Business
DarioHealth Reports Fourth Quarter and Record Revenue in Full-Year 2022 Financial and Operating Results
Continued to improve the financial profile of the CompanyFull-year 2022 revenue of $27.7 million increased 34.8% over $20.5 million in 2021, as B2B revenue
About this update from Dariohealth Corp.
[{"type":"text","content":"Continued to improve the financial profile of the CompanyFull-year 2022 revenue of $27.7 million increased 34.8% over $20.5 million in 2021, as B2B revenue growth more than offset managed reduction of B2C activitiesCommercial revenue contributed 59% to 2022 full-year total revenue, compared to 4% for the full-year 2021Gross margin was 40.1% of revenues for the fourth quarter of 2022, up from 9.1% of revenues for the fourth quarter of 2021Pro-forma gross margin was 58% of revenues for the fourth quarter of 2022, up from 22% of revenues for the fourth quarter of 202158.4% reduction in operating loss in the fourth quarter 2022 as compared to the fourth quarter of 2021Sequential 38.2% reduction in operating loss from the third quarter to fourth quarter of 2022Ended 2022 with cash and cash equivalents of $49.3 millionCompany to host investor conference call and webcast at 8:30 a.m. ET today NEW YORK, March 9, 2023 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital therapeutics (DTx) market, today reported financial results for the fourth quarter and full year 2022 and provided a corporate and commercial update.\n\"During the fourth quarter, we continued to see substantial improvements in our financial results driven by our pivot to a Business-to-Business (B2B) business model, including robust revenue growth, an increase in gross margin, lower operating expenses and net loss, and reduced cash usage,\" stated Erez Raphael, Chief Executive Officer of Dario. \"Notably, operating loss in the fourth quarter declined by 58% to $9 million compared to $21.7 million in the fourth quarter of 2021 and non-GAAP operating loss in the fourth quarter declined by 60% to $6 million compared to $15 million in the fourth quarter of 2021. These metrics demonstrate the significant revenue growth and operating expense efficiency that has resulted from the strategic transition to B2B integrated multi condition platform, which continues to gain traction in the market.\"\nMr. Raphael continued, \"B2B represented approximately 59% of our total revenue in 2022, up from 4% in 2021. As our transformation to a multi-condition integrated platform continues to gain momentum in the market, we anticipate that the financial profile of the company will continue to improve driven by lower customer acquisition c...