Exhibit 99.2
Investor Presentation 1
2 About this PresentationThis investor presentation ("Presentation") does not constitute (i) a
solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of
SAC, the Company, or any of their respective affiliates. No such offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended.Forward Looking
StatementsCertain statements, estimates, targets and projections in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or involving, or future performance of, Sandbridge
Acquisition Corporation ("SAC") or Owlet Baby Care Inc. (the "Company"). For example, projections of future EBITDA, statements regarding anticipated growth in the industry in which the Company operates and anticipated growth in demand for the
Company’s products, projections of the Company’s future financial results and other metrics, the satisfaction of closing conditions to the pending business combination between SAC and the Company (the "Business Combination") and the timing of
the completion of the Business Combination are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma”, “may”, “should”, “could”, “might”, “plan”, “possible”, “project”,
“strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements
are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by SAC and its management, and the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations
include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; the outcome
of any legal proceedings that may be instituted against SAC, the Company, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; the inability to complete the
Business Combination due to the failure to obtain approval of the stockholders of SAC, or the Company to obtain financing to complete the Business Combination or to satisfy other conditions to closing; changes to the proposed structure of the
Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange listing standards
following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; the ability to
recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the possibility that the Company or the combined company may be adversely affected by other economic,
business, regulatory, and/or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and continue
to innovate its existing products; the ability of the Company to defend its intellectual property and satisfy regulatory requirements; the impact of the COVID-19 pandemic on the Company’s business; and other risks and uncertainties set forth in
the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in SAC’s final prospectus dated September 14, 2020 relating to its initial public offering and other risks and uncertainties indicated from the time
to time in the definitive proxy statement to be delivered to SAC’s stockholders and related registration statement on Form S-4, including those set forth under “Risk Factors” therein, and other documents filed to be filed with the SEC by
SAC.This presentation includes preliminary financial information (or “Flash” information) for the fiscal year ended December 31, 2020, which is subject to completion of the Company’s year-end close procedures and further financial review, and
will differ from the financial information in the definitive proxy statement to be delivered to SAC’s stockholders and related registration statement of Form S-4. Actual results may differ as a result of the completion of the Company’s year-end
closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute
forward-looking information and, as a result, are subject to risks and uncertainties. Neither the Company’s independent registered accounting firm nor any other independent registered accounting firm has audited, reviewed or complied, examined
or performed any procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary financial information.Nothing in this Presentation should be regarded as a representation
by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Neither SAC nor the Company undertakes any duty to update these forward-looking statements.Use of ProjectionsThis Presentation contains financial forecasts for the Company with respect to certain
financial results for the Company s fiscal years 2020 through 2025. Neither SAC s nor Company s independent auditors have audited, studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their
inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections are forward-looking statements and should not
be relied upon as being necessarily indicative of future results. In this Presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and
estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from
those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial
information will be achieved. Disclaimers
Financial Information; Non-GAAP Financial MeasuresThe financial information and data contained in this
Presentation is unaudited and does not conform to Regulation S-X. Such information and data may not be included in, may be adjusted in or may be presented differently in the registration statement to be filed by SAC relating to the Business
Combination and the proxy statement/prospectus contained therein.This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, EBITDA
and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s
financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that
the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. SAC and the Company believe these non-GAAP measures of financial results provide useful information to management and
investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. SAC and the Company believe that the use of these non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends, and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP
financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures.This Presentation also
includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the
excluded information not being ascertainable or accessible, SAC and the Company are unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort.
Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.Industry and Market DataIn this Presentation, the Company relies on and refers to
certain information and statistics obtained from third-party sources which it believes to be reliable. Neither SAC nor the Company has independently verified the accuracy or completeness of any such third-party information.TrademarksThis
Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights
referred to in this Presentation may be listed without the TM, SM, © or ® symbols, but SAC and the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks,
trade names and copyrights.Additional InformationSAC intends to file a registration statement on Form S-4 with the Securities Exchange Commission (the “SEC”), which will include a proxy statement/prospectus, that will be both the proxy
statement to be distributed to holders of SAC’s Class A common stock in connection with its solicitation of proxies for the vote by SAC’s stockholders with respect to the Business Combination and other matters as may be described in the
registration statement, as well as the prospectus relating to the offer and sale of the securities to be issued in the Business Combination. After the registration statement is declared effective, SAC will mail a definitive proxy
statement/prospectus and other relevant documents to its stockholders. This Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any
investment decision or any other decision in respect of the Business Combination. SAC’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus included in the registration
statement and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about the Company, SAC and
the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to stockholders of SAC as of a record date to be established for voting on the
proposed Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at
www.sec.gov, or by directing a request to SAC’s secretary at 1999 Avenue of the Stars, Suite 2088, Los Angeles, CA 90067, (424) 221-5743.Participants in the SolicitationSAC and its directors and executive officers may be deemed participants in
the solicitation of proxies from SAC’s stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in SAC is contained in SAC’s prospectus
dated September 14, 2020 relating to its initial public offering, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov. To the extent such holdings of SAC’s securities may have changed since that
time, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the
proposed Business Combination when available.The Company and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of SAC in connection with the proposed Business
Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination will be included in the proxy statement/prospectus for the proposed Business Combination
when available.Summary of Risk FactorsThe Company’s business is subject to numerous risks and uncertainties that represent challenges that the Company faces in connection with the successful implementation of its strategy and the growth of its
business. An appendix to this Presentation includes a summary of certain principal risks associated with the Company’s business, but these risks are not the only risks the Company faces now or may face in the future. You should consider
