Possibility of non-invasive hemoglobin concentration measurements with wearable devices have been evaluated. The proposed solution is based on the assumption that PPG waveform shape measured at various wavelengths in the reflectance mode carries information about in-depth distribution of optical pathlength in the tissue. Decomposition of temporal and spectral features of PPG signal have been applied to correct estimation of hemoglobin concentration. The dataset including 840 PPG waveforms from 170 volunteers have been collected for the purpose of neural network training and validation. The achieved performance (MAE~13.6 g/l, R~0.62) is confirmed with the invasive blood test.Clinical Relevance - This paper establishes possibility of non-invasive real time hemoglobin concentration measurements by means of low-cost wearable sensor with accuracy comparable to non-invasive clinical instruments.