DarioHealth Corp (DRIO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Dario Health First Quarter 2026 Results Conference Call.

各位女士、先生，早安，歡迎參加 Dario Health 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

This call is being recorded on Wednesday, May 13, 2026. I would now like to turn the conference over to Zoe Harrison, VP Accounting and Corporate Development at Dario Health. Zoe, please go ahead.

本通話於 2026 年 5 月 13 日（週三）錄音。現在我想將會議交給 Dario Health 會計與企業發展副總裁 Zoe Harrison。Zoe，請開始。

Thank you, operator, and good morning, everyone.

謝謝接線員，各位早安。

Thank you for joining us today for a discussion of Daria Health's first quarter 2026 financial results.

感謝各位今天加入我們，一同討論 Dario Health 2026 年第一季財務結果。

Leading the call today will be Erez Rafael, Chief Executive Officer of Daria Health.

今天的電話會議將由 Dario Health 執行長 Erez Rafael 主持。

He'll be joined by our President and Chief Commercial Officer, Steven Nelson, and Chen Franco Yehuda, our Chief Financial Officer.

他將與我們的總裁兼首席商務長 Steven Nelson，以及我們的財務長 Chen Franco Yehuda 一同出席。

An audio recording and webcast replay for today's call will also be available online, as detailed in the press release invite for this call.

今日會議的音訊錄音與網路直播重播也將於線上提供，詳情如本次電話會議新聞稿邀請函所述。

For the benefit of those who may be listening to the replay or archived webcast, this call is being held on Wednesday, May 13th, 2026.

為了方便可能收聽重播或存檔網路直播的聽眾，本通話於 2026 年 5 月 13 日（週三）舉行。

This morning, we issued a press release announcing our financial results for the first quarter of 2026.

今天上午，我們發布新聞稿，公布 2026 年第一季財務結果。

The copy of the release can be found on the Investor Relations page of Dario Health's website.

新聞稿可於 Dario Health 官網的投資人關係頁面查閱。

I'd like to remind you that on this call, management will make forward-looking statements within the meaning of the federal securities laws.

提醒各位，在本次電話會議中，管理層將在聯邦證券法的意義下作出前瞻性陳述。

For example, the company is using forward-looking statements when it discusses expected revenue growth and contribution from 2025 signed accounts, its path to profitability and cash flow breakeven, the continued reduction in operating expenses and losses, its expansion of channel partnerships and covered lives reach.

例如，當公司討論預期營收成長及 2025 年簽約帳戶的貢獻、邁向獲利與現金流損益兩平的路徑、持續降低營運費用與虧損、擴大通路合作夥伴與可覆蓋人數（covered lives）觸及範圍時，即使用了前瞻性陳述。

Expected revenue and scaling from partner-led and off-cycle opportunities, expected onboarding and implementation of large enterprise accounts, expected growth and conversion of commercial pipeline opportunities, expected expansion into care delivery, claims-based and outcomes-based models, expected benefits from care delivery and green key health partnerships, expected growth in recurring revenue and operating leverage, expected advantages and future impact of Dario IQ and proprietary. Data assets, expected improvements in member engagement, retention and outcomes, beliefs for guiding competitive positioning and market opportunity, and the expected outcomes of the company's strategic review process, including potential strategic transactions.

預期營收以及由合作夥伴主導與非週期性機會帶來的規模化、預期大型企業帳戶的導入與上線、預期商業管線機會的成長與轉換、預期擴展至照護交付（care delivery）、以理賠為基礎（claims-based）與以成果為基礎（outcomes-based）的模式、預期來自照護交付與 Green Key Health 合作夥伴關係的效益、預期經常性收入成長與營運槓桿、預期 Dario IQ 與專有資料資產的優勢與未來影響、預期會員參與度、留存率與成果的改善、用以指引競爭定位與市場機會的信念，以及公司策略檢討流程的預期結果（包括潛在的策略性交易）。

Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, including the risks described from time to time in its SEC filings.

前瞻性陳述受到眾多風險與不確定性影響，其中許多超出公司控制範圍，包括公司不時在其向 SEC 提交的文件中所描述的風險。

The company's results may differ materially from those projections. These statements involve material risks and uncertainties that could cause actual results or events to materially differ.

公司的實際結果可能與這些預測有重大差異。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件出現重大差異。

Accordingly, you should not place undue reliance on these statements.

因此，您不應過度依賴這些陳述。

I encourage you to review the company's filings with the SEC, including, without limitation, the company's annual report on Form 10-K. Which identifies specific factors that may cause actual results or events that differ materially from those described in the forward-looking statements.

我鼓勵您查閱公司向 SEC 提交的文件，包括但不限於公司 Form 10-K 年度報告。其中列示可能導致實際結果或事件與前瞻性陳述所述內容出現重大差異的特定因素。

With that, I'll hand it over to Erez Rafael, Chief Executive Officer of Dario Health.

接下來，我把時間交給 Dario Health 執行長 Erez Rafael。

Good morning, everyone, and thank you for joining us.

各位早安，感謝各位加入我們。

We started 2026 with continued momentum. Q1 marked our second consecutive quarter of sequential revenue growth, while we continue to reduce our operating expenses.

我們在 2026 年開局持續保持動能。第一季是我們連續第二個季度營收季增，同時我們也持續降低營運費用。

The financial trajectory is on track, and Chen will walk you through the details shortly.

財務走勢符合預期，稍後 Chen 會帶各位了解細節。

I want to focus my comment today on three things: the continued expansion of our channel ecosystem, the scale we are now operationalizing from the account signed in 2025, and the next strategic step in our platform, moving closer to care, which opens new revenue streams for us.

我今天的重點想聚焦三件事：我們通路生態系的持續擴張、我們正在把 2025 年簽約帳戶的規模落地營運化，以及我們平台的下一個策略步驟——更貼近照護（moving closer to care），這將為我們開啟新的營收來源。

I'll also share some strong numbers on how our value IQ AI engine is further boosting member engagement.

我也會分享一些強勁數據，說明我們的 Value IQ AI 引擎如何進一步提升會員參與度。

Last quarter, we described two compounding layers at the core of our growth strategy.

上一季，我們描述了構成我們成長策略核心的兩個相互疊加的層面。

Layer one, channel partnership that gives access to millions of covered lives for a single commercial relationship.

