Categories Health Care, Interviews

Wellteq CEO Scott Montgomery: Our platform aimed at coaching people towards better health habits

In an interview with AlphaStreet, CEO of the digital wellness company speaks about the business potential, core focus areas and growth drivers

Tell us a bit about the business.

Scott: Wellteq is a digital health platform. We are paid for by employers, insurance companies, and imminently by health care providers. The platform connects smartphone applications for software, hardware, and the form of wearables, and firmware as well. We’ve got our own proprietary build. Our entire mission is to coach people towards better health habits and help outcomes.

And how is your revenue generation model?

Very simple again. We’re mainly a subscription model. Our SaaS revenue grew over 100% year-on-year last year to over a million dollars. We are $1.5 million ARR last year. We’re putting the use of funds to sales and marketing primarily, which is all about revenue and geographical growth.

What were the drivers of SaaS growth last year?

Digital health is such a big bucket that it’s often confused with health companies utilizing technology for their services. We are not that. Where we are very different is that we are an algorithmic coaching function. So we don’t have people on phones. We don’t have bricks-and-mortar clinics.

We are a software, a piece of intelligence, that comes through a smartphone, leveraging other data capture. So where we are able to very powerfully scale, is that bringing on a new cohort of people. So our SaaS growth should and will continue at least at those rates.

digital wellness
Courtesy: iStock

Digital wellness is a highly competitive space. What’s your economic moat or a competitive advantage?

It is such a competitive industry because there’s such need and because it’s such a massive opportunity and we’re seeing some corporate activity in this space. Mid-last year, there was an acquisition by telehealth company Teledoc buying a corporate wellness or a digital coaching company Livongo for eighteen-and-a-half billion dollars. So, I think the size of the prize is obviously attractive. And that means it’s not a one-winner-take-all playground.

That being said, you need some USPs. We were founded in Singapore, for the Asia Pacific region, which is arguably one of the most diverse markets in the world. So one of our first points of USP is our ability to localize and personalize for different languages, different cultures, and different markets. And it’s a very different way of life in Singapore as it is to Thailand as it is to Toronto. And so, we’ve got to have the smartness, the sophistication and the technology and algorithms to be able to do that.

ALSO READ Real Luck Group CEO Thomas Rosander on esports betting market and the regulatory landscape

Number two is that we are globally distributing, that’s our focus. We’re not looking at a single market. We are looking at multiple countries anywhere in the world to provide access, we believe, to give health coaching or health expertise, and health support to people for better health.

And thirdly, it is that we expand the full continuum of care. So we’re not just looking at the corporate wellness industry that’s where our initial revenue is. That industry in 2026 is going to be just shy of a $100-billion dollar industry. And so that’s a massive part, but that’s one part of what we do.

So when we extend into prevention, into triage, and into virtual care and digital therapeutics, that’s where we again differentiate ourselves. So scalable, totally digital, global, and full continuum of care.

ALSO READ Resonate Blends CIO David Thielen: Spent the last 18 months cleaning up our balance sheet

The company has been signing a number of partnerships in the mental healthcare space. working community.  Is that going to be a major part of your business going forward?

It’s one of the major parts. Over three quarters of the healthcare spend is caused by four main behaviors that are out of balance. Those are activity or physical, nutrition, sleep, and psychological. So we have a very deep focus into mental health. We were one of the first companies globally to offer wearable connective employee mental health programs in multiple countries back into 2015.

So, we have always had this belief that if you can’t get out of bed in the morning and motivate yourself to eat better, be a better person socially, and to move more on a healthy exercise regime, it’s critical for any sustainable behavior change. And that’s why it’s one of our core focuses.

________

Most Popular

Seagate Technology beats Q1 earnings estimate: Infographic

Seagate Technology (NYSE: ALK) reported first-quarter 2022 financial results before the regular market hours on Friday. The company reported Q1 revenue of $3.12 billion, up 35% year-over-year and higher than

Infographic: Schlumberger (SLB) Q3 2021 Earnings Results

Schlumberger Limited (NYSE: SLB) came up with its third-quarter 2021 results on Friday. Revenue increased to $5.8 billion from $5.2 billion last year. Analysts had expected revenue of $5.09 billion.

Honeywell (HON) Q3 2021 Earnings: Key financials and quarterly highlights

Honeywell International Inc. (NASDAQ: HON) reported third quarter 2021 earnings results today. Sales increased 9% year-over-year to $8.4 billion but missed projections of $8.6 billion. On an organic basis, sales

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top