SOSoaak Financial Model
Health-tech Startup Financials (Free Excel Download)
Holistic health technology company combining in-clinic neurofeedback/functional medicine, virtual telehealth, and a consumer wellness app with sound therapy and AI/ML features.
professionals from Deloitte
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About this model
Soaak combines neurofeedback and functional-medicine clinics, telehealth, and a consumer sound-therapy wellness app. Its multi-channel model spans in-person services, remote clinical engagement, and digital consumer products rather than relying on a single healthcare delivery route.
Revenue and capacity differ by channel: clinics depend on practitioner time and location utilisation, telehealth on member engagement and care teams, and the app on consumer conversion and retention. The model must keep these economics distinct while identifying cross-sell opportunities.
The model separately forecasts clinic visits, telehealth members, app subscriptions, practitioner capacity, service costs, and churn. It includes facility expense, clinician labour, digital acquisition, product investment, gross margin, operating cash flow, cash burn, and runway.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Soaak
How to build a detailed financial model for Soaak
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Soaak model - distilled from its pitch deck and publicly available information.
Product & value proposition
Three integrated service lines:
- In Clinic - Brain mapping, neurofeedback, talk therapy, functional medicine, thermography.
- Virtual Health - Telehealth, functional lab tests, diet/supplement protocols, lifestyle guidance.
- Soaak App - Frequency compositions (sound therapy), daily mindful intentions, courses & programs, AI/ML virtual concierge, biometric measurements.
Amazon Alexa Enterprise partnership (2021). Native American / minority-owned.
Revenue model
Four revenue channels declared: B2C, B2B, B2G, B2B2C.
- B2C: Consumer app subscriptions + in-clinic patient fees.
- B2B: Corporate wellness (enterprise app licensing per slide 5 milestone: "B2B Vertical Integrated" 2022).
- B2G: DoD contracts - 2 awarded, 3rd in negotiation; $30M non-dilutive DoD matching funds qualified.
- B2B2C: Third-party distribution / white-label (implied; no pricing detail given).
Specific pricing not disclosed in deck (no per-seat, per-session, or subscription price shown).
Traction & metrics
- Pre-money TTM revenue (as of Dec 31, 2023): $4,970,000 - verified by third-party earnings review.
- Pre-money TTM EBITDA: $841,000
- Post-money projected revenue (2025, first year post-raise): $52,933,617
- Post-money projected EBITDA (2025): $26,000,000
- App usage: 21 million minutes of digital therapy delivered across 133 countries
- DoD: 2 contracts awarded (Pentagon); 3rd in negotiations; qualified for $30M matching funds
- Acquisitions: 3 completed in 2023 (virtual health vertical)
- Amazon Alexa Enterprise partnership: 2021
Unit economics
- EBITDA margin (TTM pre-money): ~16.9% ($841K / $4.97M)
- EBITDA margin (post-money 2025 projected): ~49.1% ($26M / $52.9M)
- No CAC, LTV, payback period, or gross margin data disclosed.
Competition / moat
Implied moats: DoD contract relationships (B2G incumbency), proprietary sound-frequency IP, Amazon Alexa integration, multi-acquisition roll-up in virtual health, minority/Native American ownership (potential set-aside contract eligibility).
Team & funding ask / use of funds
Leadership:
- Henry Penix, Drhc - Co-founder, CEO & Chairman
- Laura Widney - Co-founder & President, Soaak Clinics
- Kevin V. Cox, JD - CSO & General Counsel
- Madison Fournier - Co-founder & CMO
- Josh Sanders - CTO
- Scott McElroy - COO & CFO
- Aaron Fournier, JD - Co-founder & President, Soaak Digital
- Dr. Paul Harris, ND - Medical Director
Board: 17 members including Dr. Michael Beckwith, Dr. Trey Dyer (PhD), Dr. Nor Ahmed (DO).
