DarioHealth Corp. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in digital therapeutics for various health conditions, experienced a notable increase in revenue. For the three months ended September 30, 2024, revenues reached $7.4 million, a substantial rise from $3.5 million in the same period of 2023. For the nine-month period, revenues also increased to $19.4 million from $16.7 million year-over-year.
Gross profit for the third quarter of 2024 was $3.9 million, compared to $610,000 in the prior year, while gross profit for the nine months rose to $9.1 million from $5.9 million. Despite these gains, the company reported an operating loss of $12.0 million for the third quarter, an improvement from a loss of $15.5 million in the same quarter of 2023. The nine-month operating loss increased to $46.1 million from $42.0 million year-over-year. The net loss for the third quarter was $12.3 million, down from $15.7 million in the previous year, and for the nine months, the net loss decreased to $33.1 million from $45.1 million.
DarioHealth's total assets as of September 30, 2024, amounted to $110.0 million, up from $96.4 million at the end of 2023. This increase was driven by a rise in intangible assets and goodwill, reflecting the company's recent acquisition of Twill, Inc. on February 15, 2024, for $10 million in cash and stock. This merger aims to enhance DarioHealth's offerings by transitioning to a comprehensive multi-condition platform, expanding its services to a global audience.
Current liabilities increased to $18.8 million from $12.5 million, with trade payables rising significantly. The company’s cash and cash equivalents decreased to $15.5 million from $36.8 million at the end of 2023, indicating a cash burn rate that necessitates careful financial management. The accumulated deficit as of September 30, 2024, stood at $378.1 million.
DarioHealth's strategic focus remains on product development and commercialization, with expectations of future net losses. The company plans to fund its operations through existing cash reserves and potential debt or equity offerings. The recent merger with Twill is expected to enhance its market position and improve client experiences across its digital health solutions.
About DarioHealth Corp.
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