Good morning, ladies and gentlemen, and welcome to the DarioHealth first quarter 2026 results conference call. This call is being recorded on Wednesday, May 13th, 2026. I would now like to turn the conference over to Zoe Harrison, VP Accounting and Corporate Development at DarioHealth. Zoe, please go ahead. Thank you, operator, and good morning, everyone. Thank you for joining us today for a discussion of DarioHealth's first quarter 2026 financial results. Leading the call today will be Erez Raphael, Chief Executive Officer of DarioHealth. He'll be joined by our President and Chief Commercial Officer, Steven Nelson, and Chen Franco-Yehuda, our Chief Financial Officer. An audio recording and webcast replay for today's call will also be available online, as detailed in the press release invite for this call. For the benefit of those who may be listening to the replay or archived webcast, this call is being held on Wednesday, May 13th, 2026. This morning, we issued a press release announcing our financial results for the first quarter of 2026. The copy of the release can be found on the Investor Relations page of DarioHealth's website. I'd like to remind you that on this call, management will make forward-looking statements within the meaning of the Federal Securities laws. For example, the company is using forward-looking statements when it discusses expected revenue growth and contribution from 2025 signed accounts, its path to profitability and cash flow break even, the continued reduction in operating expenses and losses, its expansion of channel partnerships and covered lives reach, its expected revenue and scaling from partner-led and off-cycle opportunities, expected onboarding and implementation of large enterprise accounts, expected growth and conversion of commercial pipeline opportunities, expected expansion into care delivery, claims-based and outcomes-based models, expected benefits from care delivery and Green Key Health partnerships, expected growth in recurring revenue and operating leverage, expected advantages and future impact of DarioIQ and proprietary data assets, expected improvements in member engagement, retention and outcomes, beliefs regarding competitive positioning and market opportunity, and the expected outcomes of the company's strategic review process, including potential strategic transactions. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, including the risks described from time to time in its SEC filing. The company's results may differ materially from those projections. These statements involve material risks and uncertainties that could cause actual results or events to materially differ. Accordingly, you should not place undue reliance on these statements. I encourage you to review the company's filings with the SEC, including, without limitation, the company's annual report on Form 10-K, which identifies specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. With that, I'll hand it over to Erez Raphael, Chief Executive Officer of DarioHealth. Good morning, everyone, and thank you for joining us. We started 2026 with continued momentum. Q1 marked our second consecutive quarter of sequential revenue growth while we continue to reduce our operating expenses. The financial trajectory is on track. Chen will walk you through the details shortly. I want to focus my comment today on three things: the continued expansion of our channel ecosystem, the scale we are now operationalizing from the account signed in 2025, and the next strategic step in our platform, moving closer to care, which opens new revenue streams for us. I'll also share some strong numbers on how our DarioIQ AI engine is further boosting member engagement. Last quarter, we described two compounding layers in the core of our growth strategy. Layer 1, channel partnership that gives access to millions of covered lives through a single commercial relationship. Layer 2, our multi-condition platform that captures a far greater share of each account's population. That phase is now playing out and is being accelerated. Our channel partnerships continues to grow and entered the contracting stage with a new channel partner, the largest in DarioHealth's history. The relationship comes from a major day 1 anchor account, one of the largest hospital networks in Northeastern U.S. Through this partnership, we expect to access approximately 65 million additional covered lives and roughly 3,500 employer relationships. Combined with our existing relationships with Solera, Amwell, and our other blue-chip channel partners, this will bring our distribution reach to over 175 million covered lives. We had a strong sales cycle at the end of 2025 and closed out the year with nearly $13 million in contracted and late-stage business, which remains on track to contribute to revenue later this year and in 2027. Steven will share the commercial details. The third area I want to spend time on is an important strategic step we are taking. How we are evolving the platform itself to move closer to care. We have built a strong digital health foundation, a scalable, recurring, per engaged member per month revenue model with measurable outcomes. That core continues. What is changing is what we are extending beyond engagement and support into actual delivery of care. We believe Dario is uniquely positioned to lead this shift. The reason is straightforward. We have built one of the deepest bodies of clinical evidence in digital health. More than 100 peer-reviewed clinical studies, more than any other company in our category, demonstrating real and measurable outcomes. This level of validation is what the credential payers and providers require. It is also what makes outcomes-based and claims-based revenue models possible for us. We are building beyond our core ability to engage members and support improved outcomes through behavioral change. We are building to directly impact clinical outcomes, close care gaps, and participate in the medical spend associated with those outcomes. To accelerate this strategy, we are working with a care delivery partner. Steven will