DarioHealth Reports Third Quarter 2024 Financial and Operating Results
DarioHealth (DRIO) reported strong Q3 2024 financial results with revenue of $7.42 million, up 18.7% from Q2 2024 and 111% year-over-year. The company reduced its GAAP operating loss by 25.7% to $12 million and non-GAAP operating loss by 33.3% to $7.1 million compared to Q2 2024. Key achievements include securing 10 new B2B2C clients and transforming the pharma channel into a recurring revenue model. The company expects a 38% reduction in operating expenses by Q1 2025 and remains on track to achieve operational cash flow breakeven by end of 2025. Gross margins for B2B2C business reached 83%, with full business gross margins at 52%.
DarioHealth (DRIO) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato di 7,42 milioni di dollari, in aumento del 18,7% rispetto al secondo trimestre del 2024 e del 111% su base annua. L'azienda ha ridotto la sua perdita operativa secondo i principi contabili generalmente accettati (GAAP) del 25,7% a 12 milioni e la perdita operativa non GAAP del 33,3% a 7,1 milioni rispetto al secondo trimestre del 2024. Tra i risultati chiave, ci sono l'acquisizione di 10 nuovi clienti B2B2C e la trasformazione del canale farmaceutico in un modello di ricavi ricorrenti. L'azienda prevede una riduzione del 38% delle spese operative entro il primo trimestre del 2025 e rimane sulla buona strada per raggiungere il pareggio di flusso di cassa operativo entro la fine del 2025. I margini lordi per il business B2B2C hanno raggiunto l'83%, con margini lordi complessivi del business al 52%.
DarioHealth (DRIO) informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 7.42 millones de dólares, un incremento del 18.7% respecto al segundo trimestre de 2024 y del 111% interanual. La empresa redujo su pérdida operativa GAAP en un 25.7% a 12 millones y su pérdida operativa no GAAP en un 33.3% a 7.1 millones en comparación con el segundo trimestre de 2024. Entre los logros clave se incluyen la captación de 10 nuevos clientes B2B2C y la transformación del canal farmacéutico en un modelo de ingresos recurrentes. La empresa espera una reducción del 38% en los gastos operativos para el primer trimestre de 2025 y sigue en camino para alcanzar el equilibrio de flujo de caja operativo para finales de 2025. Los márgenes brutos del negocio B2B2C alcanzaron el 83%, con márgenes brutos totales del negocio del 52%.
DarioHealth (DRIO)는 2024년 3분기 강력한 재무 실적을 보고하며 742만 달러의 수익을 달성했습니다. 이는 2024년 2분기 대비 18.7% 증가했으며, 전년 대비 111% 증가한 수치입니다. 회사는 GAAP 기준 운영 손실을 25.7% 줄여 1,200만 달러로, 비 GAAP 기준 운영 손실을 33.3% 줄여 710만 달러로 감소했습니다. 주요 성과로는 10개의 새로운 B2B2C 고객 확보와 제약 채널의 반복 수익 모델 변환이 포함됩니다. 회사는 2025년 1분기까지 운영 비용을 38% 줄일 것으로 예상하고 있으며, 2025년 말까지 운영 현금 흐름의 손익 분기점에 도달할 예정입니다. B2B2C 사업의 총 이익률은 83%에 달하며, 전체 사업의 총 이익률은 52%입니다.
DarioHealth (DRIO) a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec des revenus de 7,42 millions de dollars, en hausse de 18,7 % par rapport au deuxième trimestre 2024 et de 111 % d'une année sur l'autre. L'entreprise a réduit sa perte d'exploitation selon les normes GAAP de 25,7 % pour atteindre 12 millions de dollars, et sa perte d'exploitation non GAAP de 33,3 % pour la ramener à 7,1 millions de dollars par rapport au deuxième trimestre 2024. Parmi les résultats clés, on note l'acquisition de 10 nouveaux clients B2B2C et la transformation du canal pharmaceutique en un modèle de revenus récurrents. L'entreprise s'attend à une réduction de 38 % de ses dépenses d'exploitation d'ici le premier trimestre 2025 et reste sur la bonne voie pour atteindre l'équilibre des flux de trésorerie opérationnels d'ici la fin 2025. Les marges brutes pour l'activité B2B2C ont atteint 83 %, avec des marges brutes globales pour l'activité à 52 %.
