Subscriptions to its cloud-based price transparency tools tripled between 20 to $13 million, with backlog reaching nearly $109 million which the company expects to fulfill over the next four years. (The latter is its single biggest source of revenue). Asked whether the prospect of a bubble weighed on his shoulders, Giovanni Colella, Castlight's chief executive and a founder replied: "We're focused on building an iconic company." One big winner: Bryan Roberts, a venture capitalist at Venrock, and a co-founder, who bolsters his reputation as the most successful digital health investor.įounded only six years ago, Castlight has amassed a roster of large self-insured customers mainly in the past two years, including CVS Caremark, Microsoft, and Wal-Mart Stores. Castlight is a barometer for the industry. Health IT investors and entrepreneurs who have been eagerly waiting for a liquidity event got it in spades. Investors poured in, sending the stock up from an IPO price of $16 a share to nearly $40, which values the company at more than $3 billion.
#CATLIGHT HEALTH FULL#
Value Quote: “One of the core tenets that we have is being very transparent about where we are in this transformation and wanting to share the full set of information and view of the business that we have so that folks on the street can make decisions.Castlight Health, which has been at the forefront of price transparency, went public today. Making sure that we’re set up well to do this is going to be something that’s core to our business-and anything core to our business is core to my role as a CFO. We’re not that far away from being able to do this as enough people in the country get vaccinated and we get ahead of this disease.īut it won’t be everybody coming back, and it won’t be the same way. It’s a different world every month, so we need to continue to ensure that we have connected, productive teams at the same time that we are also starting to think about who comes back to the office and when. We did this very successfully in terms of performance from different parts of the business, but now we’re approaching 12 months of it. The third piece really is helping our employees to navigate the world of remote work. We will see the continued evolution of this. We have the opportunity to make a little money-there’s revenue associated with it-but this also contributes to the morale and mission of what it means to be a healthcare company. This is something that 12 months ago I never would have imagined us doing. Right now, we are supporting the CDC on the COVID-19 vaccine delivery pathway. We are continuing to evolve what we do and how we do it. The second has to do with the fact that we’re a healthcare company in the continued midst of a global pandemic.
“I recall asking myself in the first week, ‘Do these people just hate me? Am I just really disliked by these people?,’” comments Bondurant, who notes that he now finds the calls with investors highly productive. “Investor relations was a new area for me-I had been external in my previous roles but principally with customers and partners and the like,” explains Bondurant, who recalls several unpleasant calls with investors after stepping into the CFO role. Having spent many hours with customers before becoming CFO, Bondurant says he was familiar with certain external facing aspects of the role, but not all. Still, it appears likely that his Castlight colleagues viewed things differently. Then, in 2017, came a $135 million acquisition, a transaction that management told investors would transform Castlight but instead ended up leaving a trail of merger snags and glitches that ultimately led to the formation of a new management team.Īt the time, Bondurant no doubt may have appeared to certain investors and outsiders to be a dark horse candidate for the firm’s CFO role. The reason that I was able to have these opportunities is that we had challenges-and from where I sit now, they certainly benefited my own personal development.” Says Bondurant: “If everything is working, you don’t always get the opportunity to fix something.
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