Business
DarioHealth Reports Fourth Quarter and Full-Year 2023 Financial and Operating Results
Full-year 2023 revenue of $20.4 million reflects a decrease from 2022 revenue of $7.3 due to a managed decrease in B2C and strategic milestone revenue as the
About this update from Dariohealth Corp.
[{"type":"text","content":"Full-year 2023 revenue of $20.4 million reflects a decrease from 2022 revenue of $7.3 due to a managed decrease in B2C and strategic milestone revenue as the core B2B2C revenue increased.2023 B2B2C, employers and health plans recurring revenues increased 39% year over year as the core business continues to gain traction.Commercial revenues in 2023 generated 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.Non-GAAP operating expenses decreased 9.4% sequentially from the third quarter to $9.9M. Signed multiple customers onto the Aetna platform which subsequently launched in Q1 of 2024.Saw significant interest and multiple employer adoption of the Dario GLP-1 Behavioral Change Program as well as expansions of current customer relationships on the metabolic side.Enhanced path to profitability through improvements across the financial profile on an annual basis, which we expect will continue into 2024 and accelerate with the acquisition of Twill, Inc. in Q1 of 2024.Total pro forma non-audited revenues of approximately $38 million for the integrated entity in 2023.Ended 2023 with cash equivalents of $37 million, not including $22.4 million financing in the first quarter of 2024.Company to host investor conference call and webcast at 8:30 a.m. ET today.NEW YORK, March 28, 2024 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital health market, today reported financial results for the fourth quarter 2023 and the full year 2023 and provided a corporate and commercial update.\n\n\"2023 was a very significant year for Dario. Our financial profile continued to improve as a result of our pivot to a Business-to-Business-to-Consumer (B2B2C) business model with growing B2B2C revenue and decreasing operating costs. As we have previously discussed, our revenue comes from three sources; our historical direct to consumer/business 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. In 2023, we have continued to manage our B2C revenue down in comparison to 2022 and focus on our B2B2C business. While 2023 saw a managed decrease in B2C revenue to appr...