Thank you, everyone. We're gonna go ahead and get started. So if you can grab your seat. We appreciate so many of you joining us today in person. It's great to see so many faces in the room. I'm Mary Mooney. I'm the Vice President of Marketing here at Dario. Before we begin, just a little bit of housekeeping. I'm going to ask Chuck Padala to come up and read our forward-looking statement. Thank you, Mary, and good morning, everyone. Thank you for joining us today for DarioHealth's Investor Day on the Rise of Digital Health. Before we begin, during today's event, we may make forward-looking statements. Actual events or results may differ materially from those projected as a result of changing market trends, reduced demand, or the competitive nature of DarioHealth's industry. Such forward-looking statements and their implications may involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected. For example, when we discuss DarioHealth's growth potential and return on investment, potential market opportunities, the potential benefits of its arrangement with Sanofi U.S. and its potential contract value and revenue, we are using forward-looking statements. The forward-looking statements discussed today are subject to other risks and uncertainties, including those discussed in the Risk Factors section and elsewhere in the company's annual reports on Form 10-K for the fiscal year 2022, and on the quarterly report on Form 10-Q for the second quarter of 2023. As a result, as well as its filings with the SEC. Additional information concerning factors that could cause results to differ materially from our forward-looking statements are described in greater detail in the company's presentation and the company's other filings with the SEC. In addition, certain non-GAAP financial measures may be discussed during this call. These non-GAAP measures are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance. Management believes the presentation of these non-GAAP financial measures is useful for investors' understanding and assessment of the company's ongoing core operations and prospects for the future. Reconciliation of these non-GAAP measures to the most comparable GAAP measures is included at the end of the presentation. With that, I'll hand it back to Mary. Thanks, Chuck. So I know everyone in the room is somewhat familiar with Dario. Before we dive into today's presentation, The Rise of Digital Health, we have a quick video. So this is just to give you all an overview or an understanding of Dario's digital health solutions and the multi-chronic platform that we are sharing in the market today. So that video represents an incredible amount of progress in the last three years since Dario shifted away from our core focus on direct-to-consumer. So over the last three years, as you saw in that video, is that we've been building this multi-chronic suite. Year one, we started with two acquisitions, and we're able to then incorporate behavioral and musculoskeletal health. Year two, we hit our goal of 100 commercial contracts with employers and health plans. And this year, we are leading the market in clinical research on the impact of digital health. And you'll hear a little bit more about that today as we begin the presentation. And, we had some wins personally as well. I'd like to welcome our CEO, Erez Raphael. It only took him two years to correct me on how to say his name, two months for him to learn I'm Mary and not Marie. But, very excited you could benefit from my experience. It's Erez Raphael, our CEO. Thank you, Mary, and thanks, everyone. I'm very excited to be here, see a lot of faces like this. Why we are doing it today? After a few years that we are running most of the things virtually and talking, and meeting, and so on, we felt that it's gonna be a good opportunity to meet other team members. This is reason number one. So, we expanded the team. The team is much larger today and much powerful today. So joining me today, you know, all of you know Rick Anderson, the President of the company. We have here also Eitan Shay, who is the Chief Product Officer. We have Matt Alberico, SVP Growth. You already met Mary, our VP Marketing, and we have also Arnaud Robert, who is a Strategic Advisor for the company and former CIO, CTO at Sanofi. And we have also Felix Lee, who is leading clinical at Sanofi. So you will have opportunity to hear from firsthand from all of us. Reason number two why we are doing it is because we're always telling you about the clients, we tell you about the members. They like us, they love us, and so on, but we wanted to give you a first-hand impression that people are really like the technology. And it's not just the members, it's clients, it's also partners, and we're gonna give you a few videos and few people in live that will talk about what they like about Dario. The third reason why we are doing this Investor Day is that we wanted to have the opportunity to dive deeper into some of the things that are happening, to get into some metrics, and to provide additional information that will help you understand where we are standing in terms of our involvement, and how we think digital health is gonna shape in the future. So for those that are interested in Dario, it's a huge opportunity to get more knowledge. For those that are interested in digital health, I think that aggregatively here, we have more than, I don't know, 150 years experience in digital health between all the people that you see here. So it's a, it's a, it's a good opportunity. So just to set the stage, you've heard the story from multiple angles, and I wanna set the stage with a kind of common ground before we're gonna listen to everyone. We were trying to figure out the most complicated way to present the company, and the way to think about it is that at the middle, you see this infinity loop. This is how we developed the product. We said, "In order to build a product that is consumer-centric in healthcare, we need data." Data is key point, and in a lot of cases, we have been asked by investors: "Can someone replicate you in the next two years by investing $150 million, $200 million, $300 million? We think that the answer is, is no, because they'll need a time in order to build what we have built. Because for many years, we were operating as a direct-to-consumer company. We collected data that fed our engine that was building this product. And after more than 50 versions of the product, and 43 clinical publications that we did with real world data, we created probably one of the best product in the market. If we look into the App Store, we have 23,000 reviews, it's 4.9 stars. Net Promoter Score, 77. And this was done in a very unique way because we started direct-to-consumer. Think about it, seven years ago, it was not straightforward that a company that is building healthcare will go direct-to-consumer. Because healthcare start with doctors and then goes to the patient, but we did it the other way around. We said everything should start by the member, by the patient, and then we're gonna go to the payers, and this is what we did. And you see the flywheels surrounding this infinity loop, where we started from B2C, then we moved to employers and health plans, and today we have huge clients like Aetna. We have contracts with the Blues, we have partners like Sanofi, and this is a real huge recognition by the industry. So here you can see the movement from B2C to B2B2C, and also the pharma that are supporting the business and leveraging on the data that we are creating. This morning, we published another big clinical publication. It's the third one that was done by Sanofi, that hired a third party, and we're gonna talk about it here. So before I'm handing it over to Arnaud, a few things that you're gonna hear along the presentation, and you're gonna hear a lot of... But a few main things that I want all of you to remember. Number one is that we are probably developed one of the best products in the market, and it's not just me saying that. We have the clinical publication based on real world data that is proving it. And today, we published publication number 44. Number two, we probably played it right between the B2C to the B2B2C. Today, we have one of the most comprehensive solution. It's not just direct-to-consumer and consumer-centric, it's also multi-condition that is covering multi areas, which is where the market is going. The market is not willing to adopt any more point solution, and we are supporting five different conditions. So that's point number two, and we proved to be right because we have series of time. Number three, the business is heading in the right direction. Gross margins are above 70% for the core business. Everything that we were talking about two and three years ago, about building something that is more effective, that is very lean in terms of OpEx, gross margins that are improving, losses that are going down toward profitability. We're executing toward this direction, and we're gonna talk about it later when we are getting also to all the time. And with that, I wanna hand over to Arnaud Robert. Morning, everyone. I want to talk to you about the acceleration of digital health, and this is an industry perspective, to be clear. So give you kind of a bit more context about where the industry is heading, according to what we're seeing in the market. We'll do it in three very simple points, but before we get there, just give you a bit background on myself. I worked a lot on the consumer space with some of the brands that you may recognize on the right, but also started actually my career in wealth, wellness management, and I moved to Sanofi three years ago, where I joined the digital office, where I met Dario. Actually, the story continue. The first observation of why we're seeing an acceleration is that healthcare is truly going to shift to value for money paradigm. So if you look on the left side, the goals of healthcare have really not changed for the last 5-10 years: improving outcomes, optimizing costs, engaging consumers. The problem is how, how is that reflected in reality? When you see on the right side, the reality is completely different versus those objectives. One, consumers perceive that the quality is going down, and on the, to the right side, employers are seeing the cost going up. So the first reason we're gonna see the acceleration of digital health is that we're having a rupture in the value cost equation of healthcare today, and it's very clear that it's not sustainable, and lots of reports from third parties will prove that theory. The second observation is actually digital health is a game changer, and it has evolved quite a bit in the last few years, right? So you have to go back a few years ago, like was and versus what it is now. On the left side, get the central piece for a second. What are the three things that are really necessary for the healthcare system to attain the objectives that we set in the first place? There's three things: consumer centricity, it means engagement, it means adherence to treatment, and it means personalization of those treatments over time. Second thing on the bottom left is data, and Erez mentioned data quite a bit. But when you look at data, it's not only a single point of data, it's what is that data for that consumer across time, the journey of the consumer. And so longitudinal data is involved. That's very critical because that can feed algorithms, whether it's artificial intelligence, et cetera. It feeds algorithms to understand the behavior of patients. Then the third one on the right is obviously moving to a Value-Based Care, improving outcomes and at the same time, optimizing cost of delivering that outcome. Why is digital healthcare in the middle? It's literally the only solution that can provide those three aspects in an effective way and a scalable way. So there are two things, right? Effective and scalable. There is no other solution that can do that. And so that's why we really think that it's a game changer. That being said, there's still a few challenges along the way, right? It's not a perfect solution yet, and a few, two things that are quite important. One is fragmentation. Too many solutions out there, complicated for employers and health plans to navigate the number of solutions. Just as an example, about 66% of employers, about the same for health plans, feel that there needs to be consolidation so that they have less vendors to deal with when they offer solutions to their consumers. Second one is clunky experiences. Until very recently, and we'll see some with Eitan, we'll see some of the Dario work and effort. If the experiences are too clunky, then you don't get consumer centricity, you just get consumer reach, right? And then the third one is unclear outcomes. Until very recently, and Erez mentioned some of the studies that were published with Sanofi, while I was still there, is it was not clear what was the outcome. And you can't really measure outcome through engagement. You have to measure it in terms of what's the actual value provided to the patient, what's the cost savings associated with that delivery. That's number two in the list. Number three, we're seeing that digital health investments are early signs of rebound. And so on the left, kind of the volume and the size of deals that were happening obviously peaked around 2021, went down. Now we're seeing in Q2, it's starting to go back up. On the right side, you're seeing some of the big deals happening. Two things are really important on the slide. One is the average deal size in 2023 is the same as what it was when it peaked in 2021, which means investors, companies, et cetera, are seeing the value still of digital health at the same level that they were seeing it in 2021, which is quite important. The second phase is that if you look at all the big innovations happening in the last 