NOURISH·Insurance-covered virtual nutrition and cardiometabolic care: a clinician-staffed telehealth medical group with an AI productivity and engagement layer, adjacent to GLP-1 companion carePrivate

Nourish

ConvictionContext

Fee-for-service claims to third-party payers. The revenue event is a billed clinical encounter — a medical-nutrition-therapy assessment (CPT 97802, per 15 min) and its follow-ups (97803; 97804 group; G0270/G0271 on a change in condition) — adjudicated by the patient's commercial, Medicare Advantage or Medicaid managed-care plan, with ~94% of patients paying $0 out of pocket (company-reported, Apr 2025). Patients arrive direct-to-consumer through search and app plus referral from what the company describes as tens of thousands of providers at 250+ health systems. Dietitians were W-2 employees at the Series B; whether that holds across the 10,000+ network claimed at the Series C is undisclosed. There is no software licence, no per-seat SaaS line and no per-clinician subscription: the unit sold is a clinician-hour reimbursed at an administered rate. This is a labour business with software attached, not a software business with labour attached.

Revenue

Not disclosed and not verifiable at any named source. The Series C release says the business 'more than tripled year-over-year' without naming the metricno dollar revenue, ARR or run-rate appears in the release, HIT Consultant's coverage or the Axios item. Scale instead: 10,000+ registered dietitians (from 3,000+ in Apr 2025), 200M+ covered lives across all 50 states, hundreds of thousands of monthly active app users, tens of thousands of referring providers across 250+ health systems, 'millions of appointments'. All company-reported and unaudited.

Rev growth

Not disclosed as revenue. 'More than tripled year-over-year'19 May 2026) has an unnamed metric and cannot be carried as revenue growth. The observable proxy is billable capacity: 3,000+ RDs at 23 Apr 2025 to 10,000+ at 19 May 2026, ~3.3x in thirteen months — consistent with a tripling if utilisation held, and utilisation is not published.

Gross margin

Not disclosed. Structurally a provider-group marginnot a software margin: the dominant COGS is a paid dietitian hour against an administered per-encounter reimbursement, so gross margin is bounded by (rate per session x sessions per clinician-hour) minus clinician cost and cannot converge on the software line however good the AI is. Doximity's 89.1% FY2026 GAAP gross margin (canon CF-DOCS-07) is what a distribution business earns and is the wrong comparison. No company figure exists; none is estimated here.

Op margin

Not disclosed. Third-party summaries describe the company as profitable around the Series Cbut that appears only in relays — neither the company's release nor any named outlet's own reporting confirms it, so it is NOT carried. Absent confirmation, the default read of a $100M raise thirteen months after a $70M raise is growth funding.

Capex intensity

Very low conventionally: no clinicsno imaging fleet, no owned data centre, no manufacturing; compute is cloud opex. The intensity that matters is human and front-loaded — recruiting, credentialing and state-licensing thousands of dietitians ahead of the volume that pays for them, plus payer contracting cycles running months per plan. It behaves like capex and books as opex.

Valuation

n/aprivate) — no listing, no float, no market capitalisation exists. The only mark is a last-round post-money of a reported ~$1.75B on the $100M Series C led by Menlo Ventures, announced 19 May 2026. Axios Pro (19 May 2026) is the only named outlet carrying it; the company's own release gives the round size and syndicate but no valuation. Treat it as negotiated between one lead and one board, not a clearing price: $100M of primary against a $1.75B post is ~5.7% dilution, so a small slice of paper sets the whole headline — the defect canon flags on Sword Health's $4B off a $40M round (CM-COH-05). Prior mark: a >$1B valuation reported by Fortune around the 23 Apr 2025 Series B, also not company-stated, implying ~1.7x in ~13 months.

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