ARR & Revenue Mix
Legit.Health operates a hybrid revenue model: recurring SaaS-like contracts with care providers and insurance companies, combined with project-based engagements with pharmaceutical companies and CROs. This page reconciles the SaaS metric VCs ask for (ARR) with the broader economic reality of the business.
Current ARR (June 2026)
Headline 2025
- ARR (Annual Recurring Revenue) = EoP MRR × 12. The SaaS metric. Only counts recurring contracts (hospital + insurance).
- Recognised revenue = revenue earned during the period under accounting standards (Spanish PGC).
- Billings = amounts invoiced during the period. Includes multi-year contracts paid in advance.
- Bookings (TCV) = Total Contract Value of contracts signed during the period across all years. 2025 figure confirmed at €902,775 (16 deals).
The 3 revenue layers
The hybrid model means each revenue layer commands a different multiple. Pure SaaS comparables (Slack, Zoom) trade at high revenue multiples but don't reflect our reality. Hybrid healthcare AI comparables (Tempus, Veracyte, Owkin) trade at high multiples because their recurring layer is valued like SaaS while project revenue is valued for the strategic relationships it represents. Our path: grow the ARR layer aggressively while preserving pharma project income as committed multi-year frames.
ARR trajectory
ARR grew +90% YoY (2024 to 2025), and a further +34% to June 2026. The bridge round funds the acceleration to the €1.01M Model trajectory.
Quality of revenue: the 3 multipliers
ARR alone doesn't capture the quality of the underlying business. Three factors compound on top of the headline metric:
Revenue mix by segment (2025 recognised)
Diversification across 3 segments reduces concentration risk. Care providers + Insurance = 66% recurring. Pharma = 34% project/committed.
| Segment | 2025 recognised | % | Category |
|---|---|---|---|
| Care providers (hospital + telemedicine) | €204,187 | 33.8% | ARR |
| Insurance | €194,394 | 32.2% | ARR |
| Pharmaceutical (single studies + frames) | €205,913 | 34.1% | Committed / Project |
| Total recognised | €604,495 | 100% |
Bookings (TCV) 2025
€902,775 in contracts signed across 16 deals in 2025, spanning 7 markets. Breakdown by deal:
| Deal | New | Renewal | Upsell | Total |
|---|---|---|---|---|
| US Pharma Johnson & Johnson: Psoriasis Phase 3 (part of a €685K multi-year programme) | €434,150 | €434,150 | ||
| US Pharma Sagimet / ICON: Alopecia Phase 3 | €156,100 | €156,100 | ||
| ES Boehringer Ingelheim: sponsored app in care providers | €126,760 | €126,760 | ||
| ES SESPA: licitación Telefónica | €90,000 | €90,000 | ||
| BR Johnson & Johnson: Oncoderm pilot Phase 1 | €21,560 | €21,560 | ||
| SE Visiba Care: chatbot triage | €18,000 | €18,000 | ||
| ES IMQ: insurance GP support | €14,000 | €14,000 | ||
| ES Sanitas Seguros (BluaU): additional licences | €9,960 | €9,960 | ||
| ES Sanitas Hospitales: additional licences | €8,300 | €8,300 | ||
| PL Lux Med: pilot | €7,779 | €7,779 | ||
| DE Boehringer: Connect Evidence Night webinar | €5,000 | €5,000 | ||
| FR CHU Rennes: 250 tele-expertise cases | €3,820 | €3,820 | ||
| ES Cigna: referral optimisation | €3,600 | €3,600 | ||
| ES Eli Lilly: ASALT calculator | €3,135 | €3,135 | ||
| ES Boehringer Ingelheim: GPPGA calculator | €611 | €611 | ||
| ES IGDerma: diagnostic support | €0 | €0 | ||
| Total 2025 | €872,429 | €21,600 | €8,746 | €902,775 |
Billings vs Recognised: where the gap comes from
Of €848K billed in 2025, €244K (29%) is contracted future revenue that will be recognised in 2026-2027. This is the multi-year backlog, primarily from pharma framework deals signed in 2025.
Reconciling with VC expectations
| VC question | Headline answer | Context |
|---|---|---|
| "What's your ARR?" | €401K (June 2026) · €300K (Dec 2025 close) | Recurring ARR · +34% since Dec 2025 close · +90% YoY through 2025 |
| "What's your revenue?" | €604K (FY2025) | +49% YoY (recognised/devengado) · hybrid model |
| "What did you bill / book?" | €848K billed · €903K TCV signed | +145% YoY billings · multi-year backlog €244K+ |
| "Path to €1M ARR?" | The milestone that opens Series A, bridge-funded | Budget €404K, Model €1.01M, bridge funds the gap |
| "Net revenue retention?" | 92% top customers · 0% pharma multi-year churn | Enterprise SaaS-grade |
| "Burn multiple?" | 1.9x (TCV basis) · 12x (net new ARR basis) | Hybrid model: ARR denominator understates. On TCV bookings (€903K) vs burn (€1.68M/yr): 1.9x. On net new ARR (€136K): 12x. |
- Path to €1M ARR: detailed plan from current to €1M ARR
- Bridge Thesis: why a bridge round and what it unlocks
- Commercial Metrics: customer cohort, sales cycle, pipeline
- Key Financials: full P&L, balance sheet, formulated accounts