Demonstrates robust demand in the employer market
Contract launches anticipated to begin producing revenue this quarter
DarioHealth Corp. a leader in the global digital therapeutics (DTx) market, 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.
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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.”
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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.
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