carefully the discussion of these risks and other risks associated with Company’s business and the Business Combination that will be included in the proxy statement/prospectus included in the registration statement on Form S-4 to be filed by
SAC. 3 Disclaimers
Owlet Investor Presentation Introduction 5Digital Platform for Parenting 10Our Story 14Owlet Today
19Future Healthcare Opportunities 27Growth Strategy 35Strong Financial Performance 43Appendix 52 Contents 12345678 4
Today’s Presenters Ken Suslow Sandbridge Owlet Richard Henry Kurt Workman Jordan
Monroe Co-Founder & CEO Co-Founder & CINO CEO CFO Founding managing partnerChair of Sandbridge Investment CommitteeLed investments in Thom Browne, Farfetch, Rossignol, RealReal, among others PrincipalMember of Sandbridge
Investment CommitteeFormer Vice President, Credit Suisse 8+ years of experienceFormerly at Techstars and Clearlink 8+ years of experienceCofounder at PhoneSoap and formerly at Vivint Michael Abbott President & CFO 25+ years of
experienceFormerly at Specialized Bikes and Burton Snowboards Lior Susan Founding Partner, Eclipse Ventures 12+ years of experienceOwlet Chairman of the BoardSerial Entrepreneur8 Years in IDF Special Forces 5
Transaction Summary and Timing Ownership Existing stockholders / option holders to receive ~75% of
the pro forma equitySandbridge founders and affiliates to own ~2%, Sandbridge investors to own ~17%, and common equity PIPE investors to own ~6% $230 million cash in trust$75 million private placement of common stock at $10.00 / shareUse of
proceeds: Growth capital TBD Combined company to be named Owlet Inc.Voting agreements for Sandbridge Sponsor and other Sandbridge stockholders representing ~26% of the Sandbridge voting powerNon-redemption agreements from Sandbridge
stockholders representing all shares of Class B Common Stock, which are convertible into shares of Class A Common Stock Proxy expected to be distributed in Q2’21 and closing as soon as practical thereafterSubject to customary closing
conditions including Sandbridge stockholder and regulatory approvals Owlet management and the sponsor group are subject to equity lock-upsSandbridge sponsor equity subject to 18 month lock-upManagement is rolling all of its equity and is
subject to 18 month lock-upPartial early release upon achievement of share price performance thresholds starting after 9 months Capital Structure Governance Equity Alignment Other Details Timing 6
Detailed Transaction Overview Estimated Sources and Uses Existing Stockholders /
Optionholders Sandbridge Investors Sandbridge Founders and Affiliates Common Equity PIPE Investors ____________________Note: Preliminary results for 2020 are unaudited and do not conform to regulation S-X. Such information may be adjusted
or may be presented differently in the registration statement to be filed by SPAC relating to the proposed business combination and the proxy statement/prospectus included therein. Neither the Company’s independent registered accounting firm
nor SPAC’s independent registered accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the preliminary results for 2020 included herein, nor have they expressed any opinion or any other form of
assurance on such informationAssumes no redemptions by Sandbridge’s public stockholdersCalculated on a fully diluted, net exercise basisExcludes 2.8mm shares that will remain subject to vesting and vest only upon achievement of share price
performance thresholdsAssumes $7mm of net debt projected at 12/31/2020E, on a pro forma basis for the transaction in addition to ($230mm) of cash in trust from SPAC, ($75mm) of cash from PIPE investors, and transaction fees & expenses of
$35mm (1) (1) (2) (2) ($ in millions) Sources SPAC Trust Equity $230 Company Stockholder / Optionholder Equity Rollover 1,000 Founder Shares 29 Committed PIPE 75 Total Sources $1,334 Uses Company Stockholder
/ Optionholder Equity Rollover $1,000 Cash to Balance Sheet 270 Founder Shares 29 Estimated Transaction Fees & Expenses 35 Total Uses $1,334 Pro Forma Valuation Illustrative Price per Share $10.00 Pro Forma Shares
Outstanding (mm) 133.4 Equity Value $1,334 (+) Net Debt (263) Enterprise Value $1,071 Valuation Multiples EV / 2021E Sales 9.8x EV / 2022E Sales 6.1x (3) 2.2% 5.6% 7 (3) (3)
1 1 2 3 4 Ken Suslow, Chairman/CEO Sandbridge – Why Owlet Leading Position in
Highly Attractive Sector with Technology Moat Visionary and Proven Leadership Team Rare Combination of Best in Class Core Business + Clear Path for Future Outsized Growth Positioned to Dominate the Connected Digital Nursery of Tomorrow 8
1 2 3 4 Lior Susan, Founding Partner of Eclipse Ventures- Why Owlet Mission Driven“Keep
Every Baby Healthy and Happy” Massive TAMLarge and growing parenting market TAM (~$81bn+) spanning consumer / medical / telehealth markets High-quality Founders and Management TeamAbility to ‘think big’Have created a divergent and disruptive
culture of innovation Full Stack, Category-creating PlatformSmart sock as connected ecosystem anchor with expanding product suite that serves family needs from conception to kindergarten 9
Digital Platform For Parenting 10
11 ConsumerCentric Digital Platform for Parenting Technologyenabled Healthcare*at
home Strategic Investments:Full Stack TechnologyConnected Ecosystem Strategic Investments:Strong BrandFantastic User ExperienceConnected Nursery Strategic Investments:Medical Devices*Clinical Evidence ____________________*Requires
authorization by FDA prior to commercialization
____________________Sources: Pew Research
Center--https://www.sciencedaily.com/releases/2016/09/160928160716.htmhttps://www.pewresearch.org/fact-tank/2019/09/09/us-generations-technology-use/ Company estimate based on Lux Insights Inc. consumer
panelhttps://www.pewresearch.org/fact-tank/2019/09/09/us-generations-technology-use/ Google trendsFrost and Sullivan reports: Telehealth-- A technology-based weapon in the war against the Coronavirus 2020 Biometrics Used Everywhere Emerging
Trends Make it the Right Time to Bring Technology To Parents Healthcare Moves Home Telehealth market potential of $122 billion(6)COVID-19 has led to massive shift in telehealthMost popular smartwatches propel the ‘consumerization of
healthcare’ by adding clinical screenings like AFIB detectionPropelled by AI and Big Data, healthcare is moving from being reactive to proactive 92 million people will have pulse oximetry on their wrist by 2022(4)SPO2 is the hero feature in
the 2020 Apple and Fitbit smartwatchesPulse Oximetry is in household conversationsCOVID-19 has led to a 20x increase in people searching “Pulse Oximeter” in the US(5) Parents are now more engaged than everFathers in 2012 spent 269%
more time on average with their children than in the 1960s(1)Parents rely on technology more than ever(2) Early tech adopters are up to 3x more likely than slower tech adopters to own the Smart Sock(3) Parenting Gets Upgraded 12
American Academy of Pediatrics We Have Built a Passionate Management Team With a Strong Track
Record Michael AbbottPresident & CFO 25+ Years of Experience Zack BomstaCo-Founder & CTO Burc SahinogluVP of Engineering Jordan MonroeCo-Founder & CINO 8+ Years of Experience 8+ Years of Experience 25+ Years of
Experience Abhi BhattVP of Product 20+ Years of Experience Jeff HumpherysHead of Clinical Data Science20+ years of experience Dr. Laura JanaMedical Advisory Board MemberAAP Spokesperson Kurt WorkmanCo-Founder & CEO 8+ Years of
Experience Techstars Clearlink Specialized Bikes Burton Snowboards Phonesoap Vivint Rocketship Fireavert UofU Health United Healthcare Amazon Alexa Under Armor Microsoft Crateplayer August Turkcell 13
Our Story 14
Every Parent Has the Same Questions and Concerns SIDS: #1 cause of death in infants 1-12 months
old(1)10x as many babies pass away from stillbirth as SIDS(2) ____________________Sources: Center for Disease Control https://www.ncemch.org/suid-sids/statistics/index.phphttps://www.cdc.gov/ncbddd/stillbirth/facts.htmlIn the US.
https://www.ncbi.nlm.nih.gov/books/NBK526418/ (Table 2) https://www.aap.org/en-us/Documents/practicet_Profile_Pediatric_Visits.pdf (page 7)https://www.ncbi.nlm.nih.gov/books/NBK526418/
https://consumer.healthday.com/encyclopedia/parenting-31/parenting-health-news-525/sleep-deprivation-and-new-parents-643886.html (350 hours lost in the first year divided by 8 hours of night sleep = 44 nights of lost
sleep)https://www.healthline.com/health/parenting/new-parent-sleep-study* Owlet Smart Sock is not intended for these purposes. These statements refer to concerns that parents have during parenting generally as background on the potential market
opportunity as Owlet seeks to expand to health applications, and do not refer directly to any current product benefit or claim Is she breathing? 92 million well, sick, and ER visits in first 4 years of life(3)Respiratory issues--#1 reason for
pediatric ER visits(4) When should I call my doctor? Parents lose 44 nights of sleep during the first year of a baby's life(5) Majority of new parents get 5-6 hours of sleep per night(6) Will we eversleep
again? Sleep Safety* Sickness* 15
The Early Parenting Journey Meets Constant Change & New Challenges...
