$DRIO
DarioHealth Corp.

2022 Q1 Form 10-Q Financial Statement

#000155837022008360 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $8.059M $3.595M
YoY Change 124.17% 115.27%
Cost Of Revenue $3.142M $1.988M
YoY Change 58.05% 123.37%
Gross Profit $3.985M $1.081M
YoY Change 268.64% 38.59%
Gross Profit Margin 49.45% 30.07%
Selling, General & Admin $13.93M $12.75M
YoY Change 9.25% 31.99%
% of Gross Profit 349.56% 1179.46%
Research & Development $5.927M $2.655M
YoY Change 123.24% 115.85%
% of Gross Profit 148.73% 245.61%
Depreciation & Amortization $70.00K $64.00K
YoY Change 9.38% 28.0%
% of Gross Profit 1.76% 5.92%
Operating Expenses $19.86M $15.41M
YoY Change 28.87% 41.49%
Operating Profit -$15.87M -$14.33M
YoY Change 10.78% 41.71%
Interest Expense -$18.00K -$600.0K
YoY Change -97.0% -330.77%
% of Operating Profit
Other Income/Expense, Net -$44.00K -$639.0K
YoY Change -93.11% 1497.5%
Pretax Income -$15.92M -$14.97M
YoY Change 6.32% 51.37%
Income Tax
% Of Pretax Income
Net Earnings -$15.92M -$14.97M
YoY Change 6.35% 51.29%
Net Earnings / Revenue -197.49% -416.3%
Basic Earnings Per Share $0.74 $0.92
Diluted Earnings Per Share $0.74 $0.92
COMMON SHARES
Basic Shares Outstanding 19.62M 14.03M
Diluted Shares Outstanding 19.62M 14.03M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.75M $81.40M
YoY Change -31.51% 408.75%
Cash & Equivalents $55.56M $81.17M
Short-Term Investments $190.0K $200.0K
Other Short-Term Assets
YoY Change
Inventory $7.783M $5.000M
Prepaid Expenses
Receivables $4.574M $500.0K
Other Receivables $3.271M $1.300M
Total Short-Term Assets $71.38M $88.30M
YoY Change -19.17% 377.3%
LONG-TERM ASSETS
Property, Plant & Equipment $698.0K $1.200M
YoY Change -41.83% -7.69%
Goodwill $41.64M
YoY Change
Intangibles $13.31M
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K $200.0K
YoY Change -88.5% 0.0%
Total Long-Term Assets $55.96M $35.90M
YoY Change 55.86% 2293.33%
TOTAL ASSETS
Total Short-Term Assets $71.38M $88.30M
Total Long-Term Assets $55.96M $35.90M
Total Assets $127.3M $124.2M
YoY Change 2.52% 521.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.228M $3.400M
YoY Change 24.35% 183.33%
Accrued Expenses $212.0K $300.0K
YoY Change -29.33% 0.0%
Deferred Revenue $1.093M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.10M $11.70M
YoY Change 11.95% 178.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $48.00K $200.0K
YoY Change -76.0% -50.0%
Total Long-Term Liabilities $48.00K $200.0K
YoY Change -76.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.10M $11.70M
Total Long-Term Liabilities $48.00K $200.0K
Total Liabilities $13.15M $11.90M
YoY Change 10.47% 158.7%
SHAREHOLDERS EQUITY
Retained Earnings -$238.4M
YoY Change
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.2M $112.3M
YoY Change
Total Liabilities & Shareholders Equity $127.3M $124.2M
YoY Change 2.52% 521.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$15.92M -$14.97M
YoY Change 6.35% 51.29%
Depreciation, Depletion And Amortization $70.00K $64.00K
YoY Change 9.38% 28.0%
Cash From Operating Activities -$18.09M -$10.53M
YoY Change 71.8% 131.47%
INVESTING ACTIVITIES
Capital Expenditures $66.00K $68.00K
YoY Change -2.94% -326.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.470M
YoY Change -100.0%
Cash From Investing Activities -$181.0K -$2.540M
YoY Change -92.87% 8366.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.02M $64.88M
YoY Change -41.39%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.02M 65.71M
YoY Change -42.14%
NET CHANGE
Cash From Operating Activities -18.09M -10.53M
Cash From Investing Activities -181.0K -2.540M
Cash From Financing Activities 38.02M 65.71M
Net Change In Cash 19.75M 52.64M
YoY Change -62.48% -1249.32%
FREE CASH FLOW
Cash From Operating Activities -$18.09M -$10.53M
Capital Expenditures $66.00K $68.00K
Free Cash Flow -$18.16M -$10.60M
YoY Change 71.32% 134.51%

Facts In Submission

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
52639000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28725000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55696000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81364000
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15872000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18094000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55558000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 0pt 54pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24pt;margin:0pt 0pt 0pt 54pt;">Preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and judgments that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. These estimates are based on management's knowledge about current events and expectations about actions we may undertake in the future. Actual results could differ materially from those estimates.</p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55558000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81171000
CY2022Q1 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
138000
CY2021Q1 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
193000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55696000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81364000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2125116
CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
927000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
714000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6857000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5514000
CY2022Q1 us-gaap Inventory Net
InventoryNet
7783000
CY2021Q4 us-gaap Inventory Net
InventoryNet
6228000
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
18000
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
73000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8059000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3595000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.04
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1195000
CY2022Q1 drio New Performance Obligations
NewPerformanceObligations
608000
CY2022Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-710000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1093000
CY2021Q2 drio Business Acquisition Contingent Consideration Shares
BusinessAcquisitionContingentConsiderationShares
237076
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-452000
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
373000
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
825000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1878168
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.13
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M15D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3861000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
396050
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.41
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
70711
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.44
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
78391
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.82
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M6D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
179000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1942997
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
16.20
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y10D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
178000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
728983
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.68
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y6M
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
176000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
25395000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5343000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4438000
CY2022Q1 drio Bank Charges
BankCharges
26000
CY2021Q1 drio Bank Charges
BankCharges
43000
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-22000
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-605000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
4000
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
9000
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-44000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-639000

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