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DarioHealth Corp. The innovative, scalable platform for cost efficient, whole-body health November 2025
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DRIO | Nasdaq | 2 This presentation of DarioHealth Corp. ( “Dario”, the “Company”, “we” and “our”) and statements of our management or agents related thereto contain or may contain forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements which are not historical reflect our current expectations and projections about our future results, performance, liquidity, financial condition, prospects and opportunities and are ba sed upon information currently available to us and our management and their interpretation of what is believed to be significant factors affecting our business, including many assumptions regarding future events. For example, when we discuss our growth potential and return on investment, our expected gross margins and reduced operating expenses, the proposed path to profitability, the potential market opportunity, potential increase in revenue based on multi -condition accounts, and the expected contract value and potenti al revenues and product offering, we are using forward -looking statements. Words such as “seek,” “intend,” “believe,” “plan,” “estimate,” “expect,” “anticipate,” “will,” “would,” and other similar expressions all denote forward-looking statements within the meaning of the Act. Readers are cautioned that actual results, performance, liquidity, financial condition and results of operations, prospects a nd opportunities could differ materially and perhaps substantially from those expressed in, or implied by, these forward -looking statements as a result of various risks, uncertainti es and other factors. Factors that could cause or contribute to such differences include, but are not limited to our compliance with regulatory requirements, the impact of cur rent and any future competition, our current and future capital requirements and our ability to satisfy our capital needs through financing transactions or otherwise, our abi lity to manufacture, market and generate sales of our Dario® diabetes management solution, as well as other factors and risks discussed in the Company ’s filings (including the results of the Company ’s commercial and regulatory plans for Dario®) with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to publicly update any forward -looking statements, whether as a result of new information, future eve nts or otherwise, except as required by applicable law. In addition, readers are cautioned that any estimates, forecasts or projections contained in this presentation or as may be d iscussed by our management or agents have been prepared by our management in good faith on a basis believed to be reasonable. However, such estimates, forecasts and project ions involve significant elements of subjective judgment and analysis and no representation can be made as to their attainability. No representation or warranty (express or implied) is made or is to be relied upon as a promise or representation as to our future performance. Readers are cautioned that such estimates, forecasts or projections h ave not been audited and have not been prepared in conformance with generally accepted accounting principles. This presentation contains market data related to our business and industry, including projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, our actual results may differ materially from the projections based on these assumptions. As a result, the mark et for our products may not grow at the rates projected by these data, or at all. If the assumptions upon which the projections are based prove to be incorrect, or if the market for our products fails to grow at the rates projected, our results will differ materially from the projections included in this presentation . This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall ther e be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward-Looking Statement
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Our Mission Dario is on a mission to power the behavior change that drives better health. Our Vision We are creating a future where healthy change is effortless and accessible to all.
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DRIO | Nasdaq | 4 50%+ Of New Wins are Multi- Condition $69-$74 Bundled Per Engaged Member Per Month Rate $700B CMB $190B MSK $152B BH 90+ Published Peer- Reviewed Studies ~5x ROI Delivered to Payers $12M New Annual Recurring Revenues $69M Qualified Pipeline 13B+ Proprietary Patient Data Points 10-15% OpEx Improvements from AI Implementation A Snapshot of the DarioHealth Opportunity Notes: (1) CDC, NIH, American Diabetes Association, Peterson -KFF Health System Tracker, Beth Israel Deaconess Medical Center, Columbia Univ ersity Irving Medical Center, Cleveland Clinic ; (2) GAAP gross margins in the third quarter of 2025 were 60%; Non-GAAP B 2B2C contracts yielded 80%+ gross margins Exceptional Revenue Quality and SaaS -Like Unit Economics AI-Powered Data Advantage Proven Clinical Outcomes Multi-Condition