DarioHealth Corp. (DRIO) Earnings Call Transcript & Summary

All right. Let's go ahead and get started. Hello, everyone. My name is Adam Heussner, part of the Health Care Technology and Distribution team here at Credit Suisse. Thanks for joining us today. Next up, we have Erez Raphael, CEO; and Rick Anderson, President of North America from DarioHealth. By way of background, DarioHealth offers a comprehensive digital therapeutics platform covering multiple chronic conditions, including diabetes, hypertension, weight management, musculoskeletal and behavioral health, all within one integrated technology platform. We've got some prepared questions, but if anyone from the audience wants to ask a question, please feel free to e-mail me at [email protected], and I can ask on your behalf. With that, Erez, Rick, thanks for doing this. I definitely appreciate the opportunity to host you guys and looking more -- looking forward to hearing more about Dario.

But maybe to begin, let's just start with an overview of the business. You cover a lot of chronic conditions. You've done a lot of when it comes to M&A, which we'll get into later, but maybe to start, just give an overview of the platform, how it works. And I believe you started with diabetes, but it's evolved since then, so maybe you can give us some flavor there and then we can get into some specifics later on.

Yes. Thanks for the question, Adam. So the company started with developing the diabetes platform. And when we are talking about the platform, we are talking about the backbone that is mainly software, software application backed with AI technology. And on top of that, we have our own medical devices that are integrated into the platform. And we are also providing some level of coaching services by human beings that, in a combination of digital and also human being coaching, we are providing a very good coverage. And the idea of the platform is to help people with chronic conditions. And as you stated, we started with diabetes. And the idea is to make sure that we can help them manage their own condition in between the doctor visits. So the company started as a direct-to-consumer. We thought that one of the things that we want to do different in the industry is to provide solutions that are extremely user-centric. And I think that this is what's so special about what we have built. We started with the consumer first. And over time, we improved the platform in a way that we managed to get to a very good experience. We are top rated in the app store, like with 18,000 reviews at 4.9 stars, Net Promoter Score 77. So the idea was if we're going to get the users the best experience, is it something that they're going to use in a way that will help them improve clinical outcomes? And this is what we were proving for many years on the direct-to-consumer side. Until at some point, we made a decision to expand the platform, and I'm going to elaborate about it later and also transform the business from just selling direct to consumer into the payers market here in the U.S.

That's a great overview. Maybe just let's touch on some -- 2 acquisitions that you've done recently, 1 being wayForward for virtual mental health and the other being Upright Technologies in MSK. Maybe just give us an overview of those businesses, why you decided to acquire versus build organically? And how are you thinking about the synergy opportunity there?

Yes. So for those that are following the company for the last 4 years, I mean, we were very, very consistent with our strategy about the market. We thought that the market is going to go into consolidation, digital health and digital therapeutics technologies are evolving. And all of us are talking about personalization, we are calling it hyperpersonalization. And we thought that if eventually we want to get the best treatment to the users, it's not going to happen if we'll not be able to surround the user with everything that bothers him, including multiple conditions. And we also thought that when the payers like employers and health plans are going to buy digital health solutions, the style or orientation of dealing with chronic condition by chronic condition, that's something that is not going to be sustainable from a payer perspective and also from a consumer perspective, and we made a decision to expand the platform. It made it very easy for us to make the expansion of the platform on the metabolic side in an organic way. This is why from diabetes into hypertension and weight loss, we did it in-house. The platform was built in a very, very generic and open platform orientation. And when we have in mind how we're going to expand into the MSK and the behavioral health, we thought that acquisition is going to be a better and faster way, considering the fact that the main platform of Dario is easy to integrate. So we made a decision to make this additional 2 conditions by acquisitions. So we expanded from like 3 conditions to 5 conditions. One acquisition was done in January. The second one was done in May. And one of the things that we did very -- in a very effective way, we managed to get the Upright solution to repackage it into a full MSK, integrate it into the Dario platform, and we did everything in 9 months. And we are doing now the same with the wayForward acquisition that will be integrated by the end of this year. So practically, I mean, for our shareholders, this was a very valuable move as we did these 2 acquisitions, mainly with equity, and now it's being integrated into the platform.

