08. Unit Economics
Unit Economics Per Store
The most scrutinized slide in the deck. Lead with the one metric that matters: cash-pay revenue per store.
The metric that matters
Cash-pay revenue per store. Everything outside a PBM claim: memberships, panels, supplements, compounded products, clinical services, prescribing.
Building the model transparently
The per-store model is built up from a chain of assumptions, each stated explicitly:
| Step | Basis |
|---|---|
| Active patient panel size | Prescriptions filled per store per year → active patient panel size |
| Panel → membership conversion rate | The assumption to defend |
| Revenue per member | Members × ARPU (membership + product attach + clinical services) |
| Contribution margin per member | After clinical and product cost to serve |
| Fixed cost to install | Cost to install HARP per store, and to stand up clinical services |
| Payback | Months to payback on the install |
Then we show the two-line chart that is the whole story: core dispensing gross profit held stable, cash-pay gross profit growing on top of it. That mix, not store count, is what determines the exit multiple.