Ultrahuman, a wearables company, reports a monthly revenue growth of 20%

Ultrahuman, a provider of wearable devices and services for tracking metabolic health, is experiencing a 20% month-on-month increase in revenue. The founder and CEO of Ultrahuman stated that the company aims to surpass a $50 million annual run rate (ARR) by March.

“At a scale of around $100 million in ARR, a slightly different and slower strategy may appeal to startups. But at the scale we are growing towards $50 million, it is important that we focus on profitability faster. Before exploring choices such as an IPO or non-conventional forms of capital raises,” Kumar said.

Posted earnings before interest, tax, depreciation and amortisation in the past three months. Its monthly Ebitda margin is 6% currently, the CEO said.

For the fiscal year 2024, Kumar forecasts the company to achieve $14.5 million in revenue, accompanied by a loss of $1.26 million before interest, tax, depreciation, and amortization (EBITDA). In the previous fiscal year 2023, the startup, backed by Nexus Venture Partners, reported an EBITDA loss of $6.76 million on a revenue of $3.65 million.

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Ultrahuman’s offerings encompass continuous glucose monitoring (CGM) devices, software, smart rings, and more recently, blood testing services.

Ultrahuman introduced Blood Vision on December 15, an at-home blood-testing service designed to consider factors like age and a population’s genetic composition. The service aims to assess key preventive health indicators, including specific types of proteins associated with cardiovascular diseases. As of now, the service is operational in seven cities across India.

Ultrahuman derives 25% of its revenue from India, 30% from the US, and 15% from the UK and UAE, with the remaining portion originating from various other markets. Approximately 15% of its sales occur in the business-to-business sector, while 20% are facilitated through offline distribution channels. Kumar mentioned that customers engage with its continuous glucose monitoring (CGM) services around three times annually. By resulting in an active paying user base of approximately 120,000.

Ultrahuman reported revenue from operations of Rs 19.83 crore in FY23, with approximately Rs 16.19 crore stemming from subscriptions. Also continuous glucose monitoring (CGM) services, and Rs 3.34 crore attributed to the sale of smart rings. In November, Ultrahuman faced legal action in the US, as the Finnish wearables startup Oura Health. And filed a lawsuit, alleging patent and copyright violations.