Medable Financial Model

Three-app unified cloud platform purpose-built for decentralized clinical trials:

• Patient app (iOS/Android): eCOA, eDiary, eConsent, remote screening, wearables/device integration, televisits, notifications/rewards
• Clinician/Site app: screen, enroll, enter patient data in user-friendly format
• Study management app: real-time patient data, next-generation analytics

End-to-end workflow: recruitment → eligibility screening → TeleConsent → data capture (eDiary, image, questionnaires) → direct-to-patient shipping → TeleVisits → real-time data management → data lock

Compliance stack: FDA 21 CFR Part 11, HIPAA, GDPR, HITRUST, GxP; pathway to EN ISO 13485:2016 (SaMD classification)

No TAM/SAM/SOM slide present in deck.

Market context provided via problem framing:

• Only 3% of eligible patients participate in clinical trials
• Average cost per drug approval: $2.6B
• Average time to approval: 12 years
• <7% of trial participants from diverse backgrounds

COVID-19 tailwind cited: prior to 2020, 37% of sites failed to meet enrollment targets and 10% recruited zero patients; post-2020, enrollment accelerated 3x across therapeutic areas and phases

Two explicit revenue streams named in deck section headers:

1. Subscription Revenue - recurring platform license (SaaS ARR model)
2. Committed Annual Recurring Revenue (ARR) - headline KPI; defined as year-end or year-to-date committed ARR

Additional implied revenue stream: Professional/implementation services - referenced via "Reducing cost of delivery / ROI in product to reduce services" section, implying current services attach to platform deals with a stated strategic goal of reducing that services component over time.

Customers: pharma sponsors and CROs. Named penetration: 5 of top 10 pharma companies; 5 of top 7 CROs. 50+ clients total.

Pricing unit: per-study or per-patient subscription (standard DCT SaaS); ACV tracked as a KPI ("Average annual contract value"). Actual ACV figures are redacted.

All figures from slides 6 and 7:

• Clients: 50+
• Client Retention: 100%
• Revenue Growth: 300% - period not specified, context implies 2020 vs 2019
• Patients: 1M+
• Global DCTs deployed: 125+
• Countries: 60+
• Languages: 60+

KPI table (slide 14) covers 2019, 2020 annual and 2020 Q4, 2021 Q1 - but all numeric columns are redacted (solid purple blocks in the image). Metrics tracked: Committed ARR, New Committed ARR, New ARR vs prior year, Topline Revenue, Net Revenue Retention, S&M Spend, Headcount, Human Capital Efficiency, Organic ARR growth, Blended CAC Ratio, Sales Efficiency Ratio, Average ACV.

Bookings chart (slide 13): "Q1 2021 Bookings" and "Cumulative Medable Net Bookings" bar charts present but redacted.

Operating Plan (slide 16): quarterly P&L template for FY2021 (Q1–Q4 + full year) present but all numeric cells are redacted.

No explicit unit economics numbers disclosed. The KPI definitions slide confirms the company tracks:

• Blended CAC Ratio: Fully Loaded S&M / End Gross Committed ARR
• Blended CAC Ratio (New ARR methodology): YE Fully Loaded S&M / YE New Gross Committed ARR
• Sales Efficiency Ratio: Net new Committed ARR (current quarter) / S&M (prior quarter)
• Net Revenue Retention: Existing customer Committed ARR current period over prior period

All underlying values are redacted. 100% client retention implies strong gross retention; NRR likely >100% given "300% revenue growth" with 50+ clients.

Gross margin structure implied by Operating Plan line items: Revenue → Cost of Sales → Gross Profit → OpEx (Sales, Marketing, R&D, G&A) → EBITDA. Services costs likely embedded in Cost of Sales; strategic goal is to reduce services component.

No explicit competitive landscape slide.

