Form 8-K - Current report
17 Octubre 2023 - 3:05PM
Edgar (US Regulatory)
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2023-10-17
2023-10-17
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 17, 2023
DARIOHEALTH CORP.
(Exact name of registrant as specified in its charter)
Delaware | |
001-37704 | |
45-2973162 |
(State or other jurisdiction
of incorporation) | |
(Commission
File Number) | |
(IRS Employer
Identification No.) |
18 W. 18th St, 5th Floor
New
York, New York 10011
(Address of Principal
Executive Offices)
972- 4-770-4055
(Issuer’s telephone
number)
(Former name or former
address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of exchange on which
registered |
Common Stock, par value $0.0001 per share |
|
DRIO |
|
The Nasdaq Capital Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
On October 17, 2023, DarioHealth Corp. presented
the attached investor presentation at its Investor Day, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 17, 2023 |
DARIOHEALTH CORP. |
|
|
|
|
|
By: |
/s/ Zvi Ben David |
|
|
Name: |
Zvi Ben David |
|
|
Title: |
Chief Financial Officer, Treasurer and Secretary |
Exhibit 99.1
| Investors Day
DarioHealth Corp.
Nasdaq | DRIO | October 17th, 2023 |
| 01
This presentation of DarioHealth Corp. (“Dario”, the “Company”, “we” and “our”) and
statements of our management or agents related thereto contain or may contain
forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Act”). Statements which are not historical reflect our current
expectations and projections about our future results, performance, liquidity, financial
condition, prospects and opportunities and are based upon information currently
available to us and our management and their interpretation of what is believed to be
significant factors affecting our business, including many assumptions regarding
future events. For example, when we discuss our growth potential and return on
investment, the potential market opportunity, potential increase in revenue based on
multi-condition accounts, the potential benefits to be realized by the strategic
agreement with Sanofi U.S. Services Inc. (“Sanofi”) and the expected contract value and
potential revenues and product offering, we are using forward-looking
statements. Words such as “seek,” “intend,” “believe,” “plan,” “estimate,” “expect,”
“anticipate,” “will,” “would,” and other similar expressions all denote forward-looking
statements within the meaning of the Act.
Readers are cautioned that actual results, performance, liquidity, financial condition
and results of operations, prospects and opportunities could differ materially and
perhaps substantially from those expressed in, or implied by, these forward-looking
statements as a result of various risks, uncertainties and other factors. Factors that
could cause or contribute to such differences include, but are not limited to our
compliance with regulatory requirements, the impact of current and any future
competition, our current and future capital requirements and our ability to satisfy our
capital needs through financing transactions or otherwise, our ability to manufacture,
market and generate sales of our Dario® diabetes management solution, as well as
other factors and risks discussed in the Company’s filings (including the results of the
Company’s commercial and regulatory plans for Dario®) with the U.S. Securities and
Exchange Commission (the “SEC”).
Forward-looking statement
We undertake 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.
In addition, readers are cautioned that any estimates, forecasts or projections contained
in this presentation or as may be discussed by our management or agents have been
prepared by our management in good faith on a basis believed to be reasonable.
However, such estimates, forecasts and projections involve significant elements of
subjective judgment and analysis, and no representation can be made as to their
attainability. No representation or warranty (express or implied) is made or is to be relied
upon as a promise or representation as to our future performance. Readers are
cautioned that such estimates, forecasts or projections have not been audited and have
not been prepared in conformance with generally accepted accounting principles.
This presentation contains market data related to our business and industry, including
projections that are based on a number of assumptions. If these assumptions turn out to
be incorrect, our actual results may differ materially from the projections based on these
assumptions. As a result, the market for our products may not grow at the rates
projected by these data, or at all. If the assumptions upon which the projections are
based prove to be incorrect, or if the market for our products fails to grow at the rates
projected, our results will differ materially from the projections included in this
presentation.
This presentation shall not constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of any securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. |
| About Dario Digital Health Solutions |
| DRIO | Nasdaq listed
Agenda 01 The Acceleration
of Digital Health
02 Clinical Excellence –
Sanofi Studies
03 Client Story –
Colorado Access
04 Technology
05 Go-to-Market
Strategy
06 Clients and
Partners
07 Financials &
Long-Term
View
08 Q&A |
| DRIO | Nasdaq listed |
Best
User Experience
Member Engagement
RWD Publication
Improve Patients Outcomes
CONSUMERS DATA
Pharma
B2C
B2B2C Channels
Dario – building product for consumers powered by data
Online marketing
MSK, diabetes and
hypertension
Recurring Monthly
Revenue
Development
services and clinical
projects |
| DRIO | Nasdaq listed |
DarioHealth investment thesis
Above 10 world-class
clients & partners
Aetna, Sanofi, Blues Plan, and others
Expected greater than 70% growth on the core
business with expanding margins expected
over the next 3 years.
