Business
DarioHealth Reports Third Quarter 2022 Financial and Operating Results
Third quarter 2022 revenues of $6.6 million increased 17.3% from $5.6 million in the third quarter of 2021 driven by growth in Business-to-Business (B2B)
About this update from Dariohealth Corp.
[{"type":"text","content":"Third quarter 2022 revenues of $6.6 million increased 17.3% from $5.6 million in the third quarter of 2021 driven by growth in Business-to-Business (B2B) revenues. Nine-month year to date revenue totaled $20.8 million, a 44% increase over the first nine months of 2021.B2B revenues grew to 63.5% of total revenue for the quarter, up from 46% in the previous quarter30% reduction in net loss for the third quarter of 2022, compared to the third quarter of 2021 and 13.3% reduction from to the previous quarter85 signed B2B contracts to date with $61 million in total contract valueHigh market demand for a comprehensive, multi-condition platform as evidenced by multi condition opportunities representing 50% of current pipeline and which represent higher revenue per customer opportunitiesCompany to host conference call and webcast 8:30 am ET tomorrowNEW YORK, Nov. 14, 2022 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) (\"Dario\" or the \"Company\"), a leader in the global digital therapeutics (DTx) market, today reported financial results for the third quarter 2022 and provided a corporate and B2B (formerly described as B2B2C) update.\n\"In the third quarter, Dario continued to execute its strategic plan of offering what the market now demands most: a single integrated digital therapeutics platform for the management of multiple chronic conditions,\" stated Erez Raphael, Chief Executive Officer of Dario. \"Employers and health plans increasingly recognize the value of an integrated multi-condition single platform for chronic condition management, because it more effectively engages users leading to better health while lowering the burden of contracting and managing multiple single point solution vendors. We have now signed 85 B2B contracts with total value exceeding $61 million annually once fully implemented, with 50% of those contracts signed in 2022 for more than one condition, and we maintain our objective to hit our 100 contract target by year end. Our B2B business now contributes more than 63% of our revenues, and we see a large, growing pipeline heading into 2023.\"\n\"Our transition to B2B continues to improve the financial profile of our company. In addition to driving robust topline growth, we are generating gross margins of approximately 70% in our B2B business. Also, we continue to operate more efficiently, reducing operati...