Conception Kindergarten the biggest change that we go through in life 1 in 8 struggle with infertility(1)6M new pregnancies(4) Changes in health & bodyPreparing for labor ~4M Babies born(2)33M Healthcare visits(3) ~16M Children
1-5yrs(2)Development key focus Becoming a parent is the biggest change we go through in life. We change everything from spending habits to schedule, and new parents with very little training become caregivers overnight. Taking over the roles
of doctor, nurse, dietician and sleep trainer in a matter of months. ____________________Source: https://www.cdc.gov/nchs/fastats/infertility.htmhttps://www.cdc.gov/nchs/fastats/births.htm https://www.ncbi.nlm.nih.gov/books/NBK526418/ (Table
2) and https://www.aap.org/en-us/Documents/practicet_Profile_Pediatric_Visits.pdf (page 7)https://www.statista.com/topics/1850/pregnancy/Note: Figures pertain to the US 16
Fraught with a Fragmented Market & Disconnected User Experience Low-tech legacy companies and
the lack of a category leader force parents to utilize dozens of disparate products to care for their baby. 17
Personal Electronics At-Home Fitness Digital Health Monitoring Parenting TAM:
~$81B(1) ____________________Source: Company disclosures.2025 company estimate based on product roadmap, 0-5 year old child population, future telehealth (note $6B of TAM is from telehealth and subject to FDA authorization) Owlet is the Next
Connected Ecosystem That Brings Technology & Data To Modern Parenting Creating a Holistic Experience for Parents Apple Peloton LivongoiRhythm 18
Owlet Today 19
____________________Source: Company disclosuresThe NPD Group, Inc./U.S. Retail Tracking Service, Baby
Monitors, November 2020https://journals.sagepub.com/doi/10.1177/2333794X17742751Estimate using Owlet Databases Sock Duo Dream Lab Owlet Sock #1 Monitor(1) 96% Report reduced anxiety(2)850k+ Babies Monitored(3) 20
Sock Duo Dream Lab Owlet Cam & Sleep ____________________Source: Company disclosuresNPD Data
https://journals.sagepub.com/doi/10.1177/2333794X17742751Company estimate based on app tracking software #1 Ecosystem(1) 94% Sleep Improvement(2) 7.8x Ave Daily App Usage(3) 21
Sock Duo Dream Lab Owlet Band ____________________Source: Company disclosures2019 Consumer
Electronics Show (CES) Innovation Awards Winner ‘Tech to Change the World’(1) Potentially First in Category 22
The Most Compelling Brand in Parenting... ____________________Source: Company disclosuresCompany
estimate based on in app survey measured 7 days after setup, n=2,044, from 08/2020 to 10/2020https://customer.guru/net-promoter-score/industry/consumer-brands-electronicsThird party market analysis from 2020. Comparing brand metrics across 9
competitors in the baby industry. “top 3 brand metrics” were: best technology, gives parental confidence, most popular brand Design and Innovation Awards 15 Baby Industry Awards 21 Other NPS(2) Owlet NPS(1) 76 68 50 Consumer Brands /
Electronics 45 33 Johnson & Johnson 40 Phillips & Motorola Sock Duo Dream Lab #1Ranking in the top 3 brand metrics(3) 77%Customers would consider other baby products from Owlet(3) 23
...Is Creating the ‘Anchor’ Needed to Connect the Nursery... Nightlight* Cam Smart
Bed* Humidifier* Smart Sock Thermometer* Hey mom, looks like you could use some sleep! Now that Ivy is 4 months old, she can start to wean those middle of the night feeds. Swipe to learn about Dream Lab Software &
Content ____________________Source: Company disclosures*In research and development 24
...All Under One Roof, Simpler & Smarter Together. Taking the Headache Out of Parenting Simplifying
the purchasing journey for parents at retail and online. Under one roof means that parents can expect the products to work together in one app and with enhanced integrated features. 25
AI driven algorithms to reduce inaccuracies and improve user experience. Smart Sock nuisance alarm rate
<1/50 (2) what it would be without innovations. Also discovered data patterns that could enable opportunistic screenings of critical health conditions--if successfully developed and authorized for such use. Proprietary circuit boards that
are small and low power while still maintaining extremely low noise that enable high quality measurements and better accuracy. Also our patents enable superior placement of sensors in the best location for infants--the foot. Owlet was the
number one brand for repurchase intent when compared to 13 competitive brands. Also Owlet is ranked first, second or third in 11 of 15 brand loyalty drivers. (1) ____________________Source: Third party market analysis from 2020. Comparing
brand metrics across 9 competitors in the baby industry. “top 3 brand metrics” were: best technology, gives parental confidence, most popular brandCompany estimate based on Smart Sock data analysis*Subject to FDA authorization Key Competitive
Moats Better ProductsClinical Insights* 1.5MParents Used the App(2) 9BHeartbeats Monitored Per Night(2)(estimated) More Products Purchased More Data The Data Flywheel Proprietary Data
Advantage Fabrics Electrical Firmware Algorithms Mobile Backend Innovations Across Entire Tech Stack 40Trademark Registrations 24+IssuedPatents 9-Year Head Start w/Tech & Brand Ranking in the top 3 brand metrics Connected
Ecosystem #1Ranking in the top 3 brand metrics(1) 77%Customers would consider other baby products from Owlet(1) One Cohesive Experience 26
Future Healthcare Opportunities 27
~3,500Infant deaths from SUIDs every year(2) 40XMORE 80Infant deaths happen in a car accidents
every year(1) ____________________Sources: https://crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/812719 Figure 3 https://www.cdc.gov/sids/data.htm 28
We believe: One day ‘Every Baby’ will have access to monitoring 29
The Smart Sock is a compelling anchor for creating the connected nursery We believe a medical version
of the Sock will become a critical tool for pediatrics* Clinical Consumer ____________________*Pending authorization from the FDA 30 Opportunities from the ‘Every Baby’ Future:
Healthcare Costs by Age 2009-10 Group Male ____________________Source: Company disclosures
https://www.ncbi.nlm.nih.gov/books/NBK526418/ (Table 2)https://www.aap.org/en-us/Documents/practicet_Profile_Pediatric_Visits.pdf (page 7) The First Years of Life Are Expensive for Healthcare... 92M Visits ER, sick, & well visits (ages
0-4)(1)(2) 3.4M ER Visits(1) 14M Sick Visits(2) 16M Well Visits(2) The First Year of Life: 31 Well Visit Sick Visit
Critical tool for pediatrics ...and New Screening Functionality Has Massive Potential for Pediatrics...