share more on this work shortly. The foundation underneath everything I've just described is what we have always said, which is data. Dario is a data company that leverages generative and agentic AI on top of one of the most valuable proprietary clinical datasets in digital health. The reason we are confident is that position is structural. We are fully vertically integrated. We design and manufacture our FDA-cleared connected devices. Those devices generate continuous biochemical and other clinical data directly from the members in real time. The data flows into our platform. Our analytics and AI run on top of it. From hardware to AI, the stack is ours. We do not license it, rent it, or depend on third-party inputs. Today, we have more than 13 billion proprietary real-world data points tied to actual clinical outcomes across multiple conditions at the individual member level. That is the kind of dataset that takes a decade to build and cannot be replicated quickly. DarioIQ, our proprietary AI engine trained on that dataset, is the product expression of that advantage. It delivers personalized real-time clinical recommendation that the general-purpose model cannot match because no general-purpose model has access to longitudinal data of this depth tied to real outcomes. DarioIQ is now in active deployment, and the early results are meaningful. Our behavioral triggered engagement program, where the DarioIQ identifies the right intervention at the right moment for each member based on their personal data signature, are delivering up to 40% improvement in member retention and up to 55% lift in active sessions versus our control group. These are early data points, but they are directional. They tell us AI-led is producing measurable behavioral change today and that the same data flywheel that builds the moat is what compound it. The implication is direct. As AI capabilities advance, our position strengthens. Every advance in AI raises the value of the underlying data. We own this data. To pull this together, our channel ecosystem continues to scale. The accounts we signed in 2025 are converting into revenues, and we are evolving the platform from digital engagement into care delivery, backed by clinical evidence and proprietary data and AI foundation that compounds with every member we add. We are building a business that is more deeply integrated into how healthcare is delivered, paid for, and measured. This is exactly where the market is going, and that is where Dario is positioned to lead. With that, I will turn the call over to Steven. Thank you, Erez. Good morning, everyone. I'll start with account growth and channel momentum. Last year, we added 85 new accounts against an original goal of 40, more than double our target, demonstrating the strength of our market demand for Dario's multi-condition platform. That momentum continued into 2026. In the first quarter alone, we have already added 10 new accounts, most through channel partners and all outside the normal employer benefit cycle timing. That is important because it shows that our channel ecosystem is beginning to create opportunities on a more continuous basis rather than only through traditional annual buying cycles. It also reinforces the broader shift in our commercial model from one account at a time direct selling to more scalable partner-led model that can create access to larger populations and multiple downstream opportunities over time. Today, more than 80% of our revenue is generated through partner-driven channels, providing access to over 116 million covered lives. As these ecosystems expand, each new partner or payer deployment has the potential to bring Dario's platform to significantly larger populations without requiring a proportional increase in commercial infrastructure. We are also continuing to deepen relationships with existing partners and customers. We are currently working toward a 3-year extension with Aetna, a 4-year extension with Centene, reinforcing the long-term value these organizations see in the outcomes delivered through the Dario platform. In addition, we continue to see strong activity across our channel ecosystem. Solera remains an important partner and continues to create opportunities through existing client relationships and plan partners. Amwell has also identified a new Blue Cross Blue Shield plan opportunity that is expected to launch Dario as a part of its digital health offering. We continue to see opportunities across larger payer and partner ecosystems, including UnitedHealthcare-related channels and additional payer-aligned relationships. The important point is that our channel strategy is now producing scaled opportunities, larger deployments, and a path to further increasing recurring revenue growth. At the same time, we are also focused on converting the accounts we already have sold into scaled platform activity. Several of the larger accounts referenced in prior quarters are now moving through onboarding, testing, and client-specific requirements. That includes the technical, operational, eligibility, data sharing, reporting, integration, and implementation steps required to support large-scale deployments. Overall, these implementations are progressing well. To date, the work remains substantially on time and on track. This is important transition for Dario. Last year was heavily focused on building the channel pipeline and closing new accounts. This year is increasingly about activating those relationships, scaling them across client populations, and converting commercial progress into reoccurring revenue growth. For accounts such as Aetna, Allegiance, Solera-driven opportunities, Amwell-driven payer opportunities, and others previously referenced channel partner relationships, we are encouraged by the progress and expect continued advancement as these clients scale on the Dario platform. Turning specifically to our broader pipeline, commercial demand remains strong. As the end of Q1, our total commercial pipeline increased to approximately $127 million across 241 open opportunities. This includes opportunities across