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Apple Watch Could Gain Blood Glucose, Blood Pressure, Blood Alcohol Monitoring Using Tech From Rockley Photonics [Video]

Apple could bring blood glucose, blood pressure, and blood alcohol monitoring to the Apple Watch using technology from Rockley Photonics.

In a recent SEC filing, Rockley revealed that Apple was its largest customer. The deal accounted for most of its revenue in 2019 and 2020. Rockley has a master supply and developer agreement with Apple; however, there are no minimum purchase requirements for Apple.

Rockley believes that its operating results for the foreseeable future will continue to depend to a significant extent on revenue attributable to a few large customers, including Apple Inc., Rockley’s largest customer. Rockley’s two largest customers collectively accounted for 100% and 99.6% of Rockley’s revenue in 2020 and 2019, respectively. Revenue attributable to Rockley’s largest customer accounted for the majority of its revenue in 2020 and 2019, respectively. Rockley anticipates revenue attributable to this customer will fluctuate from period to period, although it expects to remain dependent on this customer for a significant portion of its revenue for the foreseeable future. Rockley has a master supply and development agreement with this customer, which provides a general framework for Rockley’s transactions with it. This agreement continues until either party terminates for material breach. Under this agreement, Rockley has agreed to develop and deliver new products to this customer at its request, provided it also meets Rockley’s business purposes, and has agreed to indemnify it for intellectual property infringement or any injury or damages caused by Rockley’s products. This customer does not have any minimum or binding purchase obligations to Rockley under this agreement and could elect to discontinue or reduce making purchases from Rockley with little or no notice.

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