DarioHealth Reports First Quarter 2024 Financial and Operating Results
DarioHealth (NASDAQ: DRIO) reported first quarter 2024 revenue of $5.8 million, up 59% from Q4 2023 but down 18.5% year-over-year due to milestone-driven revenues. Their core B2B2C channel saw revenues of $3.47 million, an increase of 176% YoY, driven by new customers and the Twill acquisition. Gross profit was $2.4 million, a decline from $3.1 million YoY, but improved from the previous quarter. Operating expenses rose to $20.3 million, driven by the acquisition. The net loss was $7.2 million, a 44% decrease YoY. The company anticipates breakeven by H2 2025, supported by cost synergies and expanding high-margin revenue streams.
- First quarter revenue increased by 59% from Q4 2023, reaching $5.8 million.
- Core B2B2C revenues grew by 176% YoY, totaling $3.47 million.
- Recurring revenues from B2B2C are expected to account for 80% of the business by 2025.
- Gross profit was $2.4 million, up 1,742% from Q4 2023.
- The acquisition of Twill is projected to reduce operating expenses by 30% by Q4 2024.
- Company ended Q1 2024 with cash equivalents of $34.7 million.
- Net loss decreased by 44% YoY, down to $7.2 million.
- Company anticipates reaching breakeven run rate in the second half of 2025.
- First quarter revenue decreased by 18.5% YoY.
- Gross profit decreased by $0.7 million YoY, down to $2.4 million.
- Operating expenses increased to $20.3 million, a 30.3% YoY rise.
- Operating loss increased by 44%, reaching $17.9 million.
- Non-GAAP billings for Q1 2024 decreased by 13% YoY to $5.8 million.
Insights
Examining DarioHealth's first quarter performance reveals several key insights. First, the revenue growth in the B2B2C channel is notable. The company achieved a
Despite this, the total revenue of
The profitability path is another interesting aspect. With plans to achieve
Additionally, the announcement that the B2B2C revenues are expected to represent
From a market perspective, DarioHealth's acquisition of Twill appears transformative, adding valuable high-margin revenue streams and expanding their market reach. The integration of Twill is already showing client traction, indicating that the strategic move is being well-received in the market. The ability to cross-sell and combine product offerings between Dario and Twill potentially opens new revenue channels.
Moreover, the launch of the Aetna platform is a strategic win, expected to enhance DarioHealth’s position in digital health. The collaboration with Aetna, one of the nation’s large health insurers, not only validates their platform but could also lead to increased market penetration and client base expansion if more employers are added to the platform as projected.
However, the overall market response will largely depend on the successful execution of these integrations and the continued delivery of high-value, cost-effective health solutions. Investors should note the competitive landscape of digital health, where rapid technological advancements and new entrants could impact DarioHealth’s market share.
The technological integration following the Twill acquisition adds an intriguing layer to DarioHealth's capabilities. The combination of vast data points from millions of users and the implementation of AI microservices could significantly elevate their product offerings. Such data sets are not only valuable for internal improvements but also hold potential for monetization through IP licensing or strategic partnerships.
AI applications in healthcare have been gaining traction for their ability to enhance drug discovery, consumer engagement and personalization of health services. DarioHealth's strategy to leverage these technologies could lead to innovative solutions that set them apart from competitors. However, it will be important to see how effectively they can convert these technological advancements into tangible financial returns.
For investors, the promise of advanced AI-driven health solutions presents an exciting opportunity, but it is worth considering the timeline and feasibility of these implementations. Monitoring the progress of AI integration and its impact on the company’s performance will be key.
- First quarter revenue of $5.8 million reflects an increase of
59% over fourth quarter of 2023 primarily resulting from an increase in B2B2C revenues and reflects a decrease of18.5% compared to the first quarter of 2023 due to milestone driven revenues. - Core revenue channel B2B2C, employers and health plans recurring revenues in the first quarter totaled
$3.47 million 176% year over year and210% sequentially from$1.12 million - Launched the Aetna platform generating revenue in Q1 2024 as Aetna continues to add employers to the platform
- Accelerated path to profitability through growing revenues in the B2B2C channel which represents proforma of
$22M - Executing on Dario-Twill synergies that we expect to reduce operating expenses by
30% by the fourth quarter of 2024 - Company anticipates reaching a breakeven run rate in the second half of 2025
- Ended Q1 2024 with cash equivalents of
$34.7 million - Company to host investor conference call and webcast at 8:30 a.m. ET today.