Platform Advantage Substantial Addressable Market Proven Commercial Strategy & Market Execution • Transitioning to annual recurring revenue based on high-quality enterprise contracts with robust 80%+ non-GAAP gross margins(2) ▪ Multi-year B2B2C / B2B contracts with 90% client retention rates provide high visibility into future revenue potential ▪ Leveraging 13B+ user data points to improve and build out clinical services and support user navigation ▪ Comprehensive AI implementation across operations driving significant cost reductions and workflow optimization ▪ Comprehensive clinical validation through extensive peer-reviewed and third-party commissioned research ▪ Substantial savings delivered to payers and employers through improved utilization and member outcomes ▪ Unique AI-powered multi-condition chronic disease management platform across cardiometabolic (CMB), behavioral (BH), and musculoskeletal (MSK) care ▪ Unified offering enables personalized care and delivers efficiency and cost savings with Dario’s bundled offering for up to 5+ conditions priced at $69-$74 Per Engaged Member Per Month (PEMPM) versus single-condition vendors priced at $70-$79 PEMPM ▪ Large addressable market across chronic conditions represents a SAM opportunity of ~$250B+(1) ▪ Multi-condition architecture enables rapid expansion without requiring fundamental platform rebuilds ▪ Strong commercial momentum: $12M in new business targeted and in contracted ARR, as well as late stage pipeline process; $69M+ qualified pipeline, 45 new clients in 2025 achieved, and multi-condition wins representing 50%+ of new contracts ▪ Blue-chip customer base with 125+ clients, including Fortune 100 employers and national health plans ▪ Diversified commercial approach across employers, health plans, and pharma creating multiple revenue streams and low customer concentration risk 80%+ B2B2C Gross Margins Non-GAAP 90% Client Retention
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DRIO | Nasdaq | 5 One Multi-Condition Platform. Powerful Engagement. Proven Outcomes. Behavioral Change Community and Education Self-Guided Programs AI-Powered Human Coaching Digital Tools Connected Devices One Integrated, AI -Powered, Human-Enabled, Digital Engagement Platform A Wealth of Benefits that Engage Members and Drive Real Behavioral Change Diabetes Pre-Diabetes Hypertension Weight Management GLP-1 Support Obstructive Sleep Apnea Co-Management Mental Health (Including Maternal MH) Depression and Anxiety Stress Management and Resilience Chronic Pain Joint Pain Behavioral Health Cardiometabolic Health Musculoskeletal Health
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DRIO | Nasdaq | 6 75% of aggregate U.S. healthcare spending accounted for chronic diseases 7 in 10 adults in the U.S. have a chronic disease 5 in 10 adults in the U.S. have two or more chronic diseases $4.4T annual health care costs to the U.S. economy GLP-1: Beyond Weight Loss GLP-1 market expanding beyond weight loss into broader chronic care management applications Cost Pressures Drive Digital Adoption Rising healthcare costs driving employers and payers toward digital health solutions for cost savings Multi-Condition Care Gap Digital solutions for multi- condition chronic care showing growth potential but lacking clear market leaders AI-Driven Transformation AI technologies enabling unprecedented scalability and personalization across healthcare services Powerful Market Tailwinds Driving Digital Chronic Care Adoption Converging cost pressures, treatment innovations, and AI capabilities are driving a rapid shift to integrated digital solutions Sources: CDC
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DRIO | Nasdaq | 7 127M MSK 61M Behavioral Health 120M Hypertension Adults in the U.S. have a chronic disease76% of U.S. adults live with two or more comorbid conditions51% 38M Diabetes ~$250 Billion SAM$1 Trillion+ TAM 15M GLP-1 Dario’s Multi-Condition Platform Unlocks $250 Billion Market Opportunity Sources: CDC, NIH, American Diabetes Association, Peterson -KFF Health System Tracker, Beth Israel Deaconess Medical Center, Columbia Univ ersity Irving Medical Center, Cleveland Clinic Notes: SAM (Serviceable Addressable Market ) calculated as $ 69 per member per month (PMPM) for one or more conditions: diabetes, hypertension, GLP -1, MSK; behavioral health calculated at $ 1.44 per member per annum (PMPA) Diabetes Behavioral Health Hypertension MSK Obesity GLP-1 $307B $152B $190B $72B$173B $219B (Denotes number of patients)
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DRIO | Nasdaq | 8 Building the Multi-Condition Platform: 10 Years of Strategic Growth Dario's early leadership in building a comprehensive, multi-condition platform demonstrates strategic vision realized through disciplined execution ahead of market demand Diabetes 2016 2017 plus Hypertension 2018 plus Weight Management 2019 plus MSK 2020 plus Behavioral Health 2021 2022 plus (1) GLP-1 Support Sleep Apnea 2025 Launched Direct-to Consumer Launched B2B Won First B2B Contract Acquired Acquired Acquired plus Mental Health & Wellness 2023 2024 Notes: (1) GLP-1 Support and Sleep Apnea condition management, Direct Care and Behavioral Health Network capabilities also added via partnersh ips in 2025 Dario’s Platform Addresses 5+ Conditions