70% Gross margins
Strong balance sheet
$52.6M* in cash
Operates in the future of the
healthcare industry
Expanded into multi-healthcare conditions
5 chronic
conditions
Product excellence and clinically
proven results. 4.9/5 stars in the Apple
app store
$5k yearly savings
$171B TAM
*Cash balance as of June 30, 2023, including long-term loan of $30M |
| The Acceleration of
Digital Health
Arnaud Robert, Strategic Advisor |
| DRIO | Nasdaq listed |
My background |
| DRIO | Nasdaq listed |
1 Healthcare must shift to a "value for money" paradigm
Source: Trilliant Health report 2023 |
| DRIO | Nasdaq listed |
Consumer centricity
Tech, Data & AI Value-based care
2 Digital health directly supports healthcare's trends ... with some challenges still
Awareness & Fragmentation
(Consumers must manage complexity)
(Consumers engage less)
Clunky experiences
(Payers don’t buy)
Unclear outcomes
Digital
Healthcare |
| DRIO | Nasdaq listed |
Sources:
State of Digital Health Q2’23 Report, CBInsights
H1 2023 digital health funding: A Brave New (lower funding) World, Rock Health
Avg deal size = $185M ($188M in 2021)
3 Digital health funding and M&A are showing signs of rebounding
The valuations and funding amounts listed on this slide reflect valuations and funding of
certain companies operating in a similar field as DarioHealth. Please note that such
valuations are for informational purposes only and do not purport to reflect the real,
assumed or potential valuation of DarioHealth. |
| DRIO | Nasdaq listed |
Strategic partnerships advantage:
$30M
Multi-year, $30 million agreement, will help accelerate the commercial
adoption of Dario's full suite of digital therapeutics and drive the expansion
of digital health solutions on the Dario platform.
Sanofi selected Dario to leverage its broad suite of digital therapeutics
and its ability to engage patients for favorable clinical and financial
outcomes, as the solution of choice for its U.S. commercial clients.
Dario's single platform helps patients manage diabetes, hypertension,
weight management, musculoskeletal, and behavioral health, offering
Sanofi managed care clients an attractive, easily scalable digital health
solution that creates immediate access across a wide range of needs.
Single
Platform
2 main areas of
collaboration: Dario and Sanofi will collaborate on
promoting the Dario multi-condition digital
therapeutics solution, significantly increasing
Dario’s sales reach in the health plan market
and selectively in the employer channel.
Commercial
Dario develops new or enhanced solutions
leveraging its platform, and for the parties
to generate robust evidence to support
future commercialization in the health
plan channel.
R & D |
| Clinical Excellence –
Sanofi Studies
Felix Lee, U.S. Digital Healthcare
Medical Head, Sanofi U.S |
| DRIO | Nasdaq listed |
Well-controlled;
-13% poorly
controlled2
+9%
Reduction in
overall medical
use, including 36%
reduction in 30-
day readmission
rate3
9%
Medical cost savings
for Dario users4
compared to non-Dario users per year
$5,077
Significant value of Dario solutions
Improvement in
glucose control, 0.2-
0.5 pts better than
usual care1
1.0–2.3 pts
Clear Clinical
Benefit
Notable Population
Improvement
Reduced Use of Health
System
Significant Annual Cost
Savings |
| Client Success
Story
Colorado Access |
| DRIO | Nasdaq listed |
Client Testimonial: Colorado Access |
| Product
Innovation
Eitan Shay, Chief Product Officer |
| DRIO | Nasdaq listed |
Product
Whole person care
We offer true
multi-condition
integrated solution.
Consumer obsessed
The only
company with
deep roots in the
direct-to-consumer space.
AI: Personalized,
Data-Driven
Millions of Data Points:
the key to unparalleled
member engagement
& clinical success.
