DarioHealth Corp confirms new board, ratifies auditors

In a recent Securities and Exchange Commission filing, DarioHealth (NASDAQ:DRIO) Corp, a company specializing in medical instruments and apparatus with a market capitalization of $22.47 million, reported the results of its 2024 Annual Meeting of Stockholders held today.

According to InvestingPro data, the company's stock has faced significant challenges, declining over 58% year-to-date, though analysts maintain a Strong Buy recommendation with potential upside. The filing revealed that shareholders have elected six directors to the company's board and ratified the appointment of its independent auditors for the upcoming fiscal year.

The elected board members, whose terms will continue until the next annual meeting or until their successors are appointed, received the following votes: Hila Karah with 15,939,360 for, Dennis Matheis with 15,823,755 for, Dennis M. McGrath with 15,864,338 for, Erez Raphael with 15,936,730 for, Yoav Shaked with 15,861,165 for, and Jon Kaplan with 15,871,746 for. Adam K. Stern (AS:PBHP) was also elected with 15,913,677 votes in his favor. Votes against and abstentions were relatively minimal in comparison, and there was a significant number of broker non-votes for each candidate.

In addition to the election of directors, shareholders ratified the appointment of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, as DarioHealth's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with an overwhelming majority of 22,649,674 votes for, 106,250 against, and 17,517 abstentions.

The meeting and its outcomes are expected to influence the company's direction for the next year, with the newly elected board members contributing to strategic decisions. DarioHealth, headquartered in New York and incorporated in Delaware, is traded on The Nasdaq Capital Market LLC under the ticker symbol NASDAQ:DRIO.

InvestingPro analysis indicates the company is currently undervalued, though it faces challenges with cash burn and debt management. Subscribers to InvestingPro can access the comprehensive Pro Research Report, which provides detailed analysis of DarioHealth's financial health and growth prospects among 1,400+ top US stocks.

In other recent news, The digital health company has secured four new contracts with self-insured employers, set to activate in the first quarter of 2025. This move is part of DarioHealth's Business-to-Business-to-Consumer (B2B2C) channel expansion and is expected to contribute to near-term growth, improve gross margins, and expand the user base.

Furthermore, during its Q3 2024 earnings call, DarioHealth reported a substantial increase in revenue and operational advancements. The company announced a revenue of $7.42 million, marking an 18.7% increase from the previous quarter and a 111% increase year-over-year, primarily attributed to its B2B2C business segment. DarioHealth also managed to reduce non-GAAP operating expenses to $12.3 million, a 15.9% decrease from the previous quarter.

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