Got it. That's very helpful. And Rick, we'll have to get you here involved. So maybe let's touch on where you sell into from a geographic basis? You've obviously got the U.S. business, but maybe touch on what you -- internationally? And then Rick, maybe you can touch on where the focus is here in North America.

So in terms of geographically, our primary market is the U.S. We do have some operations in Canada. We do sell some in other jurisdictions. And as Erez was mentioning, we do have the authorizations to sell in a variety of different places. So we do so in Australia, the U.K., a few other places. But the vast majority of our business is here in the U.S., and we're primarily focused in 3 channels here in the U.S., 1 being health plans and they're fully at-risk business, which is somewhat unique in terms of Dario's focus versus some of our other companies that are coming in this space in terms of they've tended to focus only on the self-insured employers, and we have been in focus on health plans. We also have a separate focus on self-insured employers and we work with health plans in that context as well. And we've seen -- first, a lot of announcements from us lately. Obviously, as we're going through the 2021, launch in 2022 sales cycle for self-insured employers for benefits. And we've had a series of announcements related to that. We've had a significant amount of growth in that area in the last couple of months. And we'll be launching those. Actually, we launched one yesterday but most of those will be launching in the first quarter. And then we also are selling into the provider market, primarily for remote patient monitoring technologies, some of that related to Medicare codes that the CMS approved at the beginning of 2020, so taking advantage of being able to provide that technology, and in some cases, coaching to providers to be able to access those codes as well as really to provide the technology that enables providers to see what's happening with their members in between visits. Because really, at the end of the day, chronic conditions, and this is true no matter what the channel is, chronic conditions is what happens between doctors' visit. So the ability to generate that data provided to providers is valuable on top of the personalization engine that we're driving that enables people to better manage their chronic conditions.

That's a great overview as well. So you started with direct-to-consumer. You've evolved and then going into the health plan, the employer channels in the hospital, health system market. Will -- I mean, maybe just talk about where the focus -- I guess, where most of the growth has been coming from and where you expect that mix of business to evolve moving forward? Like were you always offered that direct-to-consumer piece? Or is that going to just eventually just kind of evolve into employees or members getting their chronic care management solutions through their employer or health plan or in their hospital. Maybe just give us some flavor there.

Yes. So we -- and we will continue the direct-to-consumer business. Part of that is supporting the base of customers that we already have out there. But in addition to that, really, if you think about personalization and what that requires and as things evolve in terms of what you're trying to do as we go multi-condition, more and more, et cetera, it gives us the ability to really put things into the market and see the way that the market responds to this. I mean, I think one of the things that's really unique about Dario is because it went direct-to-consumer first, we had to solve the hardest problem first, which is the problem of how do you change people's behavior and give them a benefit because nobody is going to continue to pay out of their pocket for something if they're not getting a benefit from it, right? So the product was actually developed -- Erez likes to say this, and I think it is true, is that the best product manager is the person who's using the product and the direct-to-consumer market really gives us the ability to leverage that and continue to generate data for the AI engine at a high rate that enables us to then factor those learnings back into the entire product, which includes on the B2B side as well. So we will continue to do that. What we really see is the B2B growing, we've announced the first major health plan, which is 1 of the largest national plans or the top 5 plans. And then as I mentioned just a minute ago, we've seen a series of the employers that are coming online. So the B2B is going to grow to be -- get to be more 50-50 and then we'll exceed the consumer side of the business over the next year, [ 18-month ] process, and we're going to start seeing that growth really from here going forward as it goes from probably about 10%, 15% of the business to 50% and then probably 65% of the business in that time frame.

Got it. Okay. That's very helpful. Can you just talk about some of the ROIs that you're generating for 3 enterprise customers and maybe how important that is as to their decision? When you compare all the different solutions out there in the market, how big of a, I guess, of a data point is it for an employer or a benefit manager to say, hey, based on historical data, Livongo offers X, Dario offers Y, let's go with Y? Maybe just give us some flavor on the importance of the ROIs and historical databases and then how you can kind of flex and show the employer how you can deliver a certain ROI for them based on their populations and the solutions you can offer them.

