RON's read on Lumina Health Systems
Target diligence summary · Day 23 of 60
Fundamentally healthy asset — the value question is concentration risk and margin mix, not growth.
- Strong top line. $8.4M ARR, 117% net retention, +18 logos YoY.
- Customer concentration is the key risk. Top 3 = 47% of ARR; Acme Health alone 24%, with a renewal and 60-day termination clause inside the year.
- Quality-of-earnings is gated. 2024 audited financials aren’t in the data room yet — blocks the cohort model.
Account trends
The 4 signals RON is watching · click to drill in
ARR History
$487K
▼ peak
Active users · weekly
31
▼ −34% in 4w
Support tickets · weekly
9
▼ +5 vs avg
NPS · last 6 surveys
−8
▼ −22 pts
Account KPIs
Diligence KPIs · ask RON on the right for any drill-down
ARR
$8.4M
▲ +7.4% QTD
Net retention
117%
▲ +1pp
Gross margin
71%
▼ below median
Rule of 40
38
— ARR + margin
Customers
142
▲ +18 YoY
Top-3 concentration
47%
▼ key risk
Cash runway
14 mo
— adequate
Founded
2017
— Series C
Key people
View all 8 →
EV
Elena Voss
CEO & Founder · central to product
DR
David Reyes
CFO · delivering 2024 financials
RP
Raj Patel
CTO · owns architecture · key-person risk
NA
Nina Alvarez
VP Sales · owns top accounts incl. Acme Health
Recent activity
Full activity →
2024 audited financials requested
2h ago
"CFO committed to delivering by the 15th" · blocks quality-of-earnings
Management presentation completed
2h ago
2-hour session with Elena Voss (CEO) and David Reyes (CFO)
Customer concentration flagged
Yesterday
Top 3 customers = 47% of ARR · Acme Health alone 24%
Data room: 142 documents uploaded
3d ago
Financial, legal, and commercial folders now populated
CIM received and reviewed
12d ago
Confidential information memorandum · banker-led process
NDA executed · diligence opened
21d ago
the deal team · "Customer raised concerns about 2024 roadmap" · no follow-up logged