Business
DarioHealth Reports Record Quarterly Revenues in its 2022 First Quarter
Total Q1 revenue of $8.06 million increased 124% over the comparable prior year period and 34% sequentially over Q4 2021 Accelerated Business-to-Business
About this update from Dariohealth Corp.
[{"type":"text","content":"Total Q1 revenue of $8.06 million increased 124% over the comparable prior year period and 34% sequentially over Q4 2021\nAccelerated Business-to-Business (B2B) transformation with 14 new B2B accounts in Q1 2022, including two health plans \nExpanded GAAP gross margin to 49.4% and non-GAAP gross margin to 61%\nImproved overall financial profile with increasing B2B revenue and reduced operating costs as B2B business matures resulting in a lower net loss compared to Q4 2021\nCompany to host conference call and webcast 8:30 am ET today\nNEW YORK, May 12, 2022 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a leader in the global digital therapeutics (DTx) market, today reported financial results for the first quarter 2022 and provided a corporate and commercial update.\n\"Our first quarter results reflect our increasingly successful transition to a B2B model with growing revenue and gross margins,\" stated Erez Raphael, Chief Executive Officer of Dario. \"We increased revenue nearly 124% over the first quarter of last year and nearly 34% sequentially, and we expanded our gross margin on a GAAP basis to 49.4% and on a non-GAAP basis to 61%. Additionally, in light of the demonstrable traction and increasing revenue in the B2B (commercial) market segment, we continued to rationalize marketing spend in the direct-to-consumer segment resulting in improved margins which drove a significantly narrower net loss and cash burn rate as compared to the fourth quarter of 2021.With the strategic agreement executed with Sanofi U.S. (Sanofi) and the $40 million financing that we closed in the quarter, we believe that we are in an excellent position to achieve our financial and operational goals for the foreseeable future,\" Mr. Raphael concluded.\n\"In addition to the innovative, multi-year collaboration that we announced with Sanofi, we had a very productive quarter, adding 14 new B2B contracts, including two additional health plans, which we expect will contribute revenues in the back half of this year,\" stated Rick Anderson, President and General Manager of North America. \"We continue to see increasing interest and demand for our integrated, multi-chronic condition platform, which continues to grow, and we anticipate announcing many more customer conversions from our growing pipeline over the remainder of the year.\"\nQ1 2022 and Recent Hig...