$DRIO
DarioHealth Corp.

2019 Q2 Form 10-Q Financial Statement

#000114420419025428 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $1.650M $2.242M $1.700M
YoY Change -19.86% 27.68% 7.59%
Cost Of Revenue $1.330M $1.684M $1.480M
YoY Change -13.47% 39.87% 46.53%
Gross Profit $330.0K $558.0K $220.0K
YoY Change -36.78% 1.09% -61.4%
Gross Profit Margin 20.0% 24.89% 12.94%
Selling, General & Admin $4.700M $4.920M $4.450M
YoY Change -11.49% 80.22% 56.69%
% of Gross Profit 1424.24% 881.72% 2022.73%
Research & Development $990.0K $1.002M $930.0K
YoY Change -1.98% 35.04% 9.41%
% of Gross Profit 300.0% 179.57% 422.73%
Depreciation & Amortization $40.00K $46.00K $50.00K
YoY Change -20.0% -13.21% 25.0%
% of Gross Profit 12.12% 8.24% 22.73%
Operating Expenses $5.680M $5.921M $5.380M
YoY Change -9.11% 70.78% 45.8%
Operating Profit -$5.350M -$5.363M -$5.160M
YoY Change -6.58% 83.98% 65.38%
Interest Expense $0.00 -$10.00K $170.0K
YoY Change -100.0% 0.0% -101.93%
% of Operating Profit
Other Income/Expense, Net -$20.00K -$13.00K
YoY Change -81.98% 225.0%
Pretax Income -$5.380M -$5.380M -$4.980M
YoY Change -7.88% 84.25% -58.22%
Income Tax
% Of Pretax Income
Net Earnings -$5.380M -$5.376M -$4.980M
YoY Change -7.85% 84.17% -58.22%
Net Earnings / Revenue -326.06% -239.79% -292.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.526M -$2.924M -$2.895M
COMMON SHARES
Basic Shares Outstanding 38.00M 36.82M 25.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.200M $7.100M $11.20M
YoY Change 57.69% -1.39% 180.0%
Cash & Equivalents $8.000M $6.958M $11.00M
Short-Term Investments $200.0K $200.0K $200.0K
Other Short-Term Assets $66.00K
YoY Change -56.86%
Inventory $1.800M $1.924M $1.377M
Prepaid Expenses
Receivables $300.0K $300.0K $200.0K
Other Receivables $500.0K $500.0K $600.0K
Total Short-Term Assets $10.80M $9.864M $13.31M
YoY Change 48.64% 10.83% 120.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.500M $732.0K $733.0K
YoY Change 89.63% -8.5% -15.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $1.500M $1.569M $776.0K
YoY Change 80.07% 74.33% -14.82%
TOTAL ASSETS
Total Short-Term Assets $10.80M $9.864M $13.31M
Total Long-Term Assets $1.500M $1.569M $776.0K
Total Assets $12.30M $11.43M $14.09M
YoY Change 51.87% 16.66% 102.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.400M $3.000M $2.600M
YoY Change 14.29% 172.73% 36.84%
Accrued Expenses $300.0K $300.0K $880.0K
YoY Change 105.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.700M $7.018M $5.164M
YoY Change 44.52% 192.42% 71.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $600.0K $0.00
YoY Change
Total Long-Term Liabilities $500.0K $600.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.700M $7.018M $5.164M
Total Long-Term Liabilities $500.0K $600.0K $0.00
Total Liabilities $6.200M $7.600M $5.200M
YoY Change 58.97% 216.67% 73.33%
SHAREHOLDERS EQUITY
Retained Earnings -$94.63M -$89.25M
YoY Change 25.78%
Common Stock $8.000K $8.000K
YoY Change 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.100M $3.865M $8.925M
YoY Change
Total Liabilities & Shareholders Equity $12.30M $11.43M $14.09M
YoY Change 51.87% 16.66% 102.52%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$5.380M -$5.376M -$4.980M
YoY Change -7.85% 84.17% -58.22%
Depreciation, Depletion And Amortization $40.00K $46.00K $50.00K
YoY Change -20.0% -13.21% 25.0%
Cash From Operating Activities -$5.500M -$3.987M -$3.440M
YoY Change 172.28% 44.14% 43.33%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $45.00K -$20.00K
YoY Change 100.0% 275.0% -85.71%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$10.00K $10.00K
YoY Change 0.0% -114.29% -200.0%
Cash From Investing Activities -$20.00K -$52.00K -$10.00K
YoY Change 100.0% -194.55% -92.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.560M 0.000 3.020M
YoY Change -100.0% -30300.0%
NET CHANGE
Cash From Operating Activities -5.500M -3.987M -3.440M
Cash From Investing Activities -20.00K -52.00K -10.00K
Cash From Financing Activities 6.560M 0.000 3.020M
Net Change In Cash 1.040M -4.039M -430.0K
YoY Change -151.23% -221.55% -83.14%
FREE CASH FLOW
Cash From Operating Activities -$5.500M -$3.987M -$3.440M
Capital Expenditures -$20.00K $45.00K -$20.00K
Free Cash Flow -$5.480M -$4.032M -$3.420M
YoY Change 172.64% 45.14% 51.33%

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CY2019Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0px; vertical-align: top; width: 0.3pt;"></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 54pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE&#160;3: -</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">UNAUDITED INTERIM FINANCIAL STATEMENTS</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0.79in; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.75in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accompanying unaudited interim consolidated financial statements as of March 31, 2019, have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company's consolidated financial position as of March 31, 2019, and the Company's consolidated results of operations and the Company's consolidated cash flows for the three months ended March 31, 2019. Results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 us-gaap Inventory Write Down
InventoryWriteDown
6000
CY2018 us-gaap Inventory Write Down
InventoryWriteDown
190000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1717559
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.66
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
350000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y29D
CY2019Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
210000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
458000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2019Q1 drio Bank Charges
BankCharges
6000
CY2018Q1 drio Bank Charges
BankCharges
2000
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
18000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3000
CY2019Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0
CY2018Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1000
CY2019Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
560000
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
3941000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
161000
CY2018Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
60000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
139000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
7371000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
8925000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
210000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
106000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
3865000
CY2018Q4 us-gaap Deferred Revenue
DeferredRevenue
736000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
919000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
71000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0723
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M23D
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
212000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
263000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
240000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
204000
CY2019Q1 drio New Performance Obligations
NewPerformanceObligations
806000
CY2019Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-246000
CY2019Q1 us-gaap Deferred Revenue
DeferredRevenue
1296000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
102000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
817000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
76000
CY2019Q1 drio Operating Lease Exchange Rate Difference
OperatingLeaseExchangeRateDifference
25000
CY2018Q1 drio Operating Lease Exchange Rate Difference
OperatingLeaseExchangeRateDifference
0
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
DarioHealth Corp.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001533998
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
DRIO
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
38004045
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
36607755
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36607755
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
36821173
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
36821173
CY2018Q1 drio Stock Issued During Period Value Preferred Stock
StockIssuedDuringPeriodValuePreferredStock
3124000
CY2018Q1 drio Stock Issued During Period Value Common Stock
StockIssuedDuringPeriodValueCommonStock
2865000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
878000

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