Yes. I think that a little bit depends on the channel that you're talking about. Health plans are very ROI focused. I think that's one of the reasons why you haven't historically seen [indiscernible] penetration into that market channel. And by the way, we really focus on as well. So health plans, we care about the ROI a lot. That's their primary endpoint. They do care about experience, they care about engagement, but that's the primary endpoint. Employers are a little bit more, while ROI is very important to them, they still also focus on other things because employee satisfaction, presenteeism/absenteeism, a lot of what we would call kind of the softer ROIs, as long as you get the harder ROIs, then those things come more into play and they care more about those experiences. Because they care about things like the integrated platform because members get a better member experience because they're not going from one vendor to the next vendor to the next vendor. I have 5 apps to manage my chronic conditions. I've got one app and it all kind of looks the same and it flows back and forth. Much more important in that marketplace. But really, we're looking at clinical outcomes as tied to ROIs, and that's the way the most folks are doing it in this industry. So if we, for example, took and we looked at diabetes as one potential area, our HbA1c reduction is almost twice as high as Livongo's. And that makes a difference because that means that the ROI should be almost twice as much as well. So I do think that, that plays significantly. And adding to that is the fact that the studies that we have that demonstrate our ROI reduction are large, almost 40,000 people and some of them 2 years in length, and we have a couple of those studies plus other studies that back that up. So we've got deep clinical evidence that suggests that our ROI outcomes and our clinical outcomes by the way, across the board for a metabolic suite, especially are superior to those others in the marketplace. So you get the direct-to-consumer experience, which gets you high member engagement, which is key because if people want to engage with something that doesn't matter. And that's part of the reason why we also bill our customers on an engaged member basis. And I think you're going to see more people moving in that direction because the industry has looked at it and said, hey, we feel like we're getting charged for people that aren't engaged. So we took that approach out of the get-go and partly because we have a high level of engagement. 80% of people are retained on the platform over a year based on our historical data. And so when you're able to do that, you'll be able to engage with people, give them a personalized experience, then you're able to drive those clinical outcomes much better.

Got it. No, that's helpful. And maybe just to piggyback off of your point about the pricing there and how you're going to market with this enrollment-based model. So is it fair to assume like everything beyond the mental health product you have is being sold in like a per participant per month kind of fee? Is that how it works?

There are primary pricing for bundles where we have where we're offering the platform together. And really, that's the entire suite of products where we also offer it in different combinations and what we see in the marketplace is that we're not seeing nearly as many -- roughly 2/3, for example, of our entire pipeline is for multi-condition deals. And in those cases, we are offering our per engaged member per month. So we define upfront what activities are considered engagement generally, if you think about it as things people would do that would actually indicate they're using the platform. So they're coaching on it, they're reading articles. They're doing things that are not passive. So they're actually taking an active engagement with the platform. We're building on our per engaged member per month. As you suggest in the behavioral health space, we're doing behavioral health stand-alone given the products that we have there and the fact that we have a screening engine that enables people to access more care at a lower cost point. Often those transactions are being done on a per employee per month basis or a per member per month basis.

Got it. That makes sense. And I think it maybe just a last question on this pricing dynamics. I think you had a impressive presentation, there's a lot a draft that shows a $60 PEPM for a single condition and then over here, you have an $89 PEPM for multi-condition. So is that $89 taken into account this year kind of your average enrollment across all the solutions? Or I guess, what's comprising that fee versus the stand-alone $60?

So the stand-alone $60 would be a one condition type of fee. So if you were doing diabetes by itself, it's $59 per engaged member per month. If you want to do the entire suite of products, then really what we're doing is gaining efficiency off of the platform. So instead of like taking that over and on top of each other, it's $89 and that would include access to our entire metabolic suite. So diabetes, pre-diabetes, slight weight management and hypertension plus MSK plus behavioral health. And so the graph you're referring to in the presentation is really showing that we're going from 8% to 10% prevalence rate in terms of diabetes to roughly about 40% of the population would be eligible if you take the entire suite of products. So when you do that, you're going to run somewhere between 5 and 7x more depending on the exact composition of the underlying population.

