Second quarter net loss more than doubled to $118,268,000 from a loss of $58,240,000 last year, and a sellout of the new Versa smartwatch wasn’t enough to keep revenues from tumbling 15% to $299,344,000 from $353,299,000. Sales of the Versa and Ionic now account for 55% of revenue, but the shift to less profitable smartwatch sales pushed gross margin down 250 basis points to 39.8%. SG&A increased by $5.4 million, mostly on R&D and advertising to support Versa, and deleveraged 1270 b.p. as a percent of sales to 72.9%. FIT sold 2.7 million total devices in the quarter at an ... Log in to view full article.