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DRIO | Nasdaq | 9 Behavioral Health Diabetes Financial well -being 48% Nutrition/weight management Physical activity Cardiovascular health 26%Musculoskeletal 23%Cancer 14%Family planning and support 75% 49% 40% 39% 28% of benefits leaders want to manage 5 or less digital tools 95% 46% Three to five 4% Six to nine1% Ten or more 49% One or two Covered by Dario DARIO SOLUTION: Supports member needs across multiple conditions all on one integrated digital platform+ DarioHealth Has Driven the Industry Shift to Multi-Condition Platforms As an early pioneer of the multi-condition strategy, Dario has transformed customer expectations and buyer preferences – driving industry-wide movement away from costly, fragmented point solutions towards integrated platforms that deliver clinical results, reduce costs and eliminate vendor fatigue Sources: Data from 2020 / 2021 Mercer National Survey of Employer -Sponsored Health Plans Percentage of employers with 500+ employees prioritizing these indications
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DRIO | Nasdaq | 10 Behavioral HealthMusculoskeletalDiabetes Hypertension Weight Management Addressing Healthcare’s Most Costly and Prevalent Conditions Dario’s platform targets chronic conditions driving the highest healthcare costs and member prevalence + GLP-1 Sleep Apnea Maternal Health Direct Care VIA PARTNERSHIPS + + Fall Prevention +
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DRIO | Nasdaq | 11 Self-Guided Programs Community and Education AI-Powered Human Coaching Digital Tools Connected Devices ▪ Nutrition tracker ▪ Medical device guides and tutorials ▪ Clinician-reviewed content ▪ Access to medical experts ▪ Peer-to-peer support groups ▪ Dedicated human support ▪ AI digital coaching ▪ Medication scanner and management ▪ Grocery scanner and recipe library ▪ Health trackers ▪ Glucose meter ▪ Blood pressure monitor ▪ Connected scale Behavioral Change ▪ Clinically reviewed interventions ▪ Evidence-based activities and games Comprehensive Multi-Modal Support to Drive Sustained Engagement Dario's digital-first, human-centered approach combines connected devices, AI-powered coaching, community support, and clinical services to deliver personalized care pathways that maximize member outcomes and ROI When members require clinical intervention beyond digital -first engagement, Dario's integrated partner network provides seamless access to therapy, prescribing, specialty care, and clinical services – maintaining an asset -light model for delivering comprehensive solutions without building provider infrastructure + MODES OF ENGAGEMENT ENHANCED CLINICAL CAPABILITIES
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DRIO | Nasdaq | 12 A Highly Configurable GLP-1 Utilization Management Program Creating tailored experiences based on the unique goals of our members and clients Support Dedicated program to drive behavioral change to ensure outcomes are sustainable through Dario’s collaboration with Rula Health that enables members to access to 15,000+ behavioral health providersOnboard Support members who offboard from GLP -1 through Dario ’s collaboration with MediOrbis that helps payers manage the cost of GLP -1s by creating a fully integrated prescribing solution supporting direct -to-consumer offerings Offboard Support members offboard from GLP -1 while sustaining their health outcomes Groups & tools for ongoing support Digital and Live Coaching & Therapy Weight Loss Program Improved Health Outcomes, Higher Savings: Lifecycle GLP-1 utilization management delivering value for members and payers
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DRIO | Nasdaq | 13 Total Eligible Population Drive Enrollment Create Engagement Power Personalization Improve User Outcomes 35% Average member activation rate within a customer account 75% Average member retention rate after 12 months 2.4 Average number of Dario solutions a member utilizes 5X ROI 90+ studies highlighting outcomes improved linked to Dario products 40% Eligible population across 5+ conditions E X A M P L E ~$69-$74 Per Engaged Member Per Month (Full suite) Employer with 10,000 employees 1,400 employees enrolled $900K in yearly revenue (post churn) How Dario Works for Its Customers and Members Enrolling & Engaging Members Source: Management Information
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DRIO | Nasdaq | 14 30-60% Lower recruitment costs than pharma agencies 32%+ After 12 months 10-20% Uplift in Rx adherence 4X Higher conversion to Rx Lower Cost Per Patient Better Engaged Patients Higher Conversion To Rx 10:1 Pharma ROI Improved Adherence Deep Real-World Patient Data Value Proposition Pharma Partnerships: Proven Results through Independent Claims Data Dario Connect Find & enroll qualified patients Dario Care Start therapy faster Dario Mind Support behavior & motivation Dario Health Manage comorbid conditions Dario Data & Insights Measure outcomes & ROI
