Welcome everyone to my Wednesday live. I'm Susan Brady and thank you for joining me today. We all seeking optimal health....
Conventional healthcare is not addressing consumer needs
The market for at home lab testing is growing exponentially.
The D2C Lab Testing Market grew at 53% CAGR in 2019. ($300MM in 2019, 53% CAGR).
COVID-19 is fueling this transformation further with patients not wanting to go to a clinic to get their blood drawn and tested. Remote, at-home lab testing is the future of this industry.
By helping individuals get easier access to their key markers of internal health and improving health literacy we can begin to empower people to take a more active role in managing their health.
There is a systemic issue in the US: Sick Care vs. Healthcare.
With 1 in 2 Americans suffering from at least 1 chronic disease, traditional annual check-ups and lab visits alone are not proving effective enough. Patients are often left frustrated and searching for more information via podcasts, health influencers, and alternative medicine. Visiting a clinic to get your blood drawn can be frustrating and time consuming. Choose Health is here to provide an at-home alternative
Choose Health: The personalized, at-home health tracking service that provides actionable insights
Choose Health was created to empower individuals to take control of their health.
The most affordable and engaging way to track the core markers of internal health from the comfort of your home.
All of our tests and insights are backed by the latest scientific and clinical research, and our team of doctors and researchers have compiled a personalized biomarker selection process that you can test from the comfort of your home.
Choose Health can help you discover how your lifestyle is affecting your core markers of internal health and enable you to make smarter, more informed, decisions about your health.
Personalized health tracking in 5 simple steps
Each Choose Health kit contains lab test supplies, tape measure for visceral fat, a pre-paid shipping package to send your test to the lab, and an unlimited subscription to the Choose Health mobile tracking service application. We use the highest standards in end-to-end encryption and comply with the strictest standards for HIPAA compliance.
Users can personalize their test to track the markers that are most relevant to them. Our team of doctors can also help recommend which tests are the most relevant, based on lifestyle, health goals, and family history. Our current list of markers include: Total Cholesterol, LDL, HDL, Triglycerides, hbA1c, GGT, hs-CRP, Ferritin, Testosterone and Vitamin D.
350+ DTC subscriptions
Since our launch in October 2019 we have seen extremely strong growth across revenue, partnerships, and customer acquisition.
As of June 2020 we have 350+ Active DTC subscriptions with $6k+ MRR and we are on track for 2.5K+ subscriptions or $50k+ MRR by EOY 2020. .
Our Amazon Business has grown 10x in the past 3 months with an average rating of 4.5 stars.
Our B2B physician distribution business includes 60+ active physician partners and a network of 800+ physicians that we are in communication with through our distribution partners. Our test offerings have now expanded to include at-home COVID-19 Antibody testing as of April 2020.
Used and trusted by professionals
Our at-home tests and kits were designed for the health-conscious individual in mind. Our customers are interested in learning how their personal nutrition, exercise, sleep, stress, lifestyle, and family history impact their long-term health. Our kits have earned us a 4.5/5 star review thus far, and are used by medical professionals across the US.
D2C and B2B revenue models
For our primary product, the at-home testing kit, we have competitively priced the kits starting at $68 for a quarterly test subscription. Our primary acquisition channels are through paid digital media funnels and through healthcare influencer networks.
Our B2B channel, working with influential physicians, health coaches and dieticians across the US, provides a solid platform to continue to build upon and support the entire business as we progress.
A growing need for at-home testing
With COVID-19, more and more consumers are now taking healthcare into their own hands. It is placing an even greater demand on products that track health and wellness, all from the safety of our homes.
Our product accesses multiple growing markets, including Wearable Tech Market ($23Bn in 2019, 19% CAGR), D2C Lab Testing Market ($300MM in 2019, 53% CAGR) and Mobile Healthcare App Market( $12.4Bn in 2018, projected 44.7% CAGR). In fact, the rise of functional medicine was the #1 trend from a Forbes Investor event in Silicon Valley, further emphasizing our market potential.
Our typical customer demographic to date has been a 20-40 year old active individual that is interested in learning more about the status of their health. They have periodically tried diets, supplements and other health interventions and have a desire to know more about the status of their health. We also have a growing base of customers that are uninsured or trying to track specific markers for health reasons.
Personalized Testing + Health Insights
Our kits are uniquely positioned to offer both personalized testing, allowing our customers to fully customize their needs for their health concerns, and clinical insights backed by science to educate users on how best to manage and optimize their own health and lifestyles.
An example of an educational video on inflammation below;
To become the best customer experience in at-home testing
We plan to continue to focus on developing our software to optimize the customer experience. We believe that continuing to focus on affordability, customer experience and clinical insights will help us grow exponentially over the coming years.
Self-funded and ready for growth
Choose Health is opening up our first outside raise with the purpose of scaling the business.
Our funds will be used for additional software and product development support, D2C paid media scaling, and adding more sales support to our B2B sales efforts.
Investors are active in digital health in 2020.
Mark is a growth strategy specialist with a demonstrated history of growing and scaling businesses. Mark previously built and exited a nutraceutical brand to a fortune 500 CPG entity in a business that developed a multi-channel sales and proprietary direct response marketing strategy.
Michael is an experienced growth marketer with both brand and performance marketing expertise. Michael previously led marketing at Onnit and Canvas Group, both leaders in the D2C health & wellness space and was on the executive team at top digital agencies, including Deutsch, Razorfish, and Engine Digital.
Sarah is a proven sales leader, with over 15 years of medical and nutraceutical sales experience.
Medical Advisory Board
Our medical team has over 80 years of experience in preventative healthcare.