Julia Cheek hopes to increase the health of her business, EverlyWell – a line of at home medical testing kits, in Shark Tank episode 909. Cheek is a high-powered young female entrepreneur with an excellent academic pedigree. She went to Vanderbilt, then graduated in the top five percent at the Harvard Business School where she was also a research scholar. Before founding EverlyWell in 2015, she worked at the George W. Bush Institute as the director of strategy and operations, Moneygram as a VP of Global communications, and as a Venture Partner at NextGen.
She started EverlyWell to give health care consumers a choice when ordering lab work. Typically, when you need a lab test, your doctor sends you to a lab or clinic where they draw blood or take some other type of sample. With EverlyWell, you take the test right at home. Each kit comes with a collection device (they use a dried blood spot, urine sample or saliva sample) and a prepaid shipping box. Take the sample in the comfort of your own home, then ship it off to a physician approved lab. Your results are available to you in a few days via a secure platform for your smart phone.
The company uses the same labs doctors use and their reports can be shared easily with your health care provider. People can pay with HSA/FSA account reimbursements or discuss reimbursement with their insurance company. Since most insurance doesn't cover lab work, they priced their tests at a lower price than most lab work. For instance, a standard cholesterol test is only $79. The company has about 18 different test including three Genomics tests. Prices vary depending on the test, but all prices are competitive.
EverlyWell has sales and grew 20% in their first year. With hurried schedules for many consumers, the convenience of not schlepping off to a lab is a big selling point. Cheek likely wants to expand her retail presence and wants a Shark that can help her get there. Will a Shark think this is a healthy investment?
EverlyWell Company Information
Posts about EverlyWell on Shark Tank Blog
EverlyWell Shark Tank Recap
Vinny will pitch the panel of five Sharks on the business and its prospects for growth. She'll need to convince Mark Cuban, Barbara Corcoran, Rohan Oza, Lori Grenier, and Robert Herjavec that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but she’ll need to show them SHE is capable of running the company to “Shark standards." A full pitch re-cap on EverlyWell will be available on Shark Tank Blog once this episode airs.
EverlyWell Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on EverlyWell & Julia Cheek more details become available.