New account is set to launch in July
2023 for eligible members
NEW
YORK, July 24, 2023 /PRNewswire/
-- DarioHealth Corp. (Nasdaq: DRIO) ("Dario" or the
"Company"), a leader in the global digital health market, announced
today a new agreement with a large regional health plan (the
"Plan") to deliver highly personalized digital health solutions to
more than 160,000 Plan members living with hypertension. The Plan
is set to launch in late July
2023.
The Plan selected Dario's digital solution for hypertension,
part of the Company's cardiometabolic product suite, to engage the
Plan's members with a highly personalized and consumer-centric
approach to managing hypertension. Dario's solution is proven to
improve clinical outcomes and keep members engaged over time, and a
streamlined implementation process made it easy for the Plan to
launch and scale the program across eligible members.
"Dario's proven ability to effectively drive outcomes-based
engagement and deliver better results for our partners is a winning
proposition for payers," said Rick
Anderson, President of Dario. "We are excited to launch our
new partnership with the Plan this month and start engaging its
members with highly personalized support to help improve
hypertension outcomes."
Dario Announces Preliminary Second Quarter Results and
Business Update
Dario also announced today preliminary unaudited revenue results
for the three months ended June 30,
2023 of between $6.0 million
and $6.15 million, driven by growth
in its Business-to-Business (B2B) sales channel, which has grown
for the tenth quarter in a row due to the Company's strategic shift
in resources. Revenue from strategic partnerships was less than
expected in the second quarter due to fewer milestone deliveries
than anticipated.
Dario's preliminary unaudited revenues for the six months ended
June 30, 2023 were between
$13 million and $13.15 million, resulting from the expected
reduction in direct sales to consumers that took place during the
same period.
Dario had preliminary unaudited cash and cash equivalents of
$52.6 million as of June 30, 2023.
Strategic partnerships continue to mature and yielded two
notable wins for Dario this quarter, including contracts with
MedOne Pharmacy Benefits Solution (MedOne) attributed to Sanofi,
and the Plan attributed to Solera. Both contracts are expected to
contribute to revenue in 2023 and represent key milestone
achievements for the respective partnerships.
The private labeled Aetna platform was delivered on schedule in
the second quarter of the year with additional opportunities for
revenue related to the development of the platform in the second
half of the year. Dario now expects member enrollment will start in
2024, which may result in a larger opportunity for membership
depending on partner sell-through to their customers.
"We believe that we are only beginning to realize the commercial
potential of our strategic partners. MedOne and the Plan represent
major wins for key strategic channel partners for Dario," said
Erez Raphael, Chief Executive
Officer of Dario. "We are excited to see our focus on the partner
channel yield meaningful revenue as we continue to nurture these
important relationships to help scale opportunities for Dario."
The above figures represent preliminary unaudited estimates and
final quarterly reporting results may vary. The foregoing
forward-looking statements reflect our expectations as of today's
date. Given the number of risk factors, uncertainties and
assumptions discussed below, actual results may differ materially.
We do not intend to update our financial outlook until our next
quarterly results announcement.
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 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. Making the right thing to do the easy thing to do.
Dario provides its highly user rated solutions globally to
health plans and other payors, self-insured employers, providers of
care and directly to 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 DarioHealth Corp. 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. For example, the Company is using
forward-looking statements in this press release when it discusses
the expected timing of the contract launches, its estimated
revenues for the quarter, its estimated cash and cash equivalents
as of June 30, 2023, that its
contracts with MedOne and the Plan are expected to contribute to
revenue in 2023 and represent key milestone achievements for the
respective partnerships, the potential benefits that may be
realized by users utilizing Dario's platform, that member
enrollment with Aetna will begin in 2024, its belief that it is
only beginning to realize the commercial potential of its strategic
partners and that member enrollment with Aetna may result in a
larger opportunity for membership depending on partner sell-through
to customers. 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. 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 U.S. Securities and Exchange Commission. Readers
are cautioned that actual results (including, without limitation,
the timing for and results of the Company's commercial and
regulatory plans for Dario™ as described herein) may differ
significantly from those set forth in the forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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DarioHealth corporate contact:
Mary Mooney
VP Marketing
mary@dariohealth.com
+1-312-593-4280
Media contact:
Scott
Stachowiak
scott.stachowiak@russopartnersllc.com
+1-646-942-5630
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SOURCE DarioHealth Corp.