<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> <img src="/icons/calendar_green.svg" alt="/icons/calendar_green.svg" width="40px" /> This September 2023 update reviews our performance from August 2023.
Our next update will be sent on October 20, 2023, and will review performance for September 1-30th, 2023.
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https://www.loom.com/share/b3f90a58e4c343eb93f2dcccd1397eb4
<aside> <img src="/icons/circle-dot_green.svg" alt="/icons/circle-dot_green.svg" width="40px" /> Levels Investors & Team –
We finished August up 4% from July, but fell short of our monthly goal of growing new members and new member revenue by 10%. New Member Revenue in August was $306,638, and Overall Revenue (including CGMs) was $1,794,110. August burn was $886,275, and we maintain 18 months of runway with our remaining capital.
While we hit some of the underlying growth goal metrics (below), we haven’t yet identified a path forward that allows us to comfortably invest for sustainable growth. We expect similar results to continue into September until we’ve identified sustainable channels or make other adjustments to strategy or approach.
Within Growth & Marketing, we found success in August through signup incentives like the Free Labs promo that we ran for the last week of the month. However, we continue to see less encouraging results from previously strong channels, paid partner placements, like podcast appearances, and affiliates. Performance marketing and iteration on creative assets have also not produced strong performance.
Our primary growth objective for September will be improving upon August results through email and lifecycle marketing, improving lead capture, and running several cross-brand promotions with other related brands that share our audience.
We will also ship updates to our signup flow & introduce monthly pricing options, update performance marketing creative (leveraging more user-generated content), and introduce new sensor hardware options that have been requested by prospective and current members.
Within Engineering & Product, we shipped a highly requested calendar view back to the app homescreen and immediately saw positive engagement rates. We also continued to reduce app surface area and completed a backend migration to a more scalable data architecture for one of the CGM devices we support.
Our primary projects in September will be relaunching our website homepage, and re-building much of our checkout flow, which will include changes to pricing and introduce a monthly membership option (over annual). We also plan to release a software-only offering for members who already have access to CGM.
Within Operations, we’re validating our Levels Labs product by updating pricing, positioning, and running engagement campaigns – though it’s early days on revenue numbers, we’ve seen encouraging growth, adoption, and excitement. We anticipate making a decision on future product and operations investment into Labs by the end of September.
We’ve incorporated updates below to include additional metrics, including snapshots of the markers we track and work towards on a weekly basis. As always, we appreciate your support, feedback, and guidance. If you have any questions or input, reach out to Sam or Josh.
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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> 🏫 ARPA-H introduction
We’re looking for introductions to folks at the the Advanced Research Projects Agency for Health (ARPA-H), within the US Department of Health and Human Services.
Please reach out to @Josh Clemente ([email protected]) if you can make an introduction or have insights to share.
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Table of Contents
| | June 2023 Result | July 2023 Result | August 2023 Result | | --- | --- | --- | --- | | Total Revenue | $1,764,650 | $1,777,516 | $1,794,110 | | Burn Rate | ($1,659,623) | ($602,756) | ($886,275) | | Runway | 22 months | 19 months | 18 months | | Cash | $19,865,429 | $19,218,158 | $18,294,802 | | Product: Total Memberships | 26,313 | 26,188 | 26,199 | | Product: Active Members | 6,187 | 6,249 | 6,138 | | Operations: CGM Shipments | 7,958 | 8,404 | 8,198 | | Operations: Support Satisfaction | 93 | 87 | 87 | | Operations: Net Promoter Score | +45 | +41 | +43 | | Growth: Customer Acquisition Costs, Blended | $210 | $173 | $171 | | Growth: Customer Acquisition Costs, Paid | $264 | $248 | $304 | | Growth: Customer Acquisition Costs, Fully Loaded | $342 | $280 | $267 |
| | July 2023 Result | August 2023 Objective | August 2023 Result | Owner | | --- | --- | --- | --- | --- | | New Member Revenue | $292,302 | $320,111 | $306,638 | @Anonymous Growth | | 12-month Retention | 22.7% | 20% | 21.8% | @Cosima Product | | Lifetime Value (LTV) | $257 | $249 | $254 | @Anonymous Growth | | Customer Acquisition Cost, blended (CAC) | $173 | $190 | $171 | @Anonymous Growth | | Lifetime Value/CAC (blended) | 1.5 | 1.3 | 1.5 | @Anonymous Growth | | Engagement: Food Logging | 59% | 65% | 60% | @Cosima Product |
| | August 2023 Result | September 2023 Projection/Goal | Owner | | --- | --- | --- | --- | | New Member Revenue | $306,638 | $337,302 | @Anonymous Growth | | 12-month Retention | 21.8% | 20% | @Cosima Product | | Lifetime Value (LTV) | $254 | $249 | @Anonymous Growth | | Customer Acquisition Cost, blended (CAC) | $173 | $188 | @Anonymous Growth | | Lifetime Value/CAC (blended) | 1.5 | 1.3 | @Anonymous Growth | | Engagement: Food Logging | 60% | 65% | @Cosima Product |