15 years, you can think of the internet, you can think of iPhone, you can think of AI in today's world. It's very, very systematically, you overestimate the short-term impact, and you underestimate the long-term impact. Same things for all those things. You overestimate the short term, you underestimate the long term. We feel that an inflection point, exactly at the moment, where this goes from the short term to the long term, from overestimating to underestimating. The three points why we feel the acceleration is happening right now: One, rupture of the value cost equation for healthcare, not sustainable. Two, digital health is truly a game changer to solution the patient centricity, the data, and the value care. And three, we're seeing signs of rebound in the industry, and that's quite exciting, obviously, in terms of potential investment. With that, I will turn it to Rick. Thank you, Arnaud. Welcome, everybody. Several folks in here would have heard me talk about our Sanofi relationship, but it is strategic relationships that we are most excited about that we've done over the last couple years. We're getting near the end of our second year of this. It's a $30 million, five-year deal. It's composed of three parts, the first of which is we're co-selling the Dario solution into their customers. So we instantly got a sales force of about 25 people in their market access team that is selling into health plans and PBMs. We saw the first customer come out of that a couple of months ago, a PBM that we launched, that has a number of existing people on their platform, but is also rapidly growing, and they're making Dario an opt-out solution for the go-forward solution. So we expect that we're gonna see a bigger lift of that in the future. And we also are excited about the other PBMs, and Matt will talk about this some later in the presentation, that are in the pipeline that we're expecting moving forward. So they really gave us a lot of access to PBMs that Dario, standing on its own, would not otherwise have on top of the health plan relationships it already has. The second part is that they wanted to understand some of their ideas and see how those played out on our platform. One of the key elements in the original deal was the high level of engagement and the number of members that we have on the platform, and, and what that means in terms of how those features and how they're able to to look at those. We've completed the first set of those features. We've tested them into the B2C part of our business. They played very well, and we've moved them into the B2B side of the business. Lastly, and the one that I wanna focus on today, has really been the data. So they took all of our data. They went to a third party. They've conducted studies that are some of the most rigorous studies that have been done in the digital health space. The key element of this, and the rigor associated with it when you're doing these kinds of studies, is the ability to go back to, as Arnaud just mentioned, health plans, which are very discerning in terms of the quality of the data. They're very sophisticated in that area, and really look at that. We believe that that's the key. 'Cause if you look at digital health and health plans so far, you see health plans selling through digital health solutions, self-insured employer customers, but they're not using them in their own at-risk populations. We're just starting to see that. If you look at Dario, for example, we have three Medicaid plans at this point where they actually have it in their fully insured population. That is unusual in the industry, and the data that's coming out that Sanofi has done, both on the clinical side, which showed a significant and meaningful difference, as well as the fact that, we're seeing it on the financial side. So with that, I would like to ask Felix and Mary to come back up and talk about the studies that we have. So yes, we're very excited. As you heard Arnaud say earlier, we have Felix Lee here with us from Sanofi. And Felix, in your role as heading up digital research for Sanofi U.S., you do a lot of surveys of the market, really understanding what data is out there. Could you give us your perspective on the state of evidence today in digital health? Well, Mary, so digital health in terms of the evidence landscape is quite nascent because digital health is an ecosystem of players made up of mainly smaller players. And the data that you get and the evidence that is being generated are by these companies who have been able to amass users so that they can analyze data, which typically ends up being within their own solution, and so you look at before and after effects. And there is not a very easy way to compare to outside versus non-users. And so we see a lot of that in the digital health space. And so it's quite nascent and very different to how we see how the evidence landscape for pharmaceutical drugs, for example, you know, typically looks. A little bit immature compared to the pharmaceutical industry. Yeah. Very much so. And, and at the same time, what I would say, though, you know, in the non-prescription digital health solution space, where, you know, evidence is not mandatory, you know, Dario stood out to us even at the beginning as being very data-focused. You know, they already have generated a lot of populations, even before our, our relationship. So I think what we're discussing here is really, you know, stepping up from good to great. Good to great. Yes, I like that. So when we partnered to raise the bar for evidence generation in digital health, we had a specific approach to do that. Could you share a little bit about the strategy for our research initiatives? Yes, and that's really going back to our roots of understanding how to build clinical studies and evidence generation. So we did initial insight gatherings from payers in the market to really understand what they needed and what they needed to make decisions on. And a couple of key things that we learned. One is that, you know, they wanted to see comparison data. They don't just want to see what's been happening before and after the same people. That is important, but to them, it's not enough. So they want to see a comparison, and they also wanted to see data in the real world. At the end of the day, you know, the payers are paying for people actually in the, you know, in the populations that they're covering, you know, not a controlled, you know, not a controlled sample of people that may not be very representative to their populations. And so to get to those data points that the payers were needing to really close that gap, how did we structure the research so we could provide that to them? Yeah. So after these insights, what we—and we listed the gaps in the market, we decided on doing two studies, one on clinical outcomes, and then the other one on economic outcomes. So clinical outcomes, meaning that we actually look at the actual. So then this is, you know, this was in a population- Mm-hmm ... of diabetes patients. And we wanted to look at the actual clinical outcomes, which normally is being measured by hemoglobin A1c. And that is really looking at, you know, the control of diabetes over time. And that is the gold standard clinical marker. So we wanted to be able to do that. And then economic wise, we wanted to see, you know, what the resource utilization situation is, and also, you know, what are the cost implications and financial implications coming out? Right. Well, how it will impact their bottom line eventually? Yes, exactly. So, so then, you know, the way we, we did it was, so we, we structured the study in a way that it was, it took a conservative approach to technology evolution, so it was a retrospective study. And taking advantage of all the data, you know, that Dario has already accumulated with its user base over a long period of time. And, and, and then in terms of comparability, what we did was we took the Dario user data, we linked it with external datasets, with claims, electronic medical records, and laboratory data, so that we can really build non-user groups as well. So to really able to generate a apples to apples comparison, as much as possible. We've been very intentional in how we design study. We've covered a broad range of different topics. We understood that the payers wanted to see, and we've been rigorous in the design, as well as in pursuit of really delivering meaningful outcomes. Really structured to deliver exactly what the payers needed- Yeah ... and in this fashion that met this, you know, bar of clinically rigorous approaches that they're looking for as well. Right. I know we've got the results behind us, but could you walk us through some of the most significant findings? Yes. So, probably split it into the two parts. So the clinical outcomes first. And so what we saw was Dario users had an average of, you know, 1 - 2.3 points drop in A1c, before and after use, after six months, versus and, on top of, you know, whatever their usual care is. And this translated into a 0.2 - 0.5 points of, versus non-users. And from a population perspective, we saw that 9% more Dario users, their A1c dropped to below 8%. And 8% is significant because that is, you know, the gold standard measure from CMS on what defines good control for diabetes management. And we're happy to also share, as of today, we published new data out that shows that, you know, even at 12 months, that 9% below 8, you know, 8 points of A1c, that has sustained through in our 12-month analysis, as well. So we show sustainability in clinical effects. And then on the financial side, so two parts there. First is, we saw, in terms of healthcare utilization, also a 9% reduction, and this is the 9% reduction in medical resource use of any cause in the diabetes patients. And that included a 23% reduction in hospitalizations. The new data that we released today, actually showed that with the hospitalized group, the average length of stay in the hospital went down from 8.8 days down to 7.2 days. So that's an 18% drop. Thirty-day readmission was a reduction of 36%. All of that, in terms of utilization, translates into just over $12,500 worth of charges in the medical use setting. Despite seeing an uptake, potential uptake in the use of office visits, the average office visit was down by some $1,800 in charges versus non-users. That translates into an estimated cost savings of roughly just over $5,000, which means for the payer. Because the payers don't pay for the charges, they pay for the costs at the end of the day. 99% out of this, you know, 5,000 plus, is due to hospital-based care. Significant findings. Really, from a clinical perspective, what we're seeing then is we're building this value chain for payers of what digital health is doing for people in between or on top of doctors' visits, by really improving clinical outcomes to reduce the costly measures of care, like hospital stays, readmissions, and things that payers really use to then, that's their benchmarking in terms of the criteria they want to see digital health companies impacting. Being able to then draw that out for them over time has been building this very strong story. Pretty incredible results for a digital health solution. Yeah, and it really shows that Dario can support patients in between points of care, and that helps optimize costs for the health system. Yeah. Of course, with any studies, you know, we, those studies of this type have their limitations, but at the same time, you know, we've taken a lot of measures to be very rigorous in the design so that we really are trying to minimize those, those biases. This is significant for Dario, for Sanofi. We were obviously very excited to see all of these data points come back. Yeah. And then really, as you just said, I mean, it's showing, you know, the way that people can access care in a different, in a different fashion and the impact that can have. What are the implications for this in the market generally? Oh, and there was one more thing because it was on engagement. So we also released some data today around engagement. And it's the first time we've been looking at, you know, the Dario user base around well, you know, whether we can find a relationship, an association between engagement of users on the platform and the clinical improvement in outcomes. And we did find that, you know, the more frequently users engage on the platform, it was associated with a better drop in A1c. So that's improvement, and effects pronounced in the first place. Yeah. So that's great because we, as you'll hear later, we're very much focused on designing for outcomes-based engagement, so it's great to see that validated by this research. Yeah. And so to pick up where you were saying a little bit earlier before that, you know, this has, this has implications, though, more broadly, how we think about care and digital health and how that can play a role. Yeah. So when I look across the two studies in totality, I mean, what we're able to see is that our studies have been able to show an improvement, use of Dario results has resulted in an improvement in outcomes, clinical outcomes. It has a reduction in healthcare resource utilization, which translates into a reduced cost for the health system, and also then reduced cost for the payers. And in that, when you double-click on it, we are seeing a shift also that there is less use of more expensive hospital-based care, and shifting that more into the primary setting, primary care setting, which we know is less costly to the health system and is more the preferred mode of managing chronic conditions. And engagement, for me, is really a good link to Dario's consumer DNA roots. And that focus on engagement, we are now building on the data that Dario already has around engagement to be able to then associate that with clinical improvement and outcomes, as well. So I