Leverages Dario's flexible AI-driven platform to facilitate rapid implementation and potential revenue in 2020
Centers for Medicare & Medicaid Services(CMS) recently approved RPM codes for Medicare patients enabling physicians to bill for between patient care which may result in improved patient outcomes and reduced long-term treatment costs
RPM offering further supports Dario's transition to high-margin, recurring SaaS model targeting B2B2C revenue channels
NEW YORK, June 11, 2020 /PRNewswire/ -- DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, today announced that the company has signed its first two remote patient monitoring (RPM) agreements. Remote patient monitoring will allow treating physicians to continue to be the primary source of medical advice for patients in between office visits, potentially preventing unnecessary and unplanned hospital visits. Dario's RPM product integrates the company's existing open platform, application technology, and the DarioEngage coaching platform to provide physicians, health systems and large provider groups with a turnkey solution to leverage the recently approved remote patient monitoring codes. Effective January 2020, physicians can bill three new CMS approved RPM codes for Medicare members. In addition to improving the quality of care this can provide up to approximately $1,500 per patient per year in revenue to providers.
"We are very pleased to have entered into our first two RPM contracts within a couple of months of launching into this entirely new market for us, which we believe demonstrates the value of our solution," said Rick Anderson, Dario's President and General Manager for North America. "We are working to enroll patients as efficiently as possible. In parallel, we continue to build a robust pipeline of additional potential RPM deals, several of which we expect to contribute revenue in the back half of this year."
"Importantly, our RPM offering supports our ongoing transition to Business-to-Business-to-Consumer (B2B2C) revenue channels that leverage our SaaS delivery model, which we believe yields both high margins and sustainable, recurring revenue, which, as we've said before, is a key pillar of our long-term growth plan and an important metric against which we will measure our future progress. With our flexible, open and scalable AI-driven platform, we believe that we are well positioned to be a key player in the remote monitoring market that is projected to be worth $31 billion by 2023. We look forward to announcing future RPM deals as warranted," Mr. Anderson concluded.
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading, global digital therapeutics company revolutionizing the way people with chronic conditions manage their health. By delivering evidence-based interventions that are driven by data, high-quality software and coaching, we empower individuals to make healthy adjustments to their daily lifestyle choices to improve their overall health. Our cross-functional team operates at the intersection of life sciences, behavioral science and software technology to deliver highly engaging therapeutic interventions. Dario is one of the highest-rated diabetes solutions in the market, and its user-centric MyDario™ mobile app is loved by tens of thousands of consumers around the globe. DarioHealth is rapidly moving into new chronic conditions and geographic markets, using a performance-based approach to improve the health of users managing chronic disease. To learn more about DarioHealth and its digital health solutions, visit http://dariohealth.com
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of DarioHealth Corp. (the "Company") related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses its belief that its RPM program, along with its AI-driven platform, will facilitate rapid implementation and potential revenue in 2020, the belief that remote patient monitoring will allow treating physicians to continue to be the primary source of medical advice for patients in between office visits, potentially preventing unnecessary and unplanned hospital visits, the expected revenue per patient to providers as a result of the RPM program, the belief that the rapid entry into the RPM contracts demonstrates the value of its solution, that the RPM offering supports its transition to B2B2C revenue channels that leverage its SaaS delivery model, which it believes yields both high margins and sustainable, recurring revenue, which it believes is a key pillar of its long-term growth plan and an important metric against which we will measure our future progress, and its belief that with its flexible, open and scalable AI-driven platform, it is well positioned to be a key player in the remote monitoring market. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company's commercial and regulatory plans for Dario™ as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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