Issue 349

Welcome back to E&O: a paying subscribers-only weekly newsletter focused on three areas of health tech: FDA-regulated software devices, digital health as an employee benefit, and national virtual clinics.

 Exits & Outcomes Newsletter

This week’s newsletter revisits some of E&O’s reporting from this past year along with some updates and new commentary. Read on below for more. Was this forwarded to you? Click this link for more info on how to become a paying subscriber.

Revisiting some of E&O’s reporting from 2025

As the weather starts to turn cold up here in the suburbs of Boston (we had our first freezing cold morning today), I thought it was a good week to look back at some of E&O’s reporting from this year so far. This isn’t a redux of every E&O newsletter edition from the past nine months, but it includes many of them. Lots of scoops. Plenty of pricing intel. Private company revenue numbers. And much, much more… If you are a newer reader to E&O, this is a quick rundown of what we’ve been up to this year. For longtime readers… in case you missed it:

Issue 348: Big Health appears to be in dire straits. The company ended May 2025 with just $6 million in cash and a monthly burn rate of about $1.3 million. Big Health’s 2024 revenue was half of what it was in 2023: $10.6 million in revenue vs $21.6 million in 2023. So, what’s next for Big Health? Some kind of emergency funding? A merger? A bankruptcy? Read more about Big Health’s financial situation here.

Issue 073: This newsletter dug into Spring Health’s 2024 revenue numbers, profitability, CAGR, covered lives, future plans, and dollar-based net retention rate. It also floated a possible price tag for Sword Health’s acquisition of Surgery Hero and detailed how Personify Health prices its various offerings. Read the newsletter here.

Issue 244: In April, E&O was the first to report on the initial reimbursement amount that two MACs decided to pay providers who billed Medicare for the new supply code for digital mental health treatment devices. Just $129. As I wrote at the time: “Remember, this is not a monthly fee. This is a one-time billing event that covers the device for the course of treatment for each patient.” Big Health, PursueCare and others have made clear since then that they want CMS to step in and convince the MACs to pay a much higher rate — nearly 10 times that amount — in some cases. Read more here.

Issue 243: E&O scoops Whoop’s first FDA clearance. Considering all the noise around Whoop’s Blood Pressure Insights stand-off with the agency, it’s easy to forget that Whoop actually announced its first FDA clearance for ECG sensing at its launch event in early May. E&O readers saw that coming because this newsletter broke the news about the FDA clearance on April 10th. This issue also digs into an unusual regulatory move by Natural Cycles: The company secured a new 510(k) that made its already cleared OTC device into a prescription device. It is fairly common for Rx-only devices to get a new 510(k) to move into OTC, but going the other direction is relatively unheard of… More here.

Issue 247: In late May, E&O dug into the Peterson Health Technology Institute’s analysis of “virtual solutions for depression and anxiety.” I pointed out that the report’s positive finding for prescription digital therapeutics like DaylightRx and Rejoyn hinges on pricing that is unsustainable for PDT companies. And when PHTI concluded that the “blended care” companies like Spring, Lyra, Teladoc, and Headspace would warrant “broader adoption, if their prices were lower,” it’s worth remembering that those companies’ current prices have enabled them to build actual businesses. Read more here on why PHTI’s assessment of Rx digital mental therapeutics was premature and based on bad pricing intel.

Issue 347: Kalvira Health pricing, Swing’s mysterious M&A, and comments from digital therapeutics companies on how CMS proposed to expand the G Codes for digital mental health. Soon after it quietly raised more than $11 million in new funding, including from T.Rx Capital, Swing Therapeutics filed another Form D that indicated it made a tiny acquisition — for $3.3 million. This newsletter also dug into many comments on the proposed Physician Fee Schedule about the plan to expand the G Codes.

Issue 346: Sword revenue hints. Oshi Health monthly patient volume growth numbers. And two scoops: E&O was the first to report that Amazon had added Fay to its benefits connector platform — the one that originally launched just with Omada. (This news broke everywhere else four days after E&O reported it, because Amazon posted a press release.) The other interesting scoop in this newsletter was a likely price tag for Cerebral’s recently announced acquisition of Resilience Lab. E&O found a government filing that suggested Cerebral acquired Resilience for $25 million in equity. Was the deal bigger with cash and earnouts? Maybe. Other media outlets reported on this filing as new funding for Cerebral, but this was actually about the transaction not new funding. More here.

Issue 245: In this newsletter E&O provided some needed nuance to the news that Nerva had acquired some of Mahana Therapeutics’ assets. Nerva didn’t acquire Mahana’s flagship FDA-cleared prescription digital therapeutic for IBS — but rather Mahana assets focused on a future version of the company’s digital intervention for IBS, which hadn’t yet seen the light of day. I still hear from people who are under the mistaken impression that Nerva bought Mahana’s main PDT. Read more here.

