DarioHealth improves revenue, looks to shift business model

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Thursday, August 13, 2020

NEW YORK – DarioHealth reported revenues of $1.79 million for the second quarter ended June 30, a 7.2% sequential increase from the first quarter this year and an 8.2% increase from the same period last year. Net loss attributable to holders of common stock was $4.8 million for the second quarter this year vs. $5.4 million for the same period last year. The company reported revenues of $3.45 million for the first six months of 2020, an 11.3% decrease from the same period in 2019. Net loss was $13.9 million vs. $10.7 million. DarioHealth cited as highlights for the second quarter: securing two remote patient monitoring agreements in the U.S., allowing health care providers to monitor patients between visits, while using new CMS reimbursement codes, an added source of revenue; and entering the RPM market in the U.K. through an agreement with Williams Medical. Going forward, the company aims to transform to a business-to-business-to-consumer company. “We advanced late-stage discussions with health plans and self-insured employers,” said Erez Raphael, CEO. “Our pipeline continues to grow and mature, and although the normal sales cycle can be lengthy, we believe that we are poised to announce new and potentially transformational agreements in the next few weeks.”