Stated moat:

• "Clean slate strategy" - purpose-built for DCT from the ground up, not a legacy eClinical retrofit
• "Nimble and fast" and "Leaders in space"
• Regulatory expertise: proactive FDA/GDPR/HIPAA guidance embedded in product
• Network effects: 125+ global DCTs, 1M+ patients, 60+ country/language coverage creates data and operational depth
• Mission-driven brand differentiation: founded by a clinician (Dr. Michelle Longmire, MD, CEO)
• Success metrics framed around patient outcomes: access/diversity, retention/NPS, enrollment speed, partner satisfaction

Team:

• Michelle Longmire, MD - CEO & Co-Founder (clinician background)
• Tim Smith - CTO & Co-Founder
• Alison Holland - Head of Decentralized Trials Strategy
• Eric Peper - EVP, Business Development
• Parag Vaish - Chief Product Officer
• Andrea Valente - Chief Operating Officer (noted as no longer at Medable at time of publication)

• Archetype + why: SaaS ARR / DCT subscription model with services attach. The company tracks Committed ARR as its north-star KPI, has 100% client retention, B2B enterprise pharma customers, and a stated roadmap to reduce services as % of revenue. Classic SaaS cohort-based ARR model is the right structure. Services revenue should be modelled separately and declining as % of mix over the forecast period (consistent with the "ROI in product to reduce services" strategic slide).

• Forecast horizon & granularity: 5 years (2021–2025), quarterly for Years 1–2, annual for Years 3–5. The existing operating plan is quarterly (FY2021) so match that granularity for the near term.

• Key drivers & assumptions:
• Starting Committed ARR - : redacted; placeholder; back-solve from 300% growth on a $1–5M base range - starting value to be filled when actual ARR is known
• ARR growth rate - : 300% implied FY2020 growth; deceleration curve: 150% FY2021, 100% FY2022, 70% FY2023, 50% FY2024, 35% FY2025 - growth-stage clinical SaaS comps
• New logo adds - : ~10–15 new clients/year, ramping; starting base 50+
• Average ACV - : tracked but redacted; $200K–$500K per study contract for enterprise pharma DCT platforms; flag as key sensitivity
• Net Revenue Retention - : 100% client retention implies strong NRR; 115–125% NRR (expansion through additional studies/modules per existing client)
• Services revenue as % of total - : ~40–50% in 2021 declining to ~15–20% by 2025, consistent with stated "reduce services" strategy
• Gross margin (platform) - : 70–80% on subscription revenue; 20–35% on services; blended margin expanding from ~50% to ~65%+ as mix shifts
• S&M as % of revenue - : S&M spend tracked; 40–50% of revenue in early years, declining as ARR scales
• R&D as % of revenue - : 25–35%, typical for clinical SaaS platform investment phase
• G&A as % of revenue - : 15–20%
• EBITDA margin - : tracked in operating plan; deeply negative in 2021–2022, approaching breakeven by 2024–2025
• Headcount - : tracked as KPI; scale with revenue at declining ratio (Human Capital Efficiency metric in deck)
• Blended CAC Ratio - : tracked; 0.8–1.2x (S&M / New ARR), typical B2B SaaS
• Sales Efficiency Ratio - : tracked; target >0.7x net new ARR / prior quarter S&M
• Cash burn / runway - operating plan tracks Net Burn and Ending Cash Balance; model to show runway vs. raise proceeds

• Scenarios (Base / Bull / Bear):
• Bull: ARR growth 200%+ FY2021, NRR 130%+, gross margin expansion faster as services shrink rapidly, regulatory tailwinds accelerate DCT adoption
• Base: ARR growth 100–150% FY2021, NRR 115–120%, services decline on plan, cash flow breakeven ~2024
• Bear: growth slows to 60–80% as pharma budgets tighten post-COVID DCT hype cycle, NRR reverts to 100–105%, services cost remains sticky, extended burn

• Required sheets / outputs:

1. Assumptions - all driver inputs, toggle for scenarios
2. ARR Waterfall - beginning ARR + new logos + expansion − churn = ending ARR, quarterly
3. Income Statement - Revenue (subscription + services), COGS, Gross Profit, OpEx (S&M, R&D, G&A), EBITDA
4. Cash Flow - EBITDA → FCF; Net Burn; Ending Cash Balance (mirrors operating plan structure in slide 16)
5. KPI Dashboard - Committed ARR, New ARR, NRR, ACV, headcount, Human Capital Efficiency, CAC Ratio, Sales Efficiency Ratio (mirrors slide 14 KPI set)
6. Bookings Bridge - New bookings → Revenue recognition (backlog/deferred)
7. Scenario Toggle - Base / Bull / Bear outputs side-by-side