LG, Microsoft, and Samsung," said Fitbit.
Fitbit currently lays claim to about a 68 percent share of the U.S. market for fitness activity trackers, but it understands that "broad-based" offerings from tech conglomerates, including Apple's smartwatch, are threatening to bite into its stake.
The company's IPO filing includes references in its Risk and Competitors sections to the Apple Watch, a smartwatch with a full complement of activity tracking features.
Keenly aware of its competition's ability to innovate as fast as or perhaps even faster than it can, Fitbit also cautions that it will have to remain nimble in order to avoid adverse effects.
"Our success depends on our ability to anticipate and satisfy consumer preferences in a timely manner," said Fitbit. "All of our products are subject to changing consumer preferences that cannot be predicted with certainty."
Fitbit plans to list on the New York Stock Exchange under the ticker symbol "FIT," according to a report from Reuters.
