10. Not Hot: Fitbit's Fitness Monitors

Brian Buntz

February 22, 2016

1 Min Read
10. Not Hot: Fitbit's Fitness Monitors

10. Not Hot: Fitbit's Fitness Monitors

There may be a significant market share for Fitbit's fitness trackers now, but the company's stock has been taking a beating so far in 2016 and it is now facing a lawsuit alleging that the company misrepresented the accuracy of its heart rate technology. The company's stock is now trading at around $16.50 per share--less than a third of its August 5, 2015, peak of $51.64. Analysts fault the company's inability to keep up with Apple--whose Apple Watch product could have sold 12 million in 2015 according to analysts' estimates.

While not a medical device, the Fitbit health monitoring technology has become the most emblematic so-called digital health technology and the company had achieved the majority of the wearable market. Recently, however, its dominance has waned quickly. In the third quarter, the company's products made up 22% of the wearable technology market--11% less than in the same quarter of 2014. Meanwhile, Apple had 18.6% of that market in the same quarter. 

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