第一層：通路合作夥伴關係，透過單一商業合作關係即可觸及數百萬可覆蓋人數（covered lives）。

Layer two, a multi-condition platform that captures. A far greater share of each account's population.

第二層：多病症平台，可捕捉每個帳戶人口中更大比例的族群。

That figure is now playing out and is being accelerated.

這個效應現在正在顯現，並且正在加速。

Our channel partnership continues to grow and entered the contracting stage with the new channel partner, the largest in Dario's history. The relationship comes from a major day one anchor account, one of the largest hospital networks in Northeastern United States.

我們的通路合作夥伴關係持續成長，並已與新的通路夥伴進入簽約階段，這是 Dario 歷史上規模最大的通路合作。這項合作源自一個重要的「第一天」錨定客戶（anchor account），即美國東北部最大的醫院網路之一。

Through this partnership, we expect to access approximately 65 million additional covered lives and roughly 3,500 employer relationships.

透過此合作夥伴關係，我們預期可額外觸及約 6,500 萬名可覆蓋人數（covered lives），以及約 3,500 個雇主關係。

Combined with our existing relationships with Solera, Amwell, and our other blue-chip channel partners, this will bring our distribution reach to over 175 million covered lives.

加上我們與 Solera、Amwell 以及其他一流通路夥伴的既有合作，將使我們的分銷觸及範圍提升至超過 1.75 億名可覆蓋人數（covered lives）。

With a strong sales cycle at the end of 2025 and closed out the year with nearly $13 million in contracted and next-stage business, which remains on track to contribute to revenue later this year and in 2027. In parallel, our challenge model is producing contract flow outside of the traditional benefit sector calendar. Steven will share the commercial details.

在 2025 年底，我們的銷售週期表現強勁，並以近 1,300 萬美元的已簽約與下一階段業務作結；這些業務仍按計畫於今年稍晚及 2027 年貢獻營收。同時，我們的挑戰（challenge）模式正在於傳統福利產業日曆之外帶來合約流量。Steven 將分享商務面的細節。

The third area I want to spend time on is an important strategic step we are taking.

我想花時間談的第三個領域，是我們正在採取的一項重要策略步驟。

We are evolving the platform itself to move closer to care. We have built a strong digital health foundation, a scalable, recurring, per-engaged member per month revenue model with measurable outcomes.

我們正在演進平台本身，使其更貼近照護。我們已建立強健的數位健康基礎：可擴展、可重複的「每位參與會員每月」收入模式，並具備可衡量的成果。

That call continues.

這個方向仍在持續。

What is changing is what we are extending beyond engagement and support into actual delivery of care.

改變之處在於：我們正從「參與與支持」延伸到實際的照護交付（delivery of care）。

We believe Dalio is uniquely positioned to lead this shift, and the reason is straightforward.

我們相信 Dario 具備獨特優勢引領這項轉變，原因很直接。

We have been one of the deepest bodies of clinical evidence in digital health. More than 100 peer-reviewed clinical studies, more than any other company in our category, demonstrating real measurable outcomes.

我們在數位健康領域擁有最深厚的臨床證據之一。超過 100 篇同儕審查的臨床研究，數量高於我們類別中的任何其他公司，證明具備真實且可衡量的成果。

This level of validation is what the potential pairs and providers require.

這種程度的驗證，正是潛在的付款方（payers）與醫療服務提供者（providers）所要求的。

It is also what makes outcomes-based and claims-based revenue models possible for us.

這也使我們得以採用以成果為基礎與以理賠為基礎的營收模式。

We are building beyond our core ability to engage members and support improved outcomes to be able to change. We are building to directly impact clinical outcomes, close care gaps, and participate in the medical spend associated with those outcomes.

我們正在在核心能力之上持續建構：不僅能讓會員參與並支持成果改善，還能夠改變。我們正在打造能力，以直接影響臨床結果、縮小照護缺口，並參與與這些結果相關的醫療支出。

To accelerate this strategy, we are working with a care delivery partner. Stephen will share more on this work shortly.

為了加速這項策略，我們正與一個照護交付合作夥伴合作。Stephen 很快會分享更多相關進展。

The foundation underneath everything I've just described is what we have always said, which is data.

支撐我剛才所描述一切的基礎，是我們一直以來所說的——資料。

Dalio is a data company that leverages generative and authentic AI on top of one of the most valuable proprietary chemical datasets in digital health.

Dalio 是一家數據公司，基於數位健康領域最具價值之一的專有化學數據集，疊加運用生成式與真實（authentic）AI。

The reason we are confident is that position is factual.

我們之所以有信心，是因為這一定位是客觀事實。

We are fully vertically integrated. We design and manufacture our FDA-cleared connected devices. Those devices generate continuous biochemical and other clinical data directly from the members in real time.

我們實現了完整的垂直整合。我們設計並製造通過 FDA 核准（cleared）的連網裝置。這些裝置可在即時狀態下，直接從會員端持續產生生化及其他臨床數據。

The data flows into our platform. Our analytics and AI run on top of it.

數據會流入我們的平台。我們的分析與 AI 在其上運行。

From household to AI, the stack is ours. We do not license it, rent it, or depend on third-party inputs.

從家用端到 AI，整個技術堆疊都屬於我們。我們不授權、不租用，也不依賴第三方輸入。

Today, we have more than 13 billion proprietary data points, trying to have clinical outcomes across multiple conditions at the individual number level.

截至今日，我們擁有超過 130 億個專有數據點，並致力於在多種疾病狀況下，於個體層級建立臨床結果。

That is the kind of benefit that takes a decade to build and cannot be replicated quickly.

這種優勢需要十年才能建立，且無法在短時間內被複製。

ValueIQ, our proprietary AI engine framed on that dataset is the product expression of that advantage. It delivers personalized, real-time clinical recommendation that the general purpose model cannot match because no general purpose model has access to longitudinal data of this depth tied to a real outcome.

ValueIQ 是我們基於該數據集打造的專有 AI 引擎，也是這項優勢的產品化呈現。它能提供個人化、即時的臨床建議；一般用途模型無法匹敵，因為沒有任何一般用途模型能取得如此深度、且與真實結果相連結的縱向數據。

ValueIQ is now in active deployment and their results are meaningful.

