Global digital health solutions company DarioHealth Corp. (DRIO:NASDAQ), which is focused on providing digital therapeutics (DTx) designed to integrate life and behavioral sciences with software technology to deliver engaging therapeutics interventions, today announced "it has entered into an agreement with one of the largest U.S. national health plans (Plan) to offer its self-insured employer customers the Dario digital behavioral health solution as part of its behavioral health offering."
The firm advised that that the new contract will allow it to integrate its products and services with those of the health plan providing access to millions of the Plan's members.
DarioHealth indicated that it expects the first of the new Plan members to go live on the platform during Q4/21. The company anticipates that it will ramp up further and add additional users throughout FY/22. The firm stated that it will be paid a monthly fee for members having access to the platform.
The company noted that improving access to mental health care remains a very high priority for individuals, employers, insurance firms and healthcare providers. Technology that enables and improves accessibility to care is a key component in augmenting the networks of traditional providers.
The company mentioned that "the Plan chose Dario's digital behavioral health solution to help improve access by using the Dario behavioral health platform as a central digital point of engagement to connect members with Dario tools, coaching and the Plan's full suite of behavioral health resources."
Dario indicated that in utilizes AI-driven screening and triage capabilities to improve the experience for plan members and create a unique set of care options tailored to their own specific needs.
Rick Anderson, President and General Manager of North American at DarioHealth, commented, "Mental health care is complex and rife with barriers to care. We are excited to partner with the Plan to help solve for these issues and support their vision of more accessible and effective care that delivers better results for their clients…This is a landmark agreement for Dario that has the potential to generate millions of dollars in annual revenue. While this partnership represents a significant opportunity on its own, we believe it is just one of many potential opportunities with this customer."
DarioHealth Corp. is a global digital therapeutics company headquartered in New York, N.Y. The firm offers comprehensive digital technology-based therapeutics solutions using one integrated technology platform for improving treatment of several chronic concerns and conditions including behavioral health, diabetes, hypertension, musculoskeletal health and weight management. The company stated that it has created an AI-driven, next-gen digital health solution platform that "harnesses the power of evidence-based behavior science to drive better health," and helps individuals make meaningful and lasting changes.
DarioHealth started the day with a market cap of around $222.5 million with approximately 16.5 million shares outstanding and a short interest of about 5.4%. DRIO shares opened greater than 11% higher today at $15.047 (+$1.567, +11.62%) over yesterday's $13.48 closing price. The stock has traded today between $14.67 and $16.54 per share and is presently trading at $15.85 (+$2.37, +17.58%).
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