LabStyle Innovations and Maccabi Healthcare Launch Dario Platform for Remote Treatment of Diabetes in Israel
Leveraging Dario's mobile health technology to improve patient outcomes and healthcare economics; LabStyle generates subscription revenues from digital platform and software subscription
May 26, 2015
CAESAREA, Israel, May 26, 2015 /PRNewswire/ -- LabStyle Innovations Corp. (DRIO), developer of the Dario™ Diabetes Management Solution, announced today that in partnership with Israel's leading HMO, Maccabi Healthcare, it has launched the comprehensive Dario™ Diabetes Management Solution as part of Maccabi's advanced Telecare unit (MOMA). The Dario™ is a proprietary customized diabetes management solution that enables remote treatment for diabetes aiming to improve overall outcomes for patients. Maccabi has integrated the Dario™ into MOMA, leveraging LabStyle's cutting edge online and mobile healthcare technologies.
"By providing a digital platform for remote diabetes behavioral programs, tele-medicine and other meta-data analyses, we are advancing the treatment of a disease that impacts an estimated 387 million people around the world," stated Erez Raphael LabStyle Innovations, President and Chief Executive Officer.
"Through agreements like the one with Maccabi, LabStyle benefits from recurring revenue streams from software licensing, which is a strong complement to the sales of our Dario™ device and associated disposables," Raphael added.
Maccabi's Director of Medical Tele-Centers, Ms. Angela Irony commented, "This is the first program of its kind in Israel and Maccabi is proud to be a leader in implementing and understanding the advantages of remote care for chronic disease like diabetes. The Dario™ is a key part of this platform and has enabled us to extend remote care for the treatment of diabetes."
Through MOMA, Maccabi is now providing chronic diabetes patients a service of advanced multi-disciplinary support and care through a national call center in coordination with the client's primary physician and other community-based resources. Each MOMA member with diabetes is receiving their own Dario™ smart meter for managing and monitoring their diabetes. Caretakers at call centers now have a direct online view and proactive communication over the Dario™ mobile platform.
Maccabi Healthcare subscribed to LabStyle's Dario digital platform, as detailed in the previously announced agreement. This subscription business model represents an additional, high-margin revenue stream for LabStyle, including software licensing and added value services offered to HMOs in territories where the Dario™ has received regulatory approval.
Maccabi Healthcare Services, one of the largest non-profit health funds in the world, provides comprehensive medical coverage to 2 million members. Maccabi has long been recognized, both in Israel and abroad, as a unique and innovative health care system that includes all services, leading the way in many areas including cutting edge medical technology, comprehensive and integrated computerized information systems, cost–effective management, and sophisticated monitoring and evaluation tools.
About LabStyle Innovations
LabStyle Innovations Corp. (OTCQB:DRIO) develops and commercializes patented technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario™ Diabetes Management Solution. Dario™ empowers people with diabetes to take charge of their health with the right tools, insights, and support in their pocket. With access to both real-time and historical blood glucose data, Dario™ is designed to spot patterns, recommend the right treatments and support behavior change efforts. Dario™ is a platform that combines an all-in-one, blood glucose meter, smart phone application (iOS & Android), website application and treatment tools to support more proactive and better informed decisions by patients, doctors and healthcare systems. The stylish and compact self-monitoring system combines a lancet to obtain a blood sample, a proprietary disposable test strip cartridge and a smartphone-driven glucose meter. LabStyle Innovations is led by an experienced management team with vast software, medical device and technology experience and guided by a world class board of directors and scientific advisory board. For more information, please visit www.myDario.com and http://myDario.investorroom.com the content of which is not incorporated by reference into this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contains 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, forward-looking statements are being used in this press release when we discuss advancing the treatment of diabetes to people around the world, when we discuss the benefits of the agreement with Maccabi Healthcare, or when we discuss recurring revenue streams from software licensing. 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 of our products, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of our sales and marketing efforts in North America,, 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 "Risk Factors" section and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2014 and in subsequent 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.
Press and Investor Relations
1 800 896 9062
SOURCE LabStyle Innovations Corp.