LabStyle Innovations Reports Positive Results From the Initial Commercial Launch of Dario™ Smart Meter User Demand for Dario™ Demonstrated with Purchase Orders, Positive Initial Customer Feedback and Initial Revenue Generated
CAESAREA, Israel, June 17, 2014 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today provided a positive update on the initial "soft" launch of the Dario™ Smart Meter in the company's initial target jurisdictions of the United Kingdom, Italy and New Zealand.
Dario™ is a cloud-based, diabetes management solution which includes novel software applications combined with the stylish, 'all-in-one', pocket-sized, Dario Smart Meter that interfaces with a user's mobile device. As previously reported, the initial launch of the Dario™ Smart Meter began in late March 2014 with the goal of collecting customer feedback to be used to refine LabStyle's longer-term roll-out strategy.
LabStyle today reported that market traction has begun, orders in line with the original soft launch target of 3,000 Dario™ Smart Meters are expected to be delivered by the end of July 2014. In addition, LabStyle has also received a purchase order for another 8,400 devices and 42,000 test strip cartridges in the United Kingdom alone to be delivered over the next five months. First users have received their devices and user positive feedback, including public acclaim on social networks, is encouraging.
The full commercial launch of Dario™ is expected to commence in August 2014.
LabStyle also announced the following milestones as the company continues to implement its global rollout and user acquisition plans for Dario™:
- LabStyle's agile digital marketing is generating 100-200 quality leads per country per day at below-industry-average cost per acquisition.
- UK market reimbursement is expected to be approved in September 2014.
- Reimbursement coverage has been approved for 85% of the Italian diabetic population.
- LabStyle anticipates commencement of Dario™ sales in additional regions such as Germany (1.4 million insulin dependent users), the Netherlands (culture receptive to online purchase of mobile medical solutions) and Canada (initial first footprint into North America) during the third and fourth quarters of this year.
- LabStyle's 510(k) for Dario™ was accepted by the FDA and is now under the substantive review with a final outcome anticipated in late 2014 or early 2015.
- Several industry leading professionals and thought leaders with deep personal hands-on patient experience have joined LabStyle's Scientific Advisory Board, contributing valuable insights into patient needs, professional experience, reputation and market clout. The following renowned diabetes experts have recently joined Prof. Eberhard Standl, Dr. Itamar Raz, Dr. Paul Rosman and Gary Scheiner on LabStyle's Scientific Advisory Board:
- Dr William Plonsky, PhD. - an internationally recognized expert in the behavioral aspects of diabetes management. He co-founded the Behavioral Diabetes Institute to advance research and develop effective programs to serve the often-unrecognized emotional needs of people with diabetes. He is author of numerous books, including Diabetes Burnout: What to Do When You Can't Take It Anymore.
- Dr Paolo Pozzilli - Professor of Endocrinology and Metabolic Diseases, Head of Department at the University Campus Bio-Medico in Rome, Italy where he is in charge of the Post-Graduate School and PhD program in Endocrinology and Diabetes. He is also Professor of Diabetes Research at St. Bartholomew's and the London School of Medicine, Queen Mary, University of London, UK.
- Hope Warchaw, MMSc, RD, CDE, BC-ADM - dietitian and diabetes educator for thirty-five years and is author of professional articles in leading diabetes journals and co-author of several American Diabetes Association books for healthcare professionals. Among diabetes educators, Ms. Warshaw is a leading promoter of the Diabetes Online Community and its value to people with diabetes and their caregivers.
About LabStyle Innovations
LabStyle Innovations Corp. (OTCQB: DRIO) develops and commercializes patented technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario™ Diabetes Management Solution, a mobile, cloud-based, diabetes management solution which includes novel software applications combined with a stylish, 'all-in-one', pocket-sized, blood glucose monitoring device. Dario™ received CE mark certification in September 2013 and began a world rollout in select countries in December 2013. LabStyle filed a Premarket Notification Application, also known as a 510(k), with the US Food and Drug Administration (FDA) for the Dario™ smart meter (Dario™ Blood Glucose Monitoring System) in December 2013. LabStyle is pursuing patent applications in multiple areas covering the specific processes related to blood glucose level measurement as well as more general methods of rapid tests of body fluids using mobile devices and cloud-based services and in April 2014, LabStyle received a Notice of Allowance for a U.S. patent covering core functions of the Dario™ Blood Glucose Monitoring System. For more information: www.mydario.com and http://mydario.investorroom.com.
Cautionary Note Regarding Forward-Looking Statements
This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the results of the Company's sales, marketing and regulatory efforts with Dario™) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE LabStyle Innovations Corp.