think all in all, we took what payers wanted to see, and now we are able to come back to the payers and showcase, you know, what these results look like. And we are getting interest, you know, more interest in the market to understand the studies and also to understand the results. And maybe just to kind of put a bow on all of this, you know, we go back to what Arnaud was saying earlier, the three goals of, you know, healthcare. So I think, you know, Dario, with these study results, I think we're able to see that it does help improve clinical outcomes, it does reduce costs, and then help with an improvement in user experience. And I would also add, for a non-prescription digital therapeutic like Dario, going directly to consumers, we also help to stay in, not add additional burden to physicians, and that constitutes, you know, the quadruple aim in healthcare delivery. A great way to sum it up. Yeah, so we're hitting all four of those key, you know, things that people are looking for in the market from these types of solutions, and really does prove what, you know, some of Arnaud was saying earlier around how digital health can be a critical, you know, way to transform the way we deliver healthcare and access healthcare today. Yeah. So- That's why we are, we are very excited about the data that we see. Great. Well, thank you so much for coming today- Yes ... and helping explain the value of all these great data points. We look forward to the next release of our data with you and Sanofi, and appreciate this partnership around the research and everything else. So all of this great research is very important, as you've heard, on how we are helping drive adoption in the market with payers. And so we also wanted you to be able to hear from a payer directly. So we do have today, remote, via video, Jamie Zajac from Colorado Access. So she will tell you a little bit more about why they selected Dario, why our payer clients are really, you know, finding Dario to be a valuable part of how they manage population health. So as a director of care management at Colorado Access, you know, our job is to really help members and meet them where they're at, find tools that are gonna help them live healthier lives. And so we really wanted to look at solutions that would help us, you know, get more outreach to our members, specifically, originally, it was for members with diabetes, and really trying to expand our touch to those members and provide them with a solution, you know, that they could use in the palm of their hands. And again, looking for solutions because, you know, talking to a care manager may not be the right fit for everyone. So wanted to add some more tools to the toolbox we have available to our members. What really stood out with Dario was, number one, it checked a lot of our boxes that we wanted. You know, for the platforms, digital, computer, it had multi-language, it had the multi-condition, which was very important to us at Colorado Access, and really, the ease of use was a big one. You know, a lot of the vendors we were looking at—they weren't as easy to use, and that was really important to us, is that, you know, if we're providing our members with a solution, that it is easy for them to navigate and to utilize. So that was really important for us. One thing that I love in our client success kind of huddles that we have regularly with Dario is really hearing the feedback from our members. Because, you know, there's quantitative data that we can get back with clinical outcomes, which is great, and there's that, you know, the qualitative, the stories. And something I love in our huddles is we hear back feedback from the coaches of our members' experience. So we've heard members who didn't understand anything about, you know, managing their blood sugar, and now because of working with a coach at Dario, they now understand what it means. They know what their numbers mean. They now know, like, the impacts that foods have on their blood sugars that they didn't know before. You know, we've had members who have lost, you know, weight that they haven't been able to lose, you know, since 1980-something. And so we're hearing a lot of positives, with the members' experience and just having the opportunity that they may not have otherwise. When we think about vendors and relationships, we do have a lot of that at Colorado Access. And in my experience, you know, Dario has been, you know, one of the best vendors we've worked with personally, just in terms of attentiveness to the client, that consumer-driven focus. And so we've been very pleased with the data we're getting back and just the overall, you know, relationship, I think has been really successful, and it's a testament to the organization. I'm really excited to see what other things Dario comes up with on their roadmap, and I know that they're gonna be very transparent and honest because that's who they are. And we're excited for what the future holds. Access, and to give you a better understanding of why our clients and our members love Dario's solutions, we're going to welcome Eitan, our Chief Product Officer, to the stage. Hey, everyone. We're gonna cover three things today. First thing is how consumer-obsessed we are and how easy is our experience. The second thing, whole-person care and how holistic is our experience. And the third one is how we're leveraging data in order to personalize, like, our experience and drive clinical outcomes. But before I do that, I would like to share a quick demo of our platform with you. I can show you demos, or I can share with you what members are saying about us. So if you go to the app store, you'll see over 20,000 reviews. You see an average rating of 4.9 stars out of five, and you'll see a Net Promoter Score of 77. Net Promoter Score is, like, the leading indication of customer satisfaction. 77 is higher than Netflix, just to give you, like, a context of, like, how much our members fight for what we build for them. It's pretty impressive, and it translates to high utilization on our platform. And what I wanted to share here is that on average, average Dario member spending over two hours on our platform page. I want to contrast it with the standard of scale today. I think we're looking at about one hour a year with your PCP. So that's the difference, and this is why we believe that Dario is, like, well-situated to make it meaningful. I also want to talk about the whole picture and how holistic it's our experience. And as you can see, members with chronic conditions often deal with more than one chronic conditions. They're dealing with multiple chronic conditions. On our platform alone, the average Dario member is managing 2.4 chronic conditions. There's multiple implications on the clinical side. One place, one platform to manage all of your health, and everything that you do is like playing together nicely, and you'll see the results, and justify this approach. There's also a commercial benefit. There's also a commercial benefit, and suddenly, instead of being relevant to 8% or 9% of the U.S. population, that are dealing with diabetes, we can be relevant to 40% or 50% of the U.S. population that are dealing with diabetes, with hypertension, with weight management, MSK, or with a mental wellness issue. It's a super powerful approach. We've also integrated in a clever way. We didn't just assemble point solutions, that stand alone. We've integrated into a single experience, where our collection of devices and experiences are integrated into one to create like one single platform. And how we're using data? Just like your Netflix experience may be different than your friend's, just like your Amazon experience may be different than your friend's, so is the Dario experience, personalized and different for every single member on our platform. We use machine learning algorithms to leverage first-party data, data that our members enter on our platform, whether it's on our devices or whether it's on, like, our platform, and we combine it with third-party data, like eligibility files, claim data files, Apple HealthKit data, and so on. And we can make real-time decisions for our members in order to personalize their experience, from enrollment to engagement. This is another example of, like, the six domains of personalization that our algorithms are able to make in real time. If we're trying to drive an engagement, if we're trying to lead the clinical outcome, we're not just, like, trying to increase frequency and message the same message to the same user all of the time. We can—like, our algorithms can detect that maybe we need to change the tone. Maybe actually, for a specific user, we need to lower the frequency in order to drive the outcomes that we want, and we can make those decisions in real time. What else is that we will instrument the platform in a way that we can tie all of the actions that we're doing, all of the actions that our members are doing, and tie them back to clinical outcome. I won't go through all of the bullet points here, but these are like a handful, like a sample of, like, few clinical papers that we've published, where we're showing how members are using our platform and what type of engagement lead to what type of clinical outcome. Now, how does it all play together? How do we take, like, our consumer obsession, our holistic approach, and our data-driven approach, and put it in place? I think you've all heard about, like, GLP-1. We are, like, watching it very closely, and we see that, like, the results are great, and I think that something that, like, we want to be a part of. And what we're able to do is able to. Like the GLP-1 by itself doesn't work by itself. It needs to be augmented by behavioral change, and the FDA says so itself, that you need to use GLP-1 in combination with a behavioral change around, like, nutrition and exercise. And these are the things that Dario excels, sustainable behavioral change. We're augmenting our experiences to support people with GLP-1, leveraging the core competencies of our platform, and now looking into navigation. We all know that, like, not everyone should be on GLP-1, that the cost of the drug is expensive, and we're looking in a way to figure out, like, who should get it and when, and do it in a ROI positive, sustainable fashion for all. This is, like, one example of the things that we're doing. With that, I would love to share some member testimonial. I reached out to DarioHealth, and I talked to them about my weight and my blood pressure at the time, and they sent me my blood pressure monitor, plus a scale to do my weight. So I started checking my blood pressure regularly with the monitor. Using the app provided, too, helps me keep on routine 'cause I wanna make sure that I don't miss those steps I've been doing or have I fell off my activities? Do I need to make it up the next day? I just got off the phone today, actually, with a coach. We go over my diet and what I'm doing on my activities. Just keeps me in a routine and daily mindset of I need to keep on the program. But using the Dario app and the Dario scale, I was able to actually get things coordinated so that I was able to make progress. Since I started wearing the device, I've been able to make... There have been a lot of changes in my life. My three-times-a-week visit to my chiropractor has gone to once, maybe twice a month. My granddaughter was visiting me for Thanksgiving, and I was able to sit on the floor and play a game with her. And otherwise, there's no way I could have done that before. Dario app has given me all kinds of good advice as far as how to modify my diet. And then that daily routine of jumping on the scale and then having it automatically track, I was able to really accelerate my progress with my weight loss. As of today, I'm down 47 pounds. Dario is a lifesaver to me. Good bye, Eitan. Yes. Yeah. Thanks, Eitan. So before handing over to Rick. So before handing over to Rick, and then Matt, to talk about those, go-to-market strategy, and clients and partnerships, and just a few words, because this is something that we hear a lot, and, the whole evolution of GLP-1 and the place of digital health in GLP-1. When we are talking about taking the health care to be much more consumer-centric and much more digitized, when we think about what we do, we are driving behavioral change. This is what we do. And I know a lot of us that are consuming the drug, and one of the things that are concerning people: Can I make this change sustainable? Will I have to use GLP-1 for the rest of my life? The behavioral change is. It's not just a slogan. It's a real thing that help people adopt habits for a long period of time. And this is where Dario responded very, very quickly to the change in the market. And actually, we did it together with Sanofi, and we released a new version that is supporting the behavioral change for GLP-1. But this is not the only opportunity. The other opportunity is how we can help those that are funding the GLP-1 to choose who should get this drug and how to optimize the budget allocation of the GLP-1. In a lot of cases, people need to get different type of treatment because they are before they are getting the GLP-1. As we know, GLP-1 is not a cheap drug, and this is something that will require a whole strategy on how to allocate it and how to operate there. And this is something that we can be part of, and we're gonna do something about it in the future. But we can save some of the discussion about GLP-1 and other subjects to the Q&A session. And I want to hand it over to Rick to talk about the go-to-market strategy. Thank you, Erez. Thank you. So this is probably not a, not a huge surprise to anybody in the room. You've seen this number several times, but if you look at the fact that we're covering five different issues, that we have, a TAM of about 100, or yeah, about $170 billion. But