NEW YORK, July 12, 2021 /PRNewswire/ -- DarioHealth Corp.
(Nasdaq: DRIO), a leader in the global digital therapeutics (DTx)
market, today announced the launch of three new employer client
contracts, including one global partnership, for the Company's new
behavioral health solution powered by wayForward. These
contracts are for a fixed monthly fee based on the number of
employees with access to the behavioral health platform and are
expected to contribute to revenue beginning in the third quarter of
2021.
The COVID-19 pandemic highlighted the importance of supporting
employee behavioral health, and today employers increasingly cite
mental health as a top organizational concern. A recent study found
that 70% of U.S. employers cite mental health as a major workplace
issue, a significant increase from 59% in the year
prior.1
We anticipate additional agreements for our behavioral health
solution over the next couple of quarters from our existing
pipeline of employers. Dario's behavioral health solution
uniquely addresses an unmet need that exists in most company's
behavioral health benefits for the large number of people who would
benefit from some assistance, but do not have the severity of
behavioral health issues that require provider visits. Our
artificial intelligence (AI) based screening mechanism, digital
cognitive behavioral therapy modules and human coaching allows us
to provide care to a greater number of people at a lower average
cost- a differentiated approach relative to competition.
Importantly, our solution has been shown to significantly reduce
anxiety and depression in clinical studies.
"We are excited to add additional customers for Dario's
behavioral health solution and believe it continues to validate the
expansion of our platform through the acquisition of wayForward. We
believe that these contracts demonstrate the importance of being
able to provide individual and integrated solutions while
delivering significantly improved health outcomes and savings,"
said Rick Anderson, President and
General Manager, North America,
DarioHealth, "We are also pleased to report that we have recently
been selected to provide multiple solutions for several employer
customers and look forward to announcing them once contracting is
complete."
1
https://www.insurancejournal.com/research/research/2021-future-of-benefits-study/
The Company also announced that on July
9, 2021, Mr. Glen McLane was
granted a non-qualified stock option award to purchase 20,000
shares of the Company's common stock, pursuant to Nasdaq Listing
Rule 5635(c)(4) outside of the Company's existing equity
compensation plans in connection with Mr. McLane's employment by
the Company as its Special Vice President of Market Access. These
options were granted as an inducement material to Mr. McLane
becoming an employee of the Company, in accordance with Nasdaq
Listing Rule 5635(c)(4). The option will have an exercise price per
share of $18.62 (the closing price of the Common Stock on the
Nasdaq Stock Market on July 9, 2021, the grant date). The option
shares will vest over a three-year period and is subject to a
one-year cliff beginning on the date of grant, subject to Mr.
McLane's continued employment by the Company on the applicable
vesting date.
About DarioHealth Corp.
DarioHealth Corp. (Nasdaq: DRIO) is a leading global digital
therapeutics company revolutionizing how people with chronic
conditions manage their health. DarioHealth offers one of the most
comprehensive digital therapeutics solutions on the market -
covering multiple chronic conditions including diabetes,
hypertension, weight management, musculoskeletal and behavioral
health within one integrated technology platform.
Dario's next-generation, AI-powered, digital therapeutic
platform supports more than just an individual's disease. Dario
provides adaptive, personalized experiences that drive behavior
change through evidence-based interventions, intuitive, clinically
proven digital tools, high-quality software, and coaching to help
individuals improve health and sustain meaningful outcomes.
Dario's unique user-centric approach to product design and
engagement creates an unparalleled experience that is highly rated
by users and delivers sustainable results.
The company's cross-functional team operates at the intersection
of life sciences, behavioral science, and software technology and
utilizes a performance-based approach to improve its users'
health.
On the path to better health, Dario makes the right thing to do
the easy thing to do. To learn more about DarioHealth and its
digital health solutions, or for more information, visit
http://dariohealth.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and
partners of DarioHealth Corp. 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. For example, the company is using
forward-looking statements in this press release when it discusses
the timing of expected revenues from the new client contracts, that
it anticipates additional agreements for its behavioral health
solution over the next couple of quarters and the belief that these
contracts validate the expansion of its platform through the
acquisition of wayForward. 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. 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.
DarioHealth Corporate Contact
Suzanne Bedell
VP Marketing
suzanne@dariohealth.com
+1-347-767-4220
Media Contact:
Josephine
Galatioto
Josephine.Galatioto@russopartnersllc.com
+1-212-845-4262
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SOURCE DarioHealth Corp.