employers, health plans, channel partners, and other B2B2C relationships. Importantly, the size and quality of opportunities entering our pipeline continues to increase, driven by multi-condition adoption, large enterprise deployments, and increased reach created through our channel partners. As we expand our presence with payer ecosystems, the scale of these opportunities continues to grow. We are also continuing to engage in government-sponsored healthcare initiatives, with 11 state-level opportunities currently in motion through the Rural Health Transformation Program. These opportunities represent another potential path for Dario to expand through state-sponsored, payer-aligned, and population health-oriented models. I'll now turn to our expansion into care, which we believe is one of the most important developments in the business. Erez Raphael has already mentioned the opportunity and how Dario is well-positioned to capture more healthcare spend by delivering improved clinical outcomes. I'll get into the specifics of the execution. To execute this broader strategy of expanding into care, we plan to work with partners that bring the clinical and provider-enabled capabilities that complement Dario's digital engagement platform. Dario has built a strong ability to identify, activate, engage, and support members across chronic conditions. These partners may add the care delivery layer that can help close gaps in care, support provider-led interventions, document clinical activity, help connect engagement to reimbursable healthcare events, and operate across relevant geographies. The strategic logic is very clear. If Dario can find and engage the member, the care partner can help support the clinical intervention. Together, we believe we can create a more complete model that identifies, engages, intervenes, documents, and supports monetization through care-related and claims-based models. By moving closer to care through partnership, we believe we can accelerate the strategy without requiring Dario to build every clinical capability internally from the ground up. This gives us a more efficient path to expand our value proposition, strengthen our relevance with health plans and employers, and create new revenue opportunities tied directly to outcomes and medical spend. A strong example of this direction is our expanded work with GreenKey Health. Building on the strategic co-promotion agreement established last year, we are deepening the integration of GreenKey's For Life clinical sleep service pathway into the Dario ecosystem, creating a national diagnostic and telehealth-enabled pathway for obstructive sleep apnea screening and physician-guided patient choice interventions. Because unresolved sleep disorders can materially affect cardiometabolic outcomes, this partnership strengthens our ability to support members more holistically while creating additional value for enterprise partners focused on adherence, outcomes, and cost savings. Dario is growing beyond its core strength as a digital health platform to participating in the delivery and monetization of care. This also expands both our value proposition and our revenue opportunities. It makes us even more relevant to health plans, employers, and channel partners that are increasingly focused on measurable outcomes, care gap closure, claims visibility, and medical cost impact. Stepping back, what we believe investors should take away from this quarter is that Dario is executing its business plan with greater focus and clarity. We have sharpened the business around employer and health plan growth. We are scaling our distribution through channel ecosystems. We are preparing the business operationally for larger claims-enabled supported models. We are moving closer to care through clinical pathways. Clinical gap closure and provider-enabled capabilities, including our expanded work with Green Key Health. Together, these priorities position Dario to expand beyond the strong digital engagement that creates positive behavior change and toward a broader healthcare platform that can support care delivery, document outcomes, and participate more directly in the healthcare dollars tied to those outcomes. With large-scale deployments now beginning to come online, we believe we are entering the phase where the strategy begins to translate in a meaningful scale. With that, I'll turn the call over to Keren. Thank you, Steven. Good morning, everyone. Q1 2026 demonstrated that our financial model is beginning to reflect the commercial and operational progress Erez and Steven described. Revenue growing, cost declining, and cash utilization continuing to improve. Revenue for Q1 2026 was $5.6 million, up from $5.2 million in fourth quarter of 2025, our second consecutive quarter of sequential growth. The year-over-year decline from the first quarter of 2025 reflects a deliberate strategic transition away from non-recurrent pharmaceutical revenue that is currently not part of our core business model. That reduction was offset by increased revenue coming from our channel partners and increased sales in our direct-to-consumer channels. Gross margin was 57% in Q1 2026, about the same year-over-year and up from 54% in the fourth quarter of 2025. The sequential improvement was driven by efficiency. I want to highlight what sits underneath the GAAP margin. Our B2B2C non-GAAP gross margin held at approximately 80% for the ninth consecutive quarter. It reflects the economics of our model. As B2B2C revenue scales, it carried that 80% non-GAAP margin with it, and that is the engine of operating leverage going forward. On operating expenses, total OpEx for the first quarter of 2026 was $10.5 million, down 21% year-over-year and down 8% sequentially. This is the result of continued operational efficiency across the organization, including utilization of AI and post-merger integration activities following the Twill acquisition. Non-GAAP operating expenses, which exclude stock-based compensation, depreciation, and amortization, were $8.7 million, down 18% year-over-year and down 3% compared to the fourth quarter