Funding ask:
- Series "A" total target: $28,000,000
- Raised to date: $5,100,000
- Remaining available: $22,900,000
- Instrument: Preferred B Shares at $6.00/share; $100,000 minimum investment; liquidation preference; no voting rights; minimum 5% annual dividend
- Close date: August 31, 2024
- Non-dilutive DoD matching funds available: $30,000,000
Use of funds: Not explicitly broken out in deck.
Recommended financial model
- Archetype + why: Multi-segment operating P&L / 3-statement model. The business has three materially different revenue streams (clinic services, app subscriptions/B2B licensing, and government contracts) that carry different margin profiles, growth rates, and cash flow timing. A consolidated 3-statement with segment build-up is appropriate. Not M&A or SPAC.
- Forecast horizon & granularity: 2024–2028 (5 years, matching deck projection period); annual granularity with monthly detail for 2024–2025 to model the fundraise and DoD contract ramp.
- Key drivers & assumptions:
*Revenue - App (B2C/B2B):*
- TTM app revenue split vs. clinic revenue: ~40/60 app/clinic based on multi-channel positioning; no split disclosed.
- App subscriber count and MoM growth rate: derive from 21M minutes engagement; assume ~50K MAU at ~$15/month avg. blended ARPU - validate against TTM $4.97M total.
- B2B enterprise seat pricing: $5–10/employee/month; deal size TBD.
*Revenue - Clinic (In-Clinic + Virtual Health):*
- Clinic visit volume and average revenue per visit: based on 2023 acquisitions adding capacity.
- Virtual health consult volume: ramps post-acquisition integration.
*Revenue - Government (B2G):*
- DoD contract 1 & 2 annual contract value: - no dollar amount per contract disclosed; must be confirmed.
- DoD contract 3 close probability and timing: 70% probability, Q2 2025.
- $30M DoD matching funds: drawn over 2–3 years, non-dilutive (grant-like), flows as non-operating revenue or cost offset.
*Post-money revenue jump (2024 → 2025: $12.2M → $52.9M):*
- These are management projections. The ~4.3x single-year jump implies either DoD contract ramp + matching funds recognition + full-year B2B contracts kicking in simultaneously, or M&A. No acquisition pipeline disclosed for 2024–2025. This driver must be stress-tested.
*Margins:*
- Clinic gross margin: ~50–60% (labor + facility costs).
- App gross margin: ~70–80% (digital delivery).
- Government gross margin: ~60–70% (service delivery contracts).
- EBITDA margin expansion from ~17% (TTM) to ~49% (2025 post-money): driven by operating leverage on fixed clinic costs + high-margin DoD and app scaling; needs explicit cost build to validate.
*Capex & Working Capital:*
- Minimal capex for app; clinic expansion capex moderate; DoD contract working capital float may be significant (government payment timing).
*Fundraise mechanics:*
- $28M Series A: $5.1M already raised; model remaining $22.9M close by Aug 31, 2024.
- Preferred B shares at $6.00; 5% annual dividend on preferred:.
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: DoD contract 3 closes Q2 2025; $30M matching funds drawn 2025–2027; app grows ~30% YoY; Series A fully closes.
- Bull: DoD contract 3 closes Q4 2024; additional enterprise B2B wins; matching funds accelerated; app growth 50%+ YoY.
- Bear: DoD contract 3 delayed or lost; matching funds delayed; Series A only partially closes ($15M); app growth 15% YoY; EBITDA margin stays ~20%.
- Required sheets / outputs:
- Assumptions - segment-level drivers, hiring plan, DoD contract schedule.
- Revenue Build - three segments (App, Clinic, Government) rolled up.
- P&L (Income Statement) - consolidated with segment EBITDA.
- Balance Sheet.
- Cash Flow Statement - flag government AR timing carefully.
- Fundraise & Cap Table - Series A preferred B mechanics, 5% dividend, liquidation preference waterfall.
- DoD Matching Funds Schedule - non-dilutive cash inflow timing.
- Dashboard - KPI cards: TTM revenue, EBITDA margin, DoD contract status, app MAU, runway.
Frequently asked
Is the Soaak financial model free?+
Yes. The Soaak model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Soaak's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
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