Every Year**Almost every infant gets sick2.1M outpatient visits by children (0-5yr) due to RSV(1) Up to 200,000 infants have sleep apnea(2) Up to 120,000 children have epilepsy(3)200,000 children (0-5yr) have Congenital Heart Defects
(CHD)(4)Up to 80,000 children (0-5yr) experience SVT(5) Up to 500 infants pass away from RSV(6) Central Hypoventilation Syndrome (CHS)* Supra Ventricular Tachycardia (SVT)* *The Smart Sock is not intended to screen or diagnose for medical
conditions. This information is to illustrate the potential of future version or other product offerings for opportunistic screenings similar to how Apple Watch can screen for atrial fibrillation. The above graphs are case studies from Smart
Sock HR, O2, and movement data. The two health conditions were validated with hospital records. **Early internal research indicates there could be as many as 7 diseases/conditions for which Owlet could create opportunistic screenings. These
screenings are in development and would require marketing authorization from the FDA. Device monitoring for 12 hrs/day Opportunistic screenings* 32 ____________________Source:
https://www.cdc.gov/rsv/research/us-surveillance.htmlhttps://news.childrensmercy.org/sleep-apnea-in-babies/https://www.cdc.gov/epilepsy/about/fast-facts.htm (.6% multiplied by 20M children
0-5)https://www.cdc.gov/ncbddd/heartdefects/features/kf-chd-estimates-us.html (1% multiplied by 20M children 0-5)https://jamanetwork.com/journals/jamapediatrics/fullarticle/381081 (.4% multiplied by 20M children
0-5)https://wwwn.cdc.gov/nndss/conditions/respiratory-syncytial-virus-associated-mortality/case-definition/2019/
____________________Source: Company disclosuresFrost and Sullivan reports: Telehealth-- A
technology-based weapon in the war against the Coronavirus 2020Third party research report from 2020 accessing Owlet opportunity within telehealthhttps://www.ncbi.nlm.nih.gov/books/NBK526418/Company estimate based on Embrace.io app tracking
software ...Which Strengthens Owlet’s Position within the Emerging Telehealth Opportunity* As access to doctors becomes more of a commodity within telehealth, *Although the Smart Sock is only intended for use in healthy babies to reduce
parents’ stress and anxiety, Owlet is evaluating potential telehealth applications 79Minutes of Daily App Usage ⁽⁴⁾ 7.8x App Opened Per Day Ave ⁽⁴⁾ 61% of parents studied are interested in medical guidance through the Smart Sock and 50%
would pay $20+/month(2) Engagement $122B Telehealth TAM in 2025(1) Illustrative example of future telehealth potential: we expect that owning the relationship with the customer will be the key differentiator #1 Reason for pediatric
ER visits Respiratory Issues(3) 33 $6B Owlet Telehealth TAM in 2025(1)(2)
The Path to Telehealth and ‘Every Baby’ Multiple routes to mass adoption: Legislation and
Reimbursement Pending FDA marketing authorization, and successful clinical research, passionate parents could push legislation just like occurred with the car seat and infant CHD screenings. Insurers may cover the product similar to other
medical devices such as the breast pump and continuous glucose monitoring. Car Seat Route Breast Pump Route Telehealth Under development to enable physicians to utilize Sock data when deciding if the child is in need of an in-person visit.
Physicians may potentially also be able to utilize existing CPT codes for telehealth reimbursement for device data. We expect this may be possible with the ‘OTC Sock’ device for which we plan to seek marketing authorization in
2023. 34 Currently developing two medical versions of the Sock intended to:Open up more opportunities with KOLs in pediatric researchEnhance telehealth offeringEnable the possibility of reimbursement and legislation BabySat Device-Kicked off
development in 2018 -Pursuing marketing authorization from the FDA Medical Devices 1 Medical Devices 1 Safety & Accuracy Observational Interventional/efficacyHealth economics 2 ResearchCompleted & Published------ 4
Completed -----------------------1In Progress -----------------------7Total -------------------------------12 Research Research 2
35 Growth Strategy
4 Key Opportunities For Growth* Penetrationwith Existing Products Connected NurseryExpanding The
Ecosystem Telehealth& Medical Devices InternationalExpansion Beyond The USA 2. 3. 4. Existing products are still in the beginning phases of market penetration in the USA Owlet plans on expanding our footprint to connect the
essential products and services in the nursery Owlet is investing in clinical research and FDA marketing authorization to potentially open up the door to reimbursement and telehealth Owlet plans to expand beyond English speaking countries to
Europe, Asia and LATAM 36 Telehealth and Medical Devices Expand International Connect The Nursery Deepen Penetration ____________________*Company estimates Gross Revenues
Future Opportunities ~3,000+ doors 722 doors 599 doors Existing Retailers ~200
doors Build the Brand Grow Distribution More Value & Premium Positioning 2016-2020 2021-2022 2023+ ____________________Source: Company disclosuresCompany estimate based on in app survey measured 7 days after setup, n=2,044, from
08/2020 to 10/2020 Leverage Brand & Distribution to Bring Owlet To More Families 3.5K doors 5K additional doors 76 NPS(1) 37
Total LTV $547 $914 $1,328 $1,727 $2,456 $3,296 CAC $30 $28 $27 $25 $24 $22 2.