Q1 2024 and Recent Highlights
"In the first quarter, our revenue increased by
We believe we have reached a major turning point in the scaling of our business and the acceleration of our path to profitability. With our new customer launches in the B2B2C channel, coupled with high margin revenue scale, operational efficiencies and product expansion through the Twill acquisition, we believe that we can achieve significant revenue growth in our core business on a combined basis in 2024, with even greater growth over the longer term, including cross sell opportunities that we are currently executing on. Based on our current performance, we expect these high margin B2B2C revenues to account for about
Among the three commercial channels we have today, our core B2B2C business channel, which represents recurring revenue from health plans and employers, is now our largest channel with approximately
In the first quarter of 2024, our operating expenses were
"The acquisition of Twill has been truly transformative for Dario. It brings immediate advantages – significant high margin revenue streams, an expanded value proposition, larger operational scale, and a strengthened market presence. Together, Dario and Twill have well-established relationships with three of the top eight national health plans, some of the largest self-insured technology companies, and several major pharmaceutical companies. We've created one of the most comprehensive digital health platforms, spanning from emotional well-being to the management of costly chronic conditions Another aspect of our business that has been expanded on with the additional conditions we now cover, is the collection of billions of data points from millions of users between Dario and Twill. Our collection of data points is now not only deeper, but far more comprehensive on a level that is unique to Dario. Generative artificial intelligence (AI) microservices are being implemented in multiple industries. In healthcare, we believe it will promote drug discovery and consumer engagement and personalization. Over time, proprietary data sets have the potential to be monetized either internally through the creation and augmentation of services or externally through IP licensing and/or strategic transactions. We believe that the comprehensive data set we have, and the scale of this data set, is an asset that will be valuable for running such models and will position us well to be part of this revolution. Twill's innovative engagement strategies and broader offerings are already generating significant traction. Integration with Twill is well underway, and we're exceeding expectations with client traction. We'll continue to share updates on our progress in future quarters. With our strong cash position, we believe that we are well-equipped to execute our strategy and solidify Dario's leadership in the digital health space," Mr. Raphael concluded.
"Dario's legacy B2B2C business channel saw a notable increase in revenue during the first quarter of 2024, driven by the launch of several new customers. This includes the launch of the Aetna behavioral platform with approximately a dozen customers, and Aetna continues to add customers to the platform. A separate self-help program contracted with Aetna last year launched on the platform at the end of the first quarter and is also expected to grow throughout 2024. In addition to these first quarter launches, we anticipate several additional new customer launches in the second quarter, which positions us for continued revenue growth in the near and longer term.
The employer sales cycle for 2024 launches is off to a strong start with the highest number of opportunities in Dario's history. Encouragingly, the opportunity size and the proportion of opportunities coming from benefit consultants has also increased, which we believe reflects increasing ability to scale revenues. There continues to be strong interest in the market for our GLP-1 solution, for which we announced six new customers in the last few months. While health plan cycles are longer, we continue to see good traction with plans and anticipate adding new health plan customers, both directly and through partnerships, including another national health plan during 2024. We are also engaged with several cross selling opportunities," stated Rick Anderson, Dario's President. "The Twill acquisition has increased our opportunities through product extension, differentiation and pre-existing stand-alone sales opportunities. Excitingly, customers from both companies have expressed interest in exploring the combined product offerings, potentially opening doors for future cross-selling initiatives," concluded Mr. Anderson.
Q1 2024 and Recent Highlights
- Completed the transformational acquisition of Twill in Q1 of 2024 concurrent with a
$22.4 million - Made meaningful progress in multiple areas with the new Dario GLP-1 Behavioral Change Program. We saw significant interest and adoption of the program and new contracts with multiple employers.
Launched more than a dozen new customers and partners on the platform in the first quarter of 2024, with additional recently signed customers expected to launch in the second quarter of 2024.
Began to see revenues from the Aetna private labeled platform which launched in Q1 of 2024 with multiple employer groups and have seen additional Aetna customer bookings throughout the first quarter.
Announced two new studies published in the leading peer-reviewed journal for digital health and medicine, Journal of Internet Medicine (JMIR), including a Randomized Controlled Trial (RCT) demonstrating the impact of a digital stress reduction program for teens.
