Lab Me Analytics— Blood Testing Made Simple

Lab Me has created a blood testing platform that allows customers to monitor their health more effectively.

Problem

On average, Americans spend four weeks and more than $500 in time and cost to take and get results from a blood test. Due to the inconvenience, many people get their blood taken once per year, offering a small snapshot into their overall well being.

What the Company Does

Lab Me is making blood testing simple by delivering a blood collection cartridge to the customer, who collects blood at the comfort of their home with no need to fast and travel to physician’s office hungry. The cartridge is then mailed via a pre-addressed and pre-paid envelope. Within 48 hours of receipt of the sample, the company uploads the results to a personalized dashboard that the customer can see on their PC or phone.

Business Model

Each test sold carries a gross profit margin of 50% to 60%. The team is also plans to target health enthusiasts tracking their fitness through DTC/digital marketing efforts and patients with chronic condition through direct sales to physicians.

Market

The team estimates the market is around $12B for fitness trackers and up to $200B in monitoring acute and chronic medical conditions. Some of their competition includes Everlywell, Let’s Get Checked, Inside Tracker, and Wellness FX. Lab Me is different due to superior accuracy, gamification/social sharing, dynamic subscriptions/playbook, and proprietary algorithms in tracking medical conditions and predicting health outcomes.

Traction

Lab Me currently has 200 subscribers, 26 purchases and 17 active subscriptions since Sept. 1, 2019.

Founding Team Background

Lab Me is led by CEO Dr. Anthony Close, a physical therapist with 12 years clinical experience, degrees from Harvard and MIT and a background in molecular genetics and chemistry. The rest of the team consists of Ivy league biostatisticians. COO Andre Harrell who is an ex-Johnson and Johnson executive and has over 30 years in biological life science experience. CFO Aleksey Krylov led a Medtech company IPO that raised over $1.6B and deployed over $500M in revenue. He has also been an advisor to numerous healthcare technology firms.

What They Need Help With

Lab Me is in growth mode and would love intros to customers, advisers and financial institutions. They also welcome strategic partnership intros to individual health/medical service providers and organizations. You can connect with the Lab Me team here.

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