1Q26 Results: Rev Beat Driven by B2C Strength; B2B2C Progress Continues

研报英文原文证据摘录

1Q26 Results: Rev Beat Driven by B2C Strength; B2B2C Progress Continues

Health Care Technology & Distribution: Health Care IT

Dario Health

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $8.68 (05/12/2026) 1Q26 Results: Rev Beat Driven by B2C

Price Target: $11.00 Strength; B2B2C Progress Continues

HOLD (2)

ESG SCORE: 79/100

Charles Rhyee THE TD COWEN INSIGHT

646 562 1376

1Q rev of $5.6M beat our est. of $5.3M, driven by strong B2C rev ($2.9M vs. our est. of $2.2M).

charles.rhyee@tdsecurities.com

Client implementations that will support 2H B2B2C rev acceleration remain on track, w/

Lucas Romanski pipeline expanding to $127M (from $122M at 4Q). On our follow-up, mgmt. reiterated its

646 562 1352 CF breakeven target by mid-'27. Mgmt. also announced it's in contracting phase w/ a new

lucas.romanski@tdsecurities.com

hospital system channel partner.

Key Data

Symbol NASDAQ: DRIO Impact To Thesis

Beta: 1.09 1Q rev of $5.6M beat our est. of $5.3M, driven mostly by B2C revenue of $2.9M (vs. our est. of

52-Week Range: $17.35-$6.17 $2.2M). Mgmt. attributed strong B2C growth in its MSK solutions gaining traction, as well as

Market Cap: $63.4MM Int'l growth. On our follow-up, mgmt. highlighted how CAC cost in the B2C market has relaxed

Net Debt (MM): $5.5 from post-COVID highs, which has allowed better yield. DRIO saw commercial progress on the

Cash/Share: $(6.55) B2B2C side, adding 10 new accounts in 1Q26 and seeing its pipeline expand to $127M (up from

$122M at 4Q25). DRIO is seeing its 2026 commercial implementations remain on track, whichDil. Shares Out (MM): 4.0

Enterprise Value are expected to support 2H rev acceleration. On our follow-up, mgmt. also reiterated its CF

$40.1

(MM): breakeven by mid-27 target.

BV/Share: $9.84

Expanding Into Care

Dividend: $0.00