Press Releases

DarioHealth Reports Third Quarter 2022 Financial and Operating Results

Nov 14, 2022

  • Third quarter 2022 revenues of $6.6 million increased 17.3% from $5.6 million in the third quarter of 2021 driven by growth in Business-to-Business (B2B) revenues. Nine-month year to date revenue totaled $20.8 million, a 44% increase over the first nine months of 2021.
  • B2B revenues grew to 63.5% of total revenue for the quarter, up from 46% in the previous quarter
  • 30% reduction in net loss for the third quarter of 2022, compared to the third quarter of 2021 and 13.3% reduction from to the previous quarter
  • 85 signed B2B contracts to date with $61 million in total contract value
  • High market demand for a comprehensive, multi-condition platform as evidenced by multi condition opportunities representing 50% of current pipeline and which represent higher revenue per customer opportunities
  • Company to host conference call and webcast 8:30 am ET tomorrow

NEW YORK, Nov. 14, 2022 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO) ("Dario" or the "Company"), a leader in the global digital therapeutics (DTx) market, today reported financial results for the third quarter 2022 and provided a corporate and B2B (formerly described as B2B2C) update.

DarioHealth Logo

"In the third quarter, Dario continued to execute its strategic plan of offering what the market now demands most: a single integrated digital therapeutics platform for the management of multiple chronic conditions," stated Erez Raphael, Chief Executive Officer of Dario. "Employers and health plans increasingly recognize the value of an integrated multi-condition single platform for chronic condition management, because it more effectively engages users leading to better health while lowering the burden of contracting and managing multiple single point solution vendors. We have now signed 85 B2B contracts with total value exceeding $61 million annually once fully implemented, with 50% of those contracts signed in 2022 for more than one condition, and we maintain our objective to hit our 100 contract target by year end. Our B2B business now contributes more than 63% of our revenues, and we see a large, growing pipeline heading into 2023."

"Our transition to B2B continues to improve the financial profile of our company. In addition to driving robust topline growth, we are generating gross margins of approximately 70% in our B2B business. Also, we continue to operate more efficiently, reducing operating expenses from our legacy Direct-to-Consumer (D2C) business and lowering customer acquisition costs. Of note, operating expenses were reduced 29.8% resulting in a 30.3% lower net loss compared to the third quarter of 2021. This is excellent progress toward our strategic goal of shifting the company into a high-growth, high-margin B2B business model in a relatively short period of time. We are excited by the improvement in our financial profile and look forward to continuing this momentum," Mr. Raphael concluded.

"We are excited about the national health plan agreement that we signed last quarter, which will embed our behavioral health technology in their digital platform, which has already generated revenue in the third quarter, and we expect revenue from this health plan will grow throughout 2023, subject to the health plan successfully implementing its roll out plan of their platform to their customers.  This was among the most significant contracts that we signed in 2022, which we expect will give us access to up to ten million members," said Rick Anderson, President of Dario. "We are in discussions with several additional health plans – both directly and through our partners – and anticipate additional health plan customers in the quarters ahead."

"We continue to experience accelerating contracting momentum from our direct sales efforts and through our partnerships with Solera, Virgin Pulse, Vitality and Alliant all contributing now to our overall customer counts and yielding significant additional opportunities with health plans and employers," continued Mr. Anderson. "In addition, we continue to see a significant opportunity in our co-promotion relationship with Sanofi with multiple potential health plan customers moving into later stages of the pipeline despite the relatively short time of collaboration.  Additionally, more than 50% of our current pipeline is for multiple conditions, which allows us to achieve higher average revenue per customer as we can engage people across a wide range of chronic health conditions. We believe that our integrated suite of solutions increasingly differentiates us from our competitors and is resonating in the marketplace. I anticipate a strong finish to the year and strong momentum going into 2023."

Q3 2022 and Recent Highlights

  • Total B2B contracts signed increased to 85; Company reiterates goal of 100 signed B2B contracts by year-end 
  • Existing partnerships are gaining traction and are beginning to accelerate recurring revenue streams from employers and health plans
  • Strong pipeline growth continues to demonstrate the strength of Dario's multi-condition suite, with more than 50% of pipeline opportunities for multi-condition contracts
  • Selected by a national health plan to incorporate Dario's behavioral health solution into its mental health and well-being platform for up to ten million members with first revenue recognized in Q3 and increasing revenue anticipated in 2023
  • Selected by a national employer for Dario's full suite of integrated chronic condition management solutions, including diabetes, high blood pressure, and needs related to weight, musculoskeletal pain and behavioral health
  • Continued to improve financial profile of the Company, driven by emphasis shift toward B2B accounts.
  • Presented new research at the American Psychological Association Annual Convention demonstrating the positive impact of a digital health solution with 72% of users in the study reducing their symptoms of depression during 12 weeks of participation and 44% of users experiencing clinically significant reductions in their levels of depression during the same timeframe.