Tailored daily
recommendations:
guiding members
based on progress &
goals. |
| DRIO | Nasdaq listed |
Dario’s Digital Health Solutions |
| DRIO | Nasdaq listed |
Consumer obsessed
rating on the
Apple app
store
4.9/5
reviews
20K+
NPS
77 |
| DRIO | Nasdaq listed |
We have cracked the "engagement problem"
~5 minutes
per month
>2 hours
per month
24X higher*
Standard of care Dario
* Based on internal Company engagement data of Dario users |
| DRIO | Nasdaq listed |
Whole person care
of people with
diabetes also have
high blood pressure
69%
U.S. adults live with
two or more chronic
conditions
40%
is the average of
managed chronic
conditions on the
Dario platform.
2.4
Plus:
We are relevant to more people.
American adults
(more than 1 in 3)
have prediabetes.
96M |
| DRIO | Nasdaq listed |
Whole person care
Interdisciplinary team Consistent coaching experience One consolidated experience |
| DRIO | Nasdaq listed |
Personalization |
| DRIO | Nasdaq listed |
Dynamic personalization for each individual
AI insights continuously applied to six domains of personalization, engaging members throughout their journey
Dario’s adaptive
approach flexes to
members’ changing
needs and
circumstances,
supporting them
through challenges
and helping them
stay on their path to
better health. |
| DRIO | Nasdaq listed |
Personalization and data-driven
in blood glucose levels
after engagement with
“Healthy Moments”
13%
reduction
of coach interaction
significantly moderated
the reduction in
depression symptoms
1-6
weeks
of breathing exercises
significantly moderated the
reduction in anxiety
symptoms
1-6
weeks
in glucose levels after
increased tagging
behavior in the app
43%
improvement |
| DRIO | Nasdaq listed |
• Onboarding with a clinical coach
sets members up for success.
• Dedicated specialty health coaches
support members on their health
journey.
• Tailored weight loss program to
help members achieve weight loss
goals and develop healthy habits.
GLP-1 behavior change program
Achieve weight loss goals and better health outcomes with specialized support
A tailored experience to help
members achieve their goals: |
| DRIO | Nasdaq listed |
Dario Member Testimonials |
| Go-to-Market
Strategy
Rick Anderson, President |
| DRIO | Nasdaq listed |
$171B opportunity in the U.S. alone of which less than 2% is already penetrated.
TAM – exceptional and untapped
22.8M
Comorbidities -
People with
Diabetes and Hypertension
34.2M
Diabetes
51M
Behavioral health
Comorbidities:
22.8M
People with
Diabetes and
Hypertension
126.6M
Musculoskeletal
103M
Hypertension
Metabolic total
US market
$72B
BH total
US market
$9B
MSK total
US market
$90B |
| DRIO | Nasdaq listed |
Market demand
Health and
well-being are
more critical
to employer
strategy than
ever
The Role of Health and Well-being in Workforce Strategy, 2019-2023
2019 2020 2021 2022 2023
3% 6%
13%
6%
15%
36%
45%
42%
65%
66%
36% 49%
45%
32%
28%
Our health and well-being
strategy is an integral part of
our workforce strategy
Our health and well-being
strategy is consideration of
workforce strategy
Our health and well-being
strategy is viewed separately
from our workforce strategy
Figure 1.1
Source: The State of Digital Health, Employee Benefit News, 2023. |
| DRIO | Nasdaq listed | Source: 2024 Large Employer Healthcare Strategy Survey, Business Group On Health
Top conditions driving cost according to employers |
| DRIO | Nasdaq listed |
Choosing between digital health solution vendors
What factors do you take into
consideration, when deciding between
digital health solution vendors?
Select all that apply.
0% 10% 20% 30% 40% 50% 60%
Employee Satisfaction
Health Related Outcomes
Integration with other
digital health solutions
Personalization that the
platform can provide
Employee / Member Experience
ROI that the solution can provide
55%
44%
43%
41%
39%
35%
Source: Cowen’s 2022 Employer Survey, November 2022 (N=223)
Figure 10 |
| DRIO | Nasdaq listed |
Employers Prefer to Manage Fewer Digital Tools
of benefits leaders
want to manage 5 or
less digital tools
95% 46%
Three to five
4%
1% Six to nine
Ten or more
49%
One or two
Source: The State of Digital Health, Employee Benefit News, 2023. |
| DRIO | Nasdaq listed |
Dario is well positioned to win
Provider-led Consumer-led
No. of
conditions
1
5 |
| Business model
Monthly recurring driven
Membership-driven business model
Channels
Employer
Direct to employer
Consultants/Brokers
Through health plans
Through PBMs
Through partners
Behavioral health and mid-market
multi-condition customers
Paid per every member that has
access to the platform.
