DarioHealth (NASDAQ: DRIO), a leader in the global digital therapeutics (“DTx”) market, reported its third-quarter 2021 financial results and business update. Of note was DRIO’s strong business-to-business (“B2B”) new contract growth, with 47 signed accounts, an 85% increase achieved in the last two quarters, and the company’s pipeline continued strong growth to $1 billion, after deducting signed contracts. DRIO noted that 80% of the pipeline is multicondition opportunities, indicating strong demand for its multicondition integrated platform. In addition, total revenue for the quarter reached $5.6 million, a year-over-year increase of 176%, with nine-month revenue of $14.5 million reported, up 163% from the same period last year. “The third quarter provided the strongest validation yet of our strategy of building one of the broadest multichronic condition digital health platforms in the industry,” said Dario CEO Erez Raphael in the press release. “We signed several multicondition contracts in the last quarter, reflecting the demand for a single platform that can engage members across many high-cost conditions in an integrated user experience. Of particular note, we were able to quickly and efficiently integrate the technology we obtained through our acquisition of Upright Technologies in January into our business-to-business product offering, which has contributed to the accelerating sales momentum reflected in both our third quarter and recent contract announcements. We again delivered robust financial performance, with total revenue growth of 176% over the comparable period in 2020 and pro-forma gross margin of 45%, up substantially from 26.9% a year ago. We anticipate gross margins will continue to expand over the long term as we scale our Software as a Service model. Finally, our balance sheet remains very strong, with $51.3 million of cash as of September 30, 2021 . We believe that we are well funded to execute on our multifaceted growth plan.”
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About DarioHealth Corp.
DarioHealth is a leading global digital therapeutics company revolutionizing how people with chronic conditions manage their health. DarioHealth offers one of the most comprehensive digital therapeutics solutions on the market, covering multiple chronic conditions including diabetes, hypertension, weight management, musculoskeletal and behavioral health within one integrated technology platform. Dario’s next-generation, AI-powered, digital therapeutic solutions support more than just an individual’s disease. Dario provides adaptive, personalized experiences that drive behavior change through evidence-based interventions; intuitive, clinically proven digital tools; high-quality software; and coaching to help individuals improve health and sustain meaningful outcomes. Dario’s unique user-centric approach to product design and engagement creates an unparalleled experience that is highly rated by users and delivers sustainable results. The company’s cross-functional team operates at the intersection of life sciences, behavioral science and software technology, and uses a performance-based approach to improve its users’ health. Dario makes the right thing to do the easy thing to do. 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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