Okay. Got it. So let's talk about some of the enrollment strategies that you guys use. So obviously, having to go direct-to-consumer, that's obviously a hard market to get into. So marketing strategy has to be very good. So talk about how you've kind of brought some of the best practices from the direct-to-consumer space and to making sure that people and their employee benefit plans, their health plans, that they're getting engaged through their benefits. So maybe just give us some flavor on the marketing and outreach initiatives you have in place to drive that enrollment?

Yes. No, I mean, I think that's a great question because that speaks to how you get people into it to start to engage and so that's the beginning sort of pipeline in that process. We run really a multichannel approach to that, that we call digital first. So multiple channels means e-mail, SMS to the extent we can do it, phone calls, U.S. mail, and we really look at the population and how fast populations have responded to different outreaches, different messages, really understanding that people are more than their conditions as part of that. So the team has a deep expertise in understanding how to motivate, unmotivated populations to do things and recognizing that what matters to people is more important than what's the matter with people, and therefore, the messaging and how you do that and how you create that and then doing that the multichannel, how do you want to receive your communication? Do you like to get things via e-mail? Do you want to see things via text and the system actually learns over a period of time. So it has a base level of learning, but every population that we push through it enables us to learn more about that particular population and adjust to the way that they respond to communications. And then once people enroll, we take that forward as part of the dynamic personalization as well.

Got it. That's very helpful. Maybe just the last one on enrollment and marketing strategies, then we can move to another topic, but maybe just talk about how much artificial intelligence and different types of technology you're kind of bringing into the enrollment strategy to identify who might be best suited for these programs and then pinpointing who they are and trying to resonate with them. So they know that their -- those benefits are available and that they're actually helpful in terms of managing their condition.

Yes. So right now, we are not using a lot of AI as it relates to identifying conditions that otherwise could not be identified. We're actually creating our enrollment strategies a little differently. And that's based on what our customers are asking of us, where we're really looking to use more AI/machine learning is around the places like as you suggested, and I just mentioned a minute ago, which is what do people respond to. And I think what's different about what Dario is doing in the space and what other people are doing is the fact that lots of people are using machine learning to set up cohorts of people and say, okay, we've got, whatever, half a dozen, a dozen cohorts. And Adam, you look like cohort A, so you're going to get journey A from start to finish throughout the process. What we do is we start with that process and say, "Hey, Adam, you look like group B." But then you start responding to the platform and the platform learns as to how you respond. And it's across basically 6 different domains, that includes things like content center channel, et cetera. And it learns over a period of time and as you change over a period of time because what you're willing to do today, you may have to be willing to do tomorrow and vice versa, how you respond, it's really depending on both the state of your disease, where you are in your life at any given point or what you're doing and other things that happen. So for example, if you're -- you've decided you're going to manage your diabetes and you're going to be the one managing your diabetes and also you hurt your back, you're not going to manage your diabetes. And if you just keep going after somebody about managing my diabetes, no, my back's hurting, right? So the ability to shift into that and really help a member through that is what helps us keep the numbers engaged. So we refer to that as dynamic personalization. So we're personalizing over a period of time. It's not just one journey and then we -- maybe we customize or personalize some messages that come into the site, the actual journey changes as people go through in the process. And that's where we're really looking to do it because if you want to engage people, you have to provide the value throughout the process. And that's key to doing that, is making those recommendations personal to folks that have meaning to them.

So over the past number of weeks and months, I guess, you guys have announced several new contract wins like you said in the -- earlier on in the conversation, large health plan, some national employers. Maybe just talk about what's resonating in the market for Dario? Is it the multiple conditions that you guys are able to offer on the platform? And maybe just talk about how -- what's resonating with Dario versus some of the other solutions that are out there?

