<aside> 💡 All historic Investor Updates, Friday Forums, and other inside the company content can be found here:

Inside Levels - Friday Forums and Investor Updates

</aside>

Overview

<aside> <img src="/icons/star_green.svg" alt="/icons/star_green.svg" width="40px" /> Our top-level objectives:

1. Member retention – measured by monthly active users after month 1 (build a product that people want)
2. New member acquisition – measured by members purchasing Levels memberships (sell the product to new members)
3. Member health improvement – improving underlying health metrics and help members meet their individual goals

Our company-wide OKR metric tracking begins for Q4 with October.

</aside>

<aside> <img src="/icons/meeting_green.svg" alt="/icons/meeting_green.svg" width="40px" /> People & Team

• We have 58 fulltime employees. We intend to hire or start ~5 more team members by end of year across People Ops (1), Support (1), and Software Engineering (3).
• We’re migrating from Rippling payroll to Justworks PEO, beginning in November to improve HR administration and benefits offerings. </aside>

<aside> <img src="/icons/phone_green.svg" alt="/icons/phone_green.svg" width="40px" /> Product

• Improved Logging by making it faster and simpler
• Improved Stability Ring & Spike Detection features
• Developing features to help members make healthier food choices
• Experimenting with in-app personalities with influencers & experts to deliver engaging recommendations </aside>

<aside> <img src="/icons/activity_green.svg" alt="/icons/activity_green.svg" width="40px" /> Demand, Growth, & Marketing

• Member Acquisition
  • We had 2,069 new membership purchases in September (-9.4% m/m). 3,644 subscription units (+14% m/m)
  • 57% of new members came through organic homepage visits, 14.8% of new members came in through paid partner links and 8.6% of new members came in from waitlist invite emails.
• Market Awareness
  • Casey’s interview on Honestly with Bari Weiss drove meaningful traffic and awareness, and resulted in ~200 incremental homepage purchases (above our normal volume since Liftoff)
  • The volume of messages & shares across platforms has been especially exciting - doctors, hospital administrators, CEOs, politicians, influencers, investors and interested candidates have reached out after hearing the episode.
• Community
  • We launched the Apple Cider Vinegar Challenge to our community – this was both an engagement tactic and research initiative to understand how specific inputs can impact glucose levels
  • 187 members signed up (0.7% of newsletter recipients) and we saw 190 trials with 54 clean takes (28% completion), one of the largest apple cider vinegar trials completed by people without diabetes
• Traffic
  • We started to see several large spikes in organic traffic from Google Discover over the course of September.
  • One of our recent blog posts was picked up by the algorithm and drove 585k impressions and 50k clicks over the course of a week. </aside>

<aside> <img src="/icons/gear_green.svg" alt="/icons/gear_green.svg" width="40px" /> Operations highlights

• Our fulfillment partners for CGM (Truepill Pharmacy) and phlebotomy & labs (Scarlet Health) experienced meaningful interruptions during September, which in turn had a negative impact on our order fulfillment SLAs and drove CSAT down to 83% due to delays.
• Due to a service reduction from Scarlet Labs, we restricted serviceable zip codes for phlebotomy. We’re actively pursuing alternate providers and intend to relaunch our Labs 2.0 (Metabolic health panel) product in the coming months. </aside>

<aside> <img src="/icons/feed_green.svg" alt="/icons/feed_green.svg" width="40px" /> Content & Media highlights

• 16 new original articles published (increase), 12 WNL podcasts released
• Beginning UK-specific media pitches & engagements
• Blog redesign, search improvements, and PDF download improvements underway
• Site visitor traffic up 11% from August (226,000 visitors); blog at 276,000 pageviews
• Direct email open rates still average 40%, with 6% CTR </aside>

<aside> <img src="/icons/cash_green.svg" alt="/icons/cash_green.svg" width="40px" /> Finance highlights

• Gross Revenue: $1.6mm (prev “Cash Receipts”), up 4.2% from August 2022, (up 159% from September 2021)
  • 73% CGMs, 26% membership fees, <1% metabolic health panel (bloodwork)
• Cash on hand: $31.2M + $10M of available venture debt
• Cash burn: $1.51M
  • target of $1M/month average; $1.02M normalized for invoice timing
• Runway: 30 months </aside>

Loom

https://www.loom.com/share/d49894afe7f241238825208f0ff42d7f

Table of Contents

People & Team

New Hires

We added three new hires in September, bringing the total fulltime headcount to 58 team members.