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VICIS Convertible Note Financing

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Company Presentation (2018)

Download Company Summary PDF

Note: Certain items discussed in this video may have materially changed since filming. Please confirm any significant assumptions taken from the video with management.

Deal Specifics

Series Raise: Convertible Note Financing

Series Size: Up To $10M

Valuation (Pre-Money): N/A

Secondary or Primary: N/A

Founders: Dave Marver, Per Reinhall and Sam Browd (see management bios)

Sponsor(s): Aaron Rodgers, Russell WilsonRoger StaubachSteve Singh (see VICIS Sponsors)


Awards & Media

View Our Coverage

VICIS Sponsors

Meet Our Advocates


VICIS ZERO1 YOUTH INTRO

VICIS ZERO1 YOUTH LAUNCH


NFL Season Opener

NFL 1st and Future


Top Ranked NFL/NFLPA Lab Testing & 5-Star Rated Virginia Tech Score

  1. VICIS ZERO1 (2018)

  2. Schutt F7 LTD

  3. Riddell SpeedFlex Precision Diamond

  4. Riddell SpeedFlex Precision

  5. Schutt Air XP Pro VTD II

  6. Schutt Air XP Pro VTD

  7. Schutt Air XP Pro Q11

  8. Riddell SpeedFlex 2019

  9. Xenith Shadow 2018

  10. Schutt F7 VTD

Download Official NFL Poster

See Official Virginia Tech Results


>2,000 teams added Since 2017

Teams Purchasing VICIS Helmets

Number of Football Teams / Programs who have purchased VICIS helmets (NFL/NCAA/High School).

Driven By High Customer Ratings

Customer Satisfaction Ratings

% customers expressing greater comfort and less impact / headaches than other helmets used. Overall reflects total satisfaction with purchase.

Increasing Repeat Orders 2.6x

Second Orders From Elite Teams

Elite football teams / programs who placed reorders are requesting 2.6x more than their initial order.

Led to 6.5x increase in valuation

Valuation History ($M)

Total company valuation shown post-money for the Series B. Does not include proposed note financing.

Financial Projections

VICIS Revenue & EBITDA ($M)

Revenue Mix

VICIS Revenue in 2023F ($163M)


Market Size

Total Addressable Market of $5.7B in 2023F (VICIS ASP, $M)

Market Share

Market Share Forecast (%)


Profitability

Profit Margins (%)

100%growth q1 ‘19 vs q1 ‘18

Year over Year Booking Growth ($m)

 


Competitive Landscape

Intellectual Property


Capitalization Table

Historical & Projected Financials


Frequently Asked Questions ("FAQ")

 

1)   Has the ZERO1 helmet been used in play?

Yes.  Last year in just our second year on field, the ZERO1 was used by players starters on 28 NFL teams, including the NFL MVP and Super Bowl MVP.  The helmet was also worn by players on 125 NCAA programs and over 1,000 high schools last season.  Adoption has grown rapidly:  From 133 teams/programs in December 2017 to over 2,000 teams/programs as of March 2019.

2)   What is the player feedback on the ZERO1?

Feedback has been very positive, with over 97% of surveyed customers being pleased or extremely pleased with their purchase.  We work closely with NFL and NCAA equipment managers and players, implementing changes in response to feedback.  Prior to last season, we reduced both weight and cost, countering the principal issues we faced during our inaugural season.  Importantly, players told us they loved the helmet’s wide field of view (the industry’s widest) and its comfort.  They also told us it felt better during impacts.  This positive feedback is fueling greater penetration: Elite teams who placed initial orders and placed re-orders are buying on average ~3x larger than their original orders.

3)   How do you scale your sales channel?

We currently go to market via a direct sales organization that calls on customers ranging from NFL teams to youth leagues.  We will continue to leverage a direct sales channel, believing this is the most effective way to sell the value of our unique technology.  Over time, we will augment direct sales with e-commerce, particularly for less complicated products such as our forthcoming soccer headband.  Our current sales organization consists of 30 full-time employees focused on accounts in North America.  

4)   Do you sell to the team or the players?

Purchases are made primarily by teams/leagues on behalf of players, but there are an increasing number of parents making direct purchases of helmets for their children.  NFL/NCAA teams give players choice of helmet; high school and youth players tend to have less choice.  Believing awareness and education provide benefit, we market to all stakeholders, including equipment staff, medical staff, players, parents, coaches, and booster clubs.

5)   How will you achieve your 2019 sales targets?

We will continue to promote our industry-leading ZERO1 varsity helmet.  We also recently introduced the industry’s first ever true youth helmet (the ZERO1 Youth), and are launching soft headgear technology for 7v7 and flag football.  Youth football represents 75% of the market, so we’ll finally be participating where the bulk of the opportunity resides.  We project our varsity football helmet sales to double, consistent with what we’ve observed year-over-year this year. 

6)   Have you protected your design and function of the helmet?

We have been very aggressive protecting our intellectual property.  Our leadership team includes a PhD in Neuroscience with 10+ years of IP experience.  She is embedded among our R&D team and regularly assesses opportunities to protect our technology and methods.  Since inception, we have filed nearly 70 design and utility patents and filed trademarks for our logo and marks in major global markets.

7)   Have players been concussed in your helmet?

Yes.  No helmet can prevent concussions and we’re careful not to claim ours can.  Players concussed in the ZERO1 last season tended to recover quickly, continued to wear the helmet, and appreciated their access to our breakthrough technology.  It’s too early and often inappropriate to draw any conclusions based on on-field play, which is not well controlled.  That’s why the NFL and Virginia Tech use highly controlled laboratory testing to assess helmets.  This is consistent with the approach taken in automotive safety for decades, where laboratory testing is the gold standard.

8)    How do you protect yourself from future product liability claims?

We engage regularly with experts in product liability and this informs our product claims and quality systems. Our leadership team has its roots in the medical technology industry and we maintain robust testing and documentation.  We are conservative about our claims and this discipline helps assure we face modest exposure.  We also carry ample insurance to mitigate financial risk.

9)    How have competitors responded?

Our competitors are old-line companies lacking robust R&D capabilities, but they are increasing investment in an effort to match up.  Eleven new helmet models were introduced last year, but we outperformed all of them in NFL/NFLPA testing. The ZERO1 was worn by 6X more NFL players in its first year than Schutt’s new helmet.  In any case, our best strategy is to extend our lead by operating with greater urgency and faster innovation. 

10)    Where do you stand with expanding your product portfolio?

Our expertise is in the development of impact mitigating structures.  Derivatives of our football helmet technology can be leveraged for several other sports and the military.  We have active projects underway in hockey, soccer, rugby, flag football, and the military.  Each is scheduled to launch within 24 months.

11)    What is your strategy and timeline for an exit?

We are focused on building an enduringly successful company with an extensive portfolio of differentiated products, with strong margins, loyal customers, and solid partnerships.  Marketplace and operational success will result in a multitude of exit options over the next 3-5 years.  We already have many of the people, processes and systems that make a company an attractive public company, such as a reputable board, scalable financial and operational systems, and a deep bench of experienced leadership.  For modeling purposes, we have assumed a 2021 IPO event that converts the preferred shares into common shares. 

12)    What is the composition of your capital table?

We have over 350 like-minded investors who care passionately about VICIS and the work we are doing to protect young athletes and our servicemen and women.  Our cap table includes managing directors from leading VC firms who have invested personally, large family offices, leading technology entrepreneurs, current and former NFL athletes, and thought-leading spine and neurosurgeons.  They are connected by their belief in our mission and prospects as a business.


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