Business
DarioHealth Reports First Quarter Financial and Operating Results
Sequential quarterly growth in revenue to $7.07 millionGross profit margin improving to 44.8% sequentially in the first quarter of 2023, up from 40.1% of
About this update from Dariohealth Corp.
[{"type":"text","content":"Sequential quarterly growth in revenue to $7.07 millionGross profit margin improving to 44.8% sequentially in the first quarter of 2023, up from 40.1% of revenues in the fourth quarter of 2022Non-GAAP gross margin was 60.1% of revenues for the first quarter of 2023, up from 58.1% of revenues in the fourth quarter of 2022Reduced cash used in operating activities in the first quarter to only $4.76 millionFurther reduced net loss to $12.8 million in Q1 2023, versus $15.9 million in Q1 2022, and $12.6 million in Q4 2022Expanded strategic relationships by signing with Amwell and the first account through our relationship with Sanofi, a national pharmacy benefits managerAnnounced the presentation of the first Sanofi of Dario data which showed statistically significant reduction in all-cause health care resource utilization, including a 23.5% reduction in hospitalizations.Cash balance as of the end of Q1 of $38.8 millionProforma cash balance as of the end of Q1 inclusive of the private placement offering proceeds and the refinanced loan was $61 millionCompany to host investor conference call and webcast at 8:30 a.m. ET todayNEW YORK, May 11, 2023 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital health market, today reported financial results for the first quarter 2023 and provided a corporate and commercial update.\n\"During the first quarter, we continued to improve the financial profile of the Company as we capitalized on the growing demand for digital health solutions in the employer and health plan markets,\" stated Erez Raphael, Chief Executive Officer of Dario. \"We generated sequential growth in revenue, improved gross margins and reduced operating expenses as our new business model matures. The strategic shift continues to yield results as we reduced our operating loss and net loss by 21.8% and 21.6% respectively, as compared to the first quarter of 2022, reflecting the higher profitability of the commercial channel.\n\"Business-to-Business (B2B) revenues continued to increase, representing approximately 70% of our total revenue during the first quarter, up from 56% in the first quarter of 2022. The increase in B2B share of total revenue reflects what we believe are growing trends in the market favoring Dario's single, integrated, multi-condition digital health plat...