DarioHealth, a digital chronic disease management platform, reported revenue of $3.6 million for the fourth quarter of 2023, compared to $6.8 million for the fourth quarter of 2022, a decrease of 47%. Year-over-year revenue in 2023 was $20.4 million, compared to $27.7 million for 2022.
The New York-based company said the overall revenue decline came from a decrease in consumer channels and strategic partners.
The company reported a net loss of $14.3 million in the fourth quarter, compared to a loss of $12.6 million in the fourth quarter of 2022, an increase of 13.2%. It reported a year-over-year net loss of $59.4 million for 2023, compared to $62.2 million in 2022.
DarioHealth’s gross profit decreased significantly from $2.7 million in the fourth quarter of 2022 to $132,000 in the fourth quarter of 2023. Its annual gross profit decreased 38% for 2023 to $6 million, down from $9. $7 million in 2022.
Total operating expenses for the fourth quarter of 2023 were $14.3 million, compared to $11.7 million for the fourth quarter of 2022, and expenses for the full year were $62.2 million. dollars, compared to $66.5 million for 2022, a decrease of 6.5%.
Pro forma gross profit for 2023 was $10.4 million, which did not include $4.4 million in acquisition-related costs and depreciation expense. This compares to pro forma gross profit of $14 million in 2022. The decrease is attributed to lower strategic channel revenue.
“2023 was a very important year for Dario. Our financial profile continued to improve thanks to our transition to a Business-to-Business-to-Consumer business model with B2B2C revenue growth and decreased manufacturing costs. exploitation,” said Erez Raphael, CEO of Dario. in a report.
“Last month we announced the transformation acquisition of Sergé, Inc., accompanied by $22.4 million in equity financing. We believe this acquisition propels Dario forward, creating immediate growth with three of the nation’s eight largest health plans, some of the largest technology companies and several large pharmaceutical companies as clients.
THE BIGGEST TREND
In February, DarioHealth announced the acquisition of Twill, a digital therapeutics company, to expand its offerings focused on chronic diseases.
At the time of the announcement, the company said it expected the acquisition to accelerate its path to profitability and nearly double its pro forma revenue in 2023.
The expectation of an increase in pro forma revenue was based on revenue through September 30 totaling $30.5 million, including $13.8 million in revenue from Twill and $16.7 million in revenue from Dario.
DarioHealth (DRIO) is trade on the NASDAQ to $1.53 per share at the time of this article, a substantial drop from its opening price of $4,986 per share in 2013. The company’s stock has remained consistently below $100 per share since 2017 , gradually decreasing.
In DarioHealth’s fourth quarter and full year earnings report, the company said it has improved its path to profitability through improvements in its financial profile, which it plans to continue and accelerate in 2024 thanks to its acquisition of Twill.
you are truly a just right webmaster The site loading speed is incredible It kind of feels that youre doing any distinctive trick In addition The contents are masterwork you have done a great activity in this matter