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DRIO | Nasdaq | 15 DarioIQ – Transforms Insights into Personalized Experiences that Improve Engagement and Outcomes ▪ Creates immersive, personalized health journeys beyond basic information delivery ▪ Provides adaptive UX/UI(1), real- time data visualization, and interactive feedback loops ▪ Integrates device data, behavioural triggers, and coaching into continuous engagement ▪ Links experiences directly to measurable clinical and financial outcomes for greater accountability ▪ Maintains relevance and motivation through longitudinal continuity rather than isolated interactions ▪ Compliant with regulations and uses proprietary data DarioIQ Insights Activation Member Outcomes Proprietary Data AI Advisor Personalized Health Companion AI Sentinel Proactive Engagement Intelligence AI Strategist Business Intelligence Engine Learns your unique profile and delivers personalized guidance and resources throughout your journey Delivers perfectly-timed interventions through optimal channels to maintain your engagement Transforms member data into quantifiable client value and actionable business insights 90% Accuracy Achieved by Dario’s proprietary AI model in predicting blood sugar fluctuations Realized Benefits 20% Increase In engagement delivered by Hypertension MVP compared to control 15mm Hg Decrease in systolic blood pressure for over two-thirds of members Source: Management Information Note: (1) UX/UI = User Experience / User Interface
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DRIO | Nasdaq | 16 U SE R E X PE RI E N CECL I NI CA L OU T CO M E S RO I 4.8/5 stars ~25,000 reviews App Store Rating Customer Loyalty 91% Logo Retention year-over-year 13 mmHg Reduction in systolic blood pressure for over 66% of members 1.4–2.3 pt Reduction in A1C 58% Reduction in hyperglycemic events $5,077 medical cost savings for Dario users 90+ published studies, 9 done by Sanofi 9% population health improvement well-controlled, 13% poorly controlled 26% Reduction in depression symptoms 26% Reduction in anxiety symptoms 50% Reduction in pain level 76% Improvement in posture Diabetes MSK Mental Wellbeing Delivering Measurable Clinical Outcomes and ROI Real-world, third-party-validated clinical studies have proven product excellence and helped quantify the benefits for clients and members Sources: Management Information; ADA 2022 708 -P; AADE 2018; ADA2023 962 -P; ADA 2018 77 -LB; Frontiers in Physiology 2022; CHASM 2022; ADA 2023; ISPOR 2023, by Sanofi
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DRIO | Nasdaq | 17 Dario’s Competitive Advantage: Multiple Conditions, Better Outcomes, Higher Value Among the few consumer-centric, multi-condition solution with real world clinical studies that show tangible results for payers, employers and end users alike Comprehensive user centric experience drives higher client win rate and sustained user engagement # of Conditions 1 3 4 2 5 6 Provider-Led Outcomes and economic performance (Payer) Sustained engagement leads to clinical and economic performance (proven by real world data) Software-based solution allows for a competitive pricing model in comparison to provider-led peers Digital, self-care foundations drive clinical outcomes before driving users to more expensive care modalities
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Commercial Overview
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DRIO | Nasdaq | 19 Growing Blue-Chip Client Base and Channel Partners Clients Partners B2B2C Insurers B2B2C Employer B2B Pharma and 100+ +7 +3
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DRIO | Nasdaq | 20 2025 Client Base Growth ▪ 45 new accounts since Jan ’25, bringing the total number of 2025 clients to 125+ ▪ Exceeded new account goal of 40 before Jan ’26 (50+ in year open opportunities remaining) Meaningful Wins in 2025 ▪ 1 National Health Plan ▪ 2 Regional Health Plans ▪ 45 Employers ▪ 2 New Channel Partners Evidence for Success of Strategy ▪ 50%+ of new contracts are multi-condition ▪ 90% client retention rate ▪ Sales team agreements / incentives and operating model have all been revamped Accelerating Commercial Momentum: 45 New Clients in 2025, ~$69M Pipeline, 90% Retention
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DRIO | Nasdaq | 21 Channel Partnerships Create Powerful Revenue Growth Engine Force Multiplier Effect 116M TOTAL LIVES 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 Solera Aetna (BH) Personify Health Amwell OneStep Allegiance GreenKey NUMBER OF LIVES CHANNEL PARTNER Partnerships with blue-chip channel partners accelerate market penetration and scale opportunities