of 2025. Operating loss for the first quarter of 2026 was $7.3 million, a 22% improvement year-over-year and 15% improvement sequentially. On a non-GAAP basis, operating loss was $5.3 million, an 8% improvement year-over-year and 11% improvement sequentially. We plan to continue reducing our non-GAAP operating loss through 2026. As of March 2026, we held $20 million in combined cash and short-term deposits, and we were in full compliance with all covenants under the OrbiMed facility, under which principal payments do not begin until May 2028. Net cash used in operations was $6 million in the first quarter of 2026, compared to $6.7 million in the first quarter of 2025, a 10% reduction year-over-year. I will close with how we think about the financial trajectory from here. The accounts signed in 2025 are moving through implementation and are expected to convert to recognized revenue primarily in the second half of 2026. The channel economics are favorable. Each new covered life relationship carries lower incremental cost. The cost structure has been reset materially from where it was a year ago. As we plan to integrate into clinical workflows and support outcome-based and claim-related models, we are positioning DarioHealth to participate in materially larger share of the healthcare spend. The potential combination of contracted revenue becoming recognized revenue, high margin channel growth, and a lower cost base is what underpins our confidence in our financial direction of this business. I'll turn the call over to Erez. Thank you all for joining us today. This quarter showed the platform fees is playing out in the numbers. Two consecutive quarters of sequential revenue growth. 10 new accounts in the first quarter, most of them through a channel partner. A $127 million pipeline across 241 active opportunities, a path that brings our distribution reach to 175 million covered lives. As a reminder, in September 2025, in response to multiple unsolicited inbound expressions of interest, DarioHealth engaged Perella Weinberg Partners and established a special committee of board of directors to consider a full range of strategic opportunities, including sale, merger, strategic business combination, or continued execution of our standalone strategy. The process remains active, and we will provide updates when there is a material development to share. What is increasingly clear is that Dario is positioned to succeed in any scenario we choose to pursue. We own our hardware, our data, and the AI that runs on top of them. We have a commercial engine that compounds, and we have a clinical foundation of more than 100 peer-reviewed studies that powers the expansion from digital engagement into care delivery. Before I hand back to the operator, I want to take a moment to thank people who make this possible. To our employees, your dedication to our members and to each other is what drives everything we do. To our partners and channel ecosystem, your trust and collaboration are central to how we scale. To our shareholders, thank you for your continued support and confidence in our platform and our mission. I will now turn it over to the operator for a Q&A session. Thank you. We will now open the call to questions. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question comes from Charles Rhyee with TD Cowen. Please go ahead. Hi, this is Lucas on for Charles. Thanks for taking the questions and congrats on the quarter. I wanted to ask more about your guys' expansion into care. Congrats on the partnership. Up until now, most of your engagements have been with health plan and employer channels. Can you dive a little bit more into how this specific channel will work on the ground level? Steve, from your comments, it sounds like DarioHealth will be a referral partner to the health systems. Then, you guys have highlighted the opportunity to participate in outcomes-based arrangements. Can you dive a little bit deeper into the structure of the economic side of these relationships and how they differ from current arrangements? Yeah. This is Steven. I'll take that one. Three parts, I'll break it down for you. You're right, it is a referral-based relationship, a partnership in care. They deliver care, specific care. We do not. We're working collectively on joint agreements, joint relationships, go to market, getting back. We have proposals from health systems. They're looking to close gaps in care where digital care connects to actual care, we're gonna collaborate in that space. We also can round out our current chronic management programs with direct care delivery, whether that's specialty care or other forms of specialty care. That's part one. Part two, will you be working back and forth with referral relationships? Absolutely. They have clients. We have clients. There's proposals that we put out in the market that have sought this specific relationship. One, we know that we're doing the right thing with the product, part one. Two, we have existing proposals in the market that are actually requesting some of these product enhancements, if you will, and we are not a care delivery organization. Third, this also allows us to kind of stretch our wing, you know, spread out and stretch our wings a little bit into some additional profit pools, right? Claims-based billing, things that we started just this year in January for the first time. This allows us to get closer to care activities, data, sharing data, being able to curate what a digital engagement looks like, and then when they need care, surface care opportunities. We've talked about some different things in the past on doing this. Rula, around behavioral health services in the past. We did some things with MediOrbis and GLP-1 early last year in that same regard. We've recently talked about Greenkey and obstructive sleep apnea, which is also in the care space. We're kind of getting and stretching deeper into that. Your secondary question was regarding outcomes. Two things. One, we have a product today already on outcomes. We call it clinical milestones. We do that with our largest channel partner. That's