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Meridian Health Technologies

$38.7M ARR.
On plan.
NRR the story.

Three things to hold in mind for the next 60 minutes.

Q2 2025 Board Review

Scorecard

Metric Actual Plan Δ
ARR $38.7M $38.2M +1.3%
Net Revenue Retention 91.6% 94.0% -240bps
New Bookings $4.1M $3.8M +8.0%
Gross Margin 72.1% 71.5% +60bps
CAC Payback 18 mo 17 mo -1 mo
Burn Multiple 1.4x 1.3x -0.1x

ARR Bridge

Q1 close $36.2M → Q2 close $38.7M. New logo strength offset by cohort churn.

Net Revenue Churn Rate
8.4%

Up 190bps QoQ. Three cohorts account for 71% of the dollar loss.

Churned Cohort

Segment
SMB
ACV
<$18K
Onboarding
No CSM (Q3 2024)
Time to Value
47 days

Retained Cohort

Segment
Mid-Market
ACV
>$42K
Onboarding
Dedicated CSM
Time to Value
19 days

Pipeline Coverage

$61M total pipeline
3.1x coverage on H2 plan
68% expansion from existing logos

Revenue Scenarios Through Q4 2025

Scenario Q4 ARR
Bull $53.6M
Base $48.2M
Bear $41.5M
Base Case Assumes:
• Churn 8.4% → 6.2%
• NRR 91.6% → 93.5%
• New logos: 18/quarter

Risk Register

← Lower Likelihood
Higher Impact ↑
Enterprise Renewal Concentration
$8.2M in renewals (21% of ARR) in Q4. Mitigant: early engagement + multi-year incentive structure in flight.
Competitor Helix AI Price Aggression
40% price cut announced last week. Mitigant: value-based selling playbook deployed; ROI calculator shipped to AE team.
Regulatory Delay on Tier-2 Payers
CMS guidance expected Q3; could push $1.4M pipeline to Q1 2026. Mitigant: diversify into commercial payer integrations.
Platform Migration Dependency
AWS → GCP cutover in Q3 (2-day downtime risk). Mitigant: phased rollout with rollback plan; customer comms drafted.

Team Snapshot

Engineering
112
FTE • 3 open roles
Sales
34
AE • Quota attainment 81%
Customer Success
18
CSM • 1:$1.8M ratio
G&A
22
Headcount flat QoQ

Capital Position

Current Cash $22.4M
Monthly Burn $1.9M
Runway (Current) 11.8 mo
Runway (At Plan) 14.2 mo
Decision Needed Today

Approve $4.2M Incremental CS Headcount Plan

12
New CSMs
94%+
Target NRR Q4 2025
Q4
Hire Complete

Sponsor: Priya Ramesh, Chief Customer Officer

Appendix: Cohort Detail

Onboard Quarter Logo Count $ Churn TTV (days) CSM Ratio NRR
Q3 2024 24 $1,240K 51 1:$2.8M 78.2%
Q4 2024 18 $420K 38 1:$2.2M 86.4%
Q1 2025 22 $140K 24 1:$1.4M 96.8%
Q2 2025 28 $0K 19 1:$1.2M 102.1%
Enterprise (all) 12 $0K 16 1:$680K 118.3%