DarioHealth (DRIO) hat im dritten Quartal 2024 starke Finanzzahlen präsentiert, mit einem Umsatz von 7,42 Millionen Dollar, was einen Anstieg um 18,7% im Vergleich zum zweiten Quartal 2024 und um 111% im Jahresvergleich bedeutet. Das Unternehmen konnte seinen GAAP-Betriebsverlust um 25,7% auf 12 Millionen Dollar und seinen Non-GAAP-Betriebsverlust um 33,3% auf 7,1 Millionen Dollar im Vergleich zum zweiten Quartal 2024 reduzieren. Zu den wichtigsten Erfolgen zählen die Gewinnung von 10 neuen B2B2C-Kunden und die Umwandlung des Pharmakanals in ein wiederkehrendes Einnahmemodell. Das Unternehmen erwartet eine Reduzierung der Betriebskosten um 38% bis zum ersten Quartal 2025 und bleibt auf dem richtigen Weg, um bis Ende 2025 einen operativen Cashflow-Break-even zu erreichen. Die Bruttomargen im B2B2C-Geschäft erreichten 83%, während die Gesamtbetriebsbruttomargen bei 52% lagen.
- Revenue increased 111% YoY to $7.42 million
- B2B2C revenue grew 320% YoY to $5.44 million
- Gross margins improved to 52.2% from 17.3% YoY
- Operating expenses reduced by 16% quarter-over-quarter
- Secured 10 new B2B2C clients including major health plans
- Operating loss of $12 million in Q3
- Net loss of $12.3 million in Q3
- B2B2C revenue decreased 1.9% sequentially
Insights
The Q3 results demonstrate significant financial improvements with notable metrics: revenue growth of
Key positives include reduced operating losses by
However, concerns remain about the continued net losses and cash burn. While the path to operational cash flow breakeven by end-2025 is promising, the current market cap of
The transformation of Dario's business model shows promising strategic positioning. The shift to recurring revenue streams, particularly in the pharma channel, strengthens revenue predictability. The 10 new B2B2C client wins, including major health plans and a top-6 pharma company, validate the platform's market appeal.
The integration of Twill's capabilities creates a comprehensive digital health solution, potentially establishing stronger competitive barriers. The focus on AI capabilities and data monetization presents additional growth vectors, though execution will be critical.
The diversification across health plans, employers and pharma channels reduces revenue concentration risk, while the AARP partnership could significantly expand market reach in 2025.
- Demonstrated strong improvements in financial performance and business momentum.
- Q3 revenue of
$7.42 million 18.7% over Q2 2024 and111% compared to Q3 2023, driven by expansion of B2B2C revenues. - Q3 operating loss decreased sequentially by
25.7% to$12 million 33.3% to$7.1 million - Executed synergies from the Dario-Twill merger, expected to reduce operating expenses by approximately
38% by Q1 2025 (compared to Q1 2024) and contributing to an expected49% reduction in operating losses by Q1 2025 and59% in non-GAAP operating losses. - Significant wins include: 10 B2B2C clients, including a national Medicare advantage health plan, a regional Medicaid health plan, and a global leading pharma company.
- Made significant progress in transforming the pharma/medical device channel into a platform-based recurring revenue model by securing two new deals, including one with one of the top six global pharma companies.
- Dario remains on track to achieve operational cash flow breakeven run rate by the end of 2025.
- Dario will host an investor conference call and webcast at 8:30 a.m. ET today.
Q3 2024 and Recent Highlights
The Company delivered revenue growth and multiple key client wins, laying a solid foundation for 2025. These achievements not only demonstrate continued progress in financial metrics, but also reflect the successful execution of long-term strategic initiatives aimed at driving sustainable growth.
"Our third quarter included strong execution of our multi-year strategic plan of being a profitable provider of comprehensive chronic care management solutions which engage members and improve outcomes at a reduced cost of care," said Erez Raphael, CEO of Dario. "Our efforts to streamline costs following the Twill merger, combined with revenue growth across multiple channels, have positioned us for ongoing success. We're seeing clear progress in our transformation, and we remain focused on achieving profitability run rate by the end of 2025."
