DarioHealth Corp, a prominent player in the global digital health market, experienced a surge of 37% in its stock value today, following the release of its financial results for the third quarter (Q3) of 2023. The company’s stock had previously seen a decline of over 21% at the time of reporting by Tomorrow Events.
At the time of this publication, DarioHealth Corp stock (DRIO) has witnessed a surge.
DarioHealth Corp
Current Price: $1.39
Change : +0.38
Change (%): (37.62%)
Volume: 703.9K
Source: Tomorrow Events Market Data
DarioHealth Corp reported Q3 2023 revenues of $3.52 million, a 46.7% drop from 2022. This decline was attributed to reduced earnings from strategic partnerships and the B2C channel.
Gross profit for Q3 2023 was $610,000, down 70.6% from Q3 2022. Gross profit margin fell to 17.3% in Q3 2023 from 27.3% in Q3 2022.
Pro-forma gross profit, excluding $1.1 million in amortization, was $1.72 million in Q3 2023, compared to $2.9 million in 2022.
Total operating expenses for Q3 2023 were $16.2 million, down 1.3% from last year. Excluding certain expenses, it was $10.9 million, compared to $11.4 million in 2022.
Operating loss for Q3 2023 was $15.5 million, a 6.7% increase from 2022. Excluding specific expenses, it was $9.15 million, up from $8.4 million in 2022.
Net loss for Q3 2023 was $15.7 million, a 0.6% increase from 2022. Excluding certain expenses, it was $9.15 million, compared to $8.4 million in 2022.
For the nine months ending September 30, 2023, DarioHealth reported revenues of $16.74 million, a 19.7% decrease from 2022.
Gross profit for this period was $5.85 million, down 15.5% from 2022. Pro-forma gross profit, excluding certain expenses, was $9.1 million.
Total operating expenses for the nine months were $47.8 million, a 12.6% decrease from 2022. Excluding certain expenses, it was $32.3 million, compared to $39.7 million in 2022.
Operating loss for this period was $42 million, a decrease from $47.8 million in 2022, mainly due to reduced expenses.
Net loss for the nine months was $45.1 million, down from $49.6 million in 2022, driven by lower expenses, partially offset by higher financing expenses.
Non-GAAP billings for the nine months were $16.1 million, a 22% decrease from 2022. Non-GAAP adjusted net loss was $26.2 million, a 16.3% decrease from $31.3 million in 2022.
