Detailed financial statements for DarioHealth Corp. (DRIO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
DarioHealth Corp. is a digital therapeutics enterprise operating across the United States, Canada, the European Union, Australia, and New Zealand. The company delivers a suite of digital health solutions, including its 'Dario' metabolic programs designed to address conditions like diabetes, hypertension, and weight management.
Analysis Summary
DarioHealth Corp. reported revenue of $22.4M in the most recent fiscal year, growing at a 5-year CAGR of 24.2%.
Trailing-twelve-month margins: gross margin 56.1%, operating margin -328.8%, net margin 322.8%.
At the current price of $6.78, DRIO trades at a P/E of 9.83 and an ROE of 104.15%. Market capitalisation stands at $50M.
Balance sheet quality for DRIO: current ratio of 3.7, net debt of $5.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M | $5.2M | $7.4M | $7.6M | $7.6M | $20.5M | $27.7M | $20.4M | $27.0M | $22.4M |
| Cost of Revenue | $3.4M | $3.9M | $5.6M | $5.0M | $5.1M | $12.4M | $18.0M | $14.4M | $13.8M | $9.7M |
| Gross Profit | -$561000 | $1.3M | $1.8M | $2.6M | $2.5M | $8.1M | $9.7M | $6.0M | $13.3M | $12.7M |
| Research & Development | $2.2M | $3.3M | $3.7M | $3.7M | $4.4M | $17.2M | $19.6M | $20.2M | $24.2M | $13.8M |
| Selling, General & Admin | $8.1M | $12.4M | $15.8M | $16.6M | $28.0M | $62.4M | $46.8M | $41.8M | $46.8M | $35.5M |
| Operating Expenses | $10.3M | $15.7M | $19.5M | $20.3M | $32.4M | $84.6M | $66.5M | $62.2M | $71.0M | $49.3M |
| Operating Income | -$11.1M | -$14.4M | -$17.7M | -$17.7M | -$29.9M | -$76.5M | -$56.8M | -$56.2M | -$57.7M | -$36.7M |
| EBITDA | -$10.4M | -$14.2M | -$17.5M | -$17.5M | -$29.7M | -$70.0M | -$55.6M | -$54.4M | -$37.1M | -$34.7M |
| Interest Expense | $20000 | $171000 | $18000 | $27000 | $49000 | $84000 | $2.7M | $645000 | $96000 | $3.4M |
| Pre-tax Income | -$10.9M | -$15.7M | -$17.8M | -$17.7M | -$29.4M | -$76.7M | -$62.2M | -$59.4M | -$44.6M | -$41.6M |
| Income Tax | $55000 | 0 | -$115000 | 0 | 0 | $32000 | $4000 | $64000 | -$1.9M | $105000 |
| Net Income | -$10.9M | -$15.7M | -$17.8M | -$17.7M | -$29.4M | -$76.8M | -$62.2M | -$59.4M | -$42.7M | -$41.7M |
| EPS | $-41.85 | $-32.70 | $-15.21 | $-7.84 | $-5.55 | $-4.63 | $-2.63 | $-1.93 | $-0.74 | $-0.81 |
| EPS (Diluted) | $-41.85 | $-32.70 | $-15.21 | $-7.84 | $-5.55 | $-4.63 | $-2.63 | $-1.93 | $-0.74 | $-0.81 |
| Shares Outstanding (Diluted) | $260148 | $481412 | $1.2M | $2.3M | $6.0M | $16.6M | $23.6M | $28.4M | $40.4M | $49.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.0M | $5.2M | $5.6M | $5.2M |
| Gross Profit | $3.0M | $2.4M | $3.2M | $3.2M |
| Operating Income | -$9.5M | -$45.8M | -$7.3M | -$6.5M |
| EBITDA | -$8.7M | -$8.5M | -$6.5M | -$6.0M |
| Net Income | -$2.1M | $86.0M | -$8.2M | -$7.9M |
| EPS | $-0.19 | $1.90 | $-0.17 | $-0.85 |
| EPS (Diluted) | $-0.19 | $1.90 | $-0.17 | $-0.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $3.7M | $11.0M | $20.6M | $28.6M | $36.0M | $49.4M | $36.8M | $27.8M | $26.2M |
