- Record revenues of $2.8 million, increased 241% compared to the full year 2015
- Sequential quarterly revenue growth throughout the entire year
- Direct-to-consumer model launched in U.S. with approximately 18,500 Dario™ Blood Glucose Monitoring System devices sold; accelerated in 2nd half of year with approximately 14,000 sold
- Direct-to-consumer model launched in Australia and Canada
- Nasdaq listing in March
- Commenced investment discussions with OurCrowd Qure, an Israeli Digital Health Specialized Fund; subsequently closed in early 2017
Fourth Quarter Highlights
- Record revenues of $838,000, increased 172% compared to the fourth quarter of 2015
- Sequential quarterly revenue growth of 15% over third quarter of 2016
- 67% of quarterly revenues derived from test strips and other consumables
- Record 8,500 Dario™ Blood Glucose Monitoring System devices sold in the U.S.; 55% growth from third quarter of 2016
- Consumable strips growth of 67% over third quarter of 2016
- Nearly 95% of U.S. users have ordered test strips
According to the press release, DarioHealth expects sales to continue to accelerate in 2017 while reducing overall customer acquisition cost via:
- execution of insurance reimbursement coverage options for U.S. consumers
- an increase in the percentage of higher-margin recurring consumable revenue
- an expansion of the platform availability to include Android, which has been submitted to the FDA
Chairman and CEO of DarioHealth, Erez Raphael, commented,
“Our vision and focus allowed us to achieve a great deal over the last year, and has placed us in an advantageous position for further growth and market penetration for our Dario all-in-one smart glucose monitor and data platform. Our direct-to-consumer strategy in the U.S., launched mid-year, yielded the majority of our sales in this region, and continued to accelerate in the fourth quarter.
“We are encouraged by the fact we delivered on increased device sales, significant monthly user growth and established a predictable stream of high margin recurring subscription revenues from new customers. Furthermore, we are excited by the positive engagement we are achieving with our users, expect user growth to accelerate in 2017, and see revenue growth to continue in each sequential quarter, as it has grown until now.”
DarioHealth Conference Call Today, 9:00am ET
DarioHealth Corp. will hold a conference call today at 9am ET to discuss fourth quarter and full year 2016 results, as well as strategy and outlook for 2017.
- The conference call will be hosted by Erez Raphael, Chief Executive Officer, and Zvi Ben-David, Chief Financial Officer.
- The call can be accessed by dialing (866) 682-6100 or (862) 255-5401 and asking for the DarioHealth earnings conference call.
- A live webcast of the call will also be available at: http://www.investorcalendar.com/IC/CEPage.asp?ID=175764
About DarioHealth Corp.
DarioHealth is a leader in digital health self-management solutions. DarioHealth delivers the ability to combine and analyze consumer health data to personalize treatment and advance medical knowledge. Dario’s™ 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/