Announced new research published in the leading peer-reviewed journal for digital health and medicine, Journal of Internet Medicine (JMIR) demonstrating a clinically significant reduction in blood glucose levels for members using Dario to manage weight alongside diabetes.
Announced two new clinical studies presented at the 17th International Conference on Advanced Technologies and Treatments for Diabetes (ATTD) 2024, demonstrating the ability to deliver improved health outcomes with integrated solutions for members managing weight and blood glucose with or without GLP-1 medications.
Continued to demonstrate the strength of Dario's multi-condition suite, with more than
80% of pipeline opportunities for multi-condition contracts
First Quarter 2024 Results Summary
Revenues for the first quarter ended March 31, 2024, were
B2B2C, employers and health plans recurring revenues for the first quarter ended March 31, 2024, were
Gross profit for the first quarter ended March 31, 2024, was
Pro-forma gross profit, excluding
Total operating expenses for the first quarter ended March 31, 2024, were
Operating loss for the first quarter of 2024 was
Financing income was
Net loss was
Net profit excluding stock-based compensation, acquisition related expenses and depreciation for the first quarter of 2024 was
Non-GAAP billings for the three months ended March 31, 2024, were
Date: Wednesday, May 15th, 8:30am ET
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About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading digital health company revolutionizing how people with chronic conditions manage their health through a user-centric, multi-chronic condition digital therapeutics platform. Our platform and suite of solutions deliver personalized and dynamic interventions driven by data analytics and one-on-one coaching for diabetes, hypertension, weight management, musculoskeletal pain and behavioral health.
Our user-centric platform offers people continuous and customized care for their health, disrupting the traditional episodic approach to healthcare. This approach empowers people to holistically adapt their lifestyles for sustainable behavior change, driving exceptional user satisfaction, retention and results and making the right thing to do the easy thing to do.
Dario provides its highly user-rated solutions globally to health plans and other payers, self-insured employers, providers of care and consumers. To learn more about Dario and its digital health solutions, or for more information, visit http://dariohealth.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of the Company related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. For example, when the Company discusses the expectation that Aetna will continue to add employers to the platform throughout 2024, that it expects to reduce operating expenses by
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.
Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period and adjustment to the deferred revenue balance due to adoption of the new revenue recognition standard less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.
Operating expenses (non-GAAP). Our presentation of non-GAAP operating expenses excludes stock-based compensation expenses. Due to varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expense provides us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.
Net loss (non-GAAP). Our presentation of adjusted net loss excludes the effect of certain items that are non-GAAP financial measures. Adjusted net loss represents net loss determined under GAAP without regard to stock-based compensation expenses, deferred inventory, depreciation of fixed assets, earn-out remeasurement and acquisition related expenses and amortization. We believe these measures provide useful information to management and investors for analysis of our operating results.
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | |||||||
INTERIM CONSOLIDATED BALANCE SHEETS | |||||||
March 31, | December 31, | ||||||
2024 | 2023 | ||||||
Unaudited | |||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 34,367 | $ | 36,797 | |||
