Rekovo presents a compelling case for the digitization of physical therapy, specifically targeting the $100B direct cost associated with balance issues and brain injuries. The deck, dated Q2 2015, highlights a significant market opportunity driven by the aging US population, which is projected to reach 90 million people aged 65+ by 2050 (Slide 2). Their product, Agile Art, utilizes wireless sensors to turn therapeutic movements into impressionistic artwork, providing both patient engagement and clinical biofeedback. The revenue model is notably aggressive for the medical space, proposing a $2…
Key takeaways
- The physical therapy industry faces a growing demand with over 5 million annual cases and $100B in direct costs (Slide 2).
- The population of Americans aged 85 and older is projected to grow from 5 million in 2000 to 25 million by 2050 (Slide 2).
- Agile Art allows therapists to add additional billing codes for reimbursement by qualifying as neurorehabilitation and biofeedback (Slide 3).
- The revenue model utilizes a SaaS approach with a $20 monthly subscription per therapist and a planned $10 monthly subscription per patient (Slide 4).
- Rekovo targets a market of over 200,000 physical therapists working in balance recovery (Slide 4).
- Competitors like ReoGo and NeuroCom charge between $50,000 and $85,000 for hardware-heavy installations, whereas Rekovo positions itself as a portable, low-cost alternative (Slide 5).
- The team combines academic research from The Ohio State University with entrepreneurial experience, including a CEO who has launched and exited three ventures (Slide 6).
- The deck lacks a specific investment ask, use of funds, or a detailed roadmap for the 'Phase Two' home version of the software.
Rekovo Pitch Deck Analysis
Rekovo's pitch deck, dated from the second quarter of 2015, presents a solution for the physical therapy and neurorehabilitation market. The company focuses on a product called Agile Art, which uses sensors and software to gamify the recovery process for patients with balance issues, traumatic brain injuries (TBI), and geriatric conditions. The deck emphasizes a shift from high-cost, stationary hardware to a low-cost, portable SaaS model.
Slide 1: Title Slide
The title slide introduces the company name, Rekovo, alongside the tagline 'recovery reinvented.' It features a geometric hummingbird logo and establishes the timeframe as the 2nd Quarter of 2015. The presentation is labeled as a 'Business Summary,' suggesting it may be intended as a high-level overview rather than a deep-dive technical or financial document.
Slide 2: The Physical Therapy Industry Outlook
This slide establishes the market urgency using three distinct data visualizations. The first chart shows that annual hospitalized falls per 10,000 people increase significantly with age, rising from 400 for those under 65 to 1,400 for those over 85. The second chart projects the aging US population, showing the 65+ demographic growing from 35 million in 2000 to 90 million by 2050. The third graphic, a pie chart, breaks down the target patient population: 2.5M TBI cases, 2.3M elderly falls, 1M Parkinson's cases, and 800k stroke cases. The slide concludes that the current demand exceeds 5 million annual cases with over $100B in direct costs.
Slide 3: A Solution... Agile Art
Slide 3 introduces the core product, Agile Art. The software allows patients to create 'impressionistic artwork' while performing balance exercises. Wireless sensors attached to the patient track movement, which is then translated into visual art on a screen. The slide highlights three value propositions: patient engagement, qualitative assessment of progression through outcome metrics, and social sharing with family. Crucially, it notes a financial incentive for providers: the tool qualifies for neurorehabilitation and biofeedback billing codes, allowing therapists to increase reimbursement revenue.
Slide 4: The Revenue Model
Rekovo outlines a two-phase SaaS pricing strategy. Phase One targets the professional market with a $20 per month subscription per therapist. This phase targets hospitals, clinics, and skilled nursing facilities, aiming at a pool of over 200,000 physical therapists. Phase Two introduces a home version for patients, priced at $10 per month. The slide claims the software 'pays for itself in only one session' due to the increased cost recovery from the aforementioned billing codes. The shift from one-time sales to recurring billing is justified as a way to fund continual product feature updates.
Slide 5: Competition
The competition slide uses a comparison table to position Rekovo against four categories of competitors. High-end robotic and balance systems like ReoGo (>$85,000) and NeuroCom (>$50,000) are framed as 'very expensive' and 'limited to facility use.' Mid-range platforms like Korebalance ($9,500-$17,000) are also described as potentially price-prohibitive for home care. 'Low Tech' tools like Boso balls ($100-$200) are dismissed for having low patient engagement. Rekovo positions itself at the $20/month price point, claiming the advantage of being a 'novel approach with proven efficacy' that is 'extremely portable and affordable.'
