# Juno Financial Model

Hello Heart is an AI-powered mobile app for heart health management, sold B2B2C to self-insured employers and health plans.

- Canonical: https://finamodel.com/startups/juno
- Excel download: https://finamodel.com/startup-models/juno.xlsx
- Category: Health-tech
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $4M
- Founded: 2022
- Geography: US (employer market focus; data sourced from CDC, AHA, UCSF).
- Customer: B2B

## About the company

Juno, branded Hello Heart in the research, is an AI-powered heart-health app for employers and health plans. It supports participants with a consumer-facing experience aimed at improving engagement and management of cardiovascular health.

Health plans and PBMs support distribution to self-insured employers, with committed per-participant ARR. The commercial model depends on client logos, covered populations, activation, engagement, outcomes, expansion, and the ability to retain institutional buyers over multi-year benefit cycles.

The model forecasts client logos, covered participants, activation, PMPM pricing, engagement, expansion, and churn. It includes care and technology costs, partner distribution economics, employer sales capacity, outcomes incentives, gross margin, cash burn, and runway.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Mobile app tracking blood pressure, blood sugar, activity, and weight with daily line-chart trending.
- Medication management and reminders.
- Personalised AI-driven coaching (hub-and-spoke engagement model: Hooked → Loyal → Influenced → Not Engaged).
- Clinical efficacy published: 84% of Hypertension Stage 2 users improved BP within year 1; 21 mmHg systolic reduction over 3 years; 28,189 study participants (JAMA Network Open, Oct 2021).
- Value to employer/health plan: $1,865 reduction in total medical costs per participant per year (Validation Institute certified, Oct 2021).
- ROI to employer: 2:1 depending on employer size.

## Market

- Problem size: 1 in 2 Americans have high blood pressure and are at risk.
- Heart disease is the #1 cause of death globally.
- Source cited: Cleveland Clinic survey 2013 and AHA 2015 statistics.

## Revenue model

- GTM channel: Self-insured employers, sold via health plans and PBMs (which act as distribution layer to reduce direct employer sales friction).
- Revenue type: Committed accumulated ARR (subscription).
- Pricing unit: Per participant / per member. Exact PMPM rate not stated in deck.
- Contract type: Employer/health-plan contracts (B2B); end users are employees/members.

## Traction & metrics

- 60+ employer clients as of Jan 2022.
- ARR growth trajectory (committed accumulated ARR):
  - Jan 2019 → Jan 2020: 3x
  - Jan 2020 → Jan 2021: 3x
  - Jan 2021 → Jan 2022: 2x
- Absolute ARR figures not labelled on chart (y-axis has no scale markings).
- 28,189 study participants over 3-year clinical study (proxy for engaged user base scale).
- Cost savings validated: $1,865 per participant per year; 2:1 employer ROI.

## Unit economics

- Validated cost savings per participant per year: $1,865 (independent third-party, Validation Institute).
- Employer ROI: 2:1 depending on employer size.
- Claims spend delta vs. matched controls (per participant, employer dataset 2017–2020):
  - Surgery/Inpatient: controls +$34, Hello Heart users -$482
  - ER: controls +$193, Hello Heart users -$111
  - Diagnostic: controls +$580, Hello Heart users -$298
  - Physician Visits: controls +$40, Hello Heart users +$218
  - Routine Care: controls +$45, Hello Heart users +$5
  - Other: controls +$93, Hello Heart users -$210
  - Total: controls +$985, Hello Heart users -$880

## Competition / moat

- Deck positions Hello Heart within a broad digital health 2021 CBInsights landscape across categories (Digital Therapeutics, Virtual Care, etc.).
- Moat claimed: AI engagement engine (Hooked/Loyal/Influenced model) and peer-reviewed clinical evidence (JAMA Network Open).

## Team & funding ask / use of funds

- Team (C-suite):
  - Maayan Cohen - CEO
  - Michal Gutman - CTO & CISO
  - Jony Hartono - CFO
  - Tom Kahl - CRO
  - Jesus Bermudez - Chief Growth Officer
  - Ido Milstein - SVP Product
  - Ayal Levin - SVP Corporate Strategy
  - Ziv Meltzer - IC Founder, Design Leader
  - Sue Giordano - Head of Client Experience
  - Valarie Arismendez - SVP People
  - Orit Wohl - Head of Product Marketing

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## Recommended financial model

- **Archetype + why:** B2B SaaS ARR model with PMPM revenue mechanics. Hello Heart sells annual committed contracts to employers/health plans at a per-participant rate - the natural model is an ARR build tracking new logos, expansion, churn, and per-member economics. A healthcare-adjusted P&L is needed to capture clinical operations costs (coaching staff, data science) alongside standard SaaS opex.

- **Forecast horizon & granularity:** 3 years (2022–2024), quarterly for Year 1, annual thereafter. Deck is Q1 2022 so near-term quarterly visibility is warranted.

- **Key drivers & assumptions:**

| Driver | Value |
| -- | -- |
| Number of employer clients | 60+ as of Jan 2022 |
| ARR growth rate - Year 1 (2022) | 100% (matching the x2 observed 2021→2022) |
| ARR growth rate - Year 2 (2023) | 75% |
| ARR growth rate - Year 3 (2024) | 50% |
| Net revenue retention (NRR) | 110% |
| Logo churn rate | 5% annually |
| Avg contract value per client | derived from ARR ÷ 60 clients |
| PMPM pricing | ~$5–$15/member/month |
| Avg members per employer | ~500–2,000 |
| Gross margin | 70–75% |
| S&M as % of revenue | 30–40% |
| R&D as % of revenue | 15–20% |
| G&A as % of revenue | 10–12% |
| Clinical/outcomes cost | 5–8% of revenue |
| Cost savings per participant per year | $1,865 |
| Employer ROI | 2:1 |

- **Scenarios (Base / Bull / Bear - which variables flex):**
  - Base: ARR growth 100%/75%/50%; NRR 110%; logo churn 5%; gross margin 72%.
  - Bull: Growth 150%/100%/75%; health plan channel accelerates new logo adds; NRR 120%.
  - Bear: Growth slows to 50%/40%/30%; logo churn 10% (employer budget freezes); margin compression from clinical ops.

- **Required sheets / outputs:**
  1. **ARR Waterfall** - Beginning ARR, new logo ARR, expansion ARR, churned ARR, Ending ARR (quarterly Y1, annual Y2–Y3).
  2. **Client & Member Build** - Logo count, avg members per client, total enrolled members, PMPM pricing, total contract value.
  3. **P&L** - Revenue, COGS (clinical ops + infrastructure), Gross Profit, S&M, R&D, G&A, EBITDA.
  4. **Unit Economics Summary** - LTV, CAC, LTV:CAC, payback period (inputs partially assumed).
  5. **Value / ROI Model** - Employer savings vs. program cost at $1,865/participant/year; break-even member count per employer.
  6. **Assumptions Dashboard** - All tagged inputs with / source column.

## Frequently asked questions

### Is the Juno financial model free?

Yes. The Juno model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.