ValueIQ 目前已在積極部署中，且其成果具備實質意義。

Triggered engagement programs where identifies the right intervention at the right moment for each member based on the personal data signature of delivering up to 40% improvement in member retention and up to 55% lift in active session versus our control group.

透過觸發式互動方案，系統可依據每位會員的個人數據特徵，在正確的時點識別正確的介入措施，使會員留存率最高提升達 40%，且相較於對照組，活躍使用時段（active session）最高提升達 55%。

These are early data points, but they are directional.

這些是早期數據點，但方向性明確。

They tell us AI level is producing measurable behavioural change today and that the same data flywheel that fills the mode is what compound it. The implication is direct as AI completed advanced, our position is trying to.

它們告訴我們，AI 層級的能力如今已能帶來可衡量的行為改變，而推動模型持續充實的同一個數據飛輪，也會讓這種成效複利累積。其含義很直接：隨著 AI 持續進步，我們的優勢地位也在強化。

Every advance in AI raises the value of the underlying data.

AI 的每一次進步，都會提高底層數據的價值。

We own this data.

我們擁有這些數據。

Put this together, our channel ecosystem continues to scale. The accounts beside in 2025 are converting into revenues, and we are evolving the platform from digital engagement into care delivery, backed by clinical evidence and proprietary data in the foundation that compounds with every member we had we are building a business that is more deeply integrated into how healthcare is delivered, paid for and measured.

綜合來看，我們的通路生態系持續擴張。2025 年簽下的客戶正在轉化為營收，我們也正將平台從數位互動演進為照護交付（care delivery），並以臨床證據與專有數據作為可隨每位會員加入而持續複利的基礎；我們正在打造一門更深度融入醫療照護如何被提供、被支付與被衡量的業務。

That is exactly where the market is going, and that is where Dario is positioned to live.

這正是市場的走向，也是 Dario 所處的最佳位置。

With that, I will turn the call forward to Steven.

接下來，我把電話會議交給 Steven。

Thank you, Eris, and good morning, everyone.

謝謝你，Eris，各位早安。

I'll start with account growth and channel momentum.

我先從帳戶成長與通路動能談起。

Last year, we added 85 new accounts against an original goal of 40, more than double our target, demonstrating the strength of our market demand for Dario's multi-condition platform.

去年我們新增了 85 個新帳戶，原先目標為 40 個，超出目標逾一倍，展現市場對 Dario 多疾病平台的強勁需求。

That momentum continued into 2026. In the first quarter alone, we have already added 10 new accounts, most through channel partners and all outside the normal employer benefit cycle timing.

這股動能延續到 2026 年。僅第一季，我們就已新增 10 個新帳戶，多數透過通路合作夥伴取得，且全部都不在一般雇主福利採購週期的時間點內。

That is important because it shows that our channel ecosystem is beginning to create opportunities on a more continuous basis, rather than only through traditional annual buying cycles.

這點很重要，因為它顯示我們的通路生態系開始能以更連續的方式創造機會，而不僅依賴傳統的年度採購週期。

It also reinforces the broader shift in our commercial model, from one account at a time direct selling to more scalable partner-led model that can create access to larger populations and multiple downstream opportunities over time.

這也進一步印證我們商業模式的更廣泛轉變：從一次只做一個帳戶的直銷模式，轉向更可擴展、由合作夥伴主導的模式；該模式可觸及更大的人群，並隨時間創造多重下游機會。

Today, more than 80% of our revenue is generated through partner-driven channels, providing access to over 116 million covered lives.

目前，我們超過 80% 的營收來自合作夥伴驅動的通路，觸及超過 1.16 億名受保人（covered lives）。

As these ecosystems expand, each new partner or payer deployment has the potential to bring Dario's platform to significantly larger populations without requiring a proportional increase in commercial infrastructure.

隨著這些生態系擴大，每一次新的合作夥伴或付款方（payer）部署，都有機會在不需要按比例增加商業基礎設施的情況下，將 Dario 平台帶給顯著更大的人群。

We are also continuing to deepen relationships with existing partners and customers.

我們也持續深化與既有合作夥伴及客戶的關係。

We are currently working toward a three-year extension with Aetna and a four-year extension with Centene, reinforcing the long-term value these organizations see in the outcomes delivered through the Dario platform.

我們目前正推進與 Aetna 的三年期續約，以及與 Centene 的四年期續約，進一步強化這些機構對 Dario 平台所帶來成效之長期價值的認可。

In addition, we continue to see strong activity across our channel ecosystem.

此外，我們在通路生態系中仍持續看到強勁的活動。

Telera remains an important partner and continues to create opportunities through existing client relationships and plan partners.

Telera 仍是重要合作夥伴，並持續透過既有客戶關係與方案合作夥伴創造機會。

Amwell has also identified a new Blue Cross Blue Shield plan opportunity that is expected to launch STARIO as a part of its digital health offering. And we continue to see opportunities across larger payer and partner ecosystems, including UnitedHealthcare-related channels and additional payer-aligned. Relationships.

Amwell 也已識別出一個新的 Blue Cross Blue Shield 計畫機會，預期將把 STARIO 作為其數位健康服務的一部分推出。同時，我們也持續在更大型的付款方與合作夥伴生態系中看到機會，包括與 UnitedHealthcare 相關的通路，以及其他與付款方對齊的。關係。

The important point is that our channel strategy is now producing scaled opportunities, larger deployments, and a path to further increasing reoccurring revenue growth.

重點在於，我們的通路策略如今正在產生可規模化的機會、更大型的部署，以及進一步提升經常性營收成長的路徑。

At the same time, we are also focused on converting the accounts we already have sold into scaled platform activity.

同時，我們也專注於把已售出的帳戶轉化為具規模的平台使用活動。

Several of the larger accounts referenced in prior quarters are now moving through onboarding, testing, and client-specific requirements. That includes the technical, operational, eligibility, data sharing, reporting, integration, and implementation steps required to support large-scale deployments. Overall, these implementations are progressing well. To date, the work remains substantially on time and on track.

先前季度提及的幾個較大型帳戶，目前正進入導入（onboarding）、測試與客戶特定需求的流程。其中包括支援大規模部署所需的技術、營運、資格認定、數據共享、報告、整合與落地實施等步驟。整體而言，這些導入進展良好。截至目前，相關工作基本上按時並按計畫推進。

This is an important transition for Dario.

