DarioHealth (DRIO) is up 17% after announced today that it received the CE Mark for its Lightning-enabled version of the acclaimed Dario Blood Glucose Monitoring System. The news ensures that consumers, beginning in the UK market, will be able to receive the same quality user experience with DarioHealth on the latest Apple devices, including the brand-new iPhone 8.
DarioHealth's Blood Glucose Monitoring System is an all-in-one blood glucose meter and native smartphone app that gives users a method for self-diabetes management.
This nano-cap stock is based in Israel and has a ~$23 million market cap (or $19 mln enterprise value) which is ~4x sales estimates for this year but only 2x the FY18 sales estimates.
With a market cap so small, this is clearly a speculative stock. DRIO is competing with big players like Abbot (ABT) and Dexcom (DXCM) in the diabetes market. The company has reported revenue up 80% year-to-date and the low float of 6 million shares helped the stock surge this morning.
The stock has fallen back below resistance in the mid-$2 range after surging100% to a seven-month high this morning.