Business
DarioHealth Reports Second Quarter 2024 Financial and Operating Results
Q2 revenue of $6.26 million reflects an increase of 8.6% over Q1 2024, and an increase of 1.7% over Q2 of 2023, driven primarily by increased B2B2C revenues
About this update from Dariohealth Corp.
[{"type":"text","content":"Q2 revenue of $6.26 million reflects an increase of 8.6% over Q1 2024, and an increase of 1.7% over Q2 of 2023, driven primarily by increased B2B2C revenues Q2 commercial and consumer revenues totaled $7.34 million before a non-recurring price concession in collaboration with a pharma partner, compared to $3.57 million for Q2 of 2023, representing a 105% increaseCore B2B2C revenue channel, recurring revenues from employers and health plans in the second quarter totaled $5.5 million, an increase of 315% year over year and 60% sequentially from the first quarter of 2024Made progress on collaboration with existing and potential pharma clients to accelerate a transformation to a new, recurring, and more stable revenue-based business model in our pharma channel, which is currently milestone based.Strong business momentum on cross selling of Twill offering to Dario clients with at least 10 initial clientsExecuted on Dario-Twill synergies that expect to reduce operating expenses by approximately 40% by Q1 2025 compared to Q1 2024, aiding in an expected reduction in operating losses of at least 70% by Q1 2025Saw increased GLP-1 product adoption across new and existing clients seeking our metabolic solutions, with 9 clients implementing already and several more expected in 2024.Company expects to reach cashflow breakeven by the end of 2025Ended Q2 2024 with cash equivalents of $22.9 millionCompany to host investor conference call and webcast at 8:30 a.m. ET todayQ2 2024 and Recent Highlights\nNEW YORK, Aug. 8, 2024 /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 2024.\n\nIn the second quarter, we drove significant growth in our core business-to-business-to-consumer (B2B2C) channel. Our B2B2C channel grew 60% sequentially over the first quarter of 2024, and 315% over the second quarter of 2023, primarily due to Aetna customer sign on, expansions of existing customer contracts, new customer launches, and the addition of Twill, Inc. (\"Twill\") revenues following our acquisition of Twill in the first quarter of 2024. The organic sequential growth of this channel is 28%. Our legacy direct to consumer (B2C) business remains at its consistent run rate at $7.6 million.\nWe are continuing the momentum of scaling ...