SWORD·Virtual musculoskeletal and multi-condition care (MSK + women's health + behavioural + cardiometabolic), employer / health-plan channelPrivate

Sword Health

ConvictionContext

B2B2C benefits platform, not fee-for-service. Engagement pricing from 2020, outcome-based pricing from Sep 2024 — fees track clinically meaningful member improvement and clients don't pay in full until agreed results land. Revenue scales with engaged members per client, not encounters. Phoenix delivers care in governed protocols while licensed clinicians keep oversight and clinical decisions, so unit cost falls as the clinician-to-member ratio widens. Germany is the one statutory-reimbursed channel, acquired with Kaia.

Revenue

~$240M annualised run-rate at 17 Jun 2025company via TechCrunch; unaudited). No newer figure at any named source; Pulse and Kaia mean current revenue is higher, amount not estimated.

Rev growth

Not disclosed on a stamped basis. History: ~8xin 2020, ~600% in 2021, 'nearly tripled' in 2023; Bloom alone generated in 2024 revenue equal to all of 2022. The 2025→2026 rate is an assumption.

Gross margin

Not disclosed. Below pure software — COGS carries clinician labourper-session inference and the physical kit. Read-across: Hinge Health 86% GAAP in Q2 2026 vs 70% a year earlier. A category ceiling, not a Sword figure.

Op margin

Not disclosed. Company said cash-flow positive at 17 Jun 2025early-2026 reporting calls it profitable. Unaudited wording, undefined basis — cash-flow positive is not GAAP operating income.

Capex intensity

Low fixed capexcloud-hosted, no owned data centres disclosed. Intensity sits outside PP&E — device inventory and reverse logistics (mostly COGS), plus the $285M Kaia acquisition.

Valuation

n/aprivate) — none exists. Last mark $4B, set at a $40M round announced 17 Jun 2025 led by General Catalyst (canon CM-COH-05; Reuters/TechCrunch/MobiHealthNews). At ~1% dilution that is a negotiated mark agreed with one lead — not a clearing price, not a mark-to-market. Sources do NOT specify post- or pre-money, so no post-money label is asserted. ~13.7 months stale.

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

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SWOT, moats & dependency map
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