Timing and circumstance have shaped Mike Williams’ entrepreneurial journey from the start. And despite the challenges they have presented, they have also created enormous opportunities.
He was 14 years old when his mother was diagnosed with multiple sclerosis, creating an interest in health care. Then, as a college athlete, Williams was introduced to electrotherapy medical devices as a non-opioid solution for pain.
“Medical devices were less affordable than they needed to be, and they were less accessible than they needed to be, that directly contradicted this passion and this idea that we can help more people if the technology and devices exist out there,” Williams said.
The interest sent him down the path of creating a medical device distribution company in 2001. Nearly a decade later, William’s launched Fort Worth-based MedID Technologies, a software company focused on personal health records and an early iteration of what would later become ExcelHealth (which does business as iReliev). However, the same year MedID got its start, changes in medical record-keeping law essentially did the work the company was doing obsolete.
“It was unfortunate, but in our case, that’s what it’s all about. You adapt, and you change,” Williams said.
Williams said the company carried over its debt and retooled its focus. The next chapter came in 2013, with a change in FDA regulations that allowed certain proven prescription medical devices to be available on the over-the-counter market. That next year MedID rebranded to ExcelHealth.
“That opened the door,” Williams said.
A specification developer focused on bringing electrotherapy medical devices to the consumer market launched its first SKU, retooling a prescription-grade device and adding pre-defined settings to make it available OTC. That first product – the TENS unit – works by stimulating muscle and nerves to relieve pain. In that time, ExcelHealth has launched several other products, including a massager, heating pad, and topical pain-relief treatments.
The next stage in ExcelHealth’s growth came in 2017 when the company spun out a separate company focused on bringing therapy devices to the athletic market, called PlayMakar. PlayMakar headed down developing the technology and IP for its flagship percussion massaging device for about the next two years. It finally made its debut in January of 2020. The company now also sells other therapy devices, topicals and apparel.
“What we tried to do with iReliev, and also PlayMakar, is to be able to build it with even simpler, more demonstrable products… to really complement each other,” Williams said.
While the 13-person full-time team at ExcelHealth works for both companies, Williams said the decision to set up PlayMakar as a separate entity largely positioned its structure of exponential growth. And the company has seen just that. In 2018, PlayMakar saw a little more than $100,000 in revenue. In 2019, that increased to nearly $300K. By the end of 2020, the company’s revenue jumped to $2 million.
“We’ve got a really good pricing strategy and model,” Williams said, noting it is seen 75 percent to more than 80 percent margin in some places.
ExcelHealth has also seen its fair share of growth. In 2020, the company landed for the second time on the Inc. 5000 list reporting 112 percent three-year revenue growth. This year it is projecting a nearly 66 percent increase from that. While those revenue figures weren’t disclosed, to make it on the list, companies must have a minimum revenue of $100,000 at the beginning of the three-year period and a minimum of $2 million by the end.
PlayMakar products sell in retailers like Dick’s Sporting Goods and Walmart. However, Williams said much of its business comes directly to consumers. While the early days of the pandemic saw a slowdown for the company, the acceleration of e-commerce has helped boost business, he said.
On the ExcelHealth side, the pandemic also provided an e-commerce boost, as well as an increased interest in its products, as many put off doctor visits and minor procedures. Williams added that for both businesses controlling its online presence and brand while restricting resellers, has helped them gain traction and grow.
“To do the things we wanted to do, we needed a direct-to-consumer model. We really needed to build iReliev.com and PlayMakar.com… and ultimately control online presence,” Williams said.
Williams sees little sign of either ExcelHealth’s or PlayMakar’s growth slowing soon. PlayMakar is gearing up to launch a revamped MVP of its flagship massage gun device that contains technology with three patents pending. That product will launch before Q4. Following that, the company will be looking to raise about $2.7 million to help it scale. To date, it has only taken on $200,000 in outside funding.
“We see this competing with the top guys in the world here real soon, so we’re going to need help to really scale,” Williams said. “We’ll be looking to do that over the next year.”
ExcelHealth also has big plans for the second half of 2021. Williams said it’s planning to add seven or eight new SKUs to its lineup, including a product that combines electrotherapy with home furnishing that is expected to be released in the next 60 to 90 days.
“We’re continuing to strengthen the company,” Williams said. “I think foundationally, there are some things we’re doing, but this doesn’t have to be overly complicated. It’s really just rinse and repeat, and just keep doing the same things, and iReliev is going to continue to grow.”
