DarioHealth (NASDAQ: DRIO), a leader in the global digital health market, is reporting on its fourth-quarter and full-year 2023 financial results; the company also releases a corporate and commercial update. Highlights of the report include $20.4 million full-year 2023 revenue, down from 2022 revenue of $7.3 due to a managed decrease in B2C and strategic milestone revenue as the core business-to-business-to-consumer (“B2B2C”) revenue increased; B2B2C, employers and health plans recurring revenues increased 39% year over year; commercial revenues brought in the majority of the revenue with B2B2C growing from 13% to 25% of total revenue from 2022 to 2023; GAAP operating expenses decreased by 11.2% sequentially from the third quarter of 2023 with Non-GAAP operating expenses down 9.4% sequentially from the third quarter; and total pro forma nonaudited revenues of approximately $38 million for the integrated entity in 2023. In addition, the report noted that Dario had signed multiple customers onto the Aetna platform, which launched in Q1 2024; the company also reported significant interest and multiple employer adoption of its GLP-1 Behavioral Change Program. “[Last year] was a very significant year for Dario,” said DarioHealth CEO Erez Raphael in the press release. “Our financial profile continued to improve as a result of our pivot to a business-to-business-to-consumer business model with growing B2B2C revenue and decreasing operating costs. . . . Last month we announced the transformational acquisition of Twill Inc., accompanied by a $22.4 million equity financing. We believe this acquisition propels Dario forward, creating immediate scale with three of the top eight national health plans, some of the largest technology companies and several major pharmaceutical companies as customers. Following the recent acquisition of Twill, we have commenced selling our new combined offerings and have begun the integration process and expect to report outcomes in the coming quarters. We believe that this acquisition completely transforms Dario and firmly establishes it as one of the leaders in the space, that understands how to leverage organic and inorganic growth to improve financial metrics and manage responsible growth. We ended the year with a strong cash position of $37 million, not including the $22.4 million financing in the first quarter of 2024, which we believe puts us in a great position to execute our strategy.”
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About DarioHealth Corp.
DarioHealth Corp. is a leading digital health company revolutionizing how people with chronic conditions manage their health through a user-centric, multichronic condition digital therapeutics platform. Dario’s platform and suite of solutions deliver personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain and behavioral health. The company’s user-centric platform offers people continuous and customized care for health, disrupting the traditional episodic approach to healthcare. This approach empowers people to holistically adapt their lifestyles for sustainable behavior change, driving exceptional user satisfaction, retention and results, and making the right thing to do the easy thing to do. Dario provides its highly user-rated solutions glCFobally to health plans and other payors, self-insured employers and providers of care as well as directly to consumers. For more information about the company, please visit www.DarioHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to DRIO are available in the company’s newsroom at http://ibn.fm/DRIO
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