Due Diligence for Investors in LabStyle Innovations Corp.
We’ve linked a company press release below that details a distribution agreement for the Dario glucose meter, through Centaur Phamaceutical, a large healthcare company in India. The company 8-K shows the details of a DRIO stock sale to existing shareholders and investors that raised $2.3 million for the company. The DRIO form 10-Q for the period ended 9-30-15 is also linked below. The 10-Q has the most recent financial statements and gives a description of the company’s financing activities. We also included below, a press release detailing a Goldman Sachs forecast about the digital healthcare and DRIO specifically.
Our View: The distribution agreement with Centaur is exciting news for the company. There are an estimated 66 million diabetes patients in the area the agreement covers and Centaur has 1000 salespeople. The incidence of diabetes in India has reached 8.6% and the market for treatment opportunities continues to grow.
DRIO needs the Centaur agreement to generate revenue because it has virtually none. The company began in 2011 and has operated primarily on stock financing, running up a $41 million deficit. Goldman Sachs has estimated that companies involved in digital healthcare will thrive in the future due to the largess of the healthcare market and the cost saving that digitizing can bring.
Ray Dirks of Goldman Sachs has also issued a buy recommendation for DRIO with a near term target price of $3.50 per share. Dirks recommendation is based on the fact that Dario is a platform that combines an all-in-one, blood glucose meter, smart phone application, website application and treatment tools to help diabetics become more proactive in their disease. Through the cloud, data can be quickly viewed by doctors, parents and other care-givers for proactive treatment and better-informed decision making. If Dirks is right, today’s price could seem like a bargain.
DRIO – Press Release – November 11, 2015
DRIO – Form 10-Q – November 13, 2015
DRIO – Form 8-K – November 19, 2015
DRIO – Press Release – December 3, 2015
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