Short-term restricted bank deposits | 971 | 292 | |||||
Trade receivables, net | 7,885 | 3,155 | |||||
Inventories | 4,916 | 5,062 | |||||
Other accounts receivable and prepaid expenses | 4,370 | 2,024 | |||||
Total current assets | 52,509 | 47,330 | |||||
NON-CURRENT ASSETS: | |||||||
Deposits | 6 | 6 | |||||
Operating lease right of use assets | 1,813 | 967 | |||||
Long-term assets | 138 | 143 | |||||
Property and equipment, net | 1,425 | 899 | |||||
Intangible assets, net | 23,646 | 5,404 | |||||
Goodwill | 57,427 | 41,640 | |||||
Total non-current assets | 84,455 | 49,059 | |||||
Total assets | $ | 136,964 | $ | 96,389 | |||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||
INTERIM CONSOLIDATED BALANCE SHEETS | ||||||
March 31, | December 31, | |||||
2024 | 2023 | |||||
Unaudited | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES: | ||||||
Trade payables | $ | 4,249 | $ | 1,131 | ||
Deferred revenues | 1,791 | 997 | ||||
Operating lease liabilities | 920 | 111 | ||||
Other accounts payable and accrued expenses | 6,888 | 6,300 | ||||
Current maturity of long term loan | 3,954 | 3,954 | ||||
Total current liabilities | 17,802 | 12,493 | ||||
NON-CURRENT LIABILITIES | ||||||
Operating lease liabilities | 1,053 | 885 | ||||
Long-term loan | 24,508 | 24,591 | ||||
Warrant liability | 15,516 | 240 | ||||
Other long-term liabilities | 52 | 36 | ||||
Total non-current liabilities | 41,129 | 25,752 | ||||
STOCKHOLDERS' EQUITY | ||||||
Common stock of | 3 | 3 | ||||
Preferred stock of | *) - | *) - | ||||
Additional paid-in capital | 436,600 | 407,502 | ||||
Accumulated deficit | (358,570) | (349,361) | ||||
Total stockholders' equity | 78,033 | 58,144 | ||||
Total liabilities and stockholders' equity | $ | 136,964 | $ | 96,389 | ||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||
Three months ended | ||||||
March 31, | ||||||
2024 | 2023 | |||||
Unaudited | ||||||
Revenues: | ||||||
Services | $ | 4,160 | $ | 5,256 | ||
Consumer hardware | 1,598 | 1,809 | ||||
Total revenues | 5,758 | 7,066 | ||||
Cost of revenues: | ||||||
Services | 965 | 1,477 | ||||
Consumer hardware | 1,198 | 1,340 | ||||
Amortization of acquired intangible assets | 1,163 | 1,081 | ||||
Total cost of revenues | 3,326 | 3,898 | ||||
Gross profit | 2,432 | 3,168 | ||||
Operating expenses: | ||||||
Research and development | $ | 6,642 | $ | 5,165 | ||
Sales and marketing | 6,910 | 6,340 | ||||
General and administrative | 6,735 | 4,071 | ||||
Total operating expenses | 20,287 | 15,576 | ||||
Operating loss | 17,855 | 12,408 | ||||
Total financial expenses (income), net | (8,686) | 417 | ||||
Loss before taxes | 9,169 | 12,825 | ||||
Income Tax | 1,994 | — | ||||
Net loss | $ | 7,175 | $ | 12,825 | ||
Other comprehensive loss: | ||||||
Deemed dividend | $ | 2,034 | $ | - | ||
Net loss attributable to common shareholders | $ | 9,209 | $ | 12,825 | ||
Net loss per share: | ||||||
Basic and diluted loss per share of common stock | $ | 0.20 | $ | 0.45 | ||
Weighted average number of common stock used in computing basic and diluted net loss per share | 34,442,578 | 27,570,013 | ||||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
Three months ended | ||||||
March 31, | ||||||
2024 | 2023 | |||||
Unaudited | ||||||
Cash flows from operating activities: | ||||||
Net loss | $ | (7,175) | $ | (12,825) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||
Stock-based compensation, common stock, and payment in stock to directors, employees, consultants, and service providers | 6,858 | 4,856 | ||||
Depreciation | 110 | 97 | ||||
Change in operating lease right of use assets | 149 | 36 | ||||
Amortization of acquired intangible assets | 1,216 | 1,113 | ||||
Decrease (increase) in trade receivables | (1,401) | 3,619 | ||||
Increase in other accounts receivable, prepaid expense and long-term assets | (1,866) | (892) | ||||
Decrease in inventories | 146 | 1,079 | ||||
Increase (decrease) in trade payables | 708 | (439) | ||||
Decrease in other accounts payable and accrued expenses | (2,620) | (621) | ||||
Decrease in deferred revenues | 52 | (395) | ||||
Change in operating lease liabilities | (18) | (78) | ||||
