<aside> <img src="/icons/calendar_green.svg" alt="/icons/calendar_green.svg" width="40px" /> This December 2023 update reviews our performance from November 2023.
You can expect to see our next update on January 20, 2023, reviewing performance for December 1-31st, 2023.
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<aside> 💡 After 12 months, all historic Investor Updates, Friday Forums, and other inside the company content can be found here:
Inside Levels - Friday Forums and Investor Updates
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https://www.loom.com/share/790f2e74ab8d4cc9bda6488aa44ed79c
<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors & Team –
In October we shifted our focus to improving contribution margin and decreasing burn while we worked toward delivering a path to non-linear growth. In doing so, we recorded all-time high revenues and contribution margin. In November, we improved upon October’s results by growing contribution margin a further +16% to $166k.
The growth team delivered a strong result this month by rolling out a well-rounded Black Friday campaign. The underlying economics of our campaign were solid and helped improve our LTV:CAC ratio from 2.1 to 3.0 - an improvement of 43% MoM.
In operations, we leveraged releases of next-generation hardware and complemented our Black Friday acquisition strategy with retention campaigns targeting lapsed and expiring subscribers. These efforts increased our annual retention from 25.6% to 35.2%.
In product and engineering, our momentum continues to build. This month we released key features to enable in-app CGM order management, macronutrient tracking for food logging, and offline logging. This effort built upon quick logging, in-app NPS and the Levels Library which were launched last month.
In addition to the strong commercial success in the month, we have a large group of new and returning customers to work with and learn from. We look forward to continuing to validate learnings that will help us improve our ability to attract and retain customers which will ultimately get us on track to sustainable non-linear growth.
<aside> <img src="/icons/arrow-right-basic_green.svg" alt="/icons/arrow-right-basic_green.svg" width="40px" /> Looking ahead to December:
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<aside> <img src="/icons/help-alternate_green.svg" alt="/icons/help-alternate_green.svg" width="40px" /> Asks: If you’re able to help with any of the asks below, we’d really appreciate it:
<aside> 🤝 Intro to Program/Project Manager We’re looking for anyone who has experience in Program or Project Management.
Please reach out to @Sam Corcos ([email protected]) and @Taylor Maniscalchi ([email protected]) for any recommendations or introductions.
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<aside> 🙏 Special thanks this month to Lenny Rachitsky and Yuriy Timen
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<aside> 👉 Performance beat expectations across our metrics in November. This was an outlier result because it was amplified by the Black Friday purchasing season. In December we expect to see softer results due to slow seasonal purchasing behaviors. In January our metrics will recover with consumers focusing on health and wellness spending to start the new year. The strong performance will continue into February, which will fall just short of January results due to the shorter calendar month.
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<aside> 📝 Definitions for Contribution margin, New customers, LTV:CAC, 12 month retention, and Runway are included in our Metrics Appendix
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