Issue 078: When Sword’s CEO posted a chart showing his company’s annual revenue compared to its biggest competitor, E&O put together new estimates for Sword’s annual revenue (2021-2025) based on Hinge Health’s numbers (assuming that was the direct competitor Sword was referencing at the time). The newsletter also rounds up the impressive first quarterly results from the newly IPO’d Hinge. Read more here.

Issue 345: This issue had a bunch of funding scoops (a few of which appeared in other health tech newsletters days later). One was self-funded employers’ health plan startup XO Health’s $52 million raise. This same E&O issue broke the news that cancer startup Daymark Health had raised $20 million (plus another $6 million in converted debt). This issue of E&O also dug into extensive comments from ATA about the proposed changes to the physician fee schedule next year. Read more here (along with a few other funding scoops that I still haven’t seen elsewhere yet.)

Issue 249: This issue digs into a letter from Big Health to CMS wherein the company admits for the first time that adoption of the digital mental health G Codes has been “slow and challenging”. The issue also includes some interesting FDA clearances and updates on ongoing digital health-related clinical trials. More here.

Issue 251: This newsletter received some plugs on social media, so there’s a good chance you’ve already revisited it. E&O rounded up comments from about a dozen tech and health tech companies who weighed in on the federal government’s request for information about how Medicare should pay for digital health. Read it for suggestions from Google, Teladoc, Spring Health, Verily, Omada Health, Sword Health, Samsung, Click Therapeutics, Oura, Whoop, and more.

Issue 344: Lots of pricing intel in this newsletter. I rounded up fresh pricing for companies and programs including Accolade, CirrusMD, Aetna Transform Oncology, Aetna Transform Diabetes, CVS Health Virtual Care, ESI’s EncircleRx, Garner Health, Hinge Health, Meru Health, Kaia Health, Maven Clinic, Noom, and Teladoc. E&O’s spreadsheet of recent and historical pricing for digital health programs is now up over 150 rows. Read more here.

Issue 072: This newsletter also had a bunch of pricing intel on companies like Lyra, Teladoc, Wondr Health, and Included Health-owned Doctor on Demand. It had a scoop about Teladoc joining Amazon’s benefits connector platform, which I spotted before the official announcement came out a few days later at JPMorgan’s big event in San Francisco. Finally, I found at least part of the price for H1’s acquisition of Ribbon Health. More here.

Issue 010: In late January, E&O published a newsletter focused on virtual clinics. This newsletter had a number of scoops, including the shutdown of Caraway Health. Days after I reported that (based on a government filing marking the date of the deal) Summer Health acquired some of Caraway’s assets. The two clinics share a common investor and that VC had the deal written up in another health tech newsletter. This issue was also the first to report the shuttering of another virtual clinic, Miga Health. It also offers up price changes for Bicycle Health and Parsley as well as various growth metrics for other virtual clinics. Read more here.

Issue 248: In June, E&O was first to report that the maker of brain training game Lumosity, Lumos Labs, has secured its first 510(k) for a prescription digital therapeutic for ADHD, Prismira. E&O had been tracking Lumos Labs’ progress as it aimed to create its own version of Akili’s EndeavorRx. Read more here.

Issue 343: More funding scoops. This newsletter was the first to report Visana’s $23.7 million funding round, which the company announced more than a month later. A half dozen other raises were included in this newsletter, including one for Cecelia Health, and most of them remain unreported elsewhere it looks like. This newsletter also dug into Teladoc’s comments to CMS about its proposed changes to how it pays for digital mental health apps. Surprisingly, Teladoc does not think CMS should expand the scope of G0552 to include other indications besides its initial set. Read more here.

Issue 011: This newsletter had lots of little updates about virtual clinics companies. It also found pricing intel for NOCD buried in a lawsuit complaint. More here.

Issue 076: The big news in March was Hinge Health’s S-1. E&O went beyond what was in the document and compiled additional research from over the years to put together a longer term financial history of the company prior to its IPO. Read more here.

Issue 079 and 080: Like every other health tech reporter, I spent a lot of time in May parsing Omada Health’s S-1 filings. One thing I did in Issue 080 that was probably unique was comparing the many versions of the S-1 and its earlier drafts to look for changes. Read more here.

Issue 239: This issue had a notable scoop about prescription digital therapeutic company NightWare’s annual sales in 2024. It was higher than I expected, but at more than $6,000 per unit maybe, I should have expected more. Read it here.

Issue 074: E&O noted changes in Express Scripts’ digital formulary. ESI eliminated a couple of companies along with the categories they represented (like asthma and caregiver support). It also added companies like Sword Health and Maven Clinic. There were a number of other changes that were all unannounced at the time. This issue also included pricing intel on CVS Virtual Care, Teladoc, Businesssolver, RubiconMD, and more. Read it here.

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