這對 Dario 而言是一個重要的轉折。

Last year was heavily focused on building the channel pipeline and closing new accounts. This year is increasingly about activating those relationships, scaling them across client populations, and converting commercial progress into reoccurring revenue growth. For accounts such as Aetna, Allegiance, Celera-driven opportunities, Amwell-driven payer opportunities, and others previously referenced channel-partner relationships, we are encouraged by the progress and expect continued advancement as these clients scale on the Dario platform.

去年我們主要聚焦於建立通路管線並完成新帳戶簽約。今年則愈來愈著重於啟動這些合作關係、在客戶人群中擴大規模，並將商業進展轉化為經常性營收成長。對於如 Aetna、Allegiance、Celera 驅動的機會、Amwell 驅動的付款方機會，以及其他先前提及的通路合作夥伴關係，我們對進展感到鼓舞，並預期隨著這些客戶在 Dario 平台上擴大規模，將持續推進。

Turning specifically to our broader pipeline, commercial demand remains strong.

接著談我們更廣泛的管線，商業需求仍然強勁。

At the end of Q1, our total commercial pipeline increased to approximately $127 million across 241 open opportunities. This includes opportunities across employers, health plans, channel partners, and other B2B2C relationships.

截至第一季末，我們的商業管線總額提升至約 1.27 億美元，涵蓋 241 個尚未結案的機會。其中包括來自雇主、健康保險計畫、通路合作夥伴及其他 B2B2C 關係的機會。

Importantly, the size and quality of opportunities entering our pipeline continues to increase.

重要的是，進入我們管線的機會在規模與品質上持續提升。

Driven by multi-condition adoption, large enterprise deployments, and increased reach created through our channel partners.

這主要由多疾病採用、大型企業部署，以及通路合作夥伴所帶來的觸及範圍擴大所驅動。

As we expand our presence with payer ecosystems, the scale of these opportunities continues to grow.

隨著我們在付款方生態系中擴大布局，這些機會的規模也持續成長。

We are also continuing to engage in government-sponsored healthcare initiatives, with 11 state-level opportunities currently in motion through the Rural Health Transformation Program.

我們也持續參與政府資助的醫療照護倡議，目前透過「農村健康轉型計畫」（Rural Health Transformation Program）推進中的州級機會共有 11 項。

These opportunities represent another potential path for Dario to expand through state-sponsored, payer-aligned, and population-health-oriented models.

這些機會代表 Dario 另一條潛在的擴張路徑，可透過州政府資助、與付款方對齊、並以族群健康為導向的模式來擴大。

We will now turn to our expansion into care, which we believe is one of the most important developments in the business.

接下來我們將談到向照護領域的擴張；我們認為這是公司最重要的發展之一。

Erez has already mentioned the opportunity and how Dario is well-positioned to capture more healthcare spend by delivering improved clinical outcomes. I'll get into the specifics of the execution.

Erez 已經提到這個機會，以及 Dario 如何透過提供更佳的臨床結果而具備優勢，以掌握更多醫療保健支出。我將進一步說明執行面的具體細節。

To execute this broader strategy of expanding into care, we plan to work with partners that bring the clinical and provider-enabled capabilities that complement Dario's digital engagement platform.

為了執行這項擴展至照護的更廣泛策略，我們計畫與合作夥伴合作，這些夥伴能帶來臨床能力與由醫療提供者驅動的能力，以補足 Dario 的數位互動平台。

Dario has built a strong ability to identify, activate, engage, and support members across chronic conditions.

Dario 已建立強大的能力，能在各類慢性疾病中識別、啟動、互動並支持會員。

These partners may add the care delivery layer that can help close gaps in care, support provider-led interventions, document clinical activity, help connect engagement to reimbursable healthcare events, and operate across relevant geographies.

這些合作夥伴可加入照護交付層，協助縮小照護缺口、支持由醫療提供者主導的介入、記錄臨床活動、協助將互動連結至可獲償付的醫療事件，並在相關地理區域運作。

Strategic logic is very clear: Dario can find and engage the member, the care partner can help support the clinical intervention, and together we believe we can create a more complete model that identifies, engages, intervenes, documents, and supports monetization through care-related and claims-based models.

策略邏輯非常清楚：Dario 能找到並與會員互動；照護合作夥伴能協助支持臨床介入；我們相信雙方結合可打造更完整的模式，涵蓋識別、互動、介入、記錄，並透過與照護相關及以理賠為基礎的模式支持變現。

By moving closer to care through partnership, we believe we can accelerate the strategy without requiring Dario to build every clinical capability internally from the ground up.

透過合作夥伴關係更貼近照護端，我們相信可加速策略推進，而無需 Dario 從零開始在內部建立每一項臨床能力。

This gives us a more efficient path to expand our value proposition, strengthen our relevance with health plans and employers, and create new revenue opportunities tied directly to outcomes and medical spend.

這讓我們能以更有效率的路徑擴大價值主張、強化我們對健康保險計畫與雇主的相關性，並創造與結果與醫療支出直接連結的新營收機會。

A strong example of this direction is our expanded work with Green Key Health. Building on the strategic co-promotion agreement established last year, we are deepening the integration of Green Keys for Life Clinical Sleep Service pathway into the Dario ecosystem, creating a national diagnostic and telehealth-enabled pathway for obstructive sleep apnea screening and physician-guided patient-choice interventions.

這個方向的一個強力例子，是我們與 Green Key Health 擴大的合作。在去年建立的策略性共同推廣協議基礎上，我們正加深將 Green Keys for Life 臨床睡眠服務流程整合進 Dario 生態系，打造一條全國性的診斷與遠距醫療支援流程，用於阻塞型睡眠呼吸中止症（OSA）篩檢與由醫師指導、以病患選擇為核心的介入。

Because unresolved sleep disorders can materially affect cardiometabolic outcomes, this partnership strengthens our ability to support members more holistically while creating additional value for enterprise partners focused on adherence outcomes. And cost savings scario is growing beyond its core strength as a digital health platform to participating in the delivery and monetization of care.

