GARMIN INTRODUCES 3 NEW FITNESS FOCUSED SMARTWATCHES; FITPAY TO SUPPORT CONTACTLESS PAYMENT
Garmin has introduced a new line of GPS enabled smartwatches designed to compete with Apple (AAPL), Samsung (KRX: 005930) and Fitbit (FIT). The line contains 3 watches; the Vivomove HR (fashion focused hybrid), Vivosport (fitness focused) and Vivoactive 3 (feature packed flagship). The Vivoactive 3 will include Garmin Pay; a contact-less payment system, powered by Fitpay, Inc. The watches, which are now available, range in price from $199-$329.99; significantly less expensive than their high-end Fenix-5 series ($600).
Howie Long-Short: Fitpay provides a technology platform that adds contactless payment capabilities to wearable and loT devices. The company is a subsidiary of NXT-ID Inc. (NXTD) which generated $14.3 million in revenue over the first 6 months of 2017, up from $81K over the same period the year prior. Most the revenue increase comes from another subsidiary, LogicMark, the biggest manufacturer of personal emergency response devices in the United States. NXTD acquired the company in 2016 for $20.9 million in cash and stocks with another $6.5 due should the company meet certain milestones over the next 18 months.
Fan Marino: Garmin is competing with Apple, Samsung and Fitbit in the smartwatch space, but has 2 distinct advantages. Their watches sync with iOS, Android and desktop software and they have batteries that can last for a week without recharging. Those aren’t features that I’m looking for, but it’s something to hang their hat on.