Shira HealthThe healthcare technology company, which provides tools to analyze population health, reported total revenue of $2 million in the second quarter of 2024, compared with $1 million in the same period last year.
The company’s population health segment will account for 28% of the company’s total revenue in the second quarter of 2024, compared to 13% in the second quarter of 2023, up 347% at the end of the second quarter of this year.
The company has signed numerous contracts with states, including health departments, this year alone. Washington state, its home state of Indiana, and Virginia.
The company ended the second quarter with a cash balance of $1.6 million and no long-term debt.
“Our momentum accelerated in the second quarter with revenue growing 101 percent. Our focus on higher margin business segments has led to a growing customer base and diversified revenue streams. We now operate in 23 states, up from just a few states a year ago,” Deepika Bupparanch, CEO of Sira Health, said in a statement.
Digital Therapeutics Company DarioHealth reported total revenue of $6.26 million in the second quarter, up 1.7% compared to Q2 2023, primarily driven by B2B2C revenue.
The company’s commercial and consumer revenues, excluding one-time pricing concessions in collaboration with pharmaceutical partners, totaled $7.34 million, the company said in a statement, up 105% from $3.57 million in the second quarter last year.
DarioHealth saw its B2B2C revenue, or recurring revenue from health plans and employers, grow 315% to a total of $5.5 million in the second quarter of this year.
The company said it ended the second quarter with $22.9 million in cash equivalents and expects to reach cash flow breakeven by the end of 2025.
“Looking forward, we expect our operating losses to decrease significantly over the next three quarters due to continued revenue growth and the aggressive cost-cutting measures implemented following our merger with Tuil. These cost-cutting initiatives, which began in early May 2024 and were completed in early August 2024, are expected to result in a 24% decrease in GAAP operating expenses and a 40% decrease in non-GAAP operating expenses from Q1 2024 through Q1 2025,” Dalio CEO Erez Rafael said in a statement.
“In addition, our core B2B2C revenue already achieved a gross margin of 82% in the second quarter, and we expect gross margins to increase to 80% by the first quarter of 2025. Combined, these efforts are expected to reduce our GAAP operating loss by 58% and our non-GAAP operating loss by 75% between the first quarter of 2024 and the first quarter of 2025, providing a clear path to cash flow breakeven by the end of 2025.”
