Medicx Health: from three months of cash to a $95M exit.
The full arc behind the headline number. Four years in the CFO seat, and the pricing, product, and exit-preparation work that turned a company running out of runway into a $95M sale to a public acquirer.
A company with three months of runway.
When I joined Medicx Health as CFO in 2019, the company had roughly three months of cash on hand and three years of declining revenue. Underneath it sat strong product-market fit and proprietary, patented data capability... but the financial infrastructure had not kept pace. No formal pricing discipline, no real-time campaign measurement, and no long-term value-creation or exit plan. Founder-led, scaling into demand it could not yet measure, and running short on time.
What I led
Stabilize · the first 90 days
Cash bridge, working-capital discipline, lender communication, and vendor triage. The immediate work was getting the company off the runway and buying the room to rebuild, before anything else was possible.
Rebuild · the next 24 months
- Rebuilt pricing from cost-plus to value-based, tied to audience and outcome value. Over my tenure this expanded gross margin by more than 20 points, into the high-50s percent.
- Stood up real-time campaign performance and KPI measurement from scratch. Live visibility into delivery, ROI, and client outcomes gave commercial teams the data to defend price and clients the proof of value... the direct lever behind the pricing power.
- Launched a new product line that turned proprietary, patented data capability into a packaged commercial offering. It became a primary driver of recurring revenue and the single largest contributor to enterprise value.
- Eliminated company debt and modernized the finance stack on NetSuite, scaling FP&A, board reporting, KPI dashboards, and forecasting into decision-support infrastructure that kept pace with growth and held up under diligence.
Exit · the final 12 months
Transaction preparation, banker engagement, and diligence management through to close. I led financial diligence and exit preparation for the sale to OptimizeRx (NASDAQ: OPRX) for a publicly announced $95M in October 2023.
Why it worked
Margin expansion and a new recurring-revenue line, layered onto a focused commercial strategy, drove most of the value created. Exiting 2023, the business was pacing to a roughly $40M revenue run-rate at about 20% EBITDA margins... on the order of $8M of run-rate EBITDA built in four years, from break-even. OptimizeRx acquired it for a publicly announced $95M, an implied ~12x run-rate EBITDA. That was a strategic premium, and it reflected the quality of the recurring revenue and the proprietary data assets.
The Medicx arc is the template for the advisory work: stabilize the finances, build the pricing and infrastructure that create durable margin, then prepare the numbers so they hold up when a buyer's diligence team rebuilds them. Most of the value in an exit is made in the 24 to 36 months before the process starts, not during it.
The same pattern, over 25 years.
Medicx is the clearest example, not the only one. The through-line is consistent: build the analytics and pricing that turn a company's own data into margin, then the infrastructure that lets it scale. A few representative results.
Bring the same playbook to your company.
If a raise, turnaround, or exit is anywhere on the table, the earliest conversations create the most value. That is where the multiple is made.