Fitbit Raises Full Year Guidance; To File For Proposed Follow-On Offering

(RTTNews) - Fitbit, Inc. (FIT) announced the company now expects its full year 2015 revenue in the range of $1.77 to $1.80 billion, non-GAAP gross margin in the range of 48.0 to 48.5%, adjusted EBITDA in the range of $345 to $365 million, and non-GAAP net income per share in the range of $0.92 to $0.96. In August, the company projected its revenue of $1.6 billion to $1.7 billion and adjusted earnings of $0.69 to $0.77 per share, for the full year 2015.

For the fourth quarter of 2015, the company expects: revenue in the range of $620 to $650 million, non-GAAP gross margin in the range of 48.0 to 49.0%, adjusted EBITDA in the range of $80 to $100 million, and non-GAAP net income per share in the range of $0.20 to $0.25.

The company reported revenue of $409.3 million, GAAP net income per share of $0.19, non-GAAP net income per share of $0.24 and adjusted EBITDA of $85.0 million, for its third quarter of 2015.

"Revenue of $409 million increased 168% year-over-year, exceeding the high end of our guidance, and adjusted EBITDA nearly doubled," said James Park, Fitbit co-founder and CEO.

Fitbit, Inc. also announced that it intends to file a registration statement on Form S-1 with the U.S. SEC on November 2, 2015 relating to a proposed underwritten follow-on public offering of its Class A common stock. The company is proposing to sell 7 million shares and certain selling stockholders are proposing to sell 14 million shares. Fitbit will not receive any proceeds from the sale of the shares by the selling stockholders.