{"id":494620,"date":"2021-05-17T16:34:11","date_gmt":"2021-05-17T20:34:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dariohealth-reports-first-quarter-2021-results-and-operational-highlights\/"},"modified":"2021-05-17T16:34:11","modified_gmt":"2021-05-17T20:34:11","slug":"dariohealth-reports-first-quarter-2021-results-and-operational-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dariohealth-reports-first-quarter-2021-results-and-operational-highlights\/","title":{"rendered":"DarioHealth Reports First Quarter 2021 Results and Operational Highlights"},"content":{"rendered":"
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Maintained momentum across all three pillars of long term strategic operating plan<\/h2>\n

Announced acquisition of Upright Technologies, expanding into the musculoskeletal and related pain conditions markets<\/h2>\n

Generated Q1 revenue growth of 73% over Q4 2020 and 116% over Q1 2020, driven by organic growth and consolidation of Upright Technologies’ revenues effective February 2, 2021<\/h2>\n

GAAP gross margin was 30.1% in the first quarter, excluding acquisition related amortizations Q1 2021 product gross margin nearly doubled to 44.7% as compared to 24.2% in Q4 2020<\/h2>\n

Ended the first quarter 2021 with cash and cash equivalents of $81.1 million<\/h2>\n

Company to host conference call and webcast 8:30 am ET tomorrow.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, May 17, 2021<\/span> \/PRNewswire\/ — DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, today reported financial results for the first quarter of 2021 and provided a corporate and commercial update. <\/p>\n

\n \"DarioHealth\n <\/div>\n

“During the first quarter, we delivered exceptional financial and operating results, driven by balanced contribution from organic growth and the acquisition of Upright Technologies, which we closed on February 2, 2021<\/span>,” stated Erez Raphael<\/span>, Chief Executive Officer of Dario. “Our first quarter 2021 revenue of $3.6 million<\/span> represents growth of 73% sequentially from the fourth quarter of 2020, and 116% year-over-year. Perhaps more importantly, our first quarter revenues, assuming we acquired Upright Technologies as of January 1, 2021<\/span>, would have been $4.7 million<\/span>. At the same time, our gross margin percentage, excluding acquisition related amortization, significantly improved to 44.7% of revenues, as compared to 24.2% in Q4 2020. With over $81 million<\/span> of cash at the end of the first quarter of 2021, we believe that we are well funded to accelerate our growth trajectory.<\/p>\n

“Our acquisition of Upright Technologies allows us to address one of the most significant pain points for health care payers \u2013 musculoskeletal and related pain conditions. This acquisition is being integrated in our operations and is already generating significant interest from potential customers in need of a novel MSK solution. We will continue to expand into additional chronic conditions supporting our vision of being the most comprehensive digital health solution in the industry. I am pleased with our increasing U.S. sales momentum during the first quarter of 2021.\u00a0 We were especially encouraged by our enrollment, which exceeded 40% and was accomplished at a faster than anticipated rate. We look forward to a very successful year,” Mr. Raphael concluded. <\/p>\n

“The three pillars of our growth \u2013 pivot to Business-to-Business-to-Consumer (B2B2C), transition to a high margin software-as-a-service (SaaS) model, and expansion into additional chronic conditions \u2013 are serving us well and are clearly resonating in the marketplace,” stated Rick Anderson<\/span>, President and General Manager of North America<\/span>. “We launched three accounts during the quarter, including two new employers. Our pipeline currently stands in excess of $700 million<\/span> and growing especially in our employer market segment. We believe this speaks not only to the breadth and differentiation of our digital health offering, but also to the world-class team and support infrastructure that we have assembled in the U.S.”<\/p>\n

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\n Q1 2021 and Recent Highlights<\/u>
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