(Pocket-lint) - Fitbit's first ever smartwatch is still on course to launch later this year, following the confirmation by the company's CEO James Park.

Speaking during Fitibit's second quarter financial results, Park said: "Our smartwatch, which we believe will deliver the best health and fitness experience in the category, is on track for delivery ahead of the holiday season and will drive a strong second half of the year." However, Park didn't reveal an exact launch date.

In July, Park said the upcoming smartwatch would be Fitbit's "make or break" device, and while it won't go directly up against the Apple Watch, it will still face some serious competition. With Fitbit's new product going on sale for the holiday season, it will launch at a similar time to the Apple Watch 3, which is expected to be unveiled in September.

From the information we know so far, the smartwatch certainly has all the ingredients for a great device: waterproofing, GPS tracking, a heart rate monitor and other sensors beyond the 'regular' ones you'd expect to find. Fitbit is also rumoured to be trying to sign up Spotify or Pandora to offer built-in music streaming.

However, the fitness tracking wearables market is in a decline, at least according to Fitbit's latest financial results. The company sold just over 2 million less units in the three months ending 1 July 2017 than it did last year, and posted a net loss of £58.2 million.

Writing by Max Langridge.