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Inside Levels - Friday Forums and Investor Updates
Levels Investors & Team –
Our goal for January was to realign our product strategy based on what we’ve learned since launching publicly last summer. Since 2020, nearly 40,000 people have accessed continuous glucose monitors through Levels, and used our app to change their habits, track their biomarkers, contribute to research efforts, and improve their metabolic health. In that time, we’ve shown that our software can help people understand how food affects their health.
We’ve heard hundreds of success stories – like Betsy's weight loss journey, or Dave’s effort to heal his body after a cancer diagnosis. We invite members to our Friday Forum weekly to share their first-hand experiences with our team. We host regular community calls, member research sessions, and listen actively to our members through our support team.
Here is an excerpt from a typical interaction with our Support Team about a membership renewal:
*My Levels membership ends on Feb. 8th. I've had a great experience monitoring my blood glucose. My goal was to see my day to day metabolic function. I've learned that I have very stable blood glucose in the optimal range as long as I don't eat sugar/simple carbs, etc.
I learned from Levels the importance of not eating between meals.
Thanks for introducing me to your medical advisors. I especially respect Dr. Sara Gottfried and I just got Dr. Molly Maloof's new book. I know I'lI benefit from her insights.
I'm a life long exerciser. I do pilates, HIIT, aerobic dance and take long walks 4-5 days per week. I get good sleep most nights. I don't drink alcohol (hate wine, love whiskey) very often but it was an eye opener to see the effect of having a cocktail has on my blood glucose.
I'm 63 years old, still working full time as an interior designer. I want to maximize my health span. I've managed to get through the pandemic without so much as a cold. I've been lucky for sure. I went to twelve holiday parties this year and each time I thought, "this is it, I'm going to get Covid" but I never did.
I have to think that good nutrition, exercise and sleep have played a role in my healthy immunity. Thanks for the opportunity to gain valuable metabolic insights.
I think you are providing an excellent service and empowering people to manage their health in strategic ways though it's definitely a resource that only the affluent can afford.
I won't renew my Levels membership. I can fly solo now.*
The feedback themes we hear are consistent – the Levels product, community, and content provides meaningful value that helps people make changes that improve their health and lives. But over time, the cost adds up – and $200/month, or $2,600 a year with membership + monthly CGMs for continuous accountability is proving expensive.
Building a more affordable product that people can easily try, regularly use, and comfortably refer others to has been the second step in our Secret Master Plan for some time. Now that we have the largest dataset in the world on the glycemic responses in a general wellness population, we're in an excellent position to focus our attention on this step and adapt our product experience accordingly.
Our 2023 product strategy realigns our strategy to meet our mission of reversing the metabolic health crisis. In the next few months we’ll be iterating towards a software-first product that adds value even if a continuous glucose monitor (CGM) isn't actively being used. Our approach will change from "Levels is CGM software" to "Levels is software that uses CGM, bloodwork, and other tools for behavior change.” Software-first, rather than CGM-first. We’re excited to build in this direction across the company.
Our current monthly burn target of $1.2m remains stable, providing a reliable runway of 22 months with $26.5mm of cash on hand**.** Revenue for January increased to $2.1mm, up 53% from December 2022. This was driven by membership revenue which increased by 196%. The growth in membership revenue resulted from our first cycle of annual membership renewals, as well as a rebound in new member joins from a slower month in December 2022.
As always, we appreciate your support of our team and mission. Please feel free to reach out with any questions or for further discussion.