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DarioHealth Corp. (DRIO-2.54%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $7,423,000 from $3,518,000 in the same quarter the previous year. This increase is attributed to the consolidation of Twill Inc.'s revenues following its acquisition.
Cost of revenues for the quarter was $3,546,000, compared to $2,908,000 in the same quarter of the previous year. The increase is due to higher sales of hardware and amortization of technology related to the Twill acquisition.
The company reported a gross profit of $3,877,000 for the quarter, compared to $610,000 in the previous year, with the increase attributed to higher revenues from the commercial channel.
Research and development expenses decreased slightly to $5,446,000 from $5,665,000, while sales and marketing expenses increased to $6,733,000 from $6,363,000, mainly due to higher payroll and consulting expenses.
General and administrative expenses decreased to $3,728,000 from $4,128,000, primarily due to lower stock-based compensation and legal expenses.
Net loss for the quarter was $12,330,000, down from $15,732,000 in the previous year. The decrease is primarily due to increased gross profit.
Cash used in operating activities was $31,830,000, while cash used in investing and financing activities was $8,913,000 and $20,206,000, respectively.
DarioHealth had cash and cash equivalents of $15,547,000 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern due to insufficient cash to fund projected operations for the next year.
The filing also details the acquisition of Twill Inc., including a preliminary purchase price allocation and integration of Twill's behavioral health capabilities into DarioHealth's platform.
DarioHealth continues to focus on expanding its multi-condition platform and has announced several developments, including a new AARP member benefit and the integration of Twill's capabilities across its platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DarioHealth Corp. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.