Expand the Owlet Ecosystem 2023E 2020 2021E 2022E 2024E 2025E Platform + Nursing + Sleep + Labor + Telehealth + DataStorage ____________________* Could require FDA marketing authorization Smart
Nursery Consumables Ecosystem 38 Band*
39 BabySat Building credibility and opening up a new market OTC Sock Expanded claims could lead
to deeper penetration Telehealth Designed to make care easier for parents 3. Telehealth and Medical Devices* ____________________Third party research report* BabySat and OTC Sock are investigational medical devices, which would require
authorization by FDA prior to commercialization First pulse oximeter designed for babies Designed to utilize telehealth platformDesigned for babies with health conditions Designed to utilize telehealth platformDesigned for healthy
babiesDesigned to opportunistically screen for health conditions Designed to be convenient and easy for physicians and parents61% of parents studied are interested in medical guidance through the Smart Sock and 50% would pay
$20+/month(1) 3 2 1
4. International Expansion to Europe, Asia & LATAM by 2025(1) LATAM 202460MChildren USA
2015 25M Children Europe 202130M Children Asia 202297MChildren ____________________Source: Company estimates based on population data provided by U.S. Census Bureau, United Nations, and
OECDhttps://daxueconsulting.com/baby-care-market-in-china/ 47% of Chinese consumers prefer imported brands for safety reasons(2)22% ’15-’19 CAGR on the baby care market in China(2)Online channels represent 50% of mother and baby retail market
value in China(2) 40
Leading to a Large & Growing TAM for Owlet’s Products ____________________Source: Company
provided materials, Centers for Disease Control and Prevention (CDCP) and StatistiaCompany estimate based on product roadmap, 0-5 infant population, U.S. demographic data is based on registered births in 2018 and includes pregnancies. EU
demographic data is based on registered births in 2019 and includes pregnancies. Asia demographic data is based on registered births in 2019 in China, Japan, and South Korea and includes pregnancies. The number of pregnancies is calculated as
an assumed 75% of annual births in that regionAssumes the same demographics as today’s calculation for illustrative purposesIncludes future telehealth opportunity. (note a portion of TAM is from telehealth and subject to FDA
authorization) 2021 Parenting TAM ~$23B(1) 2023 Parenting TAM ~$49B(1)(2) 2025 Parenting TAM ~$81B(1)(2)(3) $81B $49B $23B 41 TAM Growing at 37% CAGR through 2025
Expanding Owlet’s Product Portfolio and Early Customer Acquisition Leads to Strong LTV/CAC Performance
Over Time ____________________Source: Utilizes LTV data from TAM assessment 42 x x x x x x x
Strong FinancialPerformance 43
Drivers of Profitability and Long-Term Model 2019A 2023E 2020E 2 YoY Growth -
51.0% 83.1% 3 Gross Margin 46.0% 47.5% 56.3% 1 Net Revenue(1) $49.8M $75.2M 5 TAM Penetration(1)(2) 0.06% 0.09% 1.31% 4 EBITDA Margin (32.8%) (11.3%) 15.8% _______________________________Note: Results for
2019 and preliminary results for 2020 are unaudited and do not conform to Regulation S-X. Such information may be adjusted or may be presented differently in the registration statement to be filed by SAC relating to the proposed business
combination and the proxy statement/prospectus included therein. Neither the Company’s independent registered accounting firm nor SAC’s independent registered accounting firm has audited, reviewed or compiled, examined or performed any
procedures with respect to the results for 2019 or preliminary results for 2020 included herein, nor have they expressed any opinion or any other form of assurance on such information. Such information and data may not be included in, may be
adjusted in or may be presented differently in the registration statement to be filed by SAC relating to the Business Combination and the proxy statement/prospectus contained therein.Assumes FDA clearances of BabySat in Q1 2021 and ‘OTC Sock’
in Q4 of 2022Net revenues divided by $81B potential TAM (note a portion of $81B TAM is from telehealth and pending FDA
authorization) 2021E 42.6% 53.7% $107.2M 0.13% (24.5%) 2022E 62.9% 54.7% $174.7M 0.22% (15.2%) 2024E 2025E $316.4M $581.4M $1,064.5M 81.1% 55.4% 0.39% (4.1%) 83.8% 56.3% 0.72% 9.5% 44
______________________________*Minus ~$35M in estimated transaction fees and expenses Clinical
ResearchConnected NurserySoftware & Services PlatformAcquisitions Customer acquisition/penetrationInternational expansionInfrastructure upgrades Use of Funds Anticipated SPAC net proceeds* 195.0M Anticipated PIPE gross proceeds 130.0M
TOTAL 325.0M Funds expected to be invested over 24-36 months 45 Total Identified Use of Funds 145.5M Percent use of SPAC only 74.6%Percent use of Total (SPAC + PIPE) 44.8%
Attractive Business Model Strong Long-Term Revenue Growth High and Improving Gross
Margins Visible and Robust Pipelineof Existing and New Products Extensive Distribution Platform 66.6%2019A – 2025E Net Revenues CAGR 46.0%2019A Net Revenues Gross Margin 56.3%2025E Net Revenues Gross Margin 75.9%2023E Gross RevenuesFrom
Existing Products 65.2%2025E Gross RevenuesFrom Existing Products ____________________Source: Net revenues divided by $81B TAM Based on Company data 65%Sales by online channels in 2019A Large Market with Room To Grow 1.31%2025E TAM
Penetration(1) 0.06%2019A TAM Penetration Powerful Competitive Moats: Data, Brand, & Tech 4THeartbeats monitored since inception(2) <1/50SS false alarm rate vs. without accelerometry & AI innovations(2) 46
Cuts Across Several Highly Attractive Comparable Universes… Rationale Pioneering products that
address untapped customer needs First-mover advantage contributing to acceleration of sales and profitability momentum High Growth Consumer Peers Unrelenting focus on user experience as a primary driverControl of hardware, software, and
services enables maximum capture of value from customersContinual evolution of products platform allows for greater ability to retain and indoctrinate users further into the ecosystem DisruptiveConsumer Tech / Health &
Wellness Data-enabled technologies to help guide the patient journeyInnovation focused on improving user experienceAttractive margin profile Digital Health / Medtech / 47
…And Is a Financial Outlier _______________________________Source: Company filings, Management
projections, and FactSet. Market data as of January 15, 2021. Size of bubble represents firm values of respective companies Owlet’s Topline Growth Potential Combined with Its Margin Profile Put It in a League of Its Own Relative to Its Peer
Set Comprised of Best-in-class Players in Respective Categories CY2021E EBITDA Margin ’24E-’25E Net Revenue Growth’25E EBITDA Margin / CY2020E – CY2022E Revenue CAGR (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%
40.0% (20.0%) 80.0%60.0%40.0%20.0%0.0% Long term PlanDigital Health / MedtechDisruptive Consumer Tech / Health & WellnessHigh Growth Consumer~$10bn Firm Value 48
49
Putting Valuation in Context _______________________________Source: Company filings, Management
projections, and FactSet. Market data as of January 15, 2021Note: Owlet revenue reflects net revenue (net of revenue deferred, sales discount and return allowance)(1) Calculated as FV / CY2022E revenue / CY2021E – CY2022E revenue growth FV /
CY2022E Revenue FV / Growth Adjusted CY2022E Revenue(1) 3.0x 21.0x+ 5.0x 7.0x 9.0x 11.0x 13.0x 15.0x 17.0x 19.0x 6.3x 8.8x 12.0x 19.6x 25.6x 13.8x 17.2x 11.4x 10.0x 3.3x / 6.1x 13.5x
0.10x 1.23x 1.28x 0.62x 0.69x 0.39x 0.18x / 0.45x 0.1x 1.0x+ 0.2x 0.3x 0.4x 0.5x 0.6x 0.7x 0.74x 0.42x 0.27x 0.13x 20.1x 0.75x 50
FV / CY2021E Growth Adjusted Revenue(1) Valuation Benchmarking