The Company reported improvement across all key financial metrics, both sequentially and year-over-year. Q3 revenue reached
Through continued optimization of revenue channels and a transition to recurring revenue models, gross margins for the B2B2C business rose to
Following the recent acquisition of Twill, Dario implemented focused cost-management strategies, reducing GAAP operating expenses to
"We are not just growing; we believe that we are improving the quality and predictability of our revenues," said Steven Nelson, Chief Commercial Officer at Dario. "Securing 10 new clients this quarter, combined with diversifying our revenue streams, ensures that we are on a path for sustained success in 2025 and beyond."
The Company reported a
Looking ahead, Dario expects this positive trend in financial performance to continue, driven by ongoing revenue growth, increasing gross margins due to positive mix shift and operating leverage related to our reduced fixed expenses. The Company anticipates a 38% reduction in total operating expenses between Q1 2024 and Q1 2025, alongside a 49% reduction in operating losses and a
Business Highlights
In Q3, the Company enhanced its commercial momentum by securing 10 new clients, positioning itself for strong growth in 2025. Dario focused on not only increasing revenues but also making them more sustainable by diversifying across channels and clients. This effort included transforming the pharma channel—previously the Company's only non-recurring revenue stream—into a recurring revenue model.
- Health Plans: The Company partnered with National Medicare Health Plan Partners and Twill by Dario to promote healthy aging and launched large-scale cardiometabolic programs in the Medicaid space.
- Employers: Dario signed contracts with seven new employers, primarily for cardiometabolic solutions, and secured its first health system as an employer contract. Additionally, the Company announced a new AARP benefit granting access to millions of AARP members for health and well-being programs starting in January 2025.
- Pharma and Medical Device: Dario closed two new deals, including a major contract with one of the top six global pharmaceutical companies and an agreement with a medical device company. The Company expects these contracts will contribute to revenue in the near term and are structured under the Company's new "platform services subscription fee" model, offering an annual recurring revenue stream.
Additionally, this quarter marked the completion of the integration of Twill's capabilities into Dario's full multi-condition platform. The combined behavioral health, well-being, navigation, and engagement technologies now create the most comprehensive solution in the digital health market under the Dario brand.
"We are excited about the growing opportunities for our artificial intelligence (AI) capabilities, especially as data becomes an increasingly vital asset in our business model," Erez Raphael added. "By integrating generative AI and microservices, we believe we are poised to revolutionize areas like drug discovery, consumer engagement, and personalization, with our proprietary data setting us up for both internal and external monetization."
With its market-leading expertise, Dario is well-positioned to capitalize on these emerging trends and continue delivering value to its stakeholders.
Third Quarter 2024 Results Summary
Revenues for the third quarter ended September 30, 2024, were
B2B2C, employers and health plans recurring revenues for the third quarter ended September 30, 2024, were
Gross profit for the third quarter ended September 30, 2024, was
Pro-forma gross profit, excluding
Total operating expenses for the third quarter ended September 30, 2024, were
Total operating expenses excluding stock-based compensation, acquisition related expenses and depreciation for the third quarter of 2024 were
Operating loss for the third quarter of 2024 was
Financing expenses were
Net loss was
Net loss excluding stock-based compensation, acquisition related expenses and depreciation for the third quarter of 2024 was
A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Financial Results for the Nine Months Ended September 30, 2024:
Revenues for the nine months ended September 30, 2024, were
Gross profit for the nine months ended September 30, 2024, was
Pro-forma gross profit, excluding
Total operating expenses for the nine months ended September 30, 2024, were
Operating loss for the nine months ended September 30, 2024, increased by
Financing income was
Net loss was
Net loss excluding stock-based compensation, acquisition related expenses and depreciation for the nine months ended September 30, 2024, was
A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Conference Call Details: Thursday, November 7, 8:30am ET
Dial-in Number: 1-800-717-1738 (domestic) or 1-646-307-1865 (international)
Call me™: https://emportal.ink/3SOTLAn
Participants can use the dial-in numbers above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. This link will be made active 15 minutes prior to scheduled start time.
Webcast link: https://viavid.webcasts.com/starthere.jsp?ei=1685062&tp_key=51068b0c30
Participants are asked to dial in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through Thursday, November 21st, 2024. To listen to the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use replay passcode 1131131.
