Forbes November 26, 2025
When Function Health announced its $298 million Series B at a $2.5 billion valuation in November 2024, the company revealed a striking statistic: members have completed 50 million lab tests since 2023. But behind the impressive headline lies a more complex question about the sustainability of the direct-to-consumer lab testing boom.
The Numbers Tell A Complex Story
Using the 50 million tests figure, we can reverse-engineer Function’s approximate revenue trajectory. With around 100 tests per panel and members testing twice yearly, this translates to roughly 250,000 paid member-years at $499 per membership, suggesting approximately $125 million in cumulative revenue over three years. If revenue growth accelerated recently, the company likely generated $50-75 million in the last twelve months alone.
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