Dario HealthThe digital chronic disease management platform reported fourth-quarter 2023 revenue of $3.6 million. In comparison, Q4 2022 revenue was $6.8 million, a decrease of 47%. Year-over-year revenue for 2023 was $20.4 million and year-over-year revenue for 2022 was $27.7 million.
The New York-based company said the overall revenue decline was due to declines in its consumer and strategic partner channels.
The company reported a net loss of $14.3 million in the fourth quarter, compared to a net loss of $12.6 million in the fourth quarter of 2022, an increase of 13.2%. The company reported a year-over-year net loss of $59.4 million in 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. Annual gross profit decreased 38% to $6.0 million in 2023 compared to $9.7 million in 2022.
Total operating expenses for the fourth quarter of 2023 were $14.3 million compared to $11.7 million in the fourth quarter of 2022, and full year expenses were $62.2 million compared to $66.5 million in 2022, a decrease of 6.5%. did.
Estimated gross profit for 2023 is $10.4 million, which excludes acquisition-related costs and amortization of $4.4 million. This compares to an estimated gross profit of $14 million in 2022. This decrease was due to lower revenue from strategic channels.
“2023 was a very important year for Dalio. Our financial position continued to improve as a result of our shift to a business-to-business, consumer-to-consumer business model with increased B2B2C revenue and reduced operating costs.” said Erez Rafael, CEO of Dario. In a statement.
“Last month we announced changes. Acquisition of Twill, Inc., with a $22.4 million equity raise. We believe this acquisition will move Dalio forward and allow us to immediately scale with customers including three of the top eight national health plans, several of the largest technology companies, and several of the largest pharmaceutical companies. ”
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In February, DarioHealth announced it would acquire digital therapeutics company Twill to expand its services focused on chronic diseases.
At the time of the announcement, the company said the acquisition would accelerate its path to profitability and is expected to nearly double estimated sales in 2023.
The pro forma revenue growth estimate is based on total revenue of $30.5 million through September 30, with Twill's revenue of $13.8 million and Dalio's revenue of $16.7 million.
Dario Health (DRIO) is trade on nasdaq As of this article, the company's stock price is $1.53 per share, down significantly from its opening price of $4,986 per share in 2013. The company's stock price has remained steadily below $100 per share since 2017, and has been steadily declining.
In Dario Health's fourth-quarter and full-year earnings report, the company said it is strengthening its path to profitability through improved financials and expects these gains to continue and accelerate in 2024 thanks to the Twill acquisition. He said that