Third Quarter 2022 Results Summary

Revenues for the third quarter ended September 30, 2022 were $6.6 million, a 17.3% increase from $5.6 million for the third quarter ended September 30, 2021, and an increase of 6.8% from $6.2 million for the for the second quarter of 2022. The increase resulted from higher revenues from the Company's B2B segments, including health plans, employers and providers.

Gross profit for the third quarter of 2022 was $1.8 million, an increase of $1 million, compared to gross profit of $0.8 million for the third quarter of 2021, and an increase of 58% from $1.1 million for the for the second quarter of 2022. Gross profit as a percentage of revenues increased to 27.3% in the third quarter of 2022, from 14.7% in the third quarter of 2021, and 18.4% in the second quarter of 2022.

Pro-forma gross profit, excluding $1.1 million of non-cash amortization of expenses related to the acquisition of technology, was $2.9 million, or 44% of revenues, for the three months ended September 30, 2022, compared to a pro-forma gross profit of $2.5 million, or 45% of revenues for the three months ended September 30, 2021. Non-GAAP gross margins for the B2B business channel exceeded 70% in the third quarter. 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."

Total operating expenses for the third quarter of 2022 were $16.4 million compared with $23.3 million for the third quarter of 2021 and $18.5 million for the second quarter of 2022, a decrease of $7 million, or 29.8%, compared to the third quarter of 2021, and a decrease of $2.1 million, or 11.5%, compared to the second quarter of 2022. The decrease compared to the second quarter of 2022 resulted from a decrease in our DTC marketing expenses. Total operating expenses excluding stock-based compensation, acquisition expenses and depreciation for the third quarter of 2022 were $11.4 million compared to $14.5 million for the third quarter of 2021, and $13.4 million for the second quarter of 2022.

Operating loss for the third quarter of 2022 was $14.6 million, a decrease of $7.9 million, or 35.2%, compared to $22.5 million for the third quarter of 2021, and a decrease of $2.8 million, or 16%, compared to $17.4 million for the second quarter of 2022. The decrease compared to the third quarter of 2021 and the second quarter of 2022 was mainly due to the decrease in operating expenses.

Net loss was $15.6 million in the third quarter of 2022, a decrease of $6.8 million, or 30.3%, compared to a net loss of $22.4 million in the third quarter of 2021, and a decrease of $2.4 million, or 13.3%, compared to the second quarter of 2022. Net loss excluding stock-based compensation, acquisition expenses and depreciation for the third quarter of 2022 was $9.5 million compared to $11.9 million for the third quarter of 2021 and $11.8 million in the second quarter of 2022.

Non-GAAP billings for the three months ended September 30, 2022, were $6.6 million, a 19% increase from $5.5 million for the three months ended September 30, 2021. The increase is a result of higher sales generated in the three months ended September 30, 2022, compared to the three months ended September 30, 2021. 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, 2022:

Revenues for the nine months ended September 30, 2022 were $20.8 million, a 44% increase from $14.5 million for the nine months ended September 30, 2021.

Gross profit for the nine months ended September 30, 2022 was $6.9 million, an increase of 103%, or $3.5 million, compared to gross profit of $3.4 million for the nine months ended September 30, 2021.

Pro-forma gross profit, excluding $3.1 million of amortization of expenses related to acquisitions, was $10.1 million for the nine months ended September 30, 2022, compared to a proforma gross profit of $6.7 million for the nine months ended September 30, 2021.

Total operating expenses for the nine months ended September 30, 2022 were $54.7 million, a decrease of $3.5 million, or 6%, compared with $58.2 million for the nine months ended September 30, 2021. The decrease resulted from a decrease in our sales and marketing and general and administrative expenses. Total operating expenses excluding stock-based compensation, acquisition expenses and depreciation for the nine months ended September 30, 2022 were $39.7 million compared to $38.6 million for the nine months ended September 30, 2021.