| Short-term Investments | $225000 | $258000 | 0 | 0 | 0 | 0 | 0 | 0 | $697000 | 0 |
| Receivables | $290000 | $435000 | $234000 | $712000 | $1.7M | $1.8M | $6.4M | $3.6M | $5.4M | $2.7M |
| Inventory | $888000 | $1.2M | $1.4M | $1.4M | $2.3M | $6.2M | $8.0M | $5.1M | $4.8M | $4.3M |
| Total Current Assets | $2.9M | $6.0M | $13.3M | $22.9M | $34.1M | $45.6M | $65.5M | $47.3M | $40.5M | $34.8M |
| Property, Plant & Equipment | $901000 | $869000 | $733000 | $1.4M | $1.1M | $989000 | $2.0M | $1.9M | $1.8M | $1.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $41.6M | $41.6M | $41.6M | $57.4M | $57.4M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $12.5M | $9.9M | $5.4M | $18.8M | $15.9M |
| Total Assets | $3.9M | $7.0M | $14.1M | $24.6M | $35.4M | $100.8M | $119.2M | $96.4M | $118.9M | $110.1M |
| Accounts Payable | $1.8M | $1.9M | $2.6M | $1.7M | $2.5M | $5.1M | $2.3M | $1.1M | $3.0M | $2.9M |
| Short-term Debt | 0 | 0 | 0 | $317000 | 0 | $266000 | $8.8M | $4.0M | $5.5M | $430000 |
| Total Current Liabilities | $2.9M | $3.0M | $5.2M | $5.2M | $7.0M | $14.4M | $19.4M | $12.5M | $16.6M | $9.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $18.1M | $24.6M | $23.5M | $30.7M |
| Total Liabilities | $10.4M | $3.0M | $5.2M | $5.7M | $7.3M | $15.2M | $39.2M | $38.2M | $46.9M | $42.2M |
| Retained Earnings | -$55.0M | -$71.0M | -$89.3M | -$110.1M | -$143.2M | -$222.0M | -$285.9M | -$349.4M | -$390.3M | -$452.1M |
| Total Equity | -$6.5M | $3.9M | $8.9M | $18.9M | $28.2M | $85.5M | $80.0M | $58.1M | $72.0M | $67.9M |
| Total Debt | 0 | 0 | 0 | $772000 | $532000 | $287000 | $28.0M | $29.5M | $30.2M | $31.7M |
| Net Debt | -$1.3M | -$4.0M | -$11.0M | -$19.8M | -$28.1M | -$35.7M | -$21.3M | -$7.3M | $1.7M | $5.5M |
| Working Capital | $11000 | $3.0M | $8.1M | $17.7M | $27.1M | $31.2M | $46.2M | $34.8M | $23.9M | $25.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $32.1M | $26.2M | $20.3M | $6.6M |
| Total Assets | $117.7M | $110.1M | $103.3M | $96.6M |
| Total Liabilities | $42.8M | $42.2M | $40.9M | $41.5M |
| Total Equity | $74.9M | $67.9M | $62.4M | $55.1M |
| Total Debt | $31.6M | $31.7M | $31.8M | $32.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$10.9M | -$15.7M | -$17.8M | -$17.7M | -$29.4M | -$76.8M | -$62.2M | -$59.4M | -$42.7M | -$41.7M |
| Depreciation & Amortization | $387000 | $195000 | $207000 | $183000 | $457000 | $4.5M | $4.7M | $5.0M | $7.4M | $2.8M |
| Stock-based Compensation | $1.0M | $3.8M | $3.8M | $2.3M | $11.1M | $25.0M | $17.0M | $19.7M | $15.8M | $9.4M |
| Change in Working Capital | $1.1M | -$77000 | $2.4M | -$429000 | $150000 | -$2.6M | -$10.9M | $4.1M | -$2.5M | $2.2M |
| Operating Cash Flow | -$8.4M | -$10.6M | -$11.5M | -$15.7M | -$17.7M | -$50.4M | -$47.8M | -$30.4M | -$38.6M | -$25.9M |
