Business
DarioHealth Reports Second Quarter 2023 Financial and Operating Results
- Generated sequential B2B recurring revenue growth for the tenth consecutive quarter - Revenues of $6.15 million (pre-announced), compared to $6.18 million
About this update from Dariohealth Corp.
[{"type":"text","content":"- Generated sequential B2B recurring revenue growth for the tenth consecutive quarter\n- Revenues of $6.15 million (pre-announced), compared to $6.18 million in the second quarter of 2022, a 0.5% decrease resulting from a delay with one of our strategic partners\n- Improved gross profit margin to 33.7% of revenues for the second quarter of 2023, up from 18.4% for the second quarter of 2022\n- Improved proforma gross profit margin to 51.5% of revenues for the second quarter of 2023, up from 36.1% for the second quarter of 2022· \n- Reduced operating expenses by 13% in the second quarter of 2023, as compared to the second quarter of 2022\n- Launched hypertension solution with a large regional health plan through partnership with Solera and signed an expansion to that contract to include diabetes\n- Announced contract with pharmacy benefit manager, MedOne, through Dario's partnership with Sanofi\n- Cash and cash equivalents balance as of the end of the second quarter of 2023 of $52.6 million, which provides estimated runway through 2025\n- Company to host investor conference call and webcast at 8:30 a.m. ET today \nNEW YORK, Aug. 10, 2023 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital health market, today reported financial results for the second quarter 2023 and provided a corporate and commercial update.\n \n \n\"During the second quarter, we saw a continuation of the many positive trends that have contributed to our improved financial profile, including growing revenue contribution from highly scalable Business-to-Business (\"B2B\") customers, expanding gross margins, and reduced operating expenses, as compared to the same period last year,\" stated Erez Raphael, Chief Executive Officer of Dario. \"Of note, we increased our gross profit margin to 33.7% in the second quarter of 2023 compared to 18.4% in the second quarter of 2022. Our proforma gross margins increased to 51.5% in the second quarter of 2023, up significantly from 36.1% in the second quarter of 2022, while reducing our operating expense run rate by 13% over that period.\"\n\"Our pre-announced second quarter total revenue was impacted by the delay of anticipated strategic revenue from one of our strategic partners. Notwithstanding such delay, our partnership strategy continues to mature and yield signif...