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 its expected reduced operating expenses expected by Q1 2025 and the resulting operating losses by such time period, that it expects to reach breakeven by the end of 2025, its expected breakeven timeline is supported by its progress in its high margin B2B2C channel, that its reduction of costs following the acquisition of Twill, combined with revenue growth across multiple channels, positions the Company for ongoing success, that it believes it sees clear progress in its transformation and remains focused on achieving a profitably run rate by the end of 2025, that it expects the positive trends in financial performance to continue, driven by ongoing revenue growth, increasing gross margins due to positive mix shift and operating leverage related to its reduced fixed expenses, its expected reduction in total operating expenses between Q1 2024 and Q1 2025, its expected reduction in operating losses and in non-GAAP operating losses respectively, paving the way to achieve cash flow breakeven run rate by the end of 2025, that it is positioned for strong growth in 2025, its plan to transform its pharmaceutical channel into a recurring revenue model, that its belief that two new contracts with a pharmaceutical company and a medical device company will contribute to the Company's revenue in the near term, its belief that the combined behavioral health, well-being, navigation, and engagement technologies now create the most comprehensive solution in the digital health market under the Dario brand, its belief that, by integrating generative AI and microservices, the Company is poised to revolutionize areas like drug discovery, consumer engagement, and personalization, with our proprietary data setting us up for both internal and external monetization and its belief that with its market-leading expertise, Dario is well-positioned to capitalize on these emerging trends and continue delivering value to its stakeholders. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the
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.
Operating expenses (non-GAAP). Our presentation of non-GAAP operating expenses excludes stock-based compensation expenses, amortization of acquisition related expenses and depreciation of fixed assets. 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 expenses 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 | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
Unaudited | ||||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ | 15,547 | $ | 36,797 | ||
Short-term restricted bank deposits | 863 | 292 | ||||
Trade receivables, net | 4,948 | 3,155 | ||||
Inventories | 4,742 | 5,062 | ||||
Other accounts receivable and prepaid expenses | 3,428 | 2,024 | ||||
Total current assets | 29,528 | 47,330 | ||||
NON-CURRENT ASSETS: | ||||||
Deposits | 6 | 6 | ||||
Operating lease right of use assets | 1,306 | 967 | ||||
Long-term assets | 108 | 143 | ||||
Property and equipment, net | 1,235 | 899 | ||||
Intangible assets, net | 20,343 | 5,404 | ||||
Goodwill | 57,427 | 41,640 | ||||
Total non-current assets | 80,425 | 49,059 | ||||
Total assets | $ | 109,953 | $ | 96,389 | ||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||
INTERIM CONSOLIDATED BALANCE SHEETS | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
Unaudited | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
CURRENT LIABILITIES: | ||||||
Trade payables | $ | 2,655 | $ | 1,131 | ||
Deferred revenues | 1,118 | 997 | ||||
Operating lease liabilities | 596 | 111 | ||||
Other accounts payable and accrued expenses | 5,807 | 6,300 | ||||
Current maturity of long-term loan | 8,670 | 3,954 | ||||
Total current liabilities | 18,846 | 12,493 | ||||
NON-CURRENT LIABILITIES | ||||||
Operating lease liabilities | 1,033 | 885 | ||||
Long-term loan | 20,187 | 24,591 | ||||
Warrant liability | 11,327 | 240 | ||||
Other long-term liabilities | 49 | 36 | ||||
Total non-current liabilities | 32,596 | 25,752 | ||||
STOCKHOLDERS' EQUITY | ||||||
Common stock of | 3 | 3 | ||||
Preferred stock of | *) - | *) - | ||||
Additional paid-in capital | 436,590 | 407,502 | ||||