I think that the really important point here is, if you look at digital health as a whole, we're probably only penetrated in that, you know, a couple of percent, 2%, maybe 3% at most. So the opportunity is not just huge, but we're in the very, very early stages of being able to penetrate this opportunity. And if you look at, you know, what is the market demand? You know, this is a slide that comes from the Employee Benefit News survey that they did, which said, you know, "How important is wellness and digital health on an overall basis to your health strategy?" So in other words, how connected are these things when they think about benefits and what they're looking to purchase? You can see from the line that ends up at the top here, that over a period of time, this has become more and more important. So people are thinking about these things in a more holistic manner, and you see this throughout the market in terms of what they're looking to buy, how they're looking to buy. You know, this looks at, in the same study, it's looking at what, what are the conditions that are costly to people over a period of time, and what are they looking to try and address? You can see here, there's three of the top five are ones that Dario is covering, the other two are in the bottom line here. So everything that we're covering is top of mind to our employer and health plan partners. Largely, this is because they have high levels of prevalence, and they have high costs associated with. So these are the kinds of things when they think about: What am I trying to do with my strategy, my wellness, my connectivity matters? These are the types of programs that they're looking to cover. And I love this one because it talks about, well, what are they buying based on? And if we say, look, you know, employee satisfaction is important. Eitan just went through and talked about what are NPS scores, what are member satisfaction scores are. These are things where you're seeing people really utilize these solutions. They love the solutions. That's a big element of what people are buying on. Also, health-related outcomes. You know, Felix and Mary were talking about what are the studies showing us in highly rigorous studies. We're demonstrating the outcomes. So people like it, they're having results from it, and then, you know, really the last one that's on this, on the bottom of this page, even though we cover every single one of these, is the ROI. Again, we now have studies in highly rigorous manners that show that we get an ROI off of people that are on the Dario platform versus those that are not. Reduction in inpatient stays, reduction, what we just put out this morning in terms of people going back into the hospital, which is not just a big cost driver, but it's also a big issue in terms of Medicare, where they actually will penalize hospitals and sometimes plans through Stars Ratings if they have high rates of utilization. So these are the kinds of things that have a direct impact on the people that are paying the bills, on their bottom line. You know, you've heard us talk about before the fact that, you know, the market is really looking for more conditions and less vendors. So this is a question that's asking, buyers: How many digital solutions do you want to manage? And I think the key takeaways here is, it's 95% want to manage five or less solutions. So what that means is that they have to be able to cover more things with less solutions. Dario fits very nicely in that, and 49% of those people want to manage one or two. So other than the, the largest of the large employers, people are saying: "Hey, I don't want to manage the number of point solutions I've been managing. I don't want to expand the number of point solutions I'm managing. I want to really see some sort of consolidated option here associated with this." One of the things that we're seeing in the marketplace is not just are we getting traction with our overall suite of services, but in cases where somebody's looking to fill a hole maybe that they are seeing in their benefit structure, it's a good thing that we can say, "Hey, you can move Dario on paper," and later when it comes up, your contract comes up, you want to move diabetes onto the Dario platform, you can do that too, right? There's two ways that that's playing to our benefit. You know, this is really just showing where Dario is relative to being provider-led versus consumer-centric. And, you know, Dario, with our direct-to-consumer routes, which we continue to burnish in terms of running the direct-to-consumer, we take that very seriously. As I said earlier, we've clicked, you know, new features into the direct-to-consumer to see how they respond to it and really use that as a learning laboratory for us. So we continue to be very consumer-centric. It keeps us at our roots. And in terms of number of conditions, you know, so we are, you know, higher than most people that are there. And there's some, like Omada, I'll mention them briefly, where they're covering almost as many conditions as Dario is, but they're doing it in modules, meaning that you don't have one unified user experience that can do it, though. In terms of the business model and how we go to market, you know, we're really going at, at three channels. One is the health plans and PBMs. When we talk about that, usually what we're talking about is where the health plan actually bears the risk of the cost of the underlying members. So Medicare, Medicaid, as I mentioned earlier, the number of plans that we have, and then fully insured commercial populations. But we will also talk about health plans in the context of as a distributor to employers, which is where you've really seen health plans function in the digital health space, you know, over the last several years. So when we talk about employers, we're talking about, self-insured employers. We have a direct sales force that, that reaches out to and sells to those, employers, as well as consultants and brokers. We also approach them directly, and then we're selling through our health plans and our partners. So Aetna would be a good example of selling through, because Aetna is actually our customer, but they're selling the solution that we gave them through to their customers at the end of the day. And in terms of revenue and the way that we're pricing our product, most of the time we're pricing our product on a per engaged member per month. One of the advantages to Dario's high level of engagement is it enables us to do this, and we can do it more effectively than other people in the industry. And what you saw happen, especially like if you take Livongo, you know, they were early movers in the situation, but later on, you know, 2019, 2020, people started talking about the fact that Livongo was billing for people that were not engaged. "We think, we think we're getting billed too much." So that's part of the reason why Dario originally, why we went to a per engaged member per month pricing, and we have the advantage in terms of, you know, the level of engagement we have with people. Usually, depending on exactly how many conditions that, that are part of that, we're charging somewhere between $59-$89 per engaged member per month. On the behavioral health side and for some of our smaller customers, we're charging on a per employee per month basis, and that price is usually in the, in the single digits. So this is really talking about what are the economics, what does this really look like? How does this translate through? So, you know, if you look at any given population, and it'll vary depending, Medicare would have, you know, higher, higher levels of prevalence, you know, commercial populations are, are going to be less. This is really talking about a commercial population. About 40% of the people are going to be eligible for our program, and about 30% of those, on average, are gonna... We have higher enrollment. We have a couple that are a little lower enrollment. Part of that's dependent on the client and how they approach things. And of that, we're retaining somewhere between 70%-80% of the people on the platform. So if you say, "Hey, I've got a 10,000 employee employer," you're going to have about 1,400 people that enroll in the program, about $900,000 in revenue. And, you know, we talked about this on the member side, but, you know, how do clients feel about Dario? How do they feel about working with us? We've got an 89% customer satisfaction rate. They like what we're doing with their members. You've heard Jamie from Colorado Access talk about that and, and what the impact has been on their population. Their members are using it. So we talked about that's a key element in the way they evaluate it. They're able to get cost savings. They're able to see improved clinical results as part of the program. As we go forward, we show them what are the readings that their members are having? How are they improving? As a matter of fact, we now have customers, health plan customers, that have seen the results over the last couple of years and are now looking at expanding in terms of going from a Medicaid population to commercial and Medicare. And at the same time, we're building the number of reference customers. Remember, we transitioned from B 2 C 2 B in 2020 at the beginning of 2020. We didn't really start selling into the market until 2021 in any sort of significant way. We've been able to build those reference customers over a period of time. Why does that matter? It matters because when you're selling into the employer market, and the same is true as in the health plan market, is they self-reference, and they understand through the benefit consultants what's working for people and what's not working for people. So the key is, it's, it's a lot like either a mill wheel or a step function, if you will, and each step can get bigger each year based on the number of clients that you have. So when you first start, you're going to have smaller customers, and you're going to have to prove yourself out. You have to show the benefit consultants, "Hey, it makes sense to show this to your other clients," because they're not going to show it if they don't think it works or if they don't know. They're not going to go to their biggest customer. That's not where they try it first. And there's several people in this room, we know, different industry, we know exactly what I'm talking about. And so this has developed over a period of time, and probably in 2023, we're, we're actually higher than what this graph is showing, now, but we have several significant reference customers. And what we're seeing is the impact of that on what we have on the platform. So, you know, currently, our average is about a 2000-employee employer. What we're seeing in terms of what's in the pipeline, what's coming in 2024, in terms of the business that we've been doing, is that average moves to 11,000. Obviously, there's a significant difference economically between the 2000 and the 11,000, so we just talked about a second ago in terms of what those economics play out. And also on top of that, we're seeing an increase in the number of eligible conditions, in terms of where we are currently to where we're going to be as we go forward beyond, and what we're looking at seeing there. So both of these lead to that compounding economics or that bigger step each time, and we're looking to replicate that again as we go into 2024 and beyond. And with that, I would like to turn it over to Matt Alberico, to talk about our partners and our customers. Innovative, flexible, engaging, outcomes-driven, consumer-driven focus, empowering. These are all words that we've heard, that you've heard today from our customers and our clients. You heard it from Jamie at Colorado Access. You heard it directly from Dario members. I came to Dario from Amazon and Amazon Health, where we strive to be the most customer-obsessed company in the world. This may be a hard sell in this room, but money cannot replace happy customers. This is the basis and the foundation that earns us the right to execute the strategy that Rick just talked about. That strategy is really to grow revenue for the business in three different dimensions. The first is, we add more people through enrollment and engagement onto the platform. We're able to do that because of our direct-to-consumer roots, billions of data points that we have access to, that enable us to anticipate when someone's gonna leave the platform and meet them before they do. The second is land and expand. So customers come to Dario, and because they're delighted, they ask to add more, more conditions to the platform, and they bring on additional populations that they have access to. Both of these things happen without the need for a net new contract to the organization. This just occurs within our current customer population. And the third is, we bring on new contracts. We are making it as simple as possible through our partnerships for customers to come to Dario. And we really look at two KPIs that we track closely to say: Are we successful in our mission? Are we successful in our strategy? The first is, how many billable people are on the platform every month? And you can see over the course of the last two years, we've grown that number exponentially in a short period of time. And the second is, what are we billing for those members? On the portion of the population that bills on an engaged member per month basis, we're seeing significant growth in that number as well. So the fundamental, fundamentals of the business and the strategy are working. But let me tell you a story that I think illuminates how this actually works for a client. We had a large financial services company come to us, and the only word that I can use to describe their perspective was skepticism. They had Livongo and Omada. They had deployed them both for multiple chronic