Business
DarioHealth Reports Third Quarter 2020 Results
Ramp up of U.S. commercial sales and marketing infrastructure resulting in B2B2C pipeline growth Continued transition to B2B2C digital therapeutics leader
About this update from Dariohealth Corp.
[{"type":"text","content":"Ramp up of U.S. commercial sales and marketing infrastructure resulting in B2B2C pipeline growth\n Continued transition to B2B2C digital therapeutics leader through agreements with Vitality Group and HMC Healthworks\n Ended the quarter with cash and cash equivalents of $37 million\n Appointed Eric Milledge as Chairman of newly established Scientific Advisory Board\n Company to Host Conference Call and Webcast 9:00 am ET Today\n\n\nNEW YORK, Nov. 12, 2020 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, today reported financial results for the third quarter 2020 and provided a corporate and commercial update.\n \n \n\"During the third quarter we achieved 14.2% sequential growth in our revenues, but more importantly, we made significant strides in penetrating the multiple verticals within the Business-to-Business-to-Consumer (B2B2C) channel with our digital therapeutics solutions,\" stated Erez Raphael, Chief Executive Officer of Dario. \"Most notably, our recently announced partnership agreements with Vitality Group and HMC Healthworks provide access of our solutions to end users through their employers or benefits providers. We believe that our industry consumer engagement metrics and open architecture that allows for seamless integration with legacy systems are key differentiating factors relative to our competition that have resonated with customers and prospects alike.\n\"The execution of our multi-year, strategic plan has led to advanced late-stage contracting discussions with health plans, self-insured employers and providers. We are encouraged by the fact that we are pursuing multiple large opportunities, and we anticipate many of these agreements will close and launch in the near term. Furthermore, as our sales pipeline has grown during the third quarter, we believe that our ongoing investments in our U.S. commercial infrastructure have positioned Dario for a transformational year in 2021.\"\n\"We ended the third quarter with $37 million in cash on the balance sheet after completing a successful $28.6 million financing in July,\" Zvi Ben-David, Dario's Chief Financial Officer added. \"This is the largest cash position in the Company's history. Our liquidity is sufficient to invest in research and development, expand our portfolio of chronic diseases and build the neces...