Today
Day 23 of 60
Good morning, Kwang.
Pressing diligence items
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Where the project stands
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Phase 1 · Data Room Access
100%✓ Complete
Master NDA signed
Mar 15 · Sarah
All 12 folders accessed (Datasite)
Apr 2 · David
Document retention schedule confirmed
Apr 4 · Sarah
Phase 2 · Financial Review
75%⛔ Blocked
Historical P&L analyzed (2021-2023)
Apr 11 · Sarah
Preliminary cohort analysis
Apr 16 · Sarah
2024 audited financials
⛔ 9 days late · awaiting client
LTV/CAC by cohort model
In progress · Sarah · due Apr 28
Phase 3 · Management Calls
60%In progress
CEO call · Vision & growth thesis
Apr 12 · Kwang + Sarah
CFO call · Financials & unit economics
Apr 18 · Sarah + David
CRO call · Sales motion & pipeline
Apr 22 · Kwang + David
CTO call · Tech architecture & debt
Scheduled May 1 · prep needed
Head of Sales call · Pipeline conversion deep-dive
Not yet scheduled
Phase 4 · Customer References
40%In progress
Reference: Acme Health (top customer · 24% ARR)
Apr 19 · positive · David
Reference: Cardinal Practice Group
Apr 21 · positive · David
3 reference calls outstanding · independent (not Lumina-supplied)
Pending Lumina permission
Phase 5 · IC Memo Prep
20%In progress
IC memo outline drafted
Apr 24 · David
Executive summary section
In progress · Kwang · due Apr 30
Financial section
Gates on Sarah's LTV/CAC model
Comparables analysis (10 healthtech SaaS)
Not started · David · due May 6
Phase 6 · Term Sheet
0%Not started
Gates on IC approval
Earliest start: May 8
Target KPIs · Lumina Health Systems
Annual Recurring Revenue
$42M
↑ 22% YoY
Net Revenue Retention
113%
Healthy
Customer Concentration
47%
Top 3 = 47% (RISK)
Rule of 40
31%
Below 40 threshold
Lumina ARR Bridge · 2023 → 2024 Fid 86
Open →
$34.4M → $42.0M · waterfall
$0 $25M $50M $34.4M 2023 ARR +$5.2M New logos +$4.8M Expansion −$1.4M Downgrades −$1.0M Churn $42.0M 2024 ARR
Lumina ARR Trend · 8 Quarters Fid 89
Open →
vs peer-set median · +22% YoY
$25M $35M $45M Q1'23 Q3'23 Q1'24 Q3'24 Q4'24
LuminaPeer-set median
Customer Concentration Fid 98
Open →
Top customers as % of ARR · click any
Acme Health
$10.1M
Cardinal Practice Group
$5.6M
Meridian Health
$4.2M
Top 4-10 customers
$7.8M (combined)
Long tail (74 customers)
$14.3M
Top 3 = 47% of ARR. Material concentration risk — needs valuation adjustment in IC memo
Lumina Cohort Retention · By Half Fid 78
Open →
% of customers still on platform · click any cell
M0
M6
M12
M18
M24
M36
2021 H2
100
94
88
82
76
71
2022 H1
100
93
87
82
78
—
2022 H2
100
95
89
84
—
—
2023 H1
100
96
91
—
—
—
2023 H2
100
97
—
—
—
—
Logo retention trending UP cohort-over-cohort — recent cohorts retaining better (96% M6 vs 94% in 2021)