evolved to really where you have to meet very specific clinical milestones versus engagement metrics where we then get paid. Two, this is a great fit for that. This brings care directly in line of sight of that's great for health plans, which is the biggest opportunity, where significant amount of health plans now are trying to close gap closures in care in order to improve their Star Ratings and their HEDIS measures. It's a 1-to-1 on outcomes-based product. What we have today can be enhanced. We will also add additional products that will go down this path. We call it value-based light. Kind of what you're getting to is value-based care and value-based light in terms of contracting. Innovative for sure, making sure that we have other things that are tied to where the market's headed, which is a lot more ROI. Great. Appreciate all that color. I guess in terms of, you know, this channel going forward, what are your expectations for the role of, you know, getting closer to health systems moving forward? Can you give us a sense of, you know, obviously, we have this one partnership right now that you guys are highlighting. Can you know, give us a sense for how many other health systems you guys may be, you know, in conversations with? Broadly speaking, we'll announce this partnership next week sometime. We're kind of angling towards a little bit more details, which will probably answer a lot more of your questions or questions that may arise after this call today. That's part one. Two, currently right now, we have proposals in the pipeline, somewhere between 7 and 10, where we have active proposals in the market with health systems specifically looking for us to deliver this work. That is very active. All that would be oriented towards 2027 business, January 2027 business. The majority of that business is Medicare Advantage. There are some subsets of that that are Medicaid based. The other proposals would tie to what I talked about, which was the Rural Health Transformation initiative, RHT, around the Beautiful Bill. There's really 3 things. What's in pipe today, what we think we can capture doing more work with our partners. Going back to our existing health plans, we have a significant amount of health plans today that we can go back and enhance our services with now that we add this. We have the RHT bids. Currently, we are around, I believe, 11 there on those bids as well. 11 in a direct sense. All states are receiving money from the Beautiful Bill, and that may be opportunistically timing perfect for us as well when we think about this add-on of care. Okay. Appreciate that. You got- You know, wanna ask about the health plan and employer pipeline and, you know, it sounds like implementations this year remain on track, and we're expecting revenue to accelerate in the second half. Can you give us any sense of the magnitude of what we're expecting for that second half acceleration? Yeah. I mean, we're trying to get through all the planning and details around that. I mean, it's as I mentioned, I actually got into the detail a little bit into the script about what it takes to onboard them. They're very large accounts, so how they grow and where they grow, we have monitored, modeled all the account behaviors about what we think. We don't give specific guidance, obviously, in that regard to revenue, we do see uptick in all of them. They're all onboarding. After we can kind of get the floodgates open per se, we expect them all to be contributing in a more material way as the year continues. We don't have a lot of those details because, again, right now, as we announced who they were last year and on the last earnings call, we're now kind of in the thick of it in terms of standing them up, building the product connections, doing a lot of the backend work to make sure that we have good partners that are stably gonna generate that revenue. We're still working through a lot of the enrollment and projections in detail. We know what it looks like in a pipeline sense, but we don't know what it looks like in a detailed sense. Erez, would you like to add something to that? Yeah, sure. I think that what we disclosed in the press release and also in the earnings script is that we have $30 million worth of contracts that are now late mid-stage business. We know specifically about few of those accounts that are launching by the mid of the year. This is what give, you know, put us in a place where we are confident about a more significant growth in the second half of the year and into next year. Practically the accounts landed. We started to implement them in Q1, we'll continue in Q2. We see a few largest one that are gonna launch by July 1st. This is something that gives us more confidence that we're gonna see higher numbers in the second half of the year comparing to the first half of the year. Okay. Appreciate that color. Then, my last question, I'll hop into the queue. Yeah, sure. consumer revenue continues to be, strong growth, you know, up 42% year-over-year and 24%, quarter-over-quarter. I guess, what's driving this acceleration, on this side of the business? Yeah. This is something that related to general demand that we are having mainly on our landscape product. Our landscape product is very popular. Users like it a lot. It's done as a response to a larger demand around that product, and the majority of the growth is coming from this product. It's not just in the U.S., it's also selling out of the U.S. It's, we find there's a lot of demand for this product. Recently, this volume that we're seeing in the direct to consumer market created also demand on the B2B side from clinics in the U.S., we are exploring that as well. That's good news. This product is very good and popular by consumers, drives a lot of growth. We think that we're gonna see this year, versus last year, a nice growth in the entire B2C business. Thanks. I appreciate the questions, guys. Yes. Okay. Thank you. We have reached the end of the question and answer session. This concludes today's conference, and you may now disconnect your lines. Thank you for your participation.