DarioHealth Corp. announced its third-quarter 2024 financial results on November 7, 2024, reporting total revenue of $7.42 million, an increase of 111% compared to Q3 2023 and 18.7% sequentially from Q2 2024. The company's Business-to-Business-to-Consumer (B2B2C) recurring revenue reached $5.44 million, marking a 320% year-over-year increase. Gross profit surged to $3.9 million, a 534% increase from the prior year, with gross profit as a percentage of revenues rising to 52.2%.
DarioHealth demonstrated significant operational efficiencies, with GAAP operating expenses decreasing by 16% sequentially to $15.9 million, and non-GAAP operating expenses reducing by 15.9% to $12.3 million. This led to a 25.7% sequential reduction in GAAP operating loss to $12 million and a 33.3% reduction in non-GAAP operating loss to $7.1 million. The net loss for the quarter was $12.3 million, a decrease of 21.6% year-over-year.
The company secured 10 new clients during Q3 2024 and completed the integration of Twill's capabilities into its multi-condition platform. Looking ahead, Dario anticipates a 38% reduction in total operating expenses between Q1 2024 and Q1 2025, alongside a 49% reduction in operating losses and a 59% reduction in non-GAAP operating losses, aiming to achieve a cash flow breakeven run rate by the end of 2025.
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