Yes. I think it's really the things we've been talking about. So it is the fact that we are direct-to-consumer first, high member engagement. Both health plans and employers have recognized the value of engagement over the last, say, half a dozen years. They've really seen that as they brought things in and people engage with them, they stop, "Hey, this was a great solution, what happened?" Well, nobody cared because they didn't use it. So I think that that's -- the high levels of engagement, the high levels of member satisfaction is part of it. Definitely, the clinical outcomes that we're showing and the amount of data, the number of studies, the 22-plus studies that we've got now that are out there that are supporting the clinical outcomes, I think that's important for people, understanding what we're doing, how we're doing it and those superior clinical outcomes. And then really around focusing on engaged members versus just enrolled members. It has really been sort of part of the key in terms of what we're doing. So I think that's what's resonating. And then on top of that, really the suite of services is what's been resonating.

And are these competitive takeaways? Or are these just greenfield wins that you've come across?

It's a combination of both.

Okay. Got it. That makes sense. So we've touched on this a little bit already, but I think I will just ask kind of direct questions about the competitive landscape just given where we've evolved from pre-COVID, during COVID to now. Maybe just talk about how your solution, you've already talked about it a little bit, but how is Dario differentiated relative to some of the other companies out there, whether it be Livongo, Teladoc or Omada? Maybe just give us some plate on what you think are the kind of the key components of your differentiation?

Erez, do you want to cover the...

Yes. Sure. So I think that the markets have like 2 main segments, and I say that sometimes investors are confusing the virtual care. They put everything into one bucket. So when we are looking at the Teladoc kind of solution, American Well and others, they're providing a few what is called telehealth. They're trying to scale up the capabilities of the health care professionals. And I think that companies like Livongo, Omada, Hinge, Dario, are trying to provide solutions that are more consumer-centric digital therapeutics, and they are trying to scale up the treatment of chronic conditions from the user's centricity. These are the main 2 categories. We belong to the second category. And then on the second category, to your point, Adam, the companies like Livongo, Omada, Hinge, [indiscernible] and others, I think that there are a few key differentiators. Number one, and I think that this is where all of us are trying to be the best, is the user centricity and how you can get the user by providing the best user experience to be more engaged and eventually to get a better outcome to help insurers with delivering better outcomes. And I think that this is one big differentiator. The second differentiator, and by the way, this speaks to each of the single conditions that we are doing the best in order to be better in each of the single conditions. The second differentiator is the combination of the platform into one integrated experience. And it's not just a user experience in terms of utilizing the application and the user journey it's also the clinical aspect of integrating the clinical objectives per user across the conditions. So I think that number one is something that we worked on for the last 10 years, building this platform to be the best in terms of user experience, and I think that we did a very nice job here. And now the second differentiator that is getting growth -- that is growing now is the multi-condition under one platform. If you're going to compare a head-to-head, you're going to probably figure out that -- we are one of the only in the industry that have all these conditions integrated under one platform.

Got it. That's very interesting. What are you -- I mean, putting it like the pure-play digital health solutions aside and maybe moving to like what the health plan, own solutions are offering. So like, for example, UnitedHealth in level 2, what are your thoughts on these health plans kind of owning their own solutions and selling those to their own populations or employers? Do you see that as a big competitive threat here? Or is that something that's more noise than anything?