conditions. They didn't see the enrollment, the engagement, and the outcomes that they anticipated. So what they told us is: "We'll give you six months to prove yourself." So in that six months, we delighted their clients, we engaged people in programs, we worked with them closely and differently than they've been worked with before. And as a result, that customer did a few different things that they hadn't been willing to do before. Number one, they extended the contract with Dario for two years. Number two, they deployed Dario to all of their associates all around the country. And number three, and this was the most important thing for us, they started working with us in partnership to communicate directly to their employees the value of Dario, something they hadn't done with any benefits vendor before. And the result is obvious. We've grown revenue in a very short period of time, 33% through May of this year. More importantly, and Rick talked about this on the last slide, they are now a key referral for us into the financial services industry, which become a force multiplier for us in that vertical. The challenge with digital health is, when you start, it takes years to bring members and customers to the platform, then it takes more years to study those members and outcomes, and then you can earn the right to bring on strategic partnerships and large customers. But we have the benefit of having all that data and having all those outcomes, and having all those members as a result of our direct-to-consumer roots. In a very short period of time, we've been able to amass a large network of customers and partners that give us access to 15,000 employers and over 100 health plans around the country. So how do we choose our partnerships? We really look at them through three main criteria. Number one, do they give us access to large TAMs, large groups of customers through one single contract? Number two, are we aligned? Are they focused on growing engagement? Are they focused on outcomes, and are they consumer-obsessed? And number three, if you put our two solutions together, is it gonna be a better experience and outcome for the member? If we can check all those boxes, we bring on a new partner. This is an example of some of our largest and most strategic partnerships. Amwell, Aetna, PlanSource, Solera, Alion, and Vitality. All in different ways, give us access to health plans and employer customers, and if you add it all up, it's 87 million members just through those specific relationships. If I apply the contracts that we already have signed across these partners and the products in play, it adds up to close to $1.7 billion in opportunity for the business in the very near term. 1% market share we get into these partnerships grows the business by $17 million on a recurring basis. So one click closer on the four big partnerships we've talked about today. We launched Amwell earlier this year. We are currently in discussions with one of the three largest commercial health plans in the country, that is an existing customer of Amwell. That would give us access to over 20 million members downstream. Solera is going to launch in July of next year, one of the three largest commercial health plans in the country, and we will be able to sell the Dario solution through their network to those employers. We talked about the customer that we launched with Sanofi. We're currently in contracting with one of the largest Group Purchasing Organizations owned by the largest PBM in the country. That would give us access to multiple downstream PBMs to sell through Dario, and Aetna is launching on January first. We are bringing customers on board on January first, and the sales motion is in process right now. In three hours, I'll be on the phone with Aetna and one of their largest customers. That's gonna give us access to 21 million commercial customers and behavioral health customers with the solution that's been deployed into the market. So Amwell, Solera, and Aetna all give us access to customers without the need to contract directly with those customers. All they need to do is say yes, and we can bring them on board. And with that, I'll turn it back to Erez. Thank you, Matt. So, with that, I want to go into the financials and try to provide some long-term view. It's not a secret that it was challenging anticipating how fast we can get these three contracts implemented. We were under the expectation that Aetna is going to launch July first this year. Eventually, it was postponed into January first of next year. We know by now who are the employers that are going to go on the platform through Aetna on January first. So I think that the chances that it's not going to happen are very, very, very, very low at that point on the cycle of the relationship that we have. So, I want to focus on the flywheel and to look into the few type of revenues that we have and to help you understand the mindset and how we are looking on the revenue. So B2C is, is the revenue where the company started. Customer acquisition was relatively expensive, and also the output, the average revenue per user, is relatively low. But this is the engine that drives the data, that makes our product the best. Then we have the portion that we call it B2B2C, which is the employers and the health plans. All the partnerships that are channel partnerships, like Amwell and Solera, are also here. And then we have the commercial strategic. On that package, we have revenues that are coming from Sanofi, and we feel that we can do more business with pharma companies because pharma sees strategic direction getting closer to the users and getting more data about the users. So we anticipate that we're going to have more revenues coming from this kind of bucket. And also Aetna, on the non per member per month, is also something that we are considering strategic, because Aetna paid us $ a few million in order to bring the platform to production. So when we look into the breakdown of these few revenues, the B2C is something that we made a decision in 2022 to take the revenues down and to slow it down so we can be more optimized in terms of our bottom line. So at the moment, we are selling in a run rate of $8 million-$9 million a year, which is a point where we are not losing money, and we wanted to make sure that on one hand we are experiencing the features we talked about. I think that Rick talked about features that we developed to Sanofi and went to B2B. Before we are taking it to B2B, it's going through B2C. We see that everything is optimized, and then it's moving to B2B. So B2C will stay here. It's a sandbox, but it's not losing money, and that's an $8 million a year. The other two portions is the B2B2C. The first part, which is employers and health plans. At the moment, we are on a run rate of somewhere around $5.5 million a year, and this is to Matt's point, when he was talking about the 30+ members that are coming from B2B, this is a member per month and per engagement, per engaged member per month. So this is this is the the B2B2C. And then the commercial strategic, we are looking here into two types of revenues. One is development services and things that we did for Sanofi and with Sanofi, with Aetna. By the way, this presentation is filed with an 8-K as we speak, so everyone can just download and take all the data. In other words, everything that the platform generates data and provide value to partners like pharma is something that we think is going to be part of the future business. So sometimes I hear investors talking with me about ARR, this whole kind of data and that portion of B2C, we are considering both of them recurring revenue. The more users we have, the more revenue we can generate from data as well. So if you think about what Rick was talking about, he was talking about between $59-$89 per member per month, for every member that is on the platform. I would add on top of that, on average, 30% more revenue that should come from the data. It's very hard to predict, and it's very hard to look at it on a quarterly basis, but this is something that we already proved as, as a model that is working for us with Sanofi, and we think it's going to work with other pharma companies. That's another way to look into how we see our revenues and how we are looking to expand. So you can see here, the revenue that is coming from the employers and health plans, this is only for the first half of the year. And the other three portions are super important. One- four portions, sorry. One is the retained user, because we have a high retention rate, we keep retaining the users. And in parallel, we also have the ability to ramp up existing accounts and to enroll more users to the platform. So at the moment, after we analyze all the agreements that we have, and we did, like, a bottom-up analysis and looks into the claims data, we estimate, as of today, that we have a total $60 million just by implementing the existing account. We were talking about a higher number in the past, now we are looking into a bit lower number, because we did some bottom-up analysis with all our clients. We analyzed all the claims data, so here we have, like, a clear view to ramp up revenues from accounts that we have signed on. For example, Aetna is one of these accounts. We estimate this account as a $30 million account. At the moment, it's signed. We know that they have already the first few employers that are big employers in the U.S. that are going to get on the platform. We know it's going to happen in January. We don't know how quickly we can get to the $30 million in revenue, but we know we're going to start generate revenue next year. This is the portion that is less predictable in the business. On top of that, we have the land and expand. Matt was talking about it, and the land and expand is something that is already working for us. We have a health plan that is our client, and signed with us on a certain amount of population, and into next year, they're going to expand the population based on the clinical data that they have seen. This is one example. Another example, we have one of the Blues that worked with us on hypertension, and now they are expanding into diabetes as well. So the land and expand is another target that we have, in order to expand the business. We think that this is in the ranges of, like, 20-25%. Every year, we can get another 20% based on what we were generating the previous year. It's just an estimation that we have at the moment, based on accounts that already, we have seen them expanding, either on the population or by adding additional conditions. The last part, which is, what, Matt was talking about, the 87 million members that we have access through our partnerships, and this is something that is much faster sales cycle for us. So on top of all these opportunities to grow the revenue that we have today, we have also the data, and the data is indicated here, with this, red bar. So let's look into other data points on the business that are not revenue, and I'm going to get back to the revenue in the last slide of this presentation. If you made it so far, you, all of you are heroes. We have another two or three minutes before we're going to go to the Q&A. So we talked a lot about the gross margins, and we talked a lot about the fundamentals of the business, because we want to be a software-as-a-service-oriented company in the healthcare space. We believe that eventually, it's going to generate a lot of value and high mul... How we do that? Two main characters that we want to see. Number one, gross margins that are exceeding 70%, even 75%. The core business, the B2B2C, is already there. So employers and health plans that are on the platform, we are generating more than 70% gross margin. You can see here the growth that we have, and the more we have B2B merged over the B2C, the faster we're going to grow and hit the 70% gross margins. The other character of software-as-a-service business is the ability to grow revenue from this year to the next year and the year after. I think that also here, we start to see that the whole process and the flywheel is working. If we are looking into the operating expenses, also here, we did a significant progress in the last few years, and we took the OpEx, the non-GAAP OpEx, from $55 million - $50 million, and now we are on a run rate of around $42 million. Okay, this is a chart that shows what was happening in the first half of the year. There are three main reasons why this OpEx is going down. Number one is that eventually, if you think about us, we went crazy in 2021 and acquired three companies in four months, and we consolidated everything relatively quickly. And the other part is the tough decision that we did mid-2022 to back the revenues of the B2C down and avoid CAC, or cost of acquisition, that was too expensive with output that was too low. And then the third reason why the OpEx is going down is that we invested into the technology of making things more scalable and more automated, and we did a significant offshore, and today the organization is operating from the U.S., Israel, and India, where the majority of the employees are between India and the States. The operating loss on a non-GAAP base, we took it down by, like, more than 60% in the last two years because of the OpEx that was going down, because of the B2B that went up, and because of the gross margin that is going up. This is the last slide of the presentation. Looking forward, what we see at the moment in terms of the business. So it's not, it's not a guidance, but it's a thought process of how we think about the revenues moving forward. So on the direct-to-consumer, we are looking into keeping it stable, somewhere between $8 million-$9 million a year. As I mentioned before, we are looking into every dollar that we are generating from the other channels. We are looking for additional $0.30 that we are generating from data and clinical publication and insights. And we here have a clear understanding on how we're gonna go there. We are already in discussions with other pharma companies and other big players that are looking into our business the same way, so that's something that should happen in the future. And then looking into the health plans and the employers, at the moment, we see somewhere between... I know that it's a very wide range. It's very hard to be precise in the level of quarter, but we are looking into between 8%-140% growth year-over-year for that portion of the business. Overall, we think that in the next two to three years, we're gonna see a significant growth, and our cash flow positive point should be somewhere around $80-$85 million in revenue. That's what we see at the moment. Looking to the product is already proved to be effective. Gross margins are already there. Clients are happy. Members are improving clinical outcomes. We have third party like Sanofi that prove the model, and we think that now it's a matter of more implementation, more wins through the partnerships that we already put together, and growing the business and being a leader in the digital health space. And this is us. So thanks, everyone. I wanna open the session for a Q&A. You can ask any of us questions, and... Yes, please. Oh, good. For the Aetna contract, is that with all of Aetna's programs, or is it a certain portion of them? This is Mr. Eitan. So, in terms on an overall basis, Aetna, we're now selling the solution into... Well, we're not selling it. Aetna is selling the solution that we gave them through to their commercial and behavioral health plans. So it's, it wouldn't cover, for example, Medicare and Medicaid, and there are nuances within the health plans, but generally speaking, it's covering their behavioral health populations who they're selling it. Then one other follow-up ask. To get. If we've looked at a lot of companies, like remote patient monitoring companies and some other digital health, getting people to sign up and then getting them to stay adherent has been the biggest challenges, and they've generally needed to include people. Right. There's a huge amount of hiring going on now for care managers, remote nurses, because just to help, you know, to actually keep people in it. Are you, do you have that in your... Will you also have people and be hiring for that, or are you planning to do it all digital? So for a little bit of context, RPM, the billing codes for RPM, which our technology works for as well, as a matter of fact, we have a couple of customers that are still using it, even though we're not pursuing that as a market, should to be able to do that. So from a clinic or a provider perspective, they have to get people on the platform, but the billing codes are for using the technology, doing 16 measures every month, and they can bill for that. But the other billing codes, and where a lot of these providers are finding that they have a better ability to bill, is there's codes related to 20 minutes of coaching and then a second 20 minutes of coaching. So when you're talking about people adding a lot, just to give it context, a lot of the times they're adding those people is because they can actually bill for those, and it's, in many ways, easier than getting people to measure 16 x in a month, you know, for that. And, you know, we can debate the 16, but it is, it is what it is. On our side, we're about 90-- Right now, we're about 90% digital and about 10% human. You know, as Eitan discussed, you know, it's an individualized member experience, and the reality is, some people wanna talk to people, and some people don't wanna talk to people. So how can you use those coaches effectively? And we have two different levels of coaches. One is, you know, what I like to call sort of an educated health friend, so it's a lower level coach. They do most of the engagement work where somebody's talking to a coach. Then we also have what we call expert coaches. These are gonna be like diabetes educators, nurses, physical therapists, like that kind of a level. They're coaching, even though they're, they've got a higher level of expertise. We carry those at a, you know, about a 1 - 10,000 caseload because they're used very specifically where they're appropriate. Knowledge is not the primary deficit in this population. Yeah. I wanted to ask about GLP-1s. As we talk to a lot of experts in this space and try to understand, you know, what's gonna come over the next few years, you know, it's clear that there's gonna be a need for employers as well as health plans to, you know, drive behavioral change among their members that are on GLP-1 drugs. You talked about your attention to sports class as well as some of the changes you're making to the product. I guess from a go-to-market perspective, you know, how do you plan to position yourself? Can you maybe elaborate on the strategy there? Yes, absolutely. Can you repeat the question? Yeah. Okay. So Lucas, the analyst from Cowen, is asking about how we are taking to the market the GLP-1 enhancement that we did. And here when it comes to GLP-1, we have two aspects. So the aspect number one is enabling the platform to help those that are adopting the GLP-1 on board to the drug, and then to drive behavioral change. So at some point, when they are off-boarding the drug, we wanna create a sustainable impact beyond the drug. And this is something that we already launched. This is something that, from a go-to-market perspective, is also already embedded into the suite that we are providing for employers and health plans. This is up and running for the last two months already. That's not the only opportunity with the GLP-1. The other opportunity with the GLP-1 is that we think that it's gonna be super important, to help those that are paying for the drug, to choose whom should get the drug and, and what, stage. And here we need to be more sophisticated on how we can help them define it from a clinical perspective. It might be related to behavioral aspect, it might be related to other chronic aspect. It will help us help them define who should get the drug, and eventually, everyone is afraid from inflation in terms of the cost paying on this drug, and we need to help them not decide to whom not to give the drug, but to make a more thoughtful decision on how to allocate the budget. And here we see opportunity that we're gonna act on in the future. In some ways, it's almost a case study in terms of moving to value-based care, and it's very hard for payers to move to value-based care without detailed information at a member level to be able to demonstrate impact. So the ability to, on an aggregate basis, help them understand trends and spend and what kinds of profiles are associated with that, is something that our customers are interested in trying to understand. So if you think about it, it's one example of as we look forward, one of the ways that digital health is gonna be used as we move more and more to value-based care. Okay, thank you. And then I guess another question around product features. You guys have talked about engagement being a very important aspect to the Dario platform. In the past, you've talked about AI. Can you maybe give us some detail in terms of what AI does for your products and how it is driving that engagement and just how you see that as a competitive differentiator for your product currently, and then, you know, maybe going forward, what you could add through AI? No, he's just sitting next to you, so. So we're using AI in different ways, right? So we've got, like, machine learning algorithms. We're using our first-party data, like I've said, right? Like our devices, we get the data, and no one else has that. Members are using our platform, sharing with us how they feel, sharing other biomarkers data, data points with us, and then we augment it with third-party data, right? So I think, like, we are sitting on a troves of data that are very few other companies that, like, sits on that data. So now the question is, like, what do we do with this, with this data, right? Yeah. I think, like, the way to think about it is that, like, we can personalize the experience, and we can predict what the member is likely to do based on previous behaviors, right? So just like Facebook is optimizing their online advertising based on other people's behavior, we're following a similar approach, similar machine learning algorithms, similar methods. Does that answer your question? Yeah, I guess, drilling down on the second part, how do you see that as a competitive differentiator? Are you seeing it in, RFPs, discussions with clients? Is that something that sets you apart? Is that... We're not seeing—I mean, you see some sorts of questions around it, but I don't think it's a major focus in terms of what it is. I think where we see the difference is because we have the integrated platform, and you can use those algorithms cross-platform with unified data in the back. It enables you to be able to provide a unique experience for the members on the platform. I think that's where people are seeing it. They're seeing it in the member experience, and then it also translates as they see members using it, their members using it. And they talk about the fact that it's different in terms of other experiences that are out there. I think that's really where we're seeing the difference from a competitive advantage. I think that if you look at what we're able to do digitally as a result of that. From a business perspective, it helps our margins because we can deliver that, like, unique experience without lots of humans in the middle of it. So, you know, I think that from a company perspective, that's also a good thing. Okay, thank you. To drive, like, that point home, right? Like, I think, like, the algorithms are the algorithms. Everyone is using the same algorithms. I think the real differentiator for us is the data, and, like, that has been proven to be true in all of the machine learning, AI, like, algorithms. The person, like, the company that has the data can make the best recommendation, and we think that it's a power advantage there. And I think that the implication of it is that the outcomes would be superior, the engagement numbers, the clinical results, which are better than the rest of them all. Thank you. Yeah. I have two questions, unrelated, but I'll just put them both out there. The first one is kind of a follow-up on the GLP-1s. I'm wondering, you know, with the whole move that you guys are pursuing in terms of establishing these partnerships, I'm wondering if there's any possibility that at some point in time or soon, maybe not so soon, that it's a potentiality that you guys could set up a deal with Lilly or with Novo Nordisk in order to sort of be their recommendees for purposes of working with people on the, you know, the compliance side and sort of the health and well-being side for promoting their own products. So it becomes a beneficial arrangement for both companies, since it seems like you're doing things like that, you know, with Sanofi. The second question I have, unrelated, but it's on the sales side. My question is: when you're selling to an Aetna equivalent or other health insurer or employer, and you don't get the business, you don't land the deal, what's the pushback? What's the reason you're not getting the deal? You want- I do all the talking here. Uh-uh. Usually you have to rip the microphone out of my hands normally. I'll take the second question first. The question was, when we don't win, what's the number one reason we're not winning? And- Maybe the number two and three also. There is a consistent number one answer, and that is, generally speaking, that especially in the employer channel we've talked about throughout the course of today, how many vendors are out there, the point solution fatigue, they're looking for ease of choice in contracting and implementation. And sometimes they're even willing to take a suboptimal solution because it's available to them through an existing partnership. That's why we are so bullish on the partnership strategy that we've deployed, because we're effectively putting ourselves into the easy button position. We know we've got the data and the outcomes. Now we're gonna put ourselves in a position with these partnerships where customers can go to Dario through an easier way of implementation. And then the other question, and I'll take my stab at it, was, in the pharma space, are the companies that produce the GLP-1s thinking about us as a partnership solution? The answer to that is definitively yes. So we're in current conversations because they see an opportunity. You know, the types of questions that they've drilled down on with Dario are: "Show me the results that's driving sustainable behavior change. Show me that you can drive adherence," 'cause that's the other big issue with these medications, is a lot of people are intolerant to them, they fall off of them. And then the third is because they live in a commercial and direct-to-consumer world, they appreciate that we come from the same space, and we understand both sides of the coin really well. Thanks. Yeah. Yeah, you, you mentioned specifically behavioral health as one of the implementations with Aetna. Aetna has a single-point solution that seems to be gaining some mind share and traction in the marketplace. How, how does your behavioral health solution fit with Aetna's existing, which is, is more involved in coaching solution that they have today? How do you fit in with them, and is there room for both solutions, and are you sort of a funnel to maybe their, their existing point solution? So I think in any population, and it doesn't matter whether you're talking about Aetna or anybody else, you're unlikely to see a single solution for everything. But