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$DRIO - DarioHealth Reports Fourth Quarter and Year End 2018 Record Results

Financial Highlights

Record annual revenues of $7.4 million, a 43% increase year-over-year (YOY)
In addition, DarioHealth recorded deferred revenue of $736,000 in 2018
Record billings (non-GAAP) of $8.13 million, a 57% increase YOY
Gross profit of $1.77 million, an increase of 35% YOY
37% increase in new subscribers YOY
"Throughout 2018, we continued our pioneering role in the burgeoning field of digital therapeutics. We had a number of significant achievements including the introduction of service oriented offerings in the form of membership plans (PMPM), our increase in sales as we shifted to a membership recurring revenue model, improving the average revenue per user (ARPU), obtaining regulatory clearances, and the publication of clinical data evidencing the benefit of our product offerings. We are looking forward to an exciting year in 2019, Q1 is progressing well and we expect continued growth," said Erez Raphael, Chief Executive Officer of DarioHealth.

DarioHealth made significant progress expending from direct-to-consumer (B2C) product sales to a business-to-business (B2B) model in 2018. The company announced several joint initiatives with healthcare providers, distributors, retailers, and payers' channels and expect these initiatives to accelerate our revenue growth in 2019.

The company's successful go to market efforts are reflected in new sales channels such as Amazon, BestBuy and the partnership with Giant Eagle. The company expects further collaborations as it expands its business development efforts in the burgeoning field of digital therapeutics.

During 2018, the company strengthened its management team with the additions of Sequoia Capital partner Yoav Shaked as the Chairman of the Board, and former Bayer Diabetes Care global business head, Olivier Jarry as President and Chief Commercial Officer.

Full Year 2018 Results Summary

For the twelve months ended December 31, 2018, revenues were $7.4 million, a 43% increase from revenues of $5.17 million for the twelve months ended December 31, 2017.

Revenues generated during the year ended December 31, 2018 were derived mainly from the sales of DarioHealth's components and from the offering of our membership plans to our customers in the United States. We recorded an additional $736,000 as deferred revenues from revenues generated from our new membership offering to our customers in the U.S.

Gross profit increased by $454,000, a 35% increase, to a profit of $1.8 million in the twelve months ended December 31, 2018, compared to gross profit of $1.3 million in the twelve months ended December 31, 2017.

Operating loss for the twelve months ended December 31, 2018 increased by $3.3 million to $17.7 million, compared to a $14.4 million operating loss in the twelve months ended December 31, 2017.

The increase in operating loss was mainly due to the increase in operating expenses partially offset by the improvement in the gross profit compared to the twelve months ended December 31, 2017.

Net loss attributable to holders of common stock increased by $2.1 million, a 13% increase, to $17.8 million in the twelve months ended December 31, 2018, compared to $15.7 million in the twelve months ended December 31, 2017.

Non-GAAP billings for the twelve months ended December 31, 2018 were $8.13 million, a 57% increase from $5.17 million in the twelve months ended December 31, 2017. A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."


https://finance.yahoo.com/news/dariohealth-reports-fourth-quarter-end-101500757.html