I think that there are some solutions that are being offered out there. And you mentioned one that is kind of more specific to a particular condition, but what you tend to see more out of health plans is what I would call a broader-based approach. And what you -- what people are talking about in the industry, there's sort of this balance between, hey, I want less vendors offering more solutions, more integration which we speak to the health plan people. But the health plan folks would say, the sales folks are out there saying, "Hey, I can't compete with these real deep point solutions that have expertise in these particular areas." And then the flip side of that is the point solution folks are talking about, hey, I'm finding it hard to compete with this broad base of offerings that these people have. So we've really sort of taken the approach of taking point solutions. And I think that's part of the reason why acquiring the solutions, going back to the question you asked a little bit ago, is -- has been important to us is because we've acquired the point solution experience rather than try to build it from scratch. And that gives us the opportunity to offer a suite of point solutions rather than a suite of product, if you will, in terms of being less deep in each of those areas. We're deep in the areas in which we're offering things on the platform. I think things like level 2 certainly have their place. They're focused on specific outcomes and their -- the way that they built these programs are really kind of narrow relative to the overall population. And I think we're going to continue to see those kinds of things in the market. And so everything that creates noise is in a way, competition. But I think that the opportunity to provide an integrated solution for folks across those because if you look at the comorbidities of things like diabetes and hypertension, or diabetes the states that have come out recently and they talked about diabetes causes, but you have a high comorbidity between that. And then if you take behavioral health, if you believe some estimates upwards of 70% of people with chronic condition have a behavioral health condition. So trying to treat those pieces in a silo, really, in our view, will always result in less of a clinical outcome that you're looking for. So yes, they create noise. Yes, bigger competition to a certain extent. We don't see things like level 2 in the marketplace. What we tend to see when we're competing head up is more like point solutions. And actually, it's interesting in that some of the competition, some of the deals that we've won in competitive bids lately for larger companies with larger benefit consultants has been they're looking for multiple conditions, and Dario keeps appearing on each page, but we're competing against different people as you look through that solution. And I think that's one of the things that's key in terms of our recent success.

Got it. No, that's very interesting. I think going back to these deals that you've done with wayForward and Upright, covering mental health and then MSK, which both of those areas are, I think, have a lot -- like covering as a solution set have a long-term tailwinds even beyond COVID, especially mental health as you think about just where what kind of impact COVID had on people's mental state. So I guess more recently, and I guess, what are your expectations for types of prevalence beyond COVID as people want or just kind of stick and tired of COVID in general and the impact it's having on unit health. And then number two, with the MSK market, obviously, people are sitting probably in office chairs more so. I know my back has been hurting lately. So like how do you think about post-COVID and how those markets are going to be impacted and the solutions you're able to offer to these people?

I think COVID has -- time will tell, right, in terms of how things evolve. But I think COVID has changed some things permanently and I think it has created visibility into other things. So if we talk about behavioral health, we've continued to see the demand to be strong for behavioral health offerings. In part, that's because behavioral health was unrepresented previously. Diabetes has been a focus for a long period of time. For folks, they know that it's prevalent. They know that it's expensive. We've really seen a surge in terms of more acceptance around behavioral health, which is important and fantastic, and we're glad to see that. There continues to be a better and better understanding. I have been working in the behavioral health field for 20 years and just the understanding and acceptance of the integration of behavioral health with the other pieces, I think, continues to expand even now. So the demand for behavioral health will continue to be strong. But I think what we're going to see is it's going to evolve in terms of really saying, okay, it's not just about how do I help my employees today that are dealing with the stressors and the realities of a world with COVID in it to how do we help with resilience, how do we expand what we're doing for behavioral health? And how does that impact all of their other conditions? Because I think that the understanding of that is increasingly getting higher. MSK, one of the things that's unique about the product that we have is we're using a single sensor to do essentially digital physical therapy in our DarioHealth solution, which we recently announced that we pushed out and Erez mentioned earlier. But also, one of the things is that single sensor then snaps into a necklace that we use as part of the posture solution. So it enables us to actually say, "Hey, if you're working from home and you have issues with posture and things of that nature or if you're talking about occupational health and safety, there's applications there. You're talking about digital, physical therapy and the fact that more people completed doing it digitally than otherwise, we have that solution there. So it allows for [indiscernible] that I think that we are going to see, which is more of a combined work from home, work from the office, how is all of those things going to work, where CFO is going to want to continue to pay office rents. Some of these things are all open questions and I'm sure the pendulum is going to swing back to some extent. But I think we have solutions across the board to help folks manage that. And that's part of the flexibility. We don't presume at somebody's digital strategy and digital health strategy. And that's why we will deliver 1-point solution. We'll talk to multiple solutions in an integrated solution. And hey, if you want us to integrate with some other portion of what you're doing, you have your own coaching operation. We're the only company that will not only like new coach from our platform, but we will give you an interface to do so or integrate our data into what you're doing. So I think it's that flexibility to mainly deal with the environment that's going to be changing over time.

