Over a very long period of time, they might have gone under; but their financials weren't terrible, almost 500M in revenue a year, and turning a gross profit every quarter. They just weren't returning shareholder value. The fact is that the Apple Watch is a cultish item, and people within that ecosystem are going to buy a complimentary device. That effectively leaves the others fighting for scraps. Most people just use their Apple Watch as a fitness device without utilizing the other features, but they are willing to pony up regardless.