DarioHealth (NASDAQ: DRIO), a leader in the global digital health market, today announced financial results for the third quarter 2023 and provided a corporate and commercial update. “As we discussed during our recent investor day, our revenue generally comes from three sources, our historical direct to consumer (‘B2C’) business, recurring revenue from health plans and employers (‘B2B2C’), and strategic revenue from partners like Sanofi U.S., which is milestone driven. During the third quarter of 2023, our total revenues amounted to $3.52 million. Our B2C business generated $2 million in the third quarter consistent our the expected $8 million to $9 million a year in revenue. Our core B2B2C business continued to grow over the prior year with revenue growth of 57% year-to-date compared to the same period in 2022, with $3.9 million in 2023 compared to $2.5 million in 2022. While our strategic revenue is at a run rate of approximately $6.3 million a year, third quarter revenues were only $209,000 which negatively impacted our revenue versus the prior quarter and the third quarter of 2022. Our relationship with Sanofi is unchanged and we anticipate that this annual revenue will continue into 2024, as part of the $30 million agreement signed in 2022, with the possibility for expansion,” said Erez Raphael, chief executive officer of Dario. “We ended the quarter in a strong financial position, with $44 million of cash and cash equivalents, and we anticipate that our growing B2B revenue combined with our continued expense management will enable us to continue to execute against our strategy.”
To view the full press release, visit https://ibn.fm/avL37
About DarioHealth Corp.
DarioHealth is a leading digital health company, revolutionizing how people with chronic conditions manage their health through a user-centric, multi-chronic condition digital therapeutics platform. Its 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. Dario’s user-centric platform offers people continuous and customized care for their health, disrupting the traditional episodic approach to health care. 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 globally to health plans and other payers, self-insured employers, providers of care and consumers. To learn more about Dario and its digital health solutions, or for more information, 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
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
