Telehealth-focused lab network Analyte Health raises $3 million

By Dave Muoio

Correction: Due to a lack of clarity in the original SEC filing, this article originally overstated Analyte's new funding. The $26.8 million we originally reported included exchanged securities from prior investments into the company.

Analyte Health, a Chicago-based lab networking platform active in telehealth, has raised just over $3 million, according to a recent SEC filing. The document lists three unnamed investors.

MobiHealthNews has reached out to Analyte Health for confirmation, and will update this story if the company responds.

Through arrangements with local diagnostic labs, Analyte Health offers quick-turnaround testing and in-home specimen collection for telehealth organizations and their patients. In June, the company said that it has delivered more than 2.2 million test results since its inception in 2009, and has integrated with several academic and commercial laboratories to provide its services.

In January, Analyte announced a partnership with telehealth provider Teladoc to locally deliver lab diagnostic services to remote patients. Teladoc, according to their 2016 fourth quarter earnings call to investors, enjoyed a 43 percent increase in members, 952,081 total visits, and a 59 percent revenue bump last year.

“During the year, we completed our company’s two millionth telehealth visit, representing savings through our clients in the U.S. healthcare system of over $900 million,” Gorevic said on the call.  “As context, it took us about 12 years to reach our first million visits, while only 14 months for our second million. This clearly signals the inflection point in overall telehealth adoption.”

Analyte announced an expansion of its executive board earlier this year with the appointment of Kevin Weinstein as CEO. Weinstein had previously served as Chief Growth Officer for Valence Health, along with other executive positions at ZirMed, Rise Health, and Allscripts.

"Analyte has been a well-respected provider of high quality care for years, and I am excited to be a part of the company's next chapter," Weinstein said in a June statement. "To be able to join an organization known for innovation and clinical excellence … is an honor.”