| Capital Expenditure | -$808000 | -$195000 | -$71000 | -$98000 | -$118000 | -$261000 | -$573000 | -$584000 | -$138000 | -$142000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$7.5M | 0 | 0 | -$8.8M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$134000 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.2M | -$10.8M | -$11.5M | -$15.8M | -$17.9M | -$50.7M | -$48.4M | -$31.0M | -$38.7M | -$26.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$7.3M | -$5.9M | -$6.0M | -$5.5M |
| Capital Expenditure | -$41000 | -$26000 | -$31000 | -$38000 |
| Free Cash Flow | -$7.4M | -$5.9M | -$6.1M | -$5.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $2.0M | $1.4M | $632000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +84.4% | +43.0% | +2.2% | +0.2% | +170.8% | +34.8% | -26.4% | +32.9% | -17.3% | |
| Net Income Growth (YoY) | -44.6% | -13.1% | +0.4% | -66.0% | -160.7% | +19.0% | +4.4% | +28.1% | +2.4% | |
| EPS Growth (YoY) | +21.9% | +53.5% | +48.5% | +29.2% | +16.6% | +43.2% | +26.6% | +61.7% | -9.5% | |
| Shares Change (YoY) | +85.1% | +143.2% | +93.6% | +163.1% | +178.2% | +42.5% | +20.0% | +42.5% | +22.8% | |
| FCF Growth (YoY) | -17.7% | -6.7% | -37.1% | -12.8% | -183.8% | +4.4% | +36.1% | -25.0% | +32.6% | |
| Gross Margin | -20.0% | 25.4% | 23.9% | 34.4% | 33.2% | 39.3% | 34.9% | 29.4% | 49.1% | 56.6% |
| Operating Margin | -396.0% | -278.9% | -239.2% | -234.2% | -394.7% | -372.9% | -205.4% | -276.1% | -213.6% | -163.9% |
| EBITDA Margin | -372.6% | -275.1% | -236.4% | -231.8% | -392.2% | -341.3% | -201.0% | -267.2% | -137.1% | -155.2% |
| Net Margin | -388.4% | -304.5% | -240.8% | -234.6% | -388.7% | -374.2% | -224.9% | -292.0% | -158.1% | -186.6% |
| FCF Margin | -327.8% | -209.2% | -156.1% | -209.3% | -235.7% | -247.0% | -175.1% | -152.1% | -143.1% | -116.7% |
| Effective Tax Rate | -0.5% | -0.0% | 0.6% | -0.0% | -0.0% | -0.0% | -0.0% | -0.1% | 4.2% | -0.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-35.31 | $-22.46 | $-9.86 | $-6.98 | $-2.99 | $-3.05 | $-2.05 | $-1.09 | $-0.96 | $-0.53 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $260148 | $481412 | $1.2M | $2.3M | $6.0M | $16.6M | $23.6M | $28.4M | $40.4M | $49.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 104.15% |
| Return on Invested Capital | -78.42% |
| Return on Assets | 70.17% |
| Gross Margin | 56.09% |
| Operating Margin | -328.83% |
| Net Margin | 322.77% |
Financial Health
| Debt / Equity | 0.59 |
| Current Ratio | 2.31 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.67 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -31.06 | -19.60 | -20.41 | -16.73 | -51.50 | -56.03 | -32.55 | -17.82 | -21.24 | -14.05 |
| P/B | -51.70 | 78.28 | 40.71 | 15.74 | 60.54 | 50.31 | 25.29 | 16.79 | 8.82 | 8.32 |
| P/S | 120.65 | 59.67 | 49.14 | 39.33 | 224.96 | 209.81 | 73.15 | 47.96 | 23.50 | 25.26 |
| Gross Margin | -20.0% | 25.4% | 23.9% | 34.4% | 33.2% | 39.3% | 34.9% | 29.4% | 49.1% | 56.6% |
| Operating Margin | -396.0% | -278.9% | -239.2% | -234.2% | -394.7% | -372.9% | -205.4% | -276.1% | -213.6% | -163.9% |
| Net Margin | -388.4% | -304.5% | -240.8% | -234.6% | -388.7% | -374.2% | -224.9% | -292.0% | -158.1% | -186.6% |
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