由於未解決的睡眠障礙可能對心臟代謝結果造成實質影響，這項合作強化了我們以更整體方式支持會員的能力，同時為聚焦依從性結果的企業合作夥伴創造額外價值。而成本節省情境顯示，Dario 正從其作為數位健康平台的核心優勢，擴展到參與照護的交付與變現。

This also expands both our value proposition and our revenue opportunities. It makes us even more relevant to health plans, employers, and channel partners that are increasingly focused on measurable outcomes, care gap closure, claims visibility, and medical cost impact.

這也同時擴大了我們的價值主張與營收機會。這使我們對健康保險計畫、雇主與通路合作夥伴更具相關性，因為他們日益聚焦於可衡量的結果、照護缺口的彌補、理賠可視性，以及醫療成本影響。

Stepping back, what we believe investors should take away from this quarter is that Dario is executing its business plan with greater focus and clarity.

回過頭來看，我們認為投資人本季應該帶走的重點是：Dario 正以更高的專注度與清晰度執行其商業計畫。

We have sharpened the business around employer and health plan growth.

我們已將業務重心聚焦在雇主與健康保險計畫的成長。

We are scaling our distribution through channel ecosystems.

我們正透過通路生態系擴大我們的分銷規模。

We are preparing the business operationally for larger claims-enabled supported models.

我們正從營運面為更大規模、具理賠支援的模式做準備。

We are moving closer to care through clinical pathways.

我們正透過臨床照護流程更貼近照護端。

Clinical gap closure, and provider-enabled capabilities, including our expanded work with GreenKey Health.

臨床缺口彌補，以及由醫療提供者驅動的能力，包括我們與 GreenKey Health 擴大的合作。

Together, these priorities position Dario to expand beyond the strong digital engagement that creates positive behavior change and toward a broader healthcare platform that can support care delivery, document outcomes, and participate more directly in the healthcare dollars tied to those outcomes.

綜合而言，這些優先事項使 Dario 能從強大的數位互動（帶來正向行為改變）進一步擴展，邁向更廣泛的醫療保健平台，能支持照護交付、記錄結果，並更直接參與與這些結果相關的醫療支出。

With large-scale deployments now beginning to come online, we believe we are entering the phase where the strategy begins to translate in a meaningful scale. With that, I'll turn the call over to Ken.

隨著大規模部署開始上線，我們相信我們正進入策略開始以具意義的規模轉化落地的階段。接下來我把電話會議交給 Ken。

Thank you, Stephen, and good morning, everyone.

謝謝你，Stephen，各位早安。

Q1 2026 demonstrated that our financial model is beginning to reflect the commercial and operational progress as Stephen described.

2026 年第一季顯示，我們的財務模型正開始反映 Stephen 所描述的商業與營運進展。

Revenue growing. Cost declining, and cash utilization continuing to improve.

營收成長。成本下降，現金使用持續改善。

Revenue for Q1 2026 was $5.6 million, up from $5.2 million in the fourth quarter of 2025, our second consecutive quarter of sequential growth.

2026 年第一季營收為 560 萬美元，高於 2025 年第四季的 520 萬美元，為連續第二季季增。

The year-over-year decline from the first quarter of 2025 reflects a deliberate strategic transition away from non-recurrent pharmaceutical revenue that is currently not part of our core business model.

相較 2025 年第一季的年減，反映我們刻意進行的策略性轉型：逐步退出目前不屬於核心商業模式的非經常性製藥營收。

That reduction was offset by increased revenue coming from our channel partners and increased sales in our direct-to-consumer channels.

該項減少由來自通路合作夥伴的營收增加，以及我們直面消費者（DTC）通路銷售成長所抵銷。

Gross margin was 57% in Q1 2026, about the same year-over-year and up from 54% in the fourth quarter of 2025.

2026 年第一季毛利率為 57%，與去年同期大致相同，並較 2025 年第四季的 54% 提升。

The sequential improvement was driven by efficiency. I want to highlight what sits underneath the GAAP margin.

季對季改善主要由效率提升所驅動。我想強調 GAAP 毛利率背後的構成。

Our B2B2C non-GAAP gross margin held at approximately 80% for the ninth consecutive quarter.

我們的 B2B2C 非 GAAP 毛利率連續第九季維持在約 80%。

It reflects the economics of our model.

這反映了我們模式的經濟性。

As B2B2C revenue scaled, it carried that 80% non-GAAP margin with it, and that is the engine of operating leverage going forward.

隨著 B2B2C 營收擴大，它也帶著 80% 的非 GAAP 毛利率一同成長，而這將是未來營運槓桿的引擎。

On operating expenses.

關於營業費用。

Total OpEx for first quarter of 2026 was $10.5 million, down 21% year-over-year and down 8% sequentially.

2026 年第一季總營業費用為 1,050 萬美元，年減 21%，季減 8%。

This is the result of continued operational efficiency across the organization, including utilization of AI and post-merger integration activities following the pre-acquisition.

這是全組織持續提升營運效率的結果，包括運用 AI，以及在收購前完成併購後整合活動。

Non-GAAP operating expenses, which exclude stock-based compensation, depreciation, and amortization, were $8.7 million, down 18% year-over-year, and down 3% compared to the fourth quarter of 2025.

非 GAAP 營業費用（排除股份基礎給付、折舊與攤銷）為 870 萬美元，年減 18%，較 2025 年第四季下降 3%。

Operating loss for the first quarter of 2026 was $7.3 million, a 22% improvement year-over-year, and a 15% improvement sequentially.

2026 年第一季營業損失為 730 萬美元，年減改善 22%，季對季改善 15%。

On a non-GAAP basis, operating loss was $5.3 million, an 8% improvement year-over-year, and 11% improvement sequentially.

以非 GAAP 基礎計，營業損失為 530 萬美元，年減改善 8%，季對季改善 11%。

We plan to continue reducing our non-GAAP operating loss. Through 2026.

我們計畫在 2026 年持續降低非 GAAP 營業損失。

As of March 2026, we held $20 million in combined cash and short-term deposits, and we were in full compliance with all covenants under the Caroline facility, under which principal payments do not begin until May 2028.

截至 2026 年 3 月，我們持有合計 2,000 萬美元的現金與短期存款，並完全遵守 Caroline 融資安排下的所有契約條款；該安排的本金償付要到 2028 年 5 月才開始。

Netcash using operations was $6 million in the first quarter of 2026. Compared to $6.7 million in the first quarter of 2025, a 10% reduction year-over-year.