Operating loss for the nine months ended September 30, 2022 decreased by $7 million to $47.8 million, compared to an operating loss of $54.8 million for the nine months ended September 30, 2021. This decrease is mainly due to the increase in the gross profit and the decrease in operating expenses.

Net loss was $49.6 million for the nine months ended September 30, 2022 compared to a net loss of $55.2 million for the nine months ended September 30, 2021. The decrease was driven by higher gross profit and lower operating expenses.

Non-GAAP billings for the nine months ended September 30, 2022 were $20.6 million, a 44% increase from $14.3 million for the nine months ended September 30, 2021.

Non-GAAP adjusted net loss for the nine months ended September 30, 2022 was $29.5 million, a 7% decrease from a $31.7 million non-GAAP adjusted net loss for the nine months ended September 30, 2021.

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: Tuesday, November 15, 8:30am ET

Dial-in Number: 1-844-826-3035

International Dial-in: 1-412-317-5195

Conference ID:  DarioHealth Third Quarter 2022 Results Call

Webcast link: https://viavid.webcasts.com/starthere.jsp?ei=1582524&tp_key=be742de176.

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 December 15, 2022. To listen to the replay, dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and use replay passcode 10173311.

About DarioHealth Corp.

DarioHealth Corp. (Nasdaq: DRIO) is a leading global digital therapeutics company revolutionizing how people with chronic conditions manage their health. DarioHealth offers one of the most comprehensive digital therapeutics solutions on the market - covering multiple chronic conditions including diabetes, hypertension, weight management, musculoskeletal and behavioral health within one integrated technology platform.

Dario's next-generation, AI-powered, digital therapeutic platform supports more than just an individual's disease. Dario provides adaptive, personalized experiences that drive behavior change through evidence-based interventions, intuitive, clinically proven digital tools, high-quality software, and coaching to help individuals improve health and sustain meaningful outcomes.

Dario's unique user-centric approach to product design and engagement creates an unparalleled experience that is highly rated by users and delivers sustainable results.

The company's cross-functional team operates at the intersection of life sciences, behavioral science, and software technology and utilizes a performance-based approach to improve its users' health.

On the path to better health, Dario makes the right thing to do the easy thing to do. To learn more about DarioHealth and its digital health solutions or for more information, visit http://dariohealth.com, the content of which is not incorporated by reference in this press release.

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, the Company is using forward-looking statements in this press release when it discusses that it sees a large, growing pipeline heading into 2023, that its transition to B2B accounts continues to improve its financial profile and that it anticipates continuing the momentum, that it expects the national health plan agreement to contribute to revenue throughout 2023 and the number of members it is expected to provide, that it anticipates additional health plan customers in the quarters ahead, that it continues to experience accelerating contracting from its direct sales efforts and through its partnerships with Solera, Virgin Pulse, Vitality and Alliant and its co-promotion relationship with Sanofi, that it anticipates a strong finish to the year and strong momentum going into 2023 and that it maintains its target of signing100 contracts by year end. 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.

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



U.S. dollars in thousands








September 30, 


December 31, 




2022


2021




Unaudited





ASSETS
















CURRENT ASSETS:








Cash and cash equivalents


$

57,081


$

35,808


Short-term restricted bank deposits



176



192


Trade receivables



4,521



1,310


Inventories



7,762



6,228


Other accounts receivable and prepaid expenses



2,042



2,067










Total current assets



71,582



45,605










NON-CURRENT ASSETS:








Deposits



6



20


Operating lease right of use assets



1,174



287


Long-term assets



21



57


Property and equipment, net



858



702


Intangible assets, net



11,053



12,460


Goodwill



41,640



41,640










Total non-current assets



54,752



55,166










Total assets


$

126,334


$

100,771












 

 

DARIOHEALTH CORP. AND ITS SUBSIDIARIES

INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except stock and stock data)




September 30, 


December 31, 




2022


2021




Unaudited





LIABILITIES AND STOCKHOLDERS' EQUITY
















CURRENT LIABILITIES:








