Shira Healtha health technology company that provides tools to analyze population health, reported that its total revenue increased to $2 million in the second quarter of 2024, up from $1 million in the same period last year.
The company’s population health segment accounted for 28% of the company’s total revenue in the second quarter of 2024, growing 347% at the end of the second quarter this year, compared to 13% growth in the second quarter of 2023.
The company has signed numerous contracts with states, including health authorities, this year alone. These include Washington State, Indiana, and Virginia.
As of the end of the second quarter, the company had cash balance of $1.6 million and no long-term debt.
“Our momentum accelerated in Q2, with revenue growing 101%. Our focus on higher-margin businesses has proven successful, expanding our customer base and diversifying our revenue streams. We now operate in 23 states, compared to a handful a year ago,” Deepika Vuppalanchi, Syra Health’s CEO, said in a statement.
digital therapeutics company DarioHealth reported total revenue of $6.26 million for the second quarter, up 1.7% compared to the second quarter of 2023, driven primarily by B2B2C revenue.
The company’s commercial and consumer revenue totaled $7.34 million “before irregular price concessions from pharmaceutical partners,” up 105% from $3.57 million in the second quarter last year.
DarioHealth’s B2B2C revenue grew 315%, with recurring revenue from health plans and employers reaching $5.5 million in the second quarter of this year.
The company reported that it ended the second quarter with $22.9 million in cash and equivalents and expects to reach cash flow breakeven by the end of 2025.
“Going forward, we expect our operating losses to significantly decrease over the next three quarters driven by continued revenue growth and aggressive cost reduction measures implemented following the Twill merger. These cost reduction initiatives, which began in early May 2024 and are expected to be completed by early August 2024, are expected to result in a 24% reduction in GAAP operating expenses and a 40% reduction in non-GAAP operating expenses from the first quarter of 2024 to the first quarter of 2025,” Erez Raphael, Dario’s CEO, said in a statement.
“Additionally, we expect gross margins to increase to 80% by Q1 2025, as core B2B2C revenue already reached 82% gross margin in Q2. These combined efforts are expected to reduce GAAP operating loss by 58% and non-GAAP operating loss by 75% between Q1 2024 and Q1 2025, providing a clear path to cash flow breakeven by the end of 2025.”