2026 年第一季營運活動使用的淨現金為 600 萬美元。相較 2025 年第一季的 670 萬美元，年減 10%。

I will close with how we think about the financial trajectory from here.

最後我將以我們如何看待接下來的財務走勢作結。

The accounts signed in 2025 are moving through implementation and are expected to convert to recognized revenue primarily in the second-half of 2026.

2025 年簽署的客戶帳戶正進入導入階段，預期主要在 2026 年下半年轉為可認列的營收。

The China economics are favorable each new covered life relationship carries lower incremental costs.

中國的經濟性條件有利：每新增一段受保人（covered life）關係所帶來的邊際成本更低。

The cost factor has been reset materially from where it was a year ago.

成本結構相較一年前已大幅重置。

As we plan to integrate into clinical workflows and support outcome-based and claim-related models, while positioning Dario to participate in the clearly larger share of the healthcare spend, the potential combination of contracted revenue becoming recognized revenue, high-margin channel growth, and a lower cost base.

隨著我們計畫整合進臨床工作流程並支持以結果為基礎與與理賠相關的模式，同時讓 Dario 得以參與明顯更大份額的醫療保健支出，合約營收轉為認列營收、高毛利通路成長，以及較低的成本基礎，這些因素的潛在組合將推動後續表現。

Is what underpins our confidence in our financial direction of this business.

這正是支撐我們對本業務財務發展方向信心的基礎。

I'll turn the call over to Erez.

我把電話交給 Erez。

Thank you all for joining us today.

感謝各位今天加入我們。

This quarter showed the platform fees that's playing out in the numbers, two consecutive quarters of sequential revenue growth, 10 new accounts in the first quarter, most of them through a channel partner, $927 million pipeline across 241 active opportunities, a path that brings our distribution reach to 175 million covered lives.

本季平台費用已反映在數字上，營收連續兩季呈現逐季成長；第一季新增 10 個新客戶，多數透過通路合作夥伴取得；管線金額達 9.27 億美元、涵蓋 241 個活躍商機；而這條路徑將使我們的分銷觸及範圍擴大至 1.75 億名受保人。

As a reminder, in September, 2025, in response to multiple unsolicited inbound expressions of interest, Darian gets Parella Weinberg partners and established a special committee of board of directors to consider a full range of strategic opportunities, including sales, merger, strategic business combination, or continued execution of our standalone strategy.

提醒一下，於 2025 年 9 月，因應多項非邀約的主動來詢之意向表達，Dario 聘請 Parella Weinberg Partners，並成立董事會特別委員會，以評估各種策略性機會，包括出售、合併、策略性業務組合，或持續執行我們的獨立營運策略。

The process remains active. And we will provide updates when there is a material development to share.

該流程仍在進行中。如有重大進展可分享，我們將提供更新。

What is increasingly clear is the data is positioned to succeed in any scenario we choose to pursue.

愈來愈清楚的是，無論我們選擇推進哪一種情境，這些數據都已具備成功的定位。

We own our hardware, our data, and the AI that runs on top of them.

我們擁有自己的硬體、數據，以及運行其上的 AI。

We have a commercial engine that compounds, and we have a clinical foundation with more than 100 peer-reviewed studies that powers the expansion from digital engagement into care delivery.

我們擁有可持續累積成效的商業引擎，也有超過 100 篇同儕審查研究所奠定的臨床基礎，推動我們從數位互動擴展到照護交付。

Before I end back to the operator, I want to take a moment to thank people who make this possible to our employees.

在我把話交回給接線員之前，我想花點時間感謝讓這一切成為可能的各位——我們的員工。

Your dedication to our members and to each other is what drives everything we do. To our partners in China and ecosystem, your trust and collaboration are central to how we scale.

你們對會員以及彼此的投入，驅動了我們所做的一切。也感謝我們在中國及生態系的合作夥伴，你們的信任與協作是我們擴張規模的核心。

And to our shareholders, thank you for your continued support and confidence in our platform and our mission.

並且對我們的股東，感謝你們持續的支持，以及對我們平台與使命的信心。

I will now turn it over to the operator for a Q&A session.

我現在把電話交給接線員，進行問答環節。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

One moment, please, while we poll for questions.

請稍候，我們正在收集問題。

Charles Rahe, TDCohen. Please go ahead.

Charles Rahe，TDCohen。請開始。

Hi, this is Lucas on for Charles. Thanks for taking the questions and congrats on the quarter. I wanted to ask more about your guys's expansion into care. Congrats on the partnership.

嗨，我是 Lucas，代 Charles 發言。感謝讓我們提問，也恭喜本季表現。我想更深入了解你們向照護領域的擴張。也恭喜你們達成這項合作。

Up until now, what's your engagements have been with the health plan and employer channels? Can you dive a little bit more into how this specific channel will work on the ground level? See from your comments, it sounds like Dario will be a referral partner to the health systems.

到目前為止，你們與健康保險計畫以及雇主通路的互動是怎麼進行的？你能否再多談一些這個特定通路在第一線實際如何運作？從你的評論來看，聽起來 Dario 會作為醫療體系的轉介合作夥伴。

And then you guys have highlighted the opportunity to participate in outcomes-based arrangements. Can you dive a little bit deeper into the structure of the economic side of these relationships and how they differ from current arrangements?

另外，你們也強調了參與以成果為基礎的合作安排的機會。你能否更深入說明這些關係在經濟面（商業條款）上的結構，以及它們與目前安排有何不同？

Yes, this is Steven. I'll take that one.

好的，我是 Steven。我來回答這題。

Three parts, I'll break it down for you. So you're right, it is a referral-based relationship, a partnership in care. They deliver care, specific care, we do not. So we're working collectively on joint agreements, joint relationships, go to market, getting back. We have proposals from health systems. They're looking to close gaps in care where digital care connects to actual care. And so we're going to collaborate in that space. We also can round out our current chronic management programs with direct care delivery.

我分三個部分為你拆解。你說得沒錯，這是一種以轉介為基礎的關係，是照護上的合作夥伴關係。他們提供照護、特定的照護，我們不提供。因此我們會共同推進聯合協議、聯合關係與市場推進（go-to-market）。我們已收到來自醫療體系的提案。他們希望縮小照護缺口，讓數位照護能連結到實際照護。因此我們會在這個領域合作。我們也能以直接的照護交付，補強我們現有的慢病管理方案。

Whether that's specialty care or other forms of specialty care. So that's part one. Part two, will you be working back and forth with referral relationships? Absolutely.