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DRIO | Nasdaq | 22 Pharma Recurring Platform Services Subscription Fee Pharma Partnerships Pharma TA specific configuration or custom delivery Health Plans / PBMs Managed Medicare & Medicaid Fully insured commercial Self-Insured Employers Direct to Employer Benefit Consultants /Brokers Through health plans and PBMs B2B2C Membership-driven monthly recurring revenue B2C Membership-driven monthly recurring revenue Members (Users on Dario platform) Direct to Consumer Uninsured Individuals Per Engaged Member per Month (PEMPM) ▪ Applied to metabolic and MSK conditions ▪ Paid per member that is engaged on the platform ▪ Price ranges between $69 and $74/engaged member/month Per Employee per Month (PEPM) ▪ Behavioral health and mid-market multi-condition customers ▪ Paid per eligible member that will have access to the platform ▪ BH price is single digit between $0.12 and $0.25/employee/month Pricing models: Stakeholders per channel: Milestone Pricing ▪ Applied to metabolic conditions and full suite customers ▪ 5 milestones over 12 months, total milestones = $500 to $1,000+ ▪ Milestones based upon engagement, device usage, clinical outcomes Top of the Funnel ▪ Dario Connect ▪ CAC for paid media ▪ Platform configuration fees ▪ Platform licensing fee Mental Health or CMB Support ▪ Dario Mind or Dario Health ▪ Platform configuration fees ▪ Platform licensing fee Dario Uses a Flexible Pricing Model Tailored to Each Commercial Channel Source: Management Information
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DRIO | Nasdaq | 23 High-Conviction Growth Levers Provide Significant Upside Opportunity Employers | ▪ Continue to leverage broker/consultants ▪ Leverage health plans and newly targeted PBMs and TPAs to get into larger employers at a lower cost of sales ▪ Stay consistent with channel partners that have demonstrated market access to this segment Growth Avenues Health Plans | ▪ Focus on all lines of business – but keep balance towards commercial, Medicaid (maternal) and Medicare Advantage ▪ Emphasis on costs of care savings Channel Partners | ▪ Continue to work with delivering partners ▪ Add new focus towards PBMs and TPAs ▪ Evaluating Pharma channel partnerships Expand product reach ▪ Add conditions to increase eligible populations, covered lives ▪ Improve tech to increase enrollment rates ▪ Add new condition partners that will allow Dario to gain more market share (MSK, Sleep) Continue to Improve Engagement/Enrollment ▪ Improve tech to increase enrollment and engagement rates ▪ Add claims-based data and analytics Management has identified clear pathways to accelerate growth across existing channels, expand product reach, and improve unit economics
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DRIO | Nasdaq | 24 Capital Structure Balance sheet & capitalization snapshot as of September30th, 2025 Stock Price $17.35 Common Stock 6,768K $117M Pre-Funded Warrants 2,461K Lockup shares 185K(1) $163M Market Cap Warrants 665K ESOP and RSUs (allocated) 399K Min Max $12 $40 Outstanding Equity (on a fully diluted basis) 10,478K 9,414K Shares Outstanding • Cash balance and short-term restricted deposits as of September 30, 2025 was $32.1 million • Long term debt of $32.5 million (1) To be issued based on fulfillment of the terms and conditions in the A&R lock up agreements.
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In Summary
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DRIO | Nasdaq | 26 Experienced Executive Management Team Chen Franco Yehuda Chief Financial Officer Erez Raphael CEO, Board Member Steven Nelson President and Chief Commercial Officer Lara Dodo Chief Operating Officer Omar Manejwala, M.D. Chief Medical Officer Brian Harrigan SVP, Employer Sales Christopher Strafaci SVP, Health Plans Mona Dean Chief Compliance Officer Matthew Shields VP, Client Delivery Michal Aberman -Shimon Chief People Officer Rob Halpern SVP, Marketing
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DRIO | Nasdaq | 27 The Time Is Now: Unprecedented Moment for Growth Buyers are consolidating vendors for better ROI, savings, and outcomes Multi-Condition Platform Leadership These deals are accelerating sales and enabling rapid onboarding of large employers and health plans Expanding Market Access Policy tailwinds further boost momentum Proven Clinical & Economic Performance Velocity and Multiplier Effect The groundwork is complete. Internal readiness & external conditions are aligned for accelerated growth Source: Management Information , ADA 2023 126 -LB Note: (1) As of 10/01/25 5+ chronic conditions on one platform (vs. 1-3 for most competitors) 70% of the pipeline is multi-condition 50%+ of new contracts are multi-condition $69M total pipeline value (1) ~116M lives covered by strong channel partners 23% fewer hospitalizations 9% population health improvement 90+ published studies $5,000+ in annual payer savings Validated Multi- Condition Platform ~116M Accessible Lives 5X Proven ROI Compounding Momentum for Rapid ARR Expansion and Margin Improvement
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DRIO | Nasdaq | 28 Members and Clients Love Dario Alex Health plan administrator Our customers are saving over $5,000 per individual, and they’re seeing better outcomes as well. Dylan Cardiometabolic For the first time, I feel like I’m in control of my condition instead of just overwhelmed. Michelle VP of Benefits We saved money — and our employees love using the device and having access to a coach. Members Clients