LabStyle Innovations Corp. Executes Distribution Partnership with GEMCO Medical
Expands Reach to Pharmacies and Durable Medical Dealers Access on Commercial Health Plans
Jul 21, 2016
LabStyle Innovations Corp. (NASDAQ:DRIO), developer of the Dario™ Blood Glucose Monitoring System, announced today that it has signed an agreement with GEMCO Medical, an established healthcare distributor and a pioneer in the diabetes supply industry, to become the first authorized U.S. distributor of Dario. This partnership will complement LabStyle's direct-to-consumer model to further expand and strengthen its presence in the United States.
LabStyle's ground-breaking, disruptive technology brings disease management into the digital age with user-centric engagement and mobile connectivity. LabStyle's flagship product, The Dario™ Smart Diabetes Management Solution, is a platform for diabetes management that combines the all-in-one Dario Blood Glucose Monitoring System meter, test strips and controls with a robust, real-time native smartphone app including a wide variety of tools to support and engage users living with diabetes, their doctors and healthcare systems.
"The GEMCO Medical partnership will allow LabStyle to expand its reach to thousands of pharmacies and durable medical equipment dealers across the country," said Erez Raphael, CEO and Chairman. "This expansion will also allow Dario access on commercial health plans which cover blood glucose monitoring supplies as a medical benefit."
Since its U.S. launch in March 2016, the Dario Smart Diabetes Management Solution has been provided to thousands of users across the U.S. who are benefitting from a convenient and easy-to-use tool for managing day-to-day life with diabetes.
Founded in 1992, GEMCO Medical is an established healthcare distribution company that started out as a pioneer in the diabetes supply industry and will continue to improve the way people manage their diabetes by being the first U.S. distributor of the Dario Blood Glucose Monitoring System.
"We are proud to be partnering with Dario to bring this innovative technology to the largest glucose monitoring market in the world," said Paul Tracy, President of GEMCO Medical. "This advancement will enable people to seamlessly take a more proactive approach to their diabetes and lifestyle by staying well informed and engaged."
The release of the Dario Blood Glucose Monitoring System into the distribution channel will allow LabStyle and GEMCO to bring value and efficiency to those living with diabetes.
About LabStyle Innovations Corp.
LabStyle is a leader in digital health self-management solutions. LabStyle delivers the ability to combine and analyze consumer health data to personalize treatment and advance medical knowledge. The Dario™ Smart Diabetes Management Solution is a platform for diabetes management that combines the Dario Blood Glucose Monitoring System all-in-one blood glucose meter, native smart phone app, website portal and a wide variety of treatment tools to support more proactive and better informed decisions by users living with diabetes, their doctors and healthcare systems. Having recently launched in the largest market in the world for glucose monitoring, U.S. sales are expected to have a significant impact on revenues and gross margins. With marketing clearance in Europe and the U.S., the Dario iOS mobile app recently launched with reimbursement in the United Kingdom, Australia, Israel, Italy, and Canada, and has also launched in New Zealand, Netherlands, Italy, and Belgium. For more information, visit http://mydario.investorroom.com/
About GEMCO Medical
GEMCO Medical, founded in 1992, operates as a leader in the healthcare distribution business by providing a broad selection of quality, dependable medical products as well as personalized customer service and product expertise. GEMCO Medical's extensive experience allows for strategic industry insight and product knowledge to assist in maximizing their customers' business. For more information, visit http://www.gemcomedical.com
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (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 describes its growth potential, describes the benefits of the GEMCO Medical partnership, and says that U.S. sales are expected to have a significant impact on the Company's revenues and gross margins, it is using 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™) 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.
LabStyle Corporate and Media Contact
LabStyle Investor Relations Contact
Rob Fink / Brett Maas
+1-646-415-8972 / +1-646-536-7331