How does Aviron see the market for fitness trackers and the potential overlap with its metrics-tracking capabilities?

I think the industry that is going to get hurt the most in the connected fitness space is going to be the instructor-led classes. That space is going to get hit the hardest, because there's a strong alternative, boutique fitness, which is really where that industry came from.

So when people say gyms are opening up, it impacts all the connected fitness companies, but it impacts the Pelotons the most because now you can go back to SoulCycle and one of many local spin classes.

If you look at the adjacent spaces, the Tonals, all the wearables, even us, the impact is still significant, but less significant because there is less of a comparable alternative to go “back to”. There is no alternative to all the wearables, people still want to get those metrics and track.

They may have less disposable income and therefore for some companies sales are going to drop because people are just buying less. But a Peloton, not only people are going to buy less, but people are like, ‘I can go and do a spin class at my YMCA now, and I'm getting the same experience.’