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Ontrak Health (NASDAQ: OTRK) reported Q1 2024 financial results, showing a 6% year-over-year revenue increase to $2.7 million. The operating loss decreased by 41% to $4.3 million, and adjusted EBITDA improved by 38% to a loss of $3.4 million. Net loss for the quarter was $4.5 million, or $0.11 per share. The company secured approval from Florida's AHCA to serve Community Care Plan's adult Medicaid population. Enrollment in the WholeHealth+ program was 1,521 by the end of Q1. In recent developments, Ontrak partnered with Acuitas Capital for potential funding up to $12 million and announced the expansion of its WholeHealth+ program. The company's revenue outlook for Q2 2024 is between $2.4 million and $2.8 million.
Ontrak Health, a leading AI-powered and telehealth-enabled behavioral healthcare company, announced a new contract with Community Care Plan to provide behavioral health solutions to its adult Medicaid population in South Florida. The partnership includes delivering solutions such as Ontrak WholeHealth+, Ontrak Engage, Ontrak Access, Ontrak Quality Support, and Ontrak Member Portal to improve clinical outcomes and reduce costs. The company anticipates reaching new eligible members and expanding its outreach pool by approximately 10% in the next 30 to 60 days.
Ontrak Health, a leading AI-powered and telehealth-enabled healthcare company, will report its financial results for the first quarter of 2024 on May 14, 2024. The company will host a conference call for investors and analysts to discuss the results. Participants can access the call online or via live webcast. A replay will be available for on-demand listening.