Price is in single digit per employee
Per Employee per Month (PEPM)
Applied to metabolic conditions and
full suite customers.
Paid per every member that is
engaged on the platform.
The price ranges between $59 and $89 /
engaged member/month depending
on the number of conditions.
Per Engaged Member per Month
Health Plan
/PBM
Managed Medicare &
Medicaid
Fully insured
commercial
Strategic
Pharma
Private label or
custom delivery |
| DRIO | Nasdaq listed |
Dario’s multi-condition compounding economics
75% Retention
rate
Example:
Employer with 10,000 employees: 1,400 employees
enrolled, $900K in yearly revenue (post churn)
30% Enrollment
Rate
Employer Client $89 Per Engaged Member
Per Month (Full suite)
Up to 40% eligible
More Members per
account on the platform |
| DRIO | Nasdaq listed |
High customer satisfaction enables rapid growth
Revenue growth – customer satisfaction
Customer Satisfaction Rating
89%
Reference Customers
5
10
15
20
2021
25
2022 2023
Based on surveys conducted by the Company with its customers on a quarterly basis |
| Enabling a larger customer profile
Average employees
Current 2024
Average number of conditions
0.5
1
1.5
2
3
Current
Customer Base
2024
2.5
2,000
11,000
2024 employees and conditions numbers are estimated according to signed contracts that will be activated in 2024 |
| Clients and
Partners
Matt Alberico, SVP Growth |
| DRIO | Nasdaq listed |
High customer satisfaction with rapid growth
Revenue growth through three dimensions
B
2
B
2
C
Existing
Contract
Engagement
Land & Expand
New Contracts
Customers adding new
conditions and additional
eligible populations
Continuous improvement in
engagement strategies and
consumer-friendly platform
New customers signed
directly, signed through
partners and average
number of conditions
increasing
H1 2022 H1 2023
$51
$66
Dario $PEMPM Avg Billing Rate
H1 2022 H1 2023
10K
33K
Billable Months Employer + Heath plan |
| DRIO | Nasdaq listed |
Customer example – Financial Services Industry
Legacy The client utilized Livongo and Omada to address multiple chronic
conditions before selecting Dario.
The client chose Dario to integrate multiple conditions under one vendor.
Dario was initially launched on a 6-month basis to enable their leadership
team to monitor success of the program. Dario delivered results that
extended the agreement and allowed Dario’s full-suite solution to be
offered to all eligible associates.
Dario's single platform helps patients manage diabetes, hypertension,
weight management, musculoskeletal, and behavioral health, offering our
client associates an attractive, easily scalable digital health solution that
creates immediate access across a wide range of needs.
Single
Platform
The
Client
Communication:
vendors were not allowed to support
communications, but the client decided to
partner with Dario after establishing confidence
in our approach and good results with other
customers.
Revenue has increased 33% from January 2023 to
May 2023:
Expansion to new associates and increased
engagement rates. Customer is now a reference
for Dario. |
| DRIO | Nasdaq listed |
Mature Partners Select Dario to Accelerate Digitalization
Strategic approach to partnership accelerates
commercial adoption and enhances competitiveness |
| DRIO | Nasdaq listed |
Dario targets partners that accelerate sales cycle and give access to large scalable TAM
A closer look at our largest partnerships
Gaining 1% market share is ~$17M in ARR
Amwell Aetna Plansource Solera Alliant Vitality
Member lives:
87 Million Members*
Amwell Aetna Plansource Alliant Solera Vitality
Total Addressable Market:
$1.67B**
50M
21M
7M
5M
3.5M
700k
1.15B
185M
150M
111.5M
65M
11.8M
* Based on numbers received from the named customers
** Estimated on members lives numbers received and Company
contracted products and prices |
| DRIO | Nasdaq listed |
Rapidly growing pipeline through partners
Near term growth
Amwell, Solera, and Aetna customers use existing contracts to shorten sales cycle
with access to:
14M members
with access to:
20M+ members
January 2024
Launch
available to:
21M commercial
and BH members
with access to:
50M+ members
A Rx General
Purchasing Org
One of the
top 3 national
health plans
One of the
top 3 national
health plans |
| Financials
Long Term View
Erez Raphael, CEO |
| Financial profile improvement – revenue streams
Pharma
B2B2C Channels
B2C
Best User Experience
Member Engagement
RWD Publication
Improve Patients Outcomes
PATIENTS DATA
Commercial -
Strategic
Special Projects
with Pharma or
other strategic
clients (e.g. Sanofi
& Aetna)
B2C /
Consumer
Online marketing
MSK, diabetes and
hypertension
Commercial –
B2B2C
Membership
Programs to
Employers and
Health Plans |
| DRIO | Nasdaq listed |
Financial profile improvement – revenue breakdown
Q1/22 Q2/22 Q3/22
Consumer B2B2C – Employers /
Health Plans
B2B – Strategic/Data
Q4/22
$2M
$8M
$5M
B2C - Consumer Revenues per channel - Q
• $8M - Annual run rate
• Generating cash
Commercial – B2B2C
• Recurring revenues at an
annual run rate of $5.5M
• Growing for the last 10
consecutive quarters.
