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FitBit teams up with DexCom for diabetes tracking wearable

08 September 2017 3

Fitbit Inc shares have rallied after the company announced a partnership with glucose-monitoring device company DexCom Inc. to allow diabetics to monitor their blood sugar through Fitbit’s new smartwatch.

Fitbit's shares were up 10% after the announcement. The prices were the highest for the company since January 2017, when the company laid off 6% of its staff and announced plans to make a smartwatch.

Fitbit stated that the collaboration would allow it and Dexcom “to develop and market products to help people better manage their diabetes and get a complete picture of their overall health with easy-to-use mobile tools.”

"With Ionic, we are focused on driving positive health outcomes and more health focused tools, and this collaboration is a wonderful example of how we plan to bring that vision to our users," said Fitbit CEO James Park in a statement.

“While we see this as an interesting strategic relationship that could help uptake in 2018, the key to the stock will be market acceptance of the Ionic amidst a crowded competitive field this holiday season,” said Stifel analyst Jim Duffy in a note Thursday. Duffy has put a “hold” rating on Fitbit with a target price of $6.

Nearly 400 million people around the globe suffer from diabetes, according to the World Heath Organization. Fitbit wearables with the new glucose monitoring feature would offer a painless method for users to check glucose levels.


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