<aside> <img src="/icons/calendar_green.svg" alt="/icons/calendar_green.svg" width="40px" /> This March 2024 update reviews our performance from February, 2024.

You can expect to see our next update on April 20, 2024, reviewing performance for March 1-31st, 2024

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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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Overview

Loom

https://www.loom.com/share/32a3545210294a3eb9ab947ac6254031

Letter

<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors –

Last month we achieved our objective of improving our contribution margin for the fourth consecutive month. As a result, we expanded our focus to company-level metrics including operating burn, revenue growth, and retention. For February we saw a regression in results from the highs we saw in January. This was in line with expectations, as January is typically an unusually strong month for health and wellness companies.

The engineering and product team continued to work on reinforcing the standalone value and retentiveness of Levels software with a focus on accessibility, meal logging, and accountability.

• In accountability, we improved our habit-tracking loops by building the ability to customize habits. This allows customers to set targets for macronutrient intake, exercise, and spike-free days.
• We continued to improve our logging experience by providing better feedback to make meal logs more understandable.
• We started testing a free version of levels software with a small alpha cohort of customers at the end of February.

In growth, we continued to see steady acquisition rates and maintained a blended acquisition cost below $80. We maintained our focus on lifecycle with our first product marketing campaigns highlighting recent improvements to food logging and macronutrient data.

Our operations team improved our support response times by achieving our best 3-hour response rate in the past 18 months. We also saw a reduction in overall support volume by improving glucose data integrations.

<aside> <img src="/icons/arrow-right-basic_green.svg" alt="/icons/arrow-right-basic_green.svg" width="40px" /> Looking ahead to March

We expect to focus on retention initiatives to improve upon February’s results.

• In growth, we’ll prioritize lifecycle win-back campaigns along monitor upsells and featuring glucose monitor brands on our site.
• In product and engineering, we’ll continue improving our logging and accountability measures by building community glucose data into our meal scores and releasing custom habit loops to our full membership.

We’ll also focus on improving the efficiency of our acquisition funnel by iterating on a new version of our signup quiz (v1 saw significant improvement in LTV per signup with room for growth). Efficiency improvements will also come from testing the incremental impact of paid ads and focusing partnership efforts on our top-tier performers.

Finally, we’ll continue to work on longer-term initiatives, including:

• Improving accountability by building custom insights and day review features, and
• Developing a beta version of free software which we plan to test in April </aside>

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<aside> 🙏 Special thanks this month to Elliot Cohen, Gaurav Jain, Julia Lipton, Andrew MacDonald, Lauren Moores, Sherrod Patching and Ben Foster.

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Table of Contents

Metrics

<aside> 👉 For February we saw a regression in results from the highs we saw in January, which was in line with expectations. This resulted from a shorter calendar month, along with a return to normal demand levels following the new year renewal season. We managed costs effectively in the month, achieving a better-than-forecast result for operating burn.

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<aside> 📝 Definitions for New customers, LTV:CAC, 12 month retention, Normalized Burn Rate, and Runway are included in our Metrics Appendix.

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Open Roles

We have no open roles at this time.