Commercial – Strategic
• Strategic projects with Sanofi and
Aetna - at $6.3M annual run rate
• Platform Access & Data portion - at
$3.5M annual run rate Q1/23 Q2/23 |
| DRIO | Nasdaq listed |
Growth potential – employers, health plans, and strategic
Retain Users
Ramp Up
Signed
Contracts
Land &
expand
Partnership Access –
New contracts
2021
$0.8M
2022
$3.6M
H1/23
$2.6M
Early stage Growth stage
B
2
B
2C
– ARR
B2B2C: Employers, Health plans B2B: Strategic / Data
Access to potential 87M
member
Existing Clients:
• Additional conditions
• Additional population
Ramp Up Signed
Contracts - $60M in
contract value |
| DRIO | Nasdaq listed |
Financial profile improvement – Gross Profit (GAAP)
33.2%
19.3%
34.9%
39.7%
2020 2021 2022 H1/2023 |
| DRIO | Nasdaq listed |
Financial profile improvement – Gross Margins (Non-GAAP)
Gross Margins Trend
(Non-GAAP)
Continuous improvement of gross
margins due to larger B2B2C
business.
B2B2C business already achieved
70% gross margins
Business expected to reach
70% gross margin at scale
2020
35%
2021
40%
2022
51%
H1/2023
57%
Reconciliation between gross profit and non-GAAP gross margins is presented at the
end of this presentation |
| DRIO | Nasdaq listed |
Financial profile improvement – Operating expenses (GAAP)
$80.5M
$66.5M
$31.7M
2021 2022 H1/2023 |
| DRIO | Nasdaq listed |
Financial profile improvement – Operating expenses (Non-GAAP)
$50M
2022 H1/2023
$21.4M
2021
$55M
Continuous Reduction in OPEX trending also into
2024
Reasons for reduction:
• B2C ramp down
• M&A consolidation
• Scale, Automation, offshore
Reconciliation between operating expenses and operating expenses (non-GAAP) is
presented at the end pf this presentation |
| DRIO | Nasdaq listed |
Financial profile improvement – Operating Loss (GAAP)
2021 2022 H1/2023
-$76.5M
-$56.8M
-$26.4M |
| DRIO | Nasdaq listed |
Financial profile improvement – Operating Loss (Non-GAAP)
Reduction in operating loss due to
improvement in all parameters:
• Commercial revenues, OPEX,
Gross margins
• Reduction trend is expected into
2024
Operating Loss (Non-GAAP)
2021 2022 H1/2023
-$35.5M
-$46.7M
-$13.9M
Reconciliation between operating loss and operating loss (non-GAAP) is presented at
the end of this presentation |
| DRIO | Nasdaq listed |
Best User Experience
Member Engagement
RWD Publication
Improve Patients Outcomes
PATIENTS DATA
Pharma
B2C
B2B2C Channels
DarioHealth fly wheel
Target - to keep at $8M-$9M
per year and cash flow
positive
80%-140% - annual
growth target
Long term target –
30% in revenue on top
of the B2B2C channel |
| Q&A |
| Thank You! |
| DRIO | Nasdaq listed |
Appendix |
| Zvi Ben-David
CFO
Rick Anderson
President
Omar Manejwala, M.D.