不論是專科照護或其他形式的專科照護。這是第一部分。第二部分，你問到是否會在轉介關係上雙向合作？當然會。

They have clients, we have clients, there's proposals that we put out in the market that have sought this specific relationship. So one, we know that we are doing the right thing with the product, part one. Two, we have existing proposals in the market that are actually requesting some of these.

他們有客戶、我們也有客戶；我們在市場上提出的一些提案，正是希望建立這種特定的合作關係。所以第一，我們知道我們在產品方向上做對了，這是第一點。第二，我們在市場上已有現行提案，確實在要求其中一些內容。

Product enhancements, if you will, and we are not a care delivery organization. And then third, this also allows us to kind of stretch our wings, spread out and stretch our wings a little bit into some additional profit pools, right? Claims-based billing, things that we started just this year in January for the first time. This allows us to get closer to care activities, data, sharing data, being able to curate what a digital engagement looks like, and then when they need care, surface care opportunities. So. We talked about some different things in the past on doing this, ROLA, around behavioral health services in the past.

可以說是產品增強；而我們並不是照護交付組織。第三，這也讓我們能夠某種程度上「展翅」，進入一些額外的利潤池，對吧？例如以理賠為基礎的計費（claims-based billing），這是我們今年 1 月才第一次開始做的事情。這讓我們能更貼近照護活動與數據、共享數據，並能策劃數位互動應該長什麼樣子；當他們需要照護時，也能呈現照護機會。所以。過去我們也談過一些不同的做法，例如 ROLA，過去在行為健康服務方面。

We did some things with Netty Orbis and GLP-1 early last year in that same regard. And we've recently talked about Green Key and obstructive sleep apnea, which is also in the care space. So we're kind of getting and stretching deeper into that. And then your secondary question was regarding outcomes.

去年年初我們也在同樣的方向上，與 Netty Orbis 以及 GLP-1 做過一些事情。最近我們也談到 Green Key 與阻塞型睡眠呼吸中止症（obstructive sleep apnea），這同樣屬於照護領域。所以我們正在更深入地切入並延伸到那個方向。而你第二個問題是關於成果（outcomes）。

Two things. One, we have a product today already on outcomes. We call it clinical milestones. We do that with our largest channel partner. That's evolved to really where you have to meet very specific clinical milestones versus engagement metrics where we didn't get paid. And two, this is a great fit for that. This brings care directly in line of sight of that. And so that's great for health plans, which is the biggest opportunity where significant amount of health plans now are trying to cap close gap closures in care in order to improve their SARS ratings and their HEDIS measures. So it's a one-to-one on outcomes-based product. What we have today can be enhanced. We will also add additional products that will be down this path. We call it value-based light, kind of be what you're getting to is value-based care. Value-based light in terms of contracting, innovative for sure, and making sure that we have other things that are tied to where the market's headed, which is a lot more ROI.

有兩點。第一，我們目前就已經有一個以成果為基礎的產品，我們稱之為「臨床里程碑」（clinical milestones）。我們與最大的通路合作夥伴就是這樣做的。它已演進到必須達成非常具體的臨床里程碑，而不是以互動指標為主；若未達成，我們就不會收款。第二，這非常契合。這讓照護能直接納入可視範圍。因此對健康保險計畫而言很有吸引力；這是最大的機會，因為現在有相當多的健康保險計畫正試圖加速縮小照護缺口，以改善他們的 SARS 評級與 HEDIS 指標。所以這與以成果為基礎的產品是一對一對應。我們現有的方案可以再強化。我們也會沿著這條路徑加入更多產品。我們稱之為「輕量價值導向」（value-based light），你所指的其實就是價值導向照護（value-based care）。在合約設計上採取較輕量的價值導向，確實更具創新，同時確保我們還有其他內容能與市場走向連結——也就是更強調投資報酬率（ROI）。

Great, appreciate all that color. And then I guess in terms of this channel going forward, what are your expectations for the role of...

很好，感謝你提供這麼多細節。那我想就這個通路未來而言，你們對……的角色有什麼期待？

Getting closer to health systems within your organization moving forward. And then can you give us a sense of, obviously we have this one partnership right now that you guys are highlighting. Can you, give us a sense for how many other health systems you guys may be, in conversations with?

未來在你們組織內更貼近醫療體系會扮演什麼角色。另外，你們目前強調的是這一個合作夥伴關係。你能否讓我們了解一下，你們還在與多少其他醫療體系進行洽談？

Yeah, so broadly speaking, we'll announce this partnership.

是的，總體來說，我們會宣布這項合作夥伴關係。

Next week sometime. So we're kind of angling towards a little bit more details, which will probably answer a lot more of your questions or questions that may arise after this call today.

大概在下週某個時間。所以我們會朝著提供更多細節的方向推進，這些細節很可能會回答你們更多的問題，或是今天這通電話之後可能出現的問題。

That's part one. Two, currently right now, we have proposals in the pipeline somewhere between 7 and 10, where we have active proposals in the market with health systems specifically looking for us to deliver this work. And so that is very active. All that would be oriented towards 2027 business, January 2027. In business. The majority of that business is Medicare Advantage. There are some subsets of that that are Medicaid-based. And then the other proposals would tie to what I talked about, which is the Rural Healthcare Transformation Initiative, RHT, around the beautiful bill. And so there's really three things: what's in pipe today, what we think we can capture doing more work with our partners, going back to our existing health plans. We have a significant amount of health plans today that we can go back and enhance our services with now that we have this, and then we have the RHT. Bids. Currently, we are around, I believe, 11 there on those bids as well, 11 in a direct sense, but all states are receiving money from the beautiful bill, and that may be opportunistically timing perfect for us as well when we think about this add-on of care.

