DarioHealth, Babylon posts year-over-year revenue growth and more digital health gains

Digital chronic disease management company DarioHealth posted a net loss of $15.9 million in the first quarter, up slightly from a net loss of $15 million in the first quarter of last year. But the company exceeded its revenue expectations with $8.06 million, a 124% increase from last year.

Total operating expenses were $19.9 million, compared to $15.4 million in the first quarter of 2021 and $22.2 million during the fourth quarter of last year. Dario noted that the fourth-quarter decline was due to reduced spending on direct-to-consumer marketing.

On an earnings call, Rick Anderson, president and general manager for North America, said Dario was in the midst of implementing his strategic agreement with the biopharmaceutical giant Sanofi. The $30 million deal was announced in early March.

“Sanofi is leveraging its internal data and real-world testing teams to build studies around Dario’s solutions. And we believe they will have increasing value as the market moves to demand ever-increasing levels of testing.” of digital health providers in the coming years. he said. “With Sanofi well on track, we are continuing discussions of additional strategic relationships that we believe could substantially increase revenue in late 2022 and into 2023.”

Babylon it reported that its first-quarter revenue had risen to $266.4 million from $71.3 million in the prior-year quarter, buoyed by its value-based care business.

The digital health company posted a loss of $91.4 million compared to a loss of $10.8 million in the first quarter of 2021. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at a loss of $72.2 million.

Babylon said it added about 100,000 new US value-based care members at the beginning of the year, bringing its total US membership to 271,000 at the end of the quarter.

“Babylon continued to deliver strong revenue growth during the first quarter of 2022, primarily due to our efforts to establish a large-scale presence in the United States during the latter part of 2021. We are excited to increase our revenue guidance to $ 1 billion or more in revenue in 2022, and we have made great strides toward achieving our margin targets for the year,” Chief Financial Officer Charlie Steel said in a statement.

baby tech company Owlet reported a net loss of $28.8 million in the first quarter, compared to $7.9 million for the same period in 2021.

The company’s revenue fell slightly to $21.5 million from $21.9 million in the first quarter of 2021. Owlet reported Adjusted EBITDA of $18.0 million, compared to $0.1 million for the same period in 2021.

The company launched the The Dream Duo baby sleep monitoring system earlier this year, as well as a wearable sleep device designed for older children. Late last year, Owlet received a warning letter from the FDA saying the company was marketing its sleep socks as a diagnostic tool, which would require 510(k) clearance.

During an earnings call, co-founder and CEO Kurt Workman said the company planned to seek regulatory clearances when necessary, including for an over-the-counter sock designed for healthy babies and a prescription sock to monitor children with the support from a doctor. .

“The best way to characterize the first quarter of 2022 is that we are focused on regaining our footing and positioning in the market and working to re-establish ourselves as the best monitoring solution for parents. I am proud of the Owlet team as we remain focused on our core areas of growth, including increasing penetration in the US with our core products, continuing to build our connected nursing ecosystem, developing medical devices, and advancing our international presence,” it said in a statement.

home diagnostic company Cue Health reported revenue of $179.4 million in the first quarter of 2022, compared to $64.5 million in the first quarter of 2021. That came to $2.8 million in net revenue, compared to $19.7 million during the quarter of the previous year.

During an earnings call, Cue co-founder, chairman and CEO Ayub Khattak said the company has been focused on expanding its customer base, testing menu and digital offerings such as telemedicine and drug delivery. . Cue recently submitted De Novo authorization for his molecular COVID-19 test to the FDA, and Khattak said he plans another submission for his flu diagnosis in the third trimester.

“I am pleased with our first quarter 2022 financial results, which include $179 million in revenue, reflecting 178% year-over-year growth. We made excellent progress on our menu expansion activities, with all of our programs on track or due.” ahead of schedule,” he said in a statement. “Our recent submission of the De Novo COVID-19 test to the FDA marked an important milestone for the company, and we believe it will be the first of many submissions as we look to address a variety of diseases and conditions with our menu of tests.” of molecular diagnostics and future offers of care”.

Virtual customer service company Hims & Hers reported a net loss of $16.3 million, compared to $51.4 million in the first quarter of 2021. The company’s revenue increased 94%, to $101.3 million, from $52.3 million during the quarter of the previous year.

Adjusted EBITDA was a loss of $6.1 million compared to a loss of $8.6 million for the first quarter of 2021.

“We entered 2022 with an extraordinary performance, strongly executing all facets of our long-term strategy and financial goals. Investments in platform infrastructure, technology and core capabilities delivered significant improvements to the seamless customer experience, which which ultimately increased operating efficiency and helped deliver a significant pace of adjusted EBITDA,” CEO and co-founder Andrew Dudum said in a statement.

“Our new mobile platform, with a wide range of value-added services, experienced strong organic adoption rates, helping us achieve a historic quarter as we achieved the largest increase in quarterly subscriptions to date, surpassing $100 million. in quarterly revenue for the first time in our history.”

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