Chief Medical Officer
Katy Guilfoile
VP Client Success
Josh Fischer
SVP Operations
and Compliance
Matt Alberico
SVP Growth
Mary Mooney
VP Marketing
Eitan Shay
Chief Product Officer
Experienced Executive Management Team
Erez Raphael
CEO, Board Member
Brian Harrigan
SVP Employer Sales |
| Yoav Shaked
Chairman of the Board
Allen Kamer
Advisory Board
Dennis Matheis
Board Member
Eric Milledge
Chairman of the Scientific
Advisory Board
Board of Directors and Advisors
Dennis M. McGrath
Chair of Audit -
Board Member
Adam Stern
Board Member
Hila Karah
Board Member
Arnaud Robert
Strategic Advisor
Yadin Shemer
Advisory Board
Marilyn Ritholz, PHD
Scientific Advisory
Board
Dr. David A. Horwitz, MD.
Scientific Advisory Board
Lisa Marie Giacinti
Strategic Partnerships |
| DRIO | Nasdaq listed |
Non-GAAP Financial Measures
We have provided in this presentation 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.
Gross profit and gross margin (non-GAAP). Our presentation of non-GAAP gross profit and gross margin excludes amortization of acquired intangible assets, depreciation
and stock-based compensation. We exclude these non-cash expenses, as we believe doing so better explains the profitability of our products on a cash basis as well as
better presents the cash generation potential of our products.
Operating expenses (non-GAAP). Our presentation of non-GAAP operating expenses excludes stock-based compensation expenses, depreciation and amortization, earn
out revaluation and acquisition costs. 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 and one-time expenses 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, amortization of acquired intangible assets, depreciation of fixed assets, amortization, earn
out revaluation and one time acquisition costs. We believe these measures provide useful information to management and investors for analysis of our operating results. |
| DRIO | Nasdaq listed |
Reconciliation between Gross Profit and Gross Margin
In USD 000 Six months ended
2020 2021 2022 June 30. 2023
Revenues:
Services $2,085 $17,859 $9,406
Hardware and consumable products $18,428 $9,797 $3,812
Total revenues $7,576 $20,513 $27,656 $13,218
Cost of revenues:
Services $338 $5,324 $3,102
Hardware and consumable products $12,106 $8,320 $2,699
Amortization of acquired intangible assets $4,106 $4,357 $2,175
Total cost of revenues $5,063 $16,550 $18,001 $7,976
Gross profit $2,513 $3,963 $9,655 $5,242
Gross profit % 33.2% 19.3% 34.9% 39.7%
Add back:
Amortization of acquired intangible assets $4,106 $4,357 $2,175
Depreciation and Stock-based compensation $151 $219 $171 $104
Gross margin (non-GAAP) $2,664 $8,288 $14,183 $7,521
Gross margin % 35% 40% 51% 57%
Year ended December 31, |
| DRIO | Nasdaq listed |
Reconciliation between Operating Expenses and Operating Expenses (non-GAAP)
In USD 000 Six months ended
2021 2022 June 30. 2023
Operating expenses:
Research and development $17,219 $19,649 $10,387
Sales and marketing $39,706 $30,323 $12,800
General and administrative $23,532 $16,493 $8,483
Total operating expenses $80,457 $66,465 $31,670
Less:
Stock-based compensation $24,874 $16,909 $10,104
Acquisition costs $880
Earn out revaluation ($503) ($497)
Depreciation and Amortization $229 $375 $194
Total adjustments $25,480 $16,787 $10,298
Operating expenses (non-GAAP) $54,977 $49,678 $21,372
Year ended December 31, |
| DRIO | Nasdaq listed |
Reconciliation between Operating Loss and Operating Loss (non-GAAP)
In USD 000 Six months ended
2021 2022 June 30. 2023
Operating loss $76,494 $56,810 $26,428
Less Gross profit adjustments:
Amortization of acquired intangible assets $4,106 $4,357 $2,175
Depreciation and Stock-based compensation $219 $171 $104
Less operating expenses adjustments
Stock-based compensation $24,874 $16,909 $10,104
Acquisition costs $880 $0 $0
Earn out revaluation ($503) ($497) $0
Depreciation and Amortization $229 $375 $194
Total adjustments $29,805 $21,315 $12,577
Operating loss (non-GAAP) $46,689 $35,495 $13,851
Year ended December 31, |
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DarioHealth (NASDAQ:DRIO)
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