這是第一部分。第二，目前我們的管線中大約有 7 到 10 份提案，我們在市場上有正在進行的提案，且是與醫療體系合作，對方明確希望由我們來交付這項工作。因此這部分非常活躍。這些都會指向 2027 年的業務，也就是 2027 年 1 月開始的業務。在業務上。其中大多數是 Medicare Advantage（聯邦醫療保險優勢計畫）。其中也有一些子項目是以 Medicaid（醫療補助）為基礎。另外一些提案則會連結到我提到的「農村醫療轉型倡議」（Rural Healthcare Transformation Initiative，RHT），也就是圍繞那項「beautiful bill」法案。所以其實有三件事：今天管線裡有哪些、我們認為透過與合作夥伴做更多工作能拿下哪些（回到我們既有的健康保險計畫客戶）、我們目前有相當多的健康保險計畫客戶，現在有了這個之後我們可以回去強化我們的服務，然後還有 RHT。投標。目前我們在那些投標上大約是 11 個，我相信是 11 個；這是直接的 11 個，但所有州都會從那項「beautiful bill」法案獲得資金，而當我們思考這項照護加值服務時，這也可能在時機上對我們非常有利。

Okay, appreciate that. And then, I want to ask about the health plan and employer pipeline, and it sounds like implementation this year remain on track, and we're expecting revenue to accelerate in the second-half. Can you give us any sense of the magnitude of what we're expecting for that second-half acceleration?

好的，謝謝說明。接著我想問健康保險計畫與雇主端的管線；聽起來今年的導入仍按計畫進行，我們預期下半年營收會加速。你們能否讓我們大概了解一下，下半年加速的幅度會是多大？

Yeah, I mean, we're trying to get through all the planning and details around that. I mean, as I mentioned, I actually got into detail a little bit into the script about what it takes to onboard them. They're very large accounts. And so how they grow and where they grow, we have monitored.

是的，我們正在把所有規劃與細節梳理清楚。如我提到的，我其實在講稿裡也稍微深入說明了導入上線需要做哪些事。這些都是非常大型的客戶。因此它們如何成長、在哪裡成長，我們都有在監控。

Model all the account behaviors about what we think wjye don't give specific guidance, obviously, in that regard to revenue. But we do see uptick in all of them. They're all onboarding. After we can kind of get the floodgates open per se, we expect them all to be contributing in a more material way as the year continues. And we don't have a lot of those details because, again, right now, as we announced who they were last year and on the last earnings call, we're now kind of in the thick of it in terms of standing them up, building the product connections, doing a lot of the. That back-end work to make sure that we have good partners that are stable and going to generate that revenue. So, we're still working through a lot of the enrollment and projections in detail. We know what it looks like in a pipeline sense, but we don't know what it looks like in a detailed sense. But, Eric, would you like to add something to that?

我們會建模各帳戶的行為，來推估我們認為的情況；當然在營收方面我們不會提供具體指引。但我們確實看到它們全部都有上升趨勢。它們都在導入上線中。一旦我們可以說把閘門打開，我們預期隨著年度推進，它們都會以更實質的方式開始貢獻。而我們目前沒有太多細節，因為如同我們去年以及上次財報電話會議宣布它們是誰之後，現在我們正處於把它們建置起來的關鍵階段，包括建立產品串接、做很多後端工作，以確保我們有良好且穩定的合作夥伴，並能產生那些營收。所以我們仍在就許多投保/加入（enrollment）與預測進行細部推演。我們知道從管線角度看起來如何，但還不知道從細節角度看起來如何。不過，Eric，你要不要補充一下？

Yeah, sure. So, I think that, what we disclosed in the first release and also in the earnings script is that we have a $30 million worth of contacts that are now in mid-stage business.

好的，當然。我想我們在第一份新聞稿以及財報講稿中揭露的是：目前有價值 3,000 萬美元的合約，已經進入業務的中期階段。

And we know specifically about a few of those accounts that are launching by the middle of the year. And this is what put us in a place where we are confident about the most significant growth in the second-half of the year and into next year.

而且我們明確知道其中有幾個帳戶會在年中前後上線。這也是讓我們對今年下半年以及延伸到明年的最顯著成長更有信心的原因。

So practically, the accounts landed, we started to implement them in Q1 and will continue in Q2, but we see a few largest ones that are going to launch by July 3rd, and this is something that gives us more confidence that we're going to see higher numbers in the second-half of the year compared to the first half of the year.

就實務上來說，這些帳戶已經落地，我們在第一季開始導入，第二季會持續；但我們看到其中幾個最大的會在 7 月 3 日前上線，這讓我們更有信心：今年下半年的數字會高於上半年。

Okay, appreciate that color. And then my last question, I'll hop into the queue. It seems like consumer revenue continues to be strong growth, up 42% year-over-year and 24% quarter-over-quarter. I guess what's driving this acceleration on this side of the business?

好的，謝謝這些補充說明。那我最後一個問題，之後我會回到隊列。看起來消費者端營收持續強勁成長：年增 42%，季增 24%。我想問的是，這一端業務加速的驅動因素是什麼？

Yes, so this is something that's related to general demand that we are having mainly on our landscape product. Our landscape product is very popular. Users like it a lot and it's done a response to a larger demand around that product and the majority of the growth is coming from this product.

是的，這主要與我們的 landscape 產品所帶來的整體需求有關。我們的 landscape 產品非常受歡迎。使用者很喜歡；它對該產品更大的需求做出了回應，而大部分的成長都來自這個產品。

It's not just in the U.S. It's also selling out of the U.S. So it's only time for the global demand for this product.

不只是在美國，也在美國以外地區銷售。所以這只是這個產品全球需求的開始。

Recently, this volume that we're seeing in the direct-to-consumer market.

最近我們在直面消費者市場看到的這個量。

Also demand on the B2B side from clinics in the US, so we are exploring that as well. And that's good news and this product is very good and popular by consumers, so it has a lot of growth. So we think that we're going to see this year versus last year a nice growth from the entire B2C business.

另外，在 B2B 端也有來自美國診所的需求，所以我們也在探索這一塊。這是好消息；這個產品本身非常好，也很受消費者歡迎，因此有很大的成長空間。所以我們認為，今年相較去年，整體 B2C 業務會有不錯的成長。

Thanks. I appreciate the questions, guys.

謝謝。各位，我很感謝你們回答我的問題。

Thank you.

謝謝。

We have reached the end of the question-and-answer session.

我們已到達問答環節的結束。

This concludes today's conference, and you may now disconnect your lines.

今天的會議到此結束，您現在可以掛斷電話線。

Thank you for your participation.

感謝您的參與。