Accumulated deficit | (378,082) | (349,361) | ||||
Total stockholders' equity | 58,511 | 58,144 | ||||
Total liabilities and stockholders' equity | $ | 109,953 | $ | 96,389 | ||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||||||||
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||
Three months ended | Nine months ended | |||||||||||
September 30, | September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Unaudited | Unaudited | |||||||||||
Revenues: | ||||||||||||
Services | $ | 5,604 | $ | 1,765 | $ | 14,424 | $ | 11,171 | ||||
Consumer hardware | 1,819 | 1,753 | 5,012 | 5,565 | ||||||||
Total revenues | 7,423 | 3,518 | 19,436 | 16,736 | ||||||||
Cost of revenues: | ||||||||||||
Services | 920 | 599 | 2,845 | 3,701 | ||||||||
Consumer hardware | 1,282 | 1,203 | 3,786 | 3,902 | ||||||||
Amortization of acquired intangible assets | 1,344 | 1,106 | 3,740 | 3,281 | ||||||||
Total cost of revenues | 3,546 | 2,908 | 10,371 | 10,884 | ||||||||
Gross profit | 3,877 | 610 | 9,065 | 5,852 | ||||||||
Operating expenses: | ||||||||||||
Research and development | $ | 5,446 | $ | 5,665 | $ | 18,898 | $ | 16,052 | ||||
Sales and marketing | 6,733 | 6,363 | 20,775 | 19,163 | ||||||||
General and administrative | 3,728 | 4,128 | 15,468 | 12,611 | ||||||||
Total operating expenses | 15,907 | 16,156 | 55,141 | 47,826 | ||||||||
Operating loss | 12,030 | 15,546 | 46,076 | 41,974 | ||||||||
Total financial expenses (income), net | 313 | 186 | (10,954) | 3,168 | ||||||||
Loss before taxes | 12,343 | 15,732 | 35,122 | 45,142 | ||||||||
Income Tax | 13 | — | 2,007 | — | ||||||||
Net loss | $ | 12,330 | $ | 15,732 | $ | 33,115 | $ | 45,142 | ||||
Other comprehensive loss: | ||||||||||||
Deemed dividend (contribution) | $ | 2,278 | $ | 1,172 | $ | (4,394) | $ | 2,863 | ||||
Net loss attributable to common shareholders | $ | 14,608 | $ | 16,904 | $ | 28,721 | $ | 48,005 | ||||
Net loss per share: | ||||||||||||
Basic and diluted loss per share of common stock | $ | 0.25 | $ | 0.49 | $ | 0.52 | $ | 1.52 | ||||
Weighted average number of common stock used in | 40,417,421 | 28,815,604 | 39,093,575 | 28,195,216 | ||||||||
DARIOHEALTH CORP. AND ITS SUBSIDIARIES | ||||||
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
Nine months ended | ||||||
September 30, | ||||||
2024 | 2023 | |||||
Unaudited | ||||||
Cash flows from operating activities: | ||||||
Net loss | $ | (33,115) | $ | (45,142) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||
Stock-based compensation | 13,206 | 15,307 | ||||
Depreciation and impairment | 773 | 290 | ||||
Disposal of property and equipment | 7 | — | ||||
Change in operating lease right of use assets | 666 | 228 | ||||
Amortization of acquired intangible assets | 4,519 | 3,375 | ||||
Decrease in trade receivables, net | 1,536 | 1,883 | ||||
Increase in other accounts receivable, prepaid expense and long-term assets | (894) | (324) | ||||
Decrease in inventories | 320 | 2,485 | ||||
Decrease in trade payables | (886) | (393) | ||||
Decrease in other accounts payable and accrued expenses | (3,704) | (1,182) | ||||
Decrease in deferred revenues | (621) | (636) | ||||
Change in operating lease liabilities | (791) | (196) | ||||
Change in fair value of warrant liability | (13,370) | — | ||||
Non-Cash financial expenses | 432 | 1,267 | ||||
Other | 92 | — | ||||
Net cash used in operating activities | (31,830) | (23,038) | ||||
Cash flows from investing activities: | ||||||
Purchase of property and equipment | (117) | (501) | ||||
Purchase of short-term investments | — | (4,996) | ||||
Proceeds from redemption of short-term investments | — | 5,033 | ||||
Payments for business acquisitions, net of cash acquired | (8,796) | — | ||||
Net cash used in investing activities | (8,913) | (464) | ||||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock, net of issuance costs | — | 1,614 | ||||
Proceeds from issuance of preferred stock, net of issuance costs | 20,206 | 14,868 | ||||
Proceeds from borrowings on credit agreement | — | 29,604 | ||||
Repayment of long-term loan | — | (27,833) | ||||
Net cash provided by financing activities | 20,206 | 18,253 | ||||
