Fitness tracking devices maker Fitbit is preparing to go public and filed for $100m IPO.
The company sold around 11 million units and generated $745m in revenue last year, with about $132m of net income.
The company’s financial performance in 2013 is a huge improvement compared to 2013, when the company posted a $52m net loss on $271m in revenue.
Fitbit said it is facing stiff competition from Apple, Samsung and several other companies, which are planning to unveil new smartwatches.
On the competition, the company said: "The connected health and fitness devices category has a multitude of participants including specialised consumer electronics companies such as Garmin, Jawbone, and Misfit, and traditional health and fitness companies such as adidas and Under Armour.
"In addition, many large, broad-based consumer electronics companies either compete in our market or adjacent markets or have announced plans to do so, including Apple, Google, LG, Microsoft, and Samsung."
Apple has recently introduced the Apple Watch smartwatch, with several functionalities including health and fitness tracking capabilities.
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Fitbit said it also facing competition from a range of stand-alone health and fitness-associated mobile apps that can be purchased or downloaded via mobile app stores.