_______________________________Source: Company filings, Management projections, and FactSet. Market data as of January 15, 2021(1) Calculated as (FV / CY2021E Revenue) / CY2020E – CY2022E Revenue CAGR(2) Calculated as (FV / CY2022E Revenue) /
CY2021E – CY2022E Revenue CAGR FV / CY2021E Revenue Median: 21.2x Median: 14.5x Median: 14.6x / FV / CY2022E Growth Adjusted Revenue(2) FV / CY2022E Revenue Median: 17.2x Median: 10.0x Median: 11.1x / Disruptive Consumer
Tech / Health & Wellness Digital Health / Medtech High Growth Consumer 35.0x 25.5x 21.2x 18.6x 13.2x 25.8X 17.6x 11.7x 6.6x 15.5x 14.5x 4.2x
25.6x 20.1x 17.2x 13.8x 12.0x 19.6x 13.5x 8.8x 6.3x 11.4x 10.0x 3.3x 51
Questions? 52
53 Competition Category Example Barriers to entry Big Tech Facebook, Amazon,
Google, Apple • Little brand value in baby industry• Baby is a niche category Category Example Barriers to entry Baby Fisher Price, Pampers, Graco, VTech • Little qualified baby tech experience• Legacy brands historically building low
tech solutions Category Example Barriers to entry New Startups RayBaby, Miku, Snoo, Nanit, • Low penetration• Don’t track oxygen levels• Not ecosystem focused ✔ Strong ecosystem anchor w/ Smart Sock✔ #1 Ranking in the top 3 brand
metrics(1)✔ First mover with a 9 year head start✔ Smart Sock clinically validated accuracy(2)✔ Full stack technical capabilities ____________________Source: Company disclosures.Third party market analysis from 2020. Comparing brand metrics
across 9 competitors in the baby industry. “top 3 brand metrics” were: best technology, gives parental confidence, most popular brandhttps://www.clinicaltrials.gov/ct2/show/NCT04446247?term=owlet&draw=1&rank=3
‘Compelling Anchors’ Are the Ecosystem Engines Owlet Smart Sock – A “Must-Have” Product for an
Integrated Nursery Apple iPhone – A “Must-Have” Product for an Integrated Environment ____________________Source: Company provided materials and publicly available company filings2005 global mobile phone TAM calculated as 800mm units *
average device sales price of $146. Sourced from IT Facts2019 global smartphone market sourced from EvercoreCompany estimate based on product roadmap, 0-5 infant population, U.S. demographic data is based on registered births in 2018 and
includes pregnancies. EU demographic data is based on registered births in 2019 and includes pregnancies. Asia demographic data is based on registered births in 2019 in China, Japan, and South Korea and includes pregnancies. The number of
pregnancies is calculated as an assumed 75% of annual births in that regionAssumes the same demographics as today’s calculation for illustrative purposes. Includes future telehealth opportunity. (note a portion of TAM is from telehealth and
subject to FDA authorization) iPad Accessories Services iPhone Cam Services Mac Accessories Soothe Smart Sock ~$120B(1) TAM: ~$460B(2) 2005 Global Mobile Phone TAM: 2019 Global Smart Phone TAM: ~$23B(3) ~$81B(4) 2021
Global Parenting TAM: 2025 Global Parenting TAM: Dream LabServices Platform 54
Clinical and Consumer Efforts Have Synergistic Effects Clinical Consumer Deepen Penetration &
Create Ecosystem Anchor Introduce New Products Growing LTV and TAM Strengthen the Ecosystem and Competitive Moats Solve Compelling Problems Why buy a camera that doesn’t work with my Smart Sock? 5% Adoption Create the ‘Smart Baby
Monitor’ Category Introduce the Owlet Cam Smart Sock: “Know your baby is okay” 2016-2019 Example 55
Developing a Full Solution Approach to Improving the Parenting Journey Hardware:Tracks
OxygenHeart RateSleepTemperature* Conception Kindergarten Insights*:Baby is getting sick*Baby has health condition*Sleep regression Telehealth & ServicesTelehealth Integration*Sleep CoachingEducational Courses Sickness
Scenario* Solutions Portfolio full stack cohesive solutions throughout the parenting journey “ It looks like Ivy might be getting sick, we turned on the humidifier and extended her wake up time so Ivy can get better” “ER visits are
pricey, we have pediatricians ready to look at Ivy’s Smart Sock data and chat any time tonight” Ivy is tracked accurately for 12.5 hours Ivy experienced a 5% drop in O2 along with a consistent HR increase. *The Smart Sock is not
intended to screen or diagnose medical conditions. This information is to illustrate the future potential for Owlet’s products. 56
Drive Organic Growth Launch Pediatric Healthcare Devices Further Develop Services
Offering Leverage Brand and Competitive Moat to Expand Into New Markets Execute on Acquisitions Connected Nursery: 66.5% Net Revenue CAGR ’19A – ’25EPregnancy BandSootheSmart BedConsumables Potential for legislation and / or
reimbursement2021: Continue to pursue BabySat marketing authorization for sick babies2022: Pursue OTC Sock development and marketing authorization for healthy babies as the ‘Every Baby’ medical device. Telehealth integrationExisting Offerings:
Dream Lab and other current servicesNew offerings including ‘Owlet Care’ by 2025E: Software / Services = $230mm Target Telehealth TAM by leveraging customer baseDrive superior insights and opportunistic screenings leveraging database of 9B
nightly heartbeatsExpansion into AUS, UK, CAN, GER and FRA Make targeted acquisitions that are complementary to Owlet’s visionAcquire hardware and software products that expand the full stack of cohesive solutions throughout the parenting
journey, from conception through kindergarten 57 Multi-Pronged Strategy to Drive Growth and Create Value
Medical Dream Lab Smart Sock Plus Designing an Expanded Ecosystem Cam Soothe Designed to
monitor heart rate and oxygenView from appVersion for children 18 months to 5 years oldHistorical data and insights Interactive sleep programHelp any healthy baby sleep betterCustomized, step-by-step planAuto updates according to
progress Band* Camera with built-in two-way microphone and speaker setStreams HD 1080p video with night vision to appDesigned to integrate seamlessly with Smart Sock via app Wearable monitor for pregnant womenDesigned to track baby’s
heartbeat and give peace of mindBeing developed for use between 24 and 40 weeks of pregnancyComfortable for overnight use App controlledLight and sound presetsTime to rise feature for toddlersSyncs with Dream Lab scheduleAutomatic on/off with
Smart Sock plug/unplugAutomations built around infant sleep state data from the Smart Sock Baby Sat (seeking FDA authorization)Designed to build legitimacy and trust with physicians and regulators Designed to open up the new “sick baby” market
for prescription use onlyOTC Sock (planning to seek FDA authorization)Increase consumer trust and penetration through potential for FDA marketing authorizationMay seek authorization for life saving claimsMay seek authorization for opportunistic
screenings for heart and lung conditions Under Development 58 ____________________* Could require FDA authorization
Innovations Across the Entire Technology Stack Enhance Accuracy and User Experience While Limiting
Competition Key Innovations: Owlet’s Tech Stack Fabric: Custom 3D knit seamless fabrics that conform to the body to enhance readings without compromising comfort. Ultra thin electrode sensors embedded in the fabricElectrical: Proprietary
circuit boards that are small and low power while still maintaining extremely low noise that enables high quality measurements and better accuracyFirmware: Low power FW innovations on both Sock and Band for extended usage durations, minimal
battery footprint, and immediate data accessAlgorithm: Optimized machine learning on a microcontroller enables monitoring heart rate through motion for 97% nightly coverage in monitoringMobile: Scalable architecture that allows for multiple
devices to stream data across both Android and iOS applications. CI/CD system for fast unit testing and releasesBackend: Globally scalable, built for data science and business intelligence. Immediate software updates to products in the field.
