<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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<aside> 📅 Investor Update schedule change – shifting from the 15th to the 20th

We’ve been sending out monthly investor updates on the 15th of each month.

Moving forward, we’re changing the send date to the 20th. We’re doing this so we can share accurate (instead of estimated) financials and metrics.

You can expect the update for July 2023 to be in your inbox on August 20th.

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Overview

https://www.loom.com/share/5987e22bebb4466ab44c757814c1a9c2

Levels Investors & Team –

In our May update, we shared the changes to company and product strategy and adjustments we were making to team headcount and overall organizational direction. At the beginning of June, we said goodbye to 15 team members, and then began a three week period of recalibrating by updating our strategies, reallocating resources to updated team goals and priorities, and implementing the instrumentation and cultural changes needed to help us achieve our goals.

As a reminder, our goal for this next phase is on new member growth. We’ve sufficiently dialed in our core product, built strong partnerships with the leading device manufacturers, scaled an metabolic education content platform, and created a strong and trusted brand in the metabolic health space. With that foundation, we are now laser focused on reaching a consistent 10% monthly growth rate from here on out.

• Within Engineering, we implemented changes that increase the scope of our engineers, and pushes them to take more ownership in the software development process. Moving forward, engineers are directly responsible for measuring, analyzing, reporting, and validating the results of their projects in addition to building and shipping them.
• In our Product strategy, our focus is on engagement and retention for our core CGM experience and building a health flywheel with the Labs product. We're increasing app performance by narrowing scope and surface areas, then focusing on the critical features (like logging) that encourage accountability and agency for members.
• In Growth, we:
  • released an updated growth strategy with all our learnings to date, and which outlines the projects for optimizing our pricing, meaningfully improving our marketing, and investing in our highest potential growth levers.
  • established a dedicated Growth Engineering group to prioritize the necessary improvements, such as checkout optimization, referrals, signups flow improvements, marketing attribution, tooling, instrumentation, and more.
  • shifted additional internal resources towards the team, by allocating headcount from other teams
• Across the company, we:
  • introduced a weekly business metrics meeting as a tool to align the entire team with our core business metrics. We’ve tracked metrics across team dashboards in the past, but this live and detailed dive and increased visibility are intended to orient us all around the same agreed-upon indicators of performance in growth, engagement & retention, and operations.
  • elevated our commitment to listening to our members. We increased the rate and volume of product feedback calls, community calls, cart abandon calls, and product shadow sessions, across our leadership, engineering, and operations team.
  • implemented changes to our culture of transparency. We are now sharing performance conversations by default, and only excepting conversations around compensation from our sharing culture.

We didn’t hit our intended growth numbers for end of June, which we need to change going forward. Some of this is related to shifting resources internally after our layoffs, and it’s possible that some of this is related to summer seasonality that we’ve seen in previous years. Either way, we need to start hitting these numbers and that’s our entire team focus moving forward.

If you have any questions or would like to see any of the supporting strategy docs or memos mentioned above, please feel free to reach out.

Metrics Snapshot, June 2023