Slide 6: Team
The team slide features three key members. Lise Worthen-Chaudhari (Science) is a research assistant professor at The Ohio State University with a background in Kinesiology and clinical research. Alex Purtell (Growth & Marketing) is described as having experience with over 20 startups and a background in digital marketing and venture capital. Todd Whittington (CEO) is credited with over twenty years of experience, including launching and successfully exiting three ventures. The team composition suggests a balance of academic rigor, marketing execution, and executive experience.
What Rekovo Does Well
The deck excels at identifying a clear, growing, and expensive problem. By anchoring the pitch in the 'Baby-Boom generation' demographic shift, the founders create a sense of inevitability regarding market demand. The inclusion of specific patient numbers (5 million annual cases) and direct costs ($100B) provides the necessary scale for venture interest.
Furthermore, the 'billing code' argument on Slide 3 is a sophisticated touch. In the healthcare sector, adoption is often driven more by reimbursement than by clinical efficacy alone. By explicitly stating that Agile Art allows for 'additional billing codes,' Rekovo speaks directly to the bottom-line concerns of clinic managers and hospital administrators.
The competitive analysis is also well-structured. Instead of just listing names, it categorizes competitors by price and utility. This allows Rekovo to occupy the 'white space' of being both low-cost and high-engagement, a position that is difficult for $85,000 robotic systems to challenge.
What Is Missing from the Deck
The most glaring omission is the lack of a clear 'Ask.' There is no slide indicating how much money the company is looking to raise, what the valuation is, or what specific milestones the funding will help them achieve. For a pitch deck, this is a fundamental requirement.
Additionally, the deck lacks any traction data. While it mentions the product was developed through research at The Ohio State University, there are no mentions of pilot programs, early clinic partners, or current user numbers. Even if the company was pre-revenue in Q2 2015, data from clinical trials or alpha tests would have strengthened the 'proven efficacy' claim made on Slide 5.
The 'Phase Two' home version is mentioned as a revenue stream, but there is no discussion of the regulatory hurdles (such as FDA clearance) or the logistics of distributing hardware (the wireless sensors) to individual patients. The transition from a B2B clinic model to a B2C home model is a significant pivot that requires its own go-to-market strategy, which is absent here.
Founder Takeaways
Focus on Reimbursement: If you are building in health-tech, identify the specific CPT (Current Procedural Terminology) codes your product triggers. Showing a provider how they make money by using your tool is often more effective than showing them how it helps the patient. · Demographic Tailwinds: Use macro-trends (like the aging population) to justify the timing of your startup. Investors like to see that you are riding a wave that you didn't have to create yourself. · Price as a Feature: Rekovo doesn't just say they are cheaper; they show that their price point enables new use cases (home care) that their $85,000 competitors cannot touch. · Academic Credibility: If your product is based on research, highlight the institution and the lead researcher's credentials. It provides a layer of 'de-risking' for the technology. · Don't Forget the Ask: Never end a pitch without telling the investor exactly what you want from them. A deck without an ask is just a brochure.
Frequently asked questions
- What is the primary problem Rekovo is solving?
- Rekovo addresses the lack of engagement in traditional physical therapy and the high cost of existing neurorehabilitation equipment. According to Slide 2, balance-related issues cost over $100B annually. Slide 5 notes that existing solutions are often 'expensive medical device installations' costing up to $85,000, which limits their use in home healthcare or smaller clinics. Rekovo provides a low-cost, engaging alternative using biofeedback art.
- How does the company plan to generate revenue?
- The company employs a two-phase SaaS revenue model. Phase One targets professional settings (hospitals, clinics, skilled nursing) with a $20 per month subscription per therapist. Phase Two introduces a direct-to-patient model for home use, priced at $10 per month. Slide 4 emphasizes that this recurring billing reflects the continual deployment of new software features and provides a 'low cost entrance' to the market.
- What is the competitive advantage of Agile Art?
- Beyond the price point, the primary advantage is clinical reimbursement. Slide 3 states that because the software qualifies as neurorehabilitation and biofeedback, therapists can 'add additional billing codes for reimbursement,' allowing the software to pay for itself in a single session. Additionally, Slide 5 highlights its portability compared to static, site-specific installations like the ReoGo robot or Korebalance platform.
- Who are the key members of the leadership team?
- The team is led by CEO Todd Whittington, who has 20 years of experience and three successful exits. The scientific foundation comes from Lise Worthen-Chaudhari, a research assistant professor at The Ohio State University Wexner Medical Center with a decade of experience in CNS impairment research. Alex Purtell handles Growth & Marketing, bringing experience from a startup accelerator and a venture fund (Slide 6).
- What critical information is missing from this pitch deck?
- The deck is missing several standard components required for a formal fundraise. There is no 'Ask' slide detailing how much capital is being raised or the valuation. It lacks a financial slide showing historical revenue or future projections. Furthermore, while it mentions 'Phase Two,' there is no technical roadmap or timeline for the transition from clinic-based software to the home-based patient version.
