The company also said Humana has selected Fitbit Care as its coaching platform. The effort is a big move into recurring revenue and using Fitbit's data to become more of a software provider. For now though, Fitbit's primary business rests on device sales and the popularity of smartwatches like the Versa. Fitbit Care takes Fitbit's data and the tools from the Twine Health acquisition. Fitbit is still a large wearable and fitness player, but Apple and its Apple Watch is increasingly focused on healthcare outcomes.
Fitbit is best known for its devices, but hardware is quickly becoming a means to an end to data as the company pivots to better embed itself into the healthcare food chain. CEO James Park summed up Fitbit's approach well on the company's third quarter earnings report. The tech revolution is spreading to every corner of the earth with the Internet of Things, and it's enabling data analytics and automation in ways never before imagined in business. To that end, Fitbit is one of 9 companies in an FDA program designed to fast track digital therapeutics and health apps. The company, almost a year from a big restructuring, is also expanding its role in health tracking to encompass mental health as well as sleep apnea.