Mountain West first, then four stages beyond the footprint

Phase 1: Anchor markets (Months 1–12). Two to five anchor pharmacies. Prove cash-pay revenue per store and months-to-payback. We do not scale before this number is real.

Phase 2: Mountain West (Years 2–3). Colorado, Utah, Arizona, New Mexico, Idaho, Wyoming, Montana. An anchor per MSA, then tuck-ins. Density over coverage.

Phase 3: National (Years 3–5). A repeatable playbook, centralized clinical and technology operations, and a multi-state licensure portfolio.

We start in the Mountain West because it is where our operating partner, Good Day Pharmacies, already operates: existing locations, existing relationships, existing staff, existing knowledge of the markets and the sellers in them. We are not learning the region and the playbook at the same time. Reinforcing factors include regulatory alignment (Colorado, Utah, Montana, and Idaho all have enacted PBM reform protecting independent reimbursement), NP full practice authority in Colorado and Arizona lowering the cost of in-house prescribing, and demographics already indexed to performance, outdoor health, and preventive spending.

Owned pharmacies prove the model. The app is what scales it past the buildings we own.

Stage 1: Owned pharmacies

Mountain West anchors plus tuck-ins. Prove cash-pay revenue per store. Capital-intensive, highest control, highest margin.

Stage 2: Partner pharmacies

This comes before clinics, deliberately. An independent pharmacy already has every hard thing: the license, the draw capability, the private consult room, the trusted clinician, the local prescriber relationships. Partner pharmacies require zero acquisition capital, generate recurring platform fees plus product supply margin, and use the exact regulatory posture already built in Stage 1. There are roughly 19,000–20,000 independents; HARP is the program there, not the flag, and their name stays on the door permanently. Cencora's Good Neighbor Pharmacy is the precedent.

Stage 3: HARP Clinics

Inside gyms and employers. Cash flow from Stages 1 and 2 funds entry into markets where we own no pharmacy; on-site blood draws, an on-site advisor, fulfillment from our regional pharmacy.

Stage 4: At-home collection

Direct to consumer, the end state once we have critical mass. Capillary collection kits shipped nationally, modeled on the at-home category leaders competing in the same lane.

Life Time launched MIORA in January 2024, combining blood panels with hormone replacement therapy, GLP-1s, medically curated peptides, dietitians, and branded supplements sold as a monthly subscription, and has since expanded it to seven states. After leaning into wellness, Life Time reported record member retention, with members visiting more than 130 times per year and membership dues and fees up nearly 20% year over year. Equinox followed with a diagnostics-led program of its own. Two of the best-capitalized operators in American fitness built this and it worked.

And they represent under 1% of the channel. There are roughly 107,751 gym, health, and fitness club businesses in the US, and the industry has low market share concentration; Life Time is the largest operator and still commands only a sliver of it.

The long tail cannot self-build for a simple reason: capital. Regional chains and tens of thousands of independents cannot build a clinic; they have to partner. Every operator in this space shares one hole: they source peptides, HRT, labs, or fulfillment from third parties. We own the pharmacy, the compounding, the dispensing, and the protocols.

A HARP Clinic is a small-footprint wellness clinic inside a host facility, with blood drawn on site, not a mail-order signup kiosk. Each clinic includes a private consult and draw room, a HARP Wellness Advisor on site, full on-site venous phlebotomy, prescribing via our affiliated professional corporation, and dispensing and compounding from our regional pharmacy; the same app, same HARP score, same protocols, same product line as our owned locations.

The average gym member generates about $517 per year for a facility at an average $69/month membership. A HARP member at $149/month is roughly $1,800 a year, over 3x the operator’s own revenue per member. We do not offer a share of that. We offer what Life Time actually captured: retention and differentiation, which accrues to the operator through their own dues and visit frequency, in their own P&L.