Do you find yourself not having any time to go to the doctor’s office to get your health checked? Are you intimidated by clinics and labs because you never know how much tests would cost? Wouldn’t it just be so much easier to have your tests done right at the comforts of your home?
Now you can, with EverlyWell’s home sample collection kits. No more waiting in line at the clinic; no more surprise lab test bills. You can have your sample collected at home and just wait a few days for the results.
This is the promise of EverlyWell that got a $1 million deal in the TV show Shark Tank. What happened to the company after the Shark Tank episode aired? Is the company still in business today? How much is EverlyWell worth now? Continue reading to find out what the updates are regarding this health testing company.
What is EverlyWell?
EverlyWell is a company that provides customers with lab-testing kits at home and lab results online in just a matter of days. The company has a network of certified laboratories that will process the samples and conduct the tests.
Which types of tests can be done with EverlyWell? At present, the easy-to-use home testing kits that EverlyWell offers include tests on allergy and food sensitivity, cholesterol, thyroid, men’s health, women’s fertility, and even sexually transmitted diseases (STD), among many others.
EverlyWell’s tests-at-home service which can be availed via Amazon can be found below.
How do EverlyWell’s tests work? What customers need to do is take their blood and/or urine sample at home and mail the samples to any of EverlyWell’s partner laboratories. The company provides customers with easy to understand lab test results analysis, consultations with licensed physicians, and community support.
Here’s an introductory video explaining what EverlyWell offers.
How did EverlyWell start?
The company was founded by entrepreneur Julia Cheek in 2015. She was feeling sick and spent thousands of dollars in out-of-pocket costs for lab tests that took hours of doctors appointments. It didn’t help that she could not understand her test results at all. Later on, she learned that she had multiple hormone and vitamin deficiencies.
Cheek decided that there should be a cheaper, more convenient way of getting your lab tests done. With her double degree from Vanderbilt and her MBA from Harvard Business School, she started the at-home medical test kit company. She wanted to provide consumers with a choice when it comes to getting their lab tests.
With EverlyWell, customers are able to know how much the lab tests cost prior to having it done. It also gives customers access to lab tests, because the company allows cash payments even to people without insurance.
What were the Sharks’ offers for EverlyWell?
In Season 9 of Shark Tank, the EverlyWell founder pitched her company seeking $1 million in exchange for 5% equity.
Guest Shark Rohan Oza asked Cheek about the sales performance of the company. She replied that the company had $2.5 million in sales in less than a year since launch. She explained that their projected sales for the coming year is $4 million and then $12 million the year after that. She also revealed that, at that time, the company is losing money since they are investing to build additional website features and tests offered.
Cheek explained that the company has an advantage because there is no other company that offers the same services or products that EverlyWell has. They also have a partnership with Helix in the works, which would allow them to offer genomics testing as well.
Mark Cuban was the first Shark to opt out saying it would cost too much money and there would be a lot of competition.
Barbara Corcoran and Robert Herjavec also thought the business would require a lot more money, and they disclosed that they were out too.
Rohan Oza praised the EverlyWell founder for her presentation. But he thinks that a $1 million investment would get “diluted too rapidly” and so he was also out.
In the end it was down to Lori Greiner, who said she appreciated the concept. As the only remaining Shark, she offered Cheek $1 million line of credit at 8% interest, for 5% equity of the business.
Did EverlyWell get a deal on Shark Tank?
Down to the last Shark, Cheek was able to get a deal with Lori Greiner.
The EverlyWell founder accepted Greiner’s offer of $1 million line of credit at 8% interest in exchange for 5% of the company. She also offered to bring in her marketing and retail knowledge to help with the business.
Cheek admitted that they were actually in need of a line of credit. And with that, she accepted Greiner’s deal.
What happened to EverlyWell after Shark Tank?
After appearing on the Shark Tank episode, EverlyWell was able to close the deal with Helix. They now offer genomics products in their line of at-home test kits.
In 2019, 2 years after appearing on Shark Tank, EverlyWell received funding from investor Goodwater Capital. The company used the funding to expand its digital platform and further its retail partnerships.
Is EverlyWell still in business today?
EverlyWell is definitely still in business and is actually doing really well. When the company pitched to the Sharks, EverlyWell has done $2.5 million in sales. As of 2020 — thanks to Shark Tank’s exposure and Greiner’s investment — EverlyWell has made $65 million in sales.
A 2020 update video on EverlyWell from Shark Tank is shown below.
Earlier this year, EverlyWell released the Everlywell COVID-19 Test Home Collection Kit to help the United States improve its testing in response to the COVID-19 pandemic. Their kit allows consumers to self-collect with their nasal swab kit from the safety of their homes.
Apart from Amazon and the official EverlyWell website, the test kits are also now available at retail partners such as Target and CVS.
How much is EverlyWell worth now?
Lori Greiner’s deal of 5% equity for $1 million line of credit effectively placed the company’s valuation at $20 million.
As of 2020, it is reported that EverlyWell’s estimated net worth is $55 million. This is certainly much higher already compared to the company’s valuation when Cheek pitched to the Sharks. The valuation also soared thanks to additional funding from the company’s investors NextGen Venture Partners, Next Coast Ventures, Highland Capital Partners, and Goodwater Capital.
Lessons from EverlyWell on Shark Tank
EverlyWell founder Julia Cheek was the epitome of poise and sophistication when she made her pitch to the Sharks. Despite being bombarded by questions, she stayed calm and confident. This showed the Sharks that she had grace under pressure.
Cheek also explained the way her company works in such a way that it was understandable and short but substantial. She came prepared for the rapid-fire questions about the company and its numbers. She showed the Sharks that she knew her business well and how to handle it.
The EverlyWell founder did not buckle when her company’s burn rate was something that concerned Robert Herjavec. She showed him that it wasn’t a negative thing. She had a reasonable justification for the burn rate. The company was not losing money, it was using it for future expansion.
The Sharks were impressed not only by her company’s sales and performance, but also by Cheek’s sophistication and knowledge. It was her company and her whole performance during the pitch that helped her get the deal. Cheek showed that knowledge and preparation really pays off.
