A patient views tests results on Everlywell’s app. Photo credit: Everlywell
The last year has been a busy one for Austin-based at-home testing startup Everlywell. The company has seen its business grow more than 300% in the last year, including getting the green light from the FDA in May to sell at-home Covid-19 test kits.
Now, the startup is building out its business with its acquisition of two other companies in the diagnostics space. Everlywell acquired PWNHealth, a network of clinicians that provide telehealth consults for testing, and subsidiary Home Health Access Corp., which is also developing at-home test kits. The companies didn’t disclose the terms of the deal.
The combined company will be called Everly Health, and will be led by Everlywell CEO and Founder Julia Cheek. PWNHealth’s outgoing CEO, Sanjay Pingle, will join the company’s board.
With the acquisition, Everly said it will have a total of 500 employees and more than 350 clients. Before the deal, Everlywell had about 300 employees.
The two companies have a long history working together. Since 2016, PWNHealth has provided clinical oversight for Everlywell’s diagnostic tests. It develops protocols for tests and its clinicians help evaluate whether they are appropriate for a consumer after users fill out an intake form. They also help counsel people through their test results. PWNHealth’s data will continue to be stored separately from Everlywell’s, the companies said.
Austin-based Everlywell was founded in 2015, and offers a plethora of home testing kits, some of which are sold at big-box retailers like Target, CVS and Kroger. For example, it offers hemoglobin A1C tests and STD tests, as well as more wellness-oriented products, such as a “sleep and stress” test. Its at-home Covid-19 test kit was recently given an emergency use authorization to be used over-the-counter.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
After closing a $175 million funding round last year, the company hinted at plans to expand into virtual care, which the deal would make more tangible. Everlywell will gain a 50-state telehealth network. Two of PWNHealth’s investors, Spectrum Equity and the Blue Venture Fund, also gain a stake in the combined company.
