Last week fitness devices vendor Fitbit announced their financial results with $409 million (up 168%) in revenue during the third quarter of 2015. The GAAP net income per share was $0.19 and the adjusted EBITDA $85.0 million.
The cash from operations increased 37x to $121.3 million compared to Q3 2014. Cash, cash equivalents and marketable securities totaled $575.5 million at September 30, 2015, compared to $64.0 million at September 30, 2014 .
“Revenue of $409 million increased 168% year-over-year, exceeding the high end of our guidance, and adjusted EBITDA nearly doubled,â€? commented James Park, Fitbit co-founder and CEO.
Geographically, revenue from the United States accounted for 66% followed by 16% from Asia-Pacific, 12% from EMEA, and 6% from the America’s excluding the U.S. Third quarter revenue from the United States, grew 130% year-over-year, while revenue from Asia Pac grew 314% followed by EMEA growth of 282%. Americas, excluding the United States, grew 286% year-over-year.
During the quarter the company sold 4.8 million connected health and fitness devices. Their Charge, Charge HR and Surge products comprised 79% of revenue.
According to NPD data Surge continues to be the number one GPS watch sold in the United States and Charge HR is the number one selling fitness tracker wearable in the U.S.
Surprisingly the average selling price for Fitbit devices increased 33% year-over-year – $84 from $63 – in the corresponding period of the prior year.