SH

Spora Health Financial Model

• Mobile/web app connecting members to a care team (virtual care, health plans, content, community).
• Affiliated bricks-and-mortar partner practices for in-person care.
• App functions as hub routing members to the right service at the right moment.
• The Spora Institute: online cultural-competence training modules for providers; self-directed adult learning designed to improve patient outcomes.
• Mission framing: closing racial health disparities (higher asthma/breast cancer mortality, "weathering effect").

• TAM: $1T Primary Care Market, 111M People of Color in the US.
• SAM: $386B Black American Primary Care Market, 42M Black Americans.

• Direct-to-consumer: affordable membership pricing for insured and uninsured members. Specific price point not disclosed.
• Employer channel: sold as an employee benefit.
• Implied third revenue stream: The Spora Institute (provider training/licensing) - pricing not disclosed.
• No PMPM, subscription fee, or per-visit fee disclosed in deck.

• Membership Growth: 1,800% MoM. Absolute member count or starting base not disclosed.
• No revenue figures, ARR, customer count, or retention rates disclosed.

Competitors named:

• Startups: Kiira Health, ConsejoSano, Juno Medical.
• Incumbents: One Medical, Amwell, Doctor On Demand.
• Moat claimed: cultural competence and community focus for Black/POC patients; The Spora Institute as a defensible training IP layer. No explicit moat language used in deck.

Team:

• Dan Miller - Founder & CEO; ex-Lambda School, SurveyMonkey, Salesforce.
• Dr. Terrell Smith - Founding Physician; MD (UVA), MPH (UC Berkeley).
• Waco Holve - Data Scientist; ex-Clearwater Analytics.
• Justin Bean - VP of Engineering; serial founding engineer.
• Maria Cortez - Clinical Operations; formerly 1st employee at Paloma Health.
• Team headline: "Over 15 years experience building digital health products".

Funding ask: "Seed Plus Raise" stated on cover. Dollar amount, valuation, and use of funds not disclosed.

• Archetype + why: Membership-based DTC healthcare P&L + B2B employer channel, similar to a hybrid subscription/PMPM model. Two distinct revenue lines (consumer memberships + employer contracts) with a potential third line for Spora Institute licensing. Not a pure SaaS ARR model - patient membership is the core unit; employer deals are bulk seat purchases. A 3-statement with a monthly membership cohort build-up is the right structure.
• Forecast horizon & granularity: 3 years, monthly for Year 1, quarterly for Years 2–3.
• Key drivers & assumptions:
• SAM penetration rate - starting member count implied very small (1,800% MoM growth off a tiny base); model from a seed-stage base of ~50–200 members at t=0.
• Monthly member growth rate - 1,800% MoM cited but this is a point-in-time spike, not sustainable; model decelerates rapidly to ~20–40% MoM in near term, normalizing to 5–10% MoM by month 12.
• Consumer membership price (PMPM) - not disclosed; benchmark against One Medical ($199/yr ~$17/mo) and Cityblock (~$150–$300 PMPM for high-acuity); assume $25–$50/mo consumer price.
• Employer seat price - not disclosed; assume $30–$60 PMPM per covered life with employer volume discounts.
• Consumer vs. employer revenue mix - not disclosed; start 80% DTC / 20% employer in Year 1, shifting to 50/50 by Year 3 as B2B scales.
• Gross margin - not disclosed; digital health primary care typically 40–60% gross margin net of provider costs.
• Provider cost per member - key COGS driver; virtual-first model keeps cost low but affiliated brick-and-mortar adds variable cost; model at $10–$20 PMPM provider cost.
• CAC (consumer) - not disclosed; community/cultural targeting may lower CAC; assume $50–$150 blended DTC CAC.
• CAC (employer) - not disclosed; B2B sales cycle; assume $500–$2,000 per employer deal yielding ~50–200 covered lives.
• Churn / retention - not disclosed; primary care has naturally high retention if quality is good; assume 5–10% monthly churn (DTC) and annual contract renewal for employer.
• Spora Institute revenue - not in deck with sufficient detail; treat as optional upside line; exclude from base case.
• Headcount / OpEx - 5 named team members at seed; model 8–12 FTEs by end of Year 1 including clinical staff, growing to 25–35 by Year 3.
• Funding ask (Seed Plus) - amount unknown; typical Seed+ in digital health is $3M–$8M; model two scenarios: $3M and $6M raised.
• Scenarios (Base / Bull / Bear - which variables flex):
• Bear: Slow employer adoption; DTC growth decelerates to 10% MoM by month 6; churn at 12% monthly; gross margin compressed to 35%.
• Base: Moderate employer ramp; DTC growth ~20% MoM normalizing; churn 7%; GM ~50%.
• Bull: Employer deals land fast (one large employer anchor by month 6); DTC viral growth sustained; churn <5%; Spora Institute generates licensing revenue by Year 2.
• Required sheets / outputs:

1. Assumptions - all drivers in one place with scenario toggle (Base/Bull/Bear).
2. Membership Model - monthly cohort build (new members, churned members, active members by channel).
3. Revenue - consumer PMPM × active members + employer PMPM × covered lives + optional Institute line.
4. P&L (Income Statement) - revenue, COGS (provider costs), gross profit, S&M (CAC × new members), R&D, G&A, EBITDA.
5. Cash Flow - burn rate, cash balance, runway given raise amount.
6. Balance Sheet - simplified (cash, deferred revenue, payables).
7. KPI Dashboard - active members, MoM growth, PMPM, LTV, CAC, LTV/CAC, gross margin, monthly burn, runway.