I think that there are a couple of things that play into that, and I think one specifically as it relates to the Mind Companion product that Aetna is promoting to their customers, which is. You know, essentially, our behavioral health product is a screening that puts people into a recommendation for one of, big picture, three general buckets: CBT, self-help, coaching, or a provider visit. And in the case of a lot of these solutions, what's good is the ability to be able to navigate people to the solutions that match their benefits. So in a lot of cases, we're integrated on the back end with other solutions, so we're moving people to those solutions. And I think we're seeing more and more demand in the marketplace for those kinds of engaged, navigation kinds of solutions. So the ability, and I really do think it's, it's unique in terms of what Aetna is doing, in the marketplace at the moment, but we see interest for similar kinds of things, is the ability to only serve up those providers that would be covered under your benefit, right? Because a lot of this is moving healthcare towards consumer centricity. Make it easy, right? Because it, like, everybody in this room, I'm sure, has experienced this. It's like, okay, I want to see a specialist or a doctor, what are my options? What's covered? I have to talk to the provider. I got to do this. I got to call customer... So if you can serve it up the right way, I think that really drives a benefit both to the people that are using the platform as well as those that are paying. So, I mean, the short answer to your question is you're never going to see a single solution, and a lot of the things you're referring to are specific providers. You know, Talkspace has a partnership with Aetna, for example, right? Mm-hmm. They're a digital provider of care. That is not something Dario does. But we'll navigate people. We're integrated with Talkspace, the best. Great. Thank you. Yes. Yes, I have actually two questions. The first question is, I love and appreciate that Dario is clinically and statistically prevalent to its market. I was curious if, with respects to the GLP-1 conversations and how you're looking to segregate people who are being chosen beyond drug or having a more holistic approach, is there any clinical testing with patients and the Dario solution that can actually show that evidence in the near future? And then my second part to the question is, is things business as usual in all three locations of Dario, U.S., Israel, and in India? Yes, so I'll start with the second question about the business due to the issues in Israel. So, the operation, as those that knows the company, the company is operating as an American company. It's American corporation, and the majority of the employees are operating between U.S. and India, and around 35% of the capacity is operating from Israel. We don't see any risk to the business or any slowdown due to the situation in Israel. The majority of the management team is operating from the U.S., so we think that the situation is stable. On a more personal level, we have seen few cases where Dario employees had some family members that were impacted by the situation, and they have, like, family members that are kidnapped and hostage in Gaza. So I want to take the opportunity and send them my praise, and hopefully, the situation will be resolved for them personally. So this is about the Israeli situation. On the GLP-1 and studies, one of the things that we're going to do in the future is to see how specific, and those that are following the company with it know that we are very aggressive in terms of generating clinical publications, and we have so far 44. Definitely, we're going to show clinical results on the usage and the change, behavioral change of GLP-1. At that point, we don't have the data because we launched it only two months ago, so we'll have to wait with that one. We've got several questions from online, if okay to take them now. The first is for Felix. It's from David Grossman at Stifel. He's asking, "Can you speak in more depth about the economic benefits Sanofi hopes to derive from the Dario relationship and how it impacts their business? So I can start, but maybe it's more for Rick to answer. So the Sanofi partnership with Dario, it's three main pillars, right? So one is co-promotion. So we work with. So we co-promote into the health plan space. Second area and third area combined together represents R&D, right? So we look at product development and feature enhancement together, and then look at evidence generation together. And the economic side that Sanofi gains is really through the co-promotion channel. And maybe I'll let Rick kind of elaborate more on that. Thanks, Felix. I mean, I don't want to speak, obviously, it's hard to speak directly for Sanofi in terms of the way that they're looking at it, but their primary economic benefit is in sharing in the revenue that we generate from the activities of the co-promotion and from the health plan channel in general. So the ability to grow that is, you know, meaningful from that perspective, and then obviously, the co-development that we're doing on top of the platform enhances the value of the platform and what we're solving for. So I think those are probably the primary two elements. I think that there's also an element of strategic knowledge here. If you look at the three pillars of the way that it's been developed, is an understanding of— and then I'll take a step back for a second. If we think about digital health in the space, and specifically prescription digital health, which Dario is not, the question really becomes, as you go to market, how do you move that through? So is it like a biotech process ultimately, you know, several years from now? And so I think that one of the things, and I think Sanofi is a leader in the, in the thought area here, is what does this really mean for pharma to move into this space? And is there a multi-billion-dollar opportunity, which was the thesis that they presented to us up front for Sanofi in the digital health space going forward? And I think that a lot of these activities, if you really look at them through that lens, is in part proving out that thesis. And maybe I'll just add from the Sanofi side, you know, the strategic rationale really with the partnership is also for Sanofi to be able to serve patients in a different manner than to just selling drugs. If I under-- if maybe that's the nuance behind the question. Mm-hmm. And that, what that means is, you know, our partnership with Dario is drug agnostic, right? So we are not tying that specifically to any drugs in the Sanofi portfolio. So any financial benefit, economic benefit that is out, you know, that is gained from this partnership is really then, you know, an additional revenue stream for Sanofi. Okay, I've got a couple more, okay. One is from an investor. Clearly, diabetes and hypertension have garnered the most attention for Dario investors, but of the other chronic conditions like, like MSK or behavioral health, which offers the next real leg of growth that is underappreciated by the market? I'll take a shot, and others can add to it. I think everybody has a perspective. I think that one of the things that is underappreciated is the fact that it is not about a specific condition in many cases. It's if you look at the conditions we're covering, and part of the way that we've chosen the conditions that we cover on the platform is they're all pain points for our customers. Usually, that means that they've got a significant number of people, and the outcomes need to be better, both from a clinical perspective as well as cost perspective. They are all things that can be changed with behavior change, so we focus on that. You know, we really look at what is the overall comorbidity, because one of the theses behind what we're doing is this interconnectivity. [Yadin], you can, I'll let him talk about it, but it's the ability to be able to engage people across those conditions. Because as humans, we don't necessarily think about things like one condition at a time. So, you know, where is the greatest growth? I don't think it's necessarily from one condition. You know, do we see demand in the marketplace for other conditions? Yes, there's definitely massive demand for behavioral health. There's massive demand for MSK. The slide I showed earlier shows, you know, the cost impact of those. So on an individual basis, are those potential drivers for Dario? Yes, but I don't think it's an individual condition that's the driver. I think that the driver is the ability to manage multiple conditions and manage those together on one platform is what we're really hearing in the market. But Matt, Erez? Yeah, the only thing I would add is Aon just published a study saying that medical trend for the employer segment is gonna be 8.5%, which is double what it's been historically. So, the bad news, the headline today, that we haven't fixed healthcare in the U.S. yet, but the good news is that we think this, exactly what Rick talked about, is now is the time more than ever that employers are gonna look to solutions like Dario to hold us accountable for the patient versus the condition. And we think we've got a platform that we can actually report outcomes on across individuals. I think a statistic we threw up on the screen quickly, but is one of the most important, is that people on average are engaging in 2.4 conditions per member. This is where we're seeing the market going and why we think the growth will come in a multi-chronic state versus a condition. Maybe just one additional thought there, because when we're talking about the concept of whole person care and not being, you know, condition specific, you know, it speaks to what we already know that is published data- Correct ... you know, out there, that, you know, health outcomes are not just determined by medical care. So it's not about drugs alone. You know, that only represents 10%-15% of health outcomes. And, you know, behavior is actually around 30%-40% a determinant of outcomes, and then other parts include, you know, things like genetics and social determinants of health. So what we're talking about here, you know, with behavior change, has the potential to transcend individual conditions. And therefore, you know, kind of bringing back down to earth is, you know, if a person is more engaged with their health and make healthier choices, this is going to translate into not, you know, whatever condition that they have. And so that's why, for digital health, overall, as a growing, you know, sector, you know, it gives us a way to look at the patient more holistically around, you know, whole person care, and not just, you know, individual conditions, which the whole healthcare system is built up around. Okay, I've got a couple more investor questions here. Next one is balance sheet focused, so probably Erez. Cash burn has come down dramatically in recent quarters, as gross margins have reflected. Could you please discuss your path to profitability and the strength of your balance sheet to get you there? Yeah, so as we mentioned in this presentation, as of the end of Q2, we have $52.6 million in the bank. We think that, we're gonna continue and see the trend of losses and burn rate going down also in 2024. So we are, we, we feel confident about where we are from a cash perspective. We cannot tell the market today that the amount of cash that we have will take us to cash flow positive. We, we don't think that we are there yet, and we think that, we have some strategic relationships and other options if and when needed, to add, to add more cash on the balance sheet. But at the moment, if we look into the burn, we have like, two years at least worth of cash, given the fact that the, the burn is going to go down also in 2024 and 2025. And as I mentioned, the cash flow positive point should be somewhere around $80 million in revenue. So it shouldn't be that far. And this is, this is where we are today. Another investor question, not sure to what extent you could answer, but I was going to try. Matt had mentioned that there is a $17 billion TAM, given the current partnerships. So again, the 1% market share would be $17 billion in revenue, which is impressive. How do you think, how do you think about, how much of this market is, is targetable by Dario? And over what time frame do you think this could be realistically be achieved? So the TAM was actually developed based on who's eligible for our solution. So that's already been taken into account. And the other fact is these partnerships have all been launched. So some of them are in earlier stages versus later stages, but if I take Aetna as an example, we would anticipate having significantly more than 1% market share penetration into their customer base in the next year. And then, with the Solera customer launch in July, that's another opportunity for us to bring on revenue in the very short term. So there's near-term opportunity in hand that we're selling into right now and working on contracting going into the next calendar year. The only thing I would add to that is the fact that not all of the underlying customers are equal in size, so some of it depends on exactly how that translates out. So Matt mentioned during his presentation that we are in conversations through the Amwell partnership with one of the largest health plans in the country. You know, so obviously, that makes up, they have 55-odd health plans that they cover. So, you know, that one obviously makes up a bigger portion of the opportunity than the other 54. All right, I've got several other questions, but I don't have time, so we can always follow up with them offline. We have a online list. Oh, there we go. I hope you see it. Felix, you mentioned there's about $5,000 or so in annual savings. I was wondering if you could just dive