DarioHealth (DRIO) Tops Q2 EPS by 72c, Revenues Beat

DarioHealth (NASDAQ: DRIO) reported Q2 EPS of ($0.68), $0.72 better than the analyst estimate of ($1.40). Revenue for the quarter came in at $1.79 million versus the consensus estimate of $1.55 million.

"The COVID-19 pandemic has accelerated our ongoing transformation to a business-to-business-to-consumer (B2B2C) digital therapeutics leader," said Erez Raphael, Chief Executive Officer of Dario. "We advanced late-stage discussions with health plans and self-insured employers, who we believe recognize how our industry-leading user engagement and satisfaction metrics lead to improved health for their member and employee populations. Our pipeline continues to grow and mature, and although the normal sales cycle can be lengthy, we believe that we are poised to announce new and potentially transformational agreements in the next few weeks."

"At the same time, our Remote Patient Monitoring (RPM) product offering, which was just recently introduced, is seeing significant traction as evidenced by recently announced agreements in the U.S. and U.K. with more potential agreements in the pipeline."

"We believe that the expert webinar that we hosted in June featuring Key Opinion Leader (KOL) Dr. David Simmons, a diabetologist with 45 years of experience, reinforced the importance of digital therapeutics as a complement to current standards of care across the entire spectrum of chronic medical conditions. His work and expertise highlighted how behavior change, the core of the Dario platform, is at the root of improved health for the type 2 diabetes (T2D) population. At the American Diabetes Association's 80th Scientific Sessions, Dario added to its growing body of evidence with its presentation of the results of two studies demonstrating that digital therapeutics deliver tangible, sustainable health benefits to patients and cost savings to payers."

"We believe that recent industry mergers and acquisitions transactions are indicative of the value that is being created in digital therapeutics. As a platform that aids in chronic condition management while facilitating acute care interactions, we believe that Dario has the potential to be a leading platform in the future virtual healthcare world. With a flexible, software based recurring revenue model that can scale, we believe that Dario can deliver improved care and reduce systemwide costs for the most expensive patient populations. We are proud to be a leading innovator in this important and emerging field."

"With the successful $28.6 million financing that we completed last month, we believe we have the resources in place to achieve significant commercial milestones that we believe will drive accelerating growth and continued improvement of our margins," Zvi Ben-David, Dario's Chief Financial Officer added. "In addition, we will continue to improve our platform through enhanced personalization with artificial intelligence (AI), improved efficacy in combination with Continuous Glucose Monitoring (CGM) and expanded breadth of offering for other chronic health conditions."

For earnings history and earnings-related data on DarioHealth (DRIO) click here.

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