Trade payables


$

1,982


$

5,109


Deferred revenues



990



1,195


Operating lease liabilities



270



266


Other accounts payable and accrued expenses



6,512



7,806


Earn-out liability



1,770



825










Total current liabilities



11,524



15,201










NON-CURRENT LIABILITIES








Operating lease liabilities



817



21


Long-term loan



24,046




Warrant liability



1,001












Total non-current liabilities



25,864



21










STOCKHOLDERS' EQUITY








Common stock of $0.0001 par value - Authorized: 160,000,000 shares at September 30, 2022 (unaudited) and December 31, 2021; 
Issued and Outstanding: 23,291,008 and 16,573,420 shares at September 30, 2022 (unaudited) and December 31, 2021, respectively



2



2


Preferred stock of $0.0001 par value - Authorized: 5,000,000 shares at September 30, 2022 (unaudited) and December 31, 2021;
Issued and Outstanding: 9,912 and 11,927 shares at September 30, 2022 (unaudited) and December 31, 2021, respectively



*) -



*) -


Additional paid-in capital



361,912



307,561


Accumulated deficit



(272,968)



(222,014)










Total stockholders' equity



88,946



85,549










Total liabilities and stockholders' equity


$

126,334


$

100,771











 

 

DARIOHEALTH CORP. AND ITS SUBSIDIARIES


INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


U.S. dollars in thousands (except stock and stock data)






Three months ended


Nine months ended




September 30, 


September 30, 




2022


2021


2022


2021




Unaudited


Unaudited


Revenues:














Services


$

4,552


$

776


$

12,802


$

1,852


Hardware and consumable products



2,053



4,853



8,045



12,633


Total revenues



6,605



5,629



20,847



14,485
















Cost of revenues:














Services



1,826



126



3,538



233


Hardware and consumable products



1,874



3,433



7,255



8,498


Amortization of acquired intangible assets



1,105



1,244



3,131



2,339


Total Cost of revenues



4,805



4,803



13,924



11,070
















Gross profit



1,800



826



6,923



3,415
















Operating expenses:














Research and development


$

4,803


$

5,506


$

14,867


$

11,903


Sales and marketing



7,571



10,696



26,403



27,476


General and administrative



3,999



7,123



13,453



18,865
















Total operating expenses



16,373



23,325



54,723



58,244
















Operating loss



14,573



22,499



47,800



54,829
















Total financial (income) expenses, net



1,059



(55)



1,775



346
















Loss before taxes



15,632



22,444



49,575



55,175
















Income Tax







1


















Net loss


$

15,632


$

22,444


$

49,576


$

55,175
















Other comprehensive income (loss):














Deemed dividend


$

494


$

488


$

1,378


$

1,520
















Net loss attributable to shareholders


$

16,126


$

22,932


$

50,954


$

56,695
















Net loss per share:




























Basic and diluted loss per share


$

0.64


$

1.18


$

2.03


$

2.98


Weighted average number of common stock used in computing
 basic and diluted net loss per share



22,973,197



16,473,449



22,876,397



16,202,541

















 

 

DARIOHEALTH CORP. AND ITS SUBSIDIARIES


INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS


U.S. dollars in thousands






Nine months ended




September 30, 




2022


2021




Unaudited


Cash flows from operating activities:








Net loss


$

(49,576)


$

(55,175)


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



13,898



18,670


Depreciation



243



202


Change in operating lease right of use assets



(887)



137


Amortization of acquired intangible assets and inventories step-up



3,224



3,381


Increase in trade receivables



(3,211)



(1,125)


Decrease in other accounts receivable, prepaid expense and long-term assets 



129



221


Increase in inventories



(1,534)



96


Increase in trade payables



(3,136)



-


Decrease in other accounts payable and accrued expenses



(1,401)



(1,368)


Decrease in deferred revenues



(205)



(139)


Change in operating lease liabilities



800



(173)


Remeasurement of earn-out



945



-


Non-Cash financial expenses



807



-










Net cash used in operating activities



(39,904)



(35,273)










Cash flows from investing activities:








Investment In deposit



-



(2)


Purchase of property and equipment



(399)



(193)


Cash paid as part of PsyInnovations Inc. (dba WayForward) acquisition



-



(5,023)


Cash paid as part of Upright Technologies Ltd. acquisition



-



(2,472)


Purchase of intangible assets



(115)



-










Net cash used in investing activities



(514)



(7,690)










Cash flows from financing activities:








Proceeds from issuance of common stock and prefunded warrants (net of
 issuance costs)



38,023



64,877


Proceeds from exercise of warrants



-



633


Proceeds from exercise of options



-



256


Proceeds from borrowings on credit agreement



23,786



-


Repurchase and retirement of common stock



(134)