into, you know, what factors into that. Is it reductions in medication costs or hospital fees? Just let us know where we're seeing the biggest benefit. Yes. So when I refer to medical, well, healthcare resource utilization, the way it was defined in the study is a combination of emergency room visits and inpatient hospitalization. And so we saw a, you know, more than 23% reduction in hospitalization, which is kind of the major driver of the cost reduction, is what we expect. Got it. Okay. Appreciate that. And then Erez and Rick, I know you guys mentioned that, employers and health plans are kinda hoping to see some consolidation in single point solutions in the future. As you guys start to see some opportunities and see some consolidation, how are you thinking about platform expansion opportunities over the next couple of years? Yeah. So, we think that at the moment, with the few conditions that we have, the five conditions that we have, we are covering five out of the top seven conditions that employers would define as high priority. Having said that, we do think that there is a larger opportunity in terms of helping employers and health plans navigate the right solution to the right patient at the right time and optimize ROI in a level of account. So we're going to look how we can tap into this area, which is something that will increase our moat and increase our value proposition in the market. And we feel that this whole kind of semi-crisis that is happening in digital health, that force a lot of companies to slow down, and we see a lot of consolidation. We look at it as a good opportunity to be more active and to try to tap into this area as well. So, probably not additional conditions, but better ability to navigate and to be more strategic with the employers and the health plans that we are working with. Got it. That's helpful. I might give you one more. I know you mentioned there's $6 million or so in strategic and pharma revenue annually that you're expecting. I guess, how should we think about the quarterly breakdown of that revenue stream? And I guess, what are some of the variables that go into that? This is a very good question. Thanks for asking. Don't think about it as a quarterly revenue. Just don't. This is, this is part of the huge problem that we had communicating our numbers, because if we look into the few portions of revenues, so there is development services, there is data, and usually when we are shipping specific studies and some insights, we can recognize the revenue. So I think that one of the issues that we had that probably hurt our stock is that, the typical investor want to see a progress, and progress is very linearly, quarter-over-quarter, and so on and so on. And in this presentation, deliberately, I showed the numbers on a yearly base, and I was talking and showing, revenues on a yearly base and growth on a yearly base. The business is going, the business is a good business. It's a good SaaS business. Any ability to try to track it on a quarterly basis is problematic because we are recognizing revenues by milestones. So I might deliver data in Q1 and recognize $4 million, and then the quarter after I might be at zero. But it doesn't mean that we don't have a deal, and the deal with Sanofi is not there. So I think that we provided a lot of data points here that will help both analysts and investors analyze our revenues in a more thoughtful way. Once the business is gonna go to $100 million-$150 million in revenue, then we're gonna talk about how to look into the strategic on a quarterly basis, but we are not there. Yeah, appreciate it. Thank you. Thanks for the question, and it was a very good opportunity for me to clarify that point. Yes? The story is so exciting. I mean, it's the way I listen to you describe AI, big data, and all the applications. I'm just wondering, maybe you can describe how AI could be affected or utilized on the consumer level, and how that application is really benefiting the consumer, and how that, from a data collection point of view, benefits your plan members and the overall payer? I repeat the question, the business is exciting? How do we use AI? Yeah, so again, I think it, it's all about, like, driving behavior change, and I think it's all about personalization, right? And I think we use data, we use AI, you know, to drive personalization. If you think about, like, zooming out, like the historical way of driving recommendation was algorithmic based, right? Like doing if-then statements, like if some condition happens, then you are, like, doing this specific behavior. And it really limits the how rich the experience can be and how different it could be. If you look at AI and, like, what's happening over the last 10, 15 years, the opportunity there is not to create, like, two, three, five, 10 variants of the same experience. It's create, like, hundreds of thousands of permutations of the same experience. And what does it mean to the member? That the member gets the most relevant, personalized experience that will drive... That we predict, that our AI machine learning algorithms predict would drive, like, the outcomes that we're trying to drive, right? So instead of, like, saying, "Hey, you're gonna see two messages with this specific tone on these days," we've got data that would assign a probability of a specific action, and that can translate to the way we communicate with you, and that can translate to the way the experiences, the digital experience manifest themselves, that can translate into the way our coaches are working with our members. So it's like a finer granularity of the experience that AI allows us to do. Okay. It's to me, that is an explanation. I think if you can translate and communicate that more effectively, I think your investor base would appreciate that. Your customer base would definitely, you know, benefit from that. He's trying to tell you that the answer was too smart. You got it. I'll work on it. Okay. Thank you. I was just curious. One of your press releases, you indicated you lowered the A1c down a little more than non-users. I'm just wondering if you are looking at maybe putting A1c into your system via like a Libre, 'cause that seems like the gold standard for a lot of diabetics. I know you don't do too much on this, the A1c for type I, but I'm just wondering, is that something you can get more leverage on and get more customers on board for your software? It's hard for me to see you ask that question, but I've heard the question. So couple of points: A, we've got an existing partnership with Dexcom, which is again a leading CGM manufacturer. We do offer it on our platform. I mean, it's an opportunity to expand it to Libre. So, evaluating it as needed. I think, like, the real questions here, or, like, the real ROI case that, like, I'm looking at is, like, that our ability to drive outcomes with for people with type 1, and it's—there is no data to suggest that behavioral change would help people with type 1. Right, so I think, like, our platform works primarily for people with type 2. We are encouraging people with type 2 diabetes, like, to use, like, CGM. We can get the data, we can personalize the experience, we can help them get healthier, and therefore achieve, like, both clinical outcomes and ROI. Type 1 is a different beast. I'm not sure whether the question was more geared towards type 1 or the A1c part. I will also kind of add on to the A1c part. You know, Dario's system in itself does do an estimated A1c calculation, but that is an estimated value, which is still derived from a validated scientific formula, but it's not the actual A1c that requires a blood draw. And so this is kind of the difference. You know, Dario has published in the past, data related to estimated A1c, and actually what we have been able to show, the trends and the numerical values are very similar, actually, what we have found in our, in this most recent studies, to also, you know, the original publications, I think back in 2017, that referred back to, you know, study in users with estimated A1c. So it's not. So it needs a lab analysis to actually have an actual A1c test back, so which is why, a lot of platforms can only have estimated A1c. This is also the reason why when we started designing the studies, we said, you know, the payers and the clinicians, they look at actual A1c, and what can we do to actually then link these users on the Dario platform to actual A1c results that were lab measures and lab tested, and this is why we designed the study in the way we did. Just one more comment, sort of on the commercial side of that question. So if you look at the overall platform, and you look at the eligibility, we talked about, you know, 40% of people being eligible in a given population. About 8% of that 40%, or eight percentage points of that 40% is going to be diabetes. Of that, 10% is going to be type 1 diabetic. So the primary thing that our customers are trying to solve for is not type 1 diabetics, they're trying to solve for type 2 diabetics on the platform, and then more broadly, hypertension and the other conditions. The other thing is, I'd say we, on a regular basis, not all the time, but we get asked, "Do you have a CGM on your platform? Can you have a CGM on your platform?" The answer to that is yes. The question is, it's not that, that they're really trying to understand, it's how are we going to use CGMs in our population? Who's going to pay for it? Because it's a lot more expensive, obviously, to pay for that than it is, you know, a traditional system that's not really necessarily needed in a type 2, because they just don't measure their glucose. So... There's- Yeah, go ahead. Oh, right there. Yep, they're in the back on the right. Hi. Are you guys considering adding a community layer to the platform? Yeah, obviously, on the roadmap, something that we are evaluating the impact of field support. We do it in the traditional Dario way of testing, iterating, and seeing, well, what support we can get from these experiments. Short answer. Chris, I do have one more online. It's from an investor. "It sounds like Dario has significant advantage and strong industry partnerships, a lot of data, addressing multi conditions, and a strong result for medical studies. What do you see as the main constraints to growth? Yeah, so I think that I mentioned it here in this presentation and those that are following the company in the last year or so. In a lot of cases, the nature of the base, like health plans, we sign an agreement, and we think it's going to be launched in the next quarter, and then it's being delayed. So, this is one of the challenges that we have seen, and we think that the more agreements we have and the more volume we are creating, this kind of issue will be eliminated. And also, at the end of the day, it's happening, and the specific case of Aetna that was delayed and created an issue for our revenue growth is something that eventually will be fixed by launching in January. In terms of other obstacles, I think that the situation that we are experiencing now and with these partnerships is that, to Matt's point, the win rate or the ability to get closer to clients and members is much greater. So even those that doesn't want to take a decision, which is something that we have seen in the last few months, we are overcoming it by having these partnerships. So this is another kind of issue that we see in the market, but we think that we have the mitigation, which is the partnerships that we have. Other than that, if we look into all the pieces, like from the technology, to the data, to the clinical outcomes, to the partnerships, to the clients, to big clients that we have, I think we cracked it, and it's a matter of scale. And also the ability to anticipate the market like we did in 2020. Those that were listening to the earnings calls, we talked about multi-condition, we executed. We talked about moving from B2C and creating a model that is 70% gross margin with strong ARR, we executed. And we think that we will, with the experience that we have as a management team, we'll also anticipate the next trend. We've seen the GLP-1, we see the AI, and we think that helping employers and health plans optimize in a level of a full account is the next opportunity that we're going to have, and we're going to tap on that. So, we are confident about our growth trajectory. Yes, please. Erez, where are you going to be in five years? Yeah. You ask me personally or the company? The way you want. Me? Take it where, wherever you want or wherever you want. I think that, you know, I'm doing it for many years, and sometimes I will, you know, thinking, and I know Adam, that he's following the company for the last nine years or 10 years and so on. And, yesterday we met with another company, also very amazing startup that has been built in the last 12 years and so on. Probably changing healthcare to be consumer-centric and digital, it's not easy. And, we are in an industry that is highly regulated, that is being controlled by healthcare professionals and payers, and we are trying to do something that is very, very, very hard. So it require a lot of persistence, and we had this persistence in the last few years. We took the right steps, and, for me, it's, one of the missions of my life, and I'm not going to let it go until it's going to be super successful. So probably in five years, I will be, in a place that, I want to be remembered that someone that did a change in the market and in the industry. So, I'm not planning to do something that is not related to Dario. That's my, objective and the mission of, of my last 10 years and probably the next few years. Thank you. Okay. Thanks, everyone. I appreciate you all attending in person and those that joined virtually. Appreciate the interest, the questions, and looking forward for the next Investor Day. Thank you.