Change in fair value of warrant liability | (9,181) | (80) | ||||
Non-Cash financial income | (83) | (227) | ||||
Other | (5) | — | ||||
Net cash used in operating activities | (13,110) | (4,757) | ||||
Cash flows from investing activities: | ||||||
Purchase of property and equipment | (56) | (74) | ||||
Purchase of short-term investments | - | (4,996) | ||||
Proceeds from redemption of short-term investments | - | 708 | ||||
Payments for business acquisitions, net of cash acquired | (8,796) | - | ||||
Net cash used in investing activities | (8,852) | (4,362) | ||||
Cash flows from financing activities: | ||||||
Proceeds from issuance of preferred stock, net of issuance costs | 20,206 | - | ||||
Principal payments on long-term loan | - | (1,389) | ||||
Net cash provided by financing activities | 20,206 | (1,389) | ||||
Increase in cash, cash equivalents and restricted cash and cash equivalents | (1,756) | (10,508) | ||||
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period | 36,797 | 49,470 | ||||
Cash, cash equivalents and restricted cash and cash equivalents at end of period | $ | 35,041 | $ | 38,962 | ||
Supplemental disclosure of cash flow information: | ||||||
Cash paid during the period for interest on long-term loan | $ | 986 | $ | 1,072 | ||
Non-cash activities: | ||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 28 | $ | 28 | ||
Reconciliation of Revenue to Billing (Non-GAAP) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
5,758 | 7,066 | |||||||
GAAP Revenue | ||||||||
Add: | ||||||||
Change in deferred revenue | 52 | (395) | ||||||
Billing (Non-GAAP) | 5,810 | 6,671 | ||||||
Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted | ||||||||
Operating Loss, Net Loss and Operating Expenses (Non-GAAP) | ||||||||
Three months ended March 31, 2024 | ||||||||
GAAP | Stock-Based | Acquisition costs, | Non-GAAP | |||||
Cost of Revenues | $ | 3,326 | (7) | (1,177) | 2,142 | |||
Gross Profit | 2,432 | 7 | 1,177 | 3,616 | ||||
Research and development | 6,642 | (1,115) | (61) | 5,466 | ||||
Sales and Marketing | 6,910 | (1,756) | (76) | 5,078 | ||||
General and Administrative | 6,735 | (3,980) | (605) | 2,150 | ||||
Total Operating Expenses | 20,287 | (6,851) | (742) | 12,694 | ||||
Operating Loss | $ | (17,855) | 6,858 | 1,919 | (9,078) | |||
Financing income | (8,686) | - | - | (8,686) | ||||
Income Tax | (1,994) | (1,994) | ||||||
Net Loss | $ | (7,175) | 6,858 | 1,919 | 1,602 | |||
Three months ended March 31, 2023 | ||||||||
GAAP | Stock-Based | Amortization of | Non-GAAP | |||||
Cost of Revenues | $ | 3,898 | (27) | (1,111) | 2,760 | |||
Gross Profit | 3,168 | 27 | 1,111 | 4,306 | ||||
Research and development | 5,165 | (1,185) | (19) | 3,961 | ||||
Sales and Marketing | 6,340 | (1,847) | (45) | 4,448 | ||||
General and Administrative | 4,071 | (1,797) | (35) | 2,239 | ||||
Total Operating Expenses | 15,576 | (4,829) | (99) | 10,648 | ||||
Operating Loss | $ | (12,408) | 4,856 | 1,210 | (6,342) | |||
Financing income | 417 | - | 417 | |||||
Income Tax | - | |||||||
Net Loss | $ | (12,825) | 4,856 | 1,210 | (6,759) | |||
Three months ended December 31, 2023 | ||||||||
GAAP | Stock-Based | Acquisition costs, | Non-GAAP | |||||
Cost of Revenues | $ | 3,484 | (266) | (1,118) | 2,100 | |||
Gross Profit | 132 | 266 | 1,118 | 1,516 | ||||
Research and development | 4,196 | (90) | (21) | 4,085 | ||||
Sales and Marketing | 4,622 | (918) | (42) | 3,662 | ||||
General and Administrative | 5,529 | (3,120) | (267) | 2,142 | ||||
Total Operating Expenses | 14,347 | (4,128) | (330) | 9,889 | ||||
Operating Loss | $ | (14,215) | 4,394 | 1,448 | (8,373) | |||
Financing expenses | 6 | - | - | 6 | ||||
Income Tax | 64 | 64 | ||||||
Net Loss | $ | (14,285) | 4,394 | 1,448 | (8,443) | |||
DarioHealth Corporate Contact
Mary Mooney
VP Marketing
Mary@dariohealth.com
+1-312-593-4280
DarioHealth Investor Relations Contact
Kat Parrella
Investor Relations Manager
kat@dariohealth.com
+315-378-6922
Media Contact:
Scott Stachowiak
Scott.Stachowiak@russopartnersllc.com
+1-646-942-5630
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SOURCE DarioHealth Corp.
FAQ
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