Business
DarioHealth Reports Fourth Quarter and Year End 2019 Results
NEW YORK, March 17, 2020 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a global digital therapeutics (DTx) innovator, today reported financial results for
About this update from Dariohealth Corp.
[{"type":"text","content":"NEW YORK, March 17, 2020 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a global digital therapeutics (DTx) innovator, today reported financial results for the fourth quarter and full year ended December 31, 2019 and provided a corporate and commercial update. \nTransformed the business into a software as a service (SAAS)-based membership model with recurring revenues and potential for high margin profile Opened multiple channels within the business-to-business-to-consumer (B2B2C) marketplace laying the foundation for potential future growth with expected lower customer acquisition costs Produced additional strong clinical data adding to the body of evidence that suggest best-in-class health outcomes Extended platform functionality to treat hypertension, a potential large market opportunity Raised $20.4 million in equity to fund growth initiatives Dario's remote monitoring platform well positioned to allow patients to maintain social distancing imposed by the COVID-19 Company to Host Conference Call and Webcast 8:30 am EDT Today \n\"2019 was a productive and successful year for Dario on multiple fronts, as we lay the foundation for operational and financial execution in 2020 and beyond. The Dario platform continued to produce meaningful clinical data that we believe highlights its ability to positively modify user behavior with the goal of better managing chronic conditions for improved health outcomes,\" said Erez Raphael, DarioHealth's Chief Executive Officer. \"While we are early in our commercial launch, we believe our strong user engagement and clinical data position Dario to be a market leading product. With clinical data and capital in hand, and our belief that we are a novel and innovative company in the DTx industry, our primary focus shifts to making the necessary investments to expand our SAAS based membership model into our B2B2C service offering. We believe that this approach is already reflected in the improved gross profits in the second half of 2019, and is expected to provide broader patient adoption, more predictable revenue streams, lower customer acquisition costs and higher gross margins. We are assembling a best in class management team to support these initiatives and have attracted executive commercial talent with relevant experience to take our platform to the next level. We are excited about our pros...