Business
DarioHealth Announces Preliminary Fourth Quarter and Full Year 2022 Operating Results
Preliminary Results demonstrate success in B2C to B2B transformation Total revenue for the year is expected to be $27.5 million compared to $20.5 million in
About this update from Dariohealth Corp.
[{"type":"text","content":"Preliminary Results demonstrate success in B2C to B2B transformation\nTotal revenue for the year is expected to be $27.5 million compared to $20.5 million in 2021.\nB2B expected to represent approximately 60% of revenue in 2022 versus 4% in 2021\nContinued improvement of Company's financial profile, reducing its operating loss by more than 50% compared to the fourth quarter of 2021.\nNEW YORK, Feb. 6, 2023 /PRNewswire/ -- DarioHealth Corp. (NASDAQ: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital therapeutics (DTx) market, today announced preliminary unaudited revenue results for the fourth quarter and full year 2022 of approximately $6.7 million and approximately $27.5 million, respectively. Expected fourth quarter revenue shows a consecutive quarter increase relative to the third quarter of 2022 ($6.6 million) which in turn was higher than the second quarter of 2022 ($6.2 million). Fourth quarter revenues were driven by Business-to-Business (B2B) channel growth that surpassed the managed decline of the Business-to-Consumer (B2C) channel due to the Company's strategic shift in resources. \nIn addition, the Company showed continued improvement of its financial profile, reducing its operating loss by more than 30% compared to the third quarter ended September 30, 2022, and by more than 50% compared to the fourth quarter of 2021.\nErez Raphael, CEO of Dario, said, \"Based on our expected preliminary results, we delivered higher revenues on lower spend, demonstrating that our strategy of moving from B2C to B2B sales channels is working and is the value maximizing path for the Company. We believe that the expected 2022 results are especially exciting because B2B revenue represents the majority of our revenue for the first time. The growth of the B2B business has resulted in an overall significant improvement in the financial profile of the Company. In 2023, we anticipate the continued growth of our B2B revenue as we execute on our strategic plan.\"\nDarioHealth had $49.3 of cash and cash equivalents at the end of 2022. As part of the Company's credit facility with Orbimed, scheduled monthly amortization payments in the amount of $1.5 million a quarter began in January 2023.\nThe above information reflects preliminary unaudited estimates with respect to certain results of Dario for the full year ended December 31,...