DarioHealth Corp. (DRIO) PT Raised to $27 as Earnings Confirm Craig-Hallum's Thesis Playing Out
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Craig-Hallum analyst Alexander Nowak raised the price target on DarioHealth Corp. (NASDAQ: DRIO) to $27.00 (from $26.00) while maintaining a Buy rating after Q4 results were in line with the preannouncement , shifting the focus to pipeline commentary, conversion of deals in 2021 and building the base for a big 2022. Sales guidance for Q1 was up double-digits q/q, representing early success of recent enterprise deals and indicates this growth should accelerate throughout the year as more programs are signed.
The analyst stated "Two health plans in late stage contracting are our primary focus near-term, as revenue
from these deals could dwarf existing sales. The pipeline has grown to $600M and DRIO expects 10-20% to convert each year starting in 2022/2023. As the deals come online throughout 2021, gross margin and CAC should see material improvements too. Our thesis is playing out as DRIO is successfully transitioning from its DTC approach to B2B."
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