Batch, SKU, and version tracking on the backend. GDPR and CCPA compliant. Smart Sock 3 Key FeaturesMiniaturized TechLow costWireless Utilizes AI driven algorithms and accelerometry to drastically reduce false alarms Band Design* vs.
Corometrics 170:Estimated 1/600th the size Estimated 1/16th the costWireless vs. poweredPassive ECG (vs. active energy heavy ultrasound)Dry electrodes (vs. uncomfortable sticky electrodes) Smart Sock 3 Validation and Results:SS3 exceeds
industry standards in 3rd party validation for both SpO2 and heart rate 2.1 ARMS SpO2 1.96 RMS heart rate Band* Validation and Results:Owlet Band being developed to accurately estimate fetal heart rate compared to Corometrics 170 with an
average error of +/-2.21 BPM (in house testing)Third party accuracy validation started at Columbia University Irving Medical Center. (paused due to COVID-19) Clinically Validated and Customer
Friendly Fabrics Electrical Firmware Algorithms Mobile Backend ₍₁₎ 59 ____________________Source: Company estimate based on data collected over 40,000 V3 devices in the field*Band is still in development
Consumer Clinical Future Product Opportunities - Room to Grow Sleep Safety Sickness In
Market Near Future Long Term Conception Kindergarten Product Grid Time Subscription / Software Ecosystem Anchor Product Ecosystem Enhancement Product Telehealth* High & Low
Priced Cams Thermometer* Humidifier Fertility Tracker Scale BabySat*Gen 2 WearableThermometer* Car SeatAlarm Carbon Monoxide Alarm Fertility Coaching Dream Lab forToddlers Sock Data Subscription CameraSubscription Potty
TrainingCourse Sound Machine (Soothe) BabySat* Smart Sock SmartSockPlus Dream Lab Cam Sickness Assistant* Lactation Course OTC Sock* Smart Bed Problem Consumables Accessories Fertility Course Toddler
BehavioralCourse Labor and Delivery Course OpportunisticScreenings* Band** 60 ____________________* Pending FDA marketing authorization** Could require FDA authorization
Strengthening the Customer Relationship in Toddlerhood Owlet
Cam Smart Sock Plus Soothe Most parents continue to use cameras in their children’s room well past 5 years old. To keep track of when their child falls asleep and wakes up, monitor night wakings, capture memories, and generally keep an eye
on what is happening in the child’s room. 1) Cam One of the top requests from our users is to have a Smart Sock that they can continue using as their child gets older. 2) Smart Sock Plus Key Pipeline Products in Extending to
Kindergarten Parents continue to use sound machines well past the toddler years in order to block out unwanted sounds so that their child can sleep. 3) Soothe Dream Lab Humidifier Thermometer CO Detector Kindergarten Birth Behavioral
Course 61
z Owlet Targets Three Primary Customer Segments Color Scheme 224 242 235 227 227
227 127 127 127 0 125 158 145 206 183 250 183 147 Owlet’s target customer is: A Millennial parent who is a first-time expecting parent, a parent with a first-time newborn, or a repeat parent25 – 45 years old$50k+ incomeMore tech
savvy than average parent Feel various overwhelming emotions, but sleep is the forefront of parent concernsChecking in on baby frequentlyOn the hunt for products that can offer freedom and peace-of-mind – Regardless of price More laid-back
and confident in parenting skillsValue products that ensure baby is happy, while allowing them to have freedom and tend to other parental duties What do I need for the nursery? What are the best / safest infant-care products?Need to exist
where first-time parents are considering other baby monitorsOwlet may not be top-of-mind due to less traditional monitoring systemHigher sense of urgency in third trimesterFirst-time parents typically purchase important items not received in
baby shower Mindset"Am I really prepared for what comes next?" Mindset"Will I ever sleep again?" Mindset"I don't have time to think about anything unless it makes my life easier” First-Time Expecting Parents First-Time
Newborn Repeat Parents 62
Brand Multi-Channel Brand and Marketing Strategy Multi-Channel Sales
Growth International Funnel Optimization Influencers / Mavens / KOLsPR / bloggersBrand evolutionSocial proofProduct positioningMessaging revamp E-commerce expansionMore retail doorsPOP improvementsRetail marketing programs CA
expansion to fast follow USAUS scale and expansionUK product market fit and growth Paid marketing efficiencySEO & organic traffic growthWeb CROAmazon optimizationLifecycle optimizationCross sell and upsell Establish Owlet as a premier
brand amongst millennial parents globallyDrive urgency and reduce friction in online and in-store purchase behaviorDrive category growth for key retail partners through innovative and creative online and in-store presenceConnect consumers
firmly to Owlet products and expand LTVBuild and evolve foundation for data-driven marketing Drive growth through multi-channel sales and marketing: Color Scheme 224 242 235 227 227 227 127 127 127 0 125 158 145 206
183 250 183 147 63
Multi-Channel Distribution Strategy Strong Existing Retailer and Online Distribution
Strategy Opportunities for Distribution Growth Existing Retailers Retailer Opportunities ~3,000+ doors In-store 722 doors 2021 CPFR Q4’20 QBRs Smart Sock Cam Duo Dream Lab In-Store (~4,000 doors)Online (All channels) In-Store
(~4,000 doors)Online (All channels) In-Store (~250 doors)Online (All channels) Online (Most channels) Owlet targets E-commerce expansion and more retail doorsDrives urgency and reduces friction in online and in-store purchase behaviorDrives
category growth for key retail partners through innovative and creative online and in-store presenceOwlet must be available wherever parents are choosing to do their registry, since many parents rely on registries and gift-givingAggressive
Minimum Advertised Pricing (MAP) enforcements allow retailers to be successful on their own merits and not price alone Boutiques ~200 doors Channel Strategy Product Availability ⁽¹⁾ Order Pipeline ____________________Source:Company
estimate based on Netsuite data 64 Online
Retail Dominance Enables Future Product Placement Owlet has earned premium placement in-store
through strong sales performance and high brand affinity. As we bring integrated products to market, we expect to continue to have premium placement in key channels to grow future product lines. Best Buy Display Boutique Display Walmart
Endcap Display Buy Buy Baby Racetrack Pipeline for Future Products Strong Product Placement Concept Display 65
COVID-19 Impacts COVID-19 has not negatively affected operations in a material wayThe majority of the
workforce is currently working from home and the business has proven that operations can continue without being in the office Company Has Adapted to Unprecedented Environment Owlet experienced delays from closures of suppliers, which required
