FDA cleared, Medicare approved, 15,000 devices already activated, six doctors on the record endorsing it and a 90 night risk free trial. This is one of the strongest medtech decks we have seen at seed stage but the revenue projections are so aggressive they border on unbelievable and the team slide is completely missing.
There is no team slide in this deck. For a seed stage medtech company asking for up to 30 million dollars in combined debt and equity, investors are making a significant bet on the people running the operation. Forrest Ackerman appears on the contact slide with a phone number and email but there is nothing about his background, his track record in medical device distribution or who else is building this company alongside him. In medtech this is not a minor omission. It is the kind of thing that kills deals.
The revenue projections arrive with no math behind them. 250 million from Medicare in 12 months, 75 million from DTC in 12 months and 56.5 million EBITDA for Texas alone in year one. These numbers may be achievable given the Medicare coverage footprint but they are presented as facts rather than forecasts with assumptions. Any investor who has done medtech deals before will immediately ask to see the model and right now there is nothing in the deck to support these figures.
Spectrum Sleep's own revenue to date is never stated anywhere. 15,000 devices have been activated by the manufacturer since 2021 but what has Spectrum earned from its distribution role? The company is seeking up to 30 million dollars and there is no baseline revenue figure to evaluate the ask against. Investors will assume the worst if this is left blank.
There is no team slide in this deck. For a seed stage medtech company asking for up to 30 million dollars in combined debt and equity, investors are making a significant bet on the people running the operation. Forrest Ackerman appears on the contact slide with a phone number and email but there is nothing about his background, his track record in medical device distribution or who else is building this company alongside him. In medtech this is not a minor omission. It is the kind of thing that kills deals.
The revenue projections arrive with no math behind them. 250 million from Medicare in 12 months, 75 million from DTC in 12 months and 56.5 million EBITDA for Texas alone in year one. These numbers may be achievable given the Medicare coverage footprint but they are presented as facts rather than forecasts with assumptions. Any investor who has done medtech deals before will immediately ask to see the model and right now there is nothing in the deck to support these figures.
Spectrum Sleep's own revenue to date is never stated anywhere. 15,000 devices have been activated by the manufacturer since 2021 but what has Spectrum earned from its distribution role? The company is seeking up to 30 million dollars and there is no baseline revenue figure to evaluate the ask against. Investors will assume the worst if this is left blank.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
This is genuinely one of the best problem slides we have seen. The combination of 60 million US patients, 80 percent not receiving proper treatment, 168 billion dollars in economic cost and a 7.2 percent market growth rate tells a complete story in about 30 seconds. The second problem slide showing 7 billion dollars flowing into CPAP machines, mandibular devices and surgical implants that all fail for different reasons is smart framing. It shows the market exists and is spending money, but doing so on things that do not actually work.
The only thing missing is a patient voice. All the numbers are clinical and economic but none of it lands emotionally. An investor who has never experienced sleep apnea cannot feel the problem yet.
Add one sentence that puts a human face on it. Something like imagine waking up exhausted every morning for years and being told your only option is sleeping with a machine strapped to your face for the rest of your life. That one line makes everything else on the slide hit harder.
The projected revenue numbers look enormous against a backdrop of no stated current revenue and no supporting math. Investors are left choosing between believing them at face value or dismissing them entirely.
Estimated 15 percent have mild to moderate OSA eligible for eXciteOSA.
That is 1.5 million addressable patients.
At a Medicare reimbursement rate of roughly 800 dollars per device, capturing 5 percent in year one equals 60 million in gross revenue.
After distribution costs and operating expenses, EBITDA of 56.5 million is achievable.
The team slide does not exist. This is the most significant gap in the deck for a medtech deal of this size.
Forrest has spent over a decade building distribution networks in healthcare and durable medical equipment. He identified the eXciteOSA opportunity through deep relationships with homecare distributors, insurers and physician networks that now cover over 250 health systems across the United States.
[Background in sleep medicine or pulmonology]
[Background in DME or Medicare channel sales]
The 40 plus years medical expertise claim sits beneath the logo with no context and reads as vague rather than impressive.
Clinic Free Sleep Therapy
Prescribed Online. Delivered to Your Door.
The deck currently positions Spectrum Sleep as a distributor of a medical device. The better positioning is that Spectrum Sleep is the company that cracked the US healthcare reimbursement system for the only FDA cleared daytime sleep apnea treatment in the world. The moat here is not the device itself, the manufacturer owns that. The moat is the 40 years of relationships, the Medicare codes, the Medicaid state coverage, the DME network and the exclusive distribution rights. Lead with that and this deck becomes significantly harder to say no to.
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