Got it. And maybe just a couple of last questions here before we can wrap up. One around just the selling season in general. I know when Teladoc had their earnings report a few weeks back, they're telling some benefit managers have been very focused on the return to work and that might have had a slowdown impact on some of the selling cycle momentum for these chronic care management solutions. Have you guys seen that in the marketplace and kind of trying to bridge that with all the deals that you've been mentioning. So maybe just talk about what you've been seeing out in the marketplace as these benefit managers think about the return to normalcy, I guess?

Yes. I think COVID has had a variety of different impacts over a period of time, and it's a change, right? We all go back to the office and the way it comes in, the new wave it comes in and then everybody rethinks those strategies and starts thinking longer term. Each of those things, yes, does have an impact on what people are focused on. We've seen deals have gotten pushed to next year because they just didn't get started on them fast enough and so they decided to now we're going to do it next year. I would agree we did see some folks that were focused on the back to work. That was a big topic. Actually, we focused on that from a behavioral health point of view. So we leverage our behavioral health solutions in that context of helping employees go back to work managing anxieties associated with that. But at the same time, I think we've maintained a high level of momentum in the market in terms of closing deals. We announced our first full suite deal, et cetera. So there are definitely still activity in the marketplace. And our ability to expand from where we were was still significant, but I would agree that those forces are at play in the market. And we probably would have seen even greater levels of activity, if that had not been the case. And we're excited. Honestly, when I sit here and look at our platform in our pipeline right now, I'm excited about the fact that the number of things that are already working for on the January 1 time frames and also into 2023. So we've got some really nice traction in those spaces as well. So even where there has been people who said, no, I'm going to focus on it later or no, I'm a July 1 renewal date, we continue to get traction in those areas as well.

Got it. And maybe just -- I got a question here from an investor asking about have any other integrated medical devices that are in the works? Obviously, you got the device from Upright, but any other devices we should be thinking about from an integration standpoint that you guys are kind of contemplating rolling out here?

I think the platform is open by design. So first of all, we didn't integrate any devices into it that we want. I mean we talk about our own blood glucose monitor, but we also have other people's blood glucose monitors that are integrated into the platform. The usual question here is, are you going integrate a CGM into it? We've had substantial conversations. We have the ability to integrate a CGM. There will be one coming at some point no matter what, just because it's in process. But the reality is, right now, we're not going to be being asked for CGM integration. And a lot of that has to do with the cost and the reimbursement of CGM and how does that play into the type 2 market? Obviously, Dexcom was pushing card as our other CGM companies into the type 2 market, and I think we'll see that evolve and we definitely will have a CGM integrated at some point. And then really, it's just a matter of what are the -- we look at opportunities through the lens of -- because we view ourselves as behavior change a software company, it is where do behavior get years drive an outside impact on the outcome of the clinical condition? Where is it a pain point for our customer? And where do we think we can have an impact? And when those things intersect, those are the opportunities that we look for. So really, it's entirely possible we will see other medical devices attached, but it's really driven by condition states and the ability to deliver value to our members and our customers, more so than just saying, "Hey, we have to have more devices connected to the platform.

Right. That makes sense. And as we wrap up here, anything you may have missed that you want to highlight? Or maybe just call out what are some of the most misunderstood things about Dario or this market that you'd point to?

Yes. I think I touched it, the whole mix of virtual health and mixing up between digital therapy to telemedicine and telehealth, I think that we are just at the beginning of consumerization of health and technologies that companies that are bringing technologies around digital therapy and digital health, is where the future is. So...

Awesome. Well, this has been great. Thanks so much for participating this year and looking forward to hearing more about DarioHealth. And thanks, everyone, for dialing in today, and we'll talk to you soon. Thanks very much.

Thank you.

All right. Take care.