Decrease in cash, cash equivalents and restricted cash and cash equivalents | (20,537) | (5,249) | ||||
Effect of exchange rate differences on cash, cash equivalents and restricted cash and cash | (50) | — | ||||
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 | $ | 16,210 | $ | 44,221 | ||
Supplemental disclosure of cash flow information: | ||||||
Cash paid during the period for interest on long-term loan | $ | 2,968 | $ | 3,035 | ||
Non-cash activities: | ||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 428 | $ | 14 | ||
Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted | ||||||||
Operating Loss, Net Loss and Operating Expenses (Non-GAAP) | ||||||||
Three months ended September 30, 2024 | ||||||||
GAAP | Stock-Based | Amortization of | Non-GAAP | |||||
Cost of Revenues | $ | 3,546 | 7 | (1,359) | 2,194 | |||
Gross Profit | 3,877 | (7) | 1,359 | 5,229 | ||||
Research and development | 5,446 | (748) | (63) | 4,635 | ||||
Sales and Marketing | 6,733 | (948) | (689) | 5,096 | ||||
General and Administrative | 3,728 | (1,097) | (17) | 2,614 | ||||
Total Operating Expenses | 15,907 | (2,793) | (769) | 12,345 | ||||
Operating Loss | $ | (12,030) | 2,786 | 2,128 | (7,116) | |||
Financing expenses | 313 | - | - | 313 | ||||
Income Tax | (13) | (13) | ||||||
Net Loss | $ | (12,330) | 2,786 | 2,128 | (7,416) | |||
Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted | ||||||||
Operating Loss, Net Loss and Operating Expenses (Non-GAAP) | ||||||||
Three months ended September 30, 2023 | ||||||||
GAAP | Stock-Based | Amortization of | Non-GAAP | |||||
Cost of Revenues | $ | 2,908 | (17) | (1,137) | 1,754 | |||
Gross Profit | 610 | 17 | 1,137 | 1,764 | ||||
Research and development | 5,665 | (1,226) | (22) | 4,417 | ||||
Sales and Marketing | 6,363 | (1,879) | (39) | 4,445 | ||||
General and Administrative | 4,128 | (2,037) | (38) | 2,053 | ||||
Total Operating Expenses | 16,156 | (5,142) | (99) | 10,915 | ||||
Operating Loss | $ | (15,546) | 5,159 | 1,236 | (9,151) | |||
Financing expenses | 186 | - | 186 | |||||
Income Tax | - | - | ||||||
Net Loss | $ | (15,732) | 5,159 | 1,236 | (9,337) | |||
Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted | ||||||||
Operating Loss, Net Loss and Operating Expenses (Non-GAAP) | ||||||||
Nine months ended September 30, 2024 | ||||||||
GAAP | Stock-Based | Amortization of | Non-GAAP | |||||
Cost of Revenues | $ | 10,371 | (5) | (3,784) | 6,582 | |||
Gross Profit | 9,065 | 5 | 3,784 | 12,854 | ||||
Research and development | 18,898 | (2,311) | (187) | 16,400 | ||||
Sales and Marketing | 20,775 | (4,354) | (859) | 15,562 | ||||
General and Administrative | 15,468 | (6,536) | (1,175) | 7,757 | ||||
Total Operating Expenses | 55,141 | (13,201) | (2,221) | 39,719 | ||||
Operating Loss | $ | (46,076) | 13,206 | 6,005 | (26,865) | |||
Financing expenses | (10,954) | - | - | (10,954) | ||||
Income Tax | (2,007) | (2,007) | ||||||
Net Loss | $ | (33,115) | 13,206 | 6,005 | (13,904) | |||
Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted | ||||||||
Operating Loss, Net Loss and Operating Expenses (Non-GAAP) | ||||||||
Nine months ended September 30, 2023 | ||||||||
GAAP | Stock-Based | Amortization | Non-GAAP | |||||
Cost of Revenues | $ | 10,884 | (61) | (3,372) | 7,451 | |||
Gross Profit | 5,852 | 61 | 3,372 | 9,285 | ||||
Research and development | 16,052 | (3,713) | (57) | 12,282 | ||||
Sales and Marketing | 19,163 | (5,550) | (129) | 13,484 | ||||
General and Administrative | 12,611 | (5,983) | (107) | 6,521 | ||||
Total Operating Expenses | 47,826 | (15,246) | (293) | 32,287 | ||||
Operating Loss | $ | (41,974) | 15,307 | 3,665 | (23,002) | |||
Financing expenses | 3,168 | - | - | 3,168 | ||||
Income Tax | - | - | ||||||
Net Loss | $ | (45,142) | 15,307 | 3,665 | (26,170) | |||
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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View original content:https://www.prnewswire.com/news-releases/dariohealth-reports-third-quarter-2024-financial-and-operating-results-302298557.html
SOURCE DarioHealth Corp.
FAQ
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