Assertion Supported
Girard: Fruit Street raised $6M from 180 physician investors
“The company started in May of 2014 and, you know, we've raised about six million dollars of funding from a 180 physicians that have invested in the company as well.”
Opinion
Girard: Physician investors are often more valuable than VCs for healthtech
“We feel that since we're developing a medical product that we would have very valuable input from physicians that could actually use the product with patients in their practice and give us feedback from their patients and their healthcare providers on how we c…”
Disclosure
Fruit Street uses dual-class shares so Girard retains full voting control
“And then we also have a dual class stock structure similar to the way that Facebook is structured where I've actually retained full voting control of the company, even though we have five board members.”
Assertion Partly supported
Girard: CMS Trial Found Lifestyle Program Outperformed Metformin
“It's based on clinical research the YMCA conducted with a big CMS innovation grant where they enrolled 3000 patients into a clinical trial, and they wanted to figure out if a drug called metformin was more effective than just making diet and lifestyle improvem…”
Assertion Not checkable as stated
Girard: Fruit Street Raises $200K Monthly From Doctors via LinkedIn
“And so if you looked at a 48 month graph of the company, which is how old we are we've raised a little bit over 200,000 dollars per month from physicians just through crowdfunding and LinkedIn advertising.”
Assertion Supported
Girard: Dual-Class Structure Preserves Voting Control Amidst Hundreds of Investors
“So we have a dual class stock structure where I still have full voting control of the company.”
Insight
Girard: Healthcare Businesses Have Nothing Without Insurance Reimbursement
“So in healthcare, if you don't have reimbursement, you basically have nothing.”
Disclosure
Girard: Fruit Street Needs 150K Patients to Reach $50M Revenue
“I think our investors look at this as a five or 10 year project, right? So, I mean, eventually we want to grow this to, let's say you have 150,000 patients at 345 dollars a year going through the program. You have fifty million dollars in revenue, right?”
Assertion Not checkable as stated
Fruit Street carries 180 direct shareholders rather than a syndicate
“Yeah, there's literally a 180 shareholders, so they're not in a syndicate.”
Disclosure
Girard: Solera Health Submits Medical Claims on Fruit Street's Behalf
“And so we're reimbursed through medical claims, through our partnership with a company called Solera Health that submits claims to commercial health plans on our behalf for delivering the diabetes prevention program.”
Assertion Supported
Girard: Fruit Street Raised Over $10M From 250 Physicians
“So now we have about 250 physicians that invested a little bit over ten million dollars of funding.”
Disclosure
Girard: Fruit Street Earns $345.60 Per Patient via Milestone Installments
“Then we're reimbursed, 345 dollars and 60 cents per patient for the program, where we get one payment when the patient signs up, at which point they get a free wireless scale, another payment at week four, at which point they get a Fitbit at no cost, Another p…”
Assertion Not checkable as stated
Girard: Fruit Street Participants Average 4.2% Weight Loss at 16 Weeks
“Yeah, so we have about 225 signed up so far, and we have average weight loss right now, 3.1% at nine weeks, and 4.2% at 16 weeks, and a few people lost 11 or 12% of their weight already”
Assertion Partly supported
Girard: Competitor Omada Health Raised $120M But Remains Unprofitable
“For example, the market leader in the space is Omada Health. They raised one hundred twenty million dollars and publicly stated that they're still not profitable.”
Assertion Not checkable as stated
Girard: Fruit Street generates $15,000 in monthly recurring revenue
“So we're at 15,000 a month in a monthly recurring revenue.”
Assertion Not checkable as stated
Girard: Fruit Street has approximately 100 medical practice customers
“Right now there's around a hundred customers. In some cases we've given discounts, which is Kind of how it comes out to about 15,000 a month of revenue. There's about a hundred practices using the software right now.”
Assertion Not checkable as stated
Girard: Fruit Street has generated $130,000 in cumulative total revenue
“We're at about a hundred K annual run rate right now. We've generated about a 130,000 dollars of total revenue. And so, you know, most of it came in 2016.”
Disclosure
Girard: VSee engineers build Fruit Street's product for company equity
“They have about 52 full-time employees, and about 10 of them work on Fruit Street on the design and engineering side, and so they own a portion of our company and develop our product through a joint venture agreement, which would make the team size in total, y…”
Disclosure
Girard: Fruit Street is legally structured as a public benefit corporation
“Fruit Street's actually a public benefit corporation, which means we are for profit, but we also write our social mission into the bylaws of our company, which is to prevent and treat lifestyle-related disease using telemedicine, wearable devices, and mobile a…”
Prediction Not checkable as stated
Girard: VSee CEO Milton Chen will achieve Cuban- or Page-level fame
“You know, maybe not you know, world famous on the level of Mark Cuban or Larry Page quite yet, but I think he will be one day.”
Disclosure
Girard: Fruit Street Pivoted From a $200 Per Month SaaS Model
“It was a SaaS platform in the beginning, last time we spoke. Where we were licensing it for 200 dollars a month, and doctors and dieticians could use it with their patients.”
