LabStyle Innovations Corp (OTCMKTS:DRIO) published its operational and financial results for the fiscal ended December 31, 2014. It also updated on recent corporate accomplishments and expected milestones for FY2015. The company included first revenues in 4Q from sales of Dario™. The shipments to distribution associates in the year amounted to $145,000. It acquired reimbursement status for its key product “Dario™” blood glucose test strips. They are to be used together with its another product Dario™ Smart Meter in Australia, Italy and U.K.
The achievements
LabStyle was issued U.S. patent for Glucose Monitor integration with Smartphone jack of Android and iOS mobile devices in August 2014. The company signed a partnership deal with Israel’s prominent healthcare HMO known as Maccabi Healthcare. The agreement was to implement the company’s full Dario™ digital suite for professionals and patients aimed at remote, proactive care. New members were added to the Scientific Advisory Board and the Board of Directors with prominent market entities and diabetes major opinion leaders.
The management view
Erez Raphael, the Chief Executive Officer of LabStyle said that FY2014 was a significant year for the company as they established the initial presence in the broad blood glucose monitoring global market. It was evident from key accomplishments, as during 2014 the company launched both the Smart Meter and Dario app on an initial basis, defined manufacturing lines, received insurance reimbursement in major nations, got positive feedback from customers, and recorded first ever revenues from the sales of its Dario product.
The expectations
Raphael further stated that the management expects 2015 to be a strong year where LabStyle will continue with its expansion plans. The focus will be to increase the number of target markets in which Dario is accepted, sold, and reimbursed. The company will look forward to the highly awaited launch of Dario both in Canada and the U.S.
