Business
DarioHealth Reports Third Quarter 2021 Results and Operational Highlights
Strong B2B new contract growth results in total of 47 signed accounts - 85% achieved in the last two quarters Pipeline continued strong growth to $1 billion
About this update from Dariohealth Corp.
[{"type":"text","content":"Strong B2B new contract growth results in total of 47 signed accounts - 85% achieved in the last two quarters\n Pipeline continued strong growth to $1 billion after deducting the numerous signed contracts\n 80% of the pipeline is multi-condition opportunities, demonstrating the demand for Dario's multi-condition integrated platform\n Total Q3 revenue of $5.6 million increased 176% year-over-year; Nine-month revenue through September 30, 2021, of $14.5 million increased 163% year-over-year\n Company to host conference call and webcast tomorrow, November 16, at 8:30 am ET\n\n\nNEW YORK, Nov. 15, 2021 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, today reported financial results for the third quarter of 2021 and provided a corporate and commercial update. \n\"The third quarter provided the strongest validation yet of our strategy of building one of the broadest multi-chronic condition digital health platforms in the industry,\" stated Erez Raphael, Chief Executive Officer of Dario. \"We signed several multi-condition contracts in the last quarter, reflecting the demand for a single platform that can engage members across many high-cost conditions in an integrated user experience. Of particular note, we were able to quickly and efficiently integrate the technology we obtained through our acquisition of Upright Technologies in January into our business-to-business (B2B) product offering which has contributed to the accelerating sales momentum reflected in both our third quarter and recent contract announcements.\"\n\"We again delivered robust financial performance, with total revenue growth of 176% over the comparable period in 2020 and pro-forma gross margin of 45%, up substantially from 26.9% a year ago. We anticipate gross margins will continue to expand over the long-term as we scale our Software as a Service (SaaS) model. Finally, our balance sheet remains very strong, with $51.3 million of cash as of September 30, 2021. We believe that we are well funded to execute on our multi-faceted growth plan,\" Mr. Raphael concluded.\n\"We made significant progress advancing our B2B strategy across all three channels - payers, employers and providers - during the third quarter. We signed a national health plan and several employers and providers and ended the quarter with 47 contrac...