-










Net cash provided by financing activities



61,675



65,766










Increase in cash, cash equivalents and restricted cash and cash equivalents



21,257



22,803


Cash, cash equivalents and restricted cash and cash equivalents at beginning of period



35,948



28,725










Cash, cash equivalents and restricted cash and cash equivalents at end of period


$

57,205


$

51,528


Supplemental disclosure of cash flow information:








Cash paid during the period for interest on long-term loan


$

969


$

-


Non-cash activities:








Right-of-use assets obtained in exchange for lease liabilities


$

1,177


$

80











 

 

Reconciliation of Revenue to Billing (Non-GAAP)

U.S. dollars in thousands




Three Months Ended

September 30,


Nine Months Ended

September 30,



2022


2021


2022


2021










GAAP Revenue


6,605


5,629


20,847


14,485

Add:









Change in deferred revenue


(9)


(96)


(205)


(139)










Billing (Non-GAAP)


6,596


5,533


20,642


14,346

 

 

Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted

Operating Loss, Net Loss and Operating Expenses (Non-GAAP)

U.S. dollars in thousands


Three months ended September 30, 2022



GAAP

Stock-Based
Compensation
Expenses

Earn-out
remeasurement,
amortization of
acquisition related
expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

4,805


(25)


(1,132)


3,648

Gross Profit


1,800


25


1,132


2,957










Research and development


4,803


(1,166)


(12)


3,625

Sales and Marketing


7,571


(1,957)


(44)


5,570

General and Administrative


3,999


(1,778)


(43)


2,178

Total Operating Expenses


16,373


(4,901)


(99)


11,373

Operating Loss

$

(14,573)


4,926


1,231


(8,416)

Financing expenses


1,059


-


-


1,059

Income Tax


-






-

Net Loss

$

(15,632)


4,926


1,231


(9,475)

 

 

Three months ended September 30, 2021



GAAP

Stock-Based
Compensation
Expenses

Acquisition costs,
amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

4,803


(39)


(1,734)


3,030

Gross Profit


826


39


1,734


2,599










Research and development


5,506


(1,632)


(20)


3,854

Sales and Marketing


10,696


(1,860)


(56)


8,780

General and Administrative


7,123


(5,240)


(10)


1,873

Total Operating Expenses


23,325


(8,732)


(86)


14,507

Operating Loss

$

(22,499)


8,771


1,820


(11,908)

Financing income


(55)


-




(55)

Net Loss

$

(22,444)


8,771


1,820


(11,853)

 

 

 

Reconciliation of Operating Loss, Net Loss and Operating Expenses to Adjusted

Operating Loss, Net Loss and Operating Expenses (Non-GAAP)

U.S. dollars in thousands


Nine months ended September 30, 2022



GAAP

Stock-Based
Compensation
Expenses

Earn-out
remeasurement,
amortization of
acquisition
related expenses
and depreciation
of fixed assets

Non-GAAP

Cost of Revenues

$

13,924


(73)


(3,207)


10,644

Gross Profit


6,923


73


3,207


10,203










Research and development


14,867


(3,214)


(33)


11,620

Sales and Marketing


26,403


(5,089)


(348)


20,966

General and Administrative


13,453


(5,522)


(824)


7,107

Total Operating Expenses


54,723


(13,825)


(1,205)


39,693

Operating Loss

$

(47,800)


13,898


4,412


(29,490)

Financing expenses


1,775


-


-


1,775

Income Tax


1






1

Net Loss

$

(49,576)


13,898


4,412


(31,266)

 

 

Nine months ended September 30, 2021



GAAP

Stock-Based
Compensation
Expenses

Acquisition costs,
amortization of
acquisition related
expenses and
depreciation of
fixed assets

Non-GAAP

Cost of Revenues

$

11,070


(76)


(3,414)


7,580

Gross Profit


3,415


76


3,414


6,905










Research and development


11,903


(2,696)


(52)


9,155

Sales and Marketing


27,476


(4,064)


(90)


23,322

General and Administrative


18,865


(11,835)


(906)


6,124

Total Operating Expenses


58,244


(18,595)


(1,048)


38,601

Operating Loss

$

(54,829)


18,671


4,462


(31,696)

Financing expenses


346


-


-


346

Net Loss

$

(55,175)


18,671


4,462


(32,042)

 

 

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

SOURCE DarioHealth Corp.