CAESAREA, Israel, Jan. 22, 2015 /PRNewswire/ -- LabStyle Innovations Corp. (OTCQB: DRIO), developer of the Dario™ Diabetes Management Solution, today reported that it has signed a partnership agreement with Israel's leading healthcare HMO; Maccabi Healthcare to implement its comprehensive Dario™ digital suite for patients and professionals remote proactive care.
The agreement with MOMA (Maccabi TeleCare unit) represents an additional channel of revenue stream for Dario™. This channel for revenues indicates the huge potential available in the Dario digital health solution which is based on software licensing and added value services with HMOs and other strategic partners worldwide. The Dario™ application for MOMA is a proprietary customized diabetes management solution that enables remote treatment for diabetes aiming to improve the overall outcomes for patients leveraging mHealth technology for effective engagement of health care professionals.
Through the agreement Maccabi Healthcare will be subscribing to Dario™; a cutting edge diabetes management solution that includes an online diabetes solution together with the Dario™ personalized smart meters for an advanced service they call MOMA. Through MOMA, Maccabi will provide chronic patients a service of advanced multi-disciplinary support and care through a national call center in coordination with the client's primary physician and other community-based resources. Each MOMA member with diabetes will receive their own Dario™ smart meter for managing and monitoring their diabetes in order to enable the caretakers at the call centers a direct online view and proactive communication over the Dario™ mobile platform.
"We have witnessed in our markets overseas how the Dario™ diabetes solution has successfully increased the compliance and improved the Diabetes patient's outcomes. We are very pleased to have this superb vehicle to finally allow us to bring the Dario™ diabetes management solution to patients and care givers under the Dario™ software suite. With one of the longest life expectancy and lowest infant mortality rates, Israel's health system has been ranked one of the highest in the world, and MOMA at Maccabi represents the most advanced and innovative form of medical healthcare available in Israel. We are very proud that they have chosen Dario™ to serve their valued patients with diabetes. We believe that the MOMA agreement illustrates the tremendous potential for LabStyle in the digital health area where the company can generate and sustain revenue not only from the consumables but also from software licensing and added value services. The data monetization revenue channel will be a significant contribution to the gross margins of LabStyle," said Erez Raphael, president and chief executive officer of LabStyle.
"By providing our physicians and patients with access to the data the Dario™ management solution provides, MOMA has enhanced its capabilities for true patient online analysis and real time care and differentiated its offerings in the market for quality treatment and support. We believe that together with Dario™ we can enhance our clients' physical and mental quality of life, performance scores, compliance rates, and overall satisfaction with their health providers," said Ms. Angela Eroni, Maccabi director of medical tele-centers.
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. 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. For more information: www.myDario.com and http://myDario.investorroom.com.
Maccabi Healthcare Services, one of the largest non-profit health funds in the world, provides comprehensive medical coverage to 2 million members. Maccabi has long been recognized, both in Israel and abroad, as a unique and innovative health care system that includes all services, leading the way in many areas including cutting edge medical technology, comprehensive and integrated computerized information systems, cost–effective management, and sophisticated monitoring and evaluation tools.
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 timing for and results of the Company's commercial and regulatory plans for Dario™™ as described herein) 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.