the Company to incur air freight costs that it would normally not have incurredManufacturing: Manufacturing partner has 4 other facilities located around the world that could make Owlet’s productThey could have productions running in 30 days
from the time a move is initiatedOwlet is preparing to open a second production site with partner in Mexico in 2021Distribution:Distribution partner has 6 other distribution centers in the US that could ship productAll facilities have the same
IT systems as the Dallas facility currently usedGoods pass directly by two other distribution centers en route to Dallas, and Owlet could change the delivery location on weekly shipments on short notice (2-3 days) Flexible Supply Chain to
Respond to Dynamic Backdrop Despite impacts to the supply chain and retailers, gross sales have remained strong. Strong Long-Term Outlook 1 2 3 66
--Appendix-- Future Clinical Opportunities:Medical Devices and ‘Every Baby’ Strategy 67
Owlet is Developing Two Medical Devices: Medical device under development that is designed to be sold
over the counter at retailers like Target or Walmart similar to a thermometer or a breast pumpPotential for increased consumer trust and sales from FDA clearance (if granted)Potential for stronger claims (subject to FDA review): “Designed to
notify you of potential accidental suffocation”‘Opportunistic screenings’ for potentially life threatening conditions like CHD, SVT, epilepsy, fever and sickness OTC Sock Expanded claims could lead to deeperpenetration BabySat Designed
to be the first pulse oximeter designed for infants (vs retrofitted from adult pulse oximeters)Wireless, on-foot design has the potential to be safer and lead to fewer false alarmsPotential to open new medical market for babies with health
conditions BabySat Gen1 ($65M) and Gen2 ($317M) Building credibility and opening up a new market 68
Medical Devices When? Potentially as early as 2021 (if marketing authorization from FDA is
granted) Targeting submission to FDA for Marketing Authorization in Q4 2021 Primary Use? Sick Babies Healthy babies _________________Source: 4M babies born in US multiplied by OTC Sock Price of $299Based on growing the pie for monitoring
into other conditions: NICU early discharge (266k), RSV monitoring (92k), maternity wards (30k) Company estimate based on 2019 Symphony claims data: 132k conditions covered by insuranceReimbursement code: E0445 Designed for
Prescription? Yes No Operational Change Designed not to compete with OTC Sock (targets sick patients)Subject to medical device ISO 13485 quality standards Designed to replace Smart Sock as the next generationSubject to medical device ISO
13485 quality standards Proposed Customers Targeting DME’s & Health Systems (requires prescription) Pursing Target, Walmart, BBB Who would pay? DME and reimbursed by insurance companies(4) Stage 1 – Consumer paid: like Sock today.
Deeper penetration anticipated to come from health related claims and FDA clearanceStage 2 – Payor coverage and reimbursement: Present clinical evidence that OTC Sock is a medical necessity and therefore reimbursable $1.2B ‘Healthy Baby’
Market (1)OTC Sock The OTC Sock is under development to support health related claims and credibility that may lead to deeper penetration and lay the foundation for mass adoption. (application for FDA marketing authorization estimated to be
submitted Q4 of 2021) $65M $317M ‘Sick Baby’ Market($317M)(2) BabySat Gen 2 Is designed for expanded indications for use to enable monitoring for more situations (application for FDA marketing authorization estimated to be submitted) ( Q1
2023) ($65M)(3) BabySat Gen 1 is designed to enable the company to get a foothold in monitoring babies with conditions (subject to FDA marketing authorization) BabySat $699 OTC Sock $299 BabySat OTC Sock 69
Positioned to Excel in Medical Category Owlet BabySat(subject to FDA marketing
authorization) FDA-cleared Pulse Oximeters WirelessEasy-to-use technologyComfortable for babyIntuitive appContinuous monitoringCreated specifically for babies and parents in mind WiredCumbersome interfaceLimits baby’s range of motionAnalog
formatDesigned for spot checksFocused on a broad use case, rather than the unique needs of at home pediatric monitoring With FDA marketing authorization, Owlet would be able to offer at home, medical grade monitoring to infants with health
conditions Designed to be: 70
Current and Upcoming Research Research Timeline Past Medical Opinion CHIME Study started (1994)
and published (2001)AAP Recommends against monitoring to reduce SIDS (2003) Published Research “Owlet Smart Sock Improves Usability, Care Access, and Reduces Parental Anxiety in Newborns” (2017)Owlet Smart Sock V2 Clinically Validated
Accuracy Results with Third Party Lab Clinimark (2018)Owlet Smart Sock V3 Accuracy with Profound Hypoxia Bickler Labs (2020)“Supraventricular Tachycardia (SVT) Prevalence” Cleveland Clinic Universities of Michigan and Utah (2021) Upcoming
Research “Comparison of Wireless vs Wired Pulse Oximetry for Monitoring Neonates”Drs. Carl Hunt, and Nichole Dobson (Completed-Pending Publication)“SUID Prevalence During Home Cardiorespiratory Monitoring” (In Progress)"Owlet Smart Sock 3
Accuracy on Infants- Including Preemies"- U of U Pediatrics(2021)"OSS3 Validation to Assist with Home Oxygen Therapy for Premature Neonates with Bronchopulmonary Dysplasia" - Mayo Clinic (2021) Research around monitoring is limited. Over 20
years ago, researchers in the CHIME study tested pulse oximetry as a way to identify SIDS cases. They found that the “efficacy of such devices for this use is unproven.” Given that traditional pulse oximetry leads to parental anxiety The
American Academy of Pediatrics (AAP) does not recommend using cardiorespiratory monitoring as a strategy to reduce SIDS Smart Sock V2 accuracy has been validated by the 3rd party accuracy lab clinimark(1) and V3 accuracy has been validated by
a lab at UCSF(2)Owlet published data has shown that 96% of parents experience improved peace of mind because of the Smart Sock(3) Comparison of Wireless vs Wired Pulse Oximetry for Monitoring Neonates: Carl Hunt, MD (co-author on the CHIME
study) and Nicole Dobson, MD (both SUIDS researchers) are co-investigators on the studySupraventricular Tachycardia (SVT) Prevalence: SVT is a condition where if undiagnosed can be deadly for infants. In collaboration with Cleveland Clinic and
the University of Utah A large analysis of Owlet data has discovered that SVT is more common than previously thought(4) Advancing Research for at Home
Monitoring ____________________Source:https://clinicaltrials.gov/ct2/show/NCT03630016?term=owlet&draw=2&rank=2https://www.clinicaltrials.gov/ct2/show/NCT04446247?term=owlet&draw=1&rank=3https://journals.sagepub.com/doi/10.1177/2333794X17742751https://www.sciencedirect.com/science/article/abs/pii/S0022347621000020 71
72