Welcome to our dedicated page for Ontrak news (Ticker: OTRK), a resource for investors and traders seeking the latest updates and insights on Ontrak stock.
Ontrak, Inc. (symbol: OTRK) is a leading provider of artificial intelligence-powered, virtualized outpatient healthcare treatment services. The company specializes in delivering in-person and telehealth interventions aimed at health plans and third-party payors. Ontrak’s core platform, Ontrak PRE (Predict-Recommend-Engage), leverages sophisticated AI algorithms to predict which individuals with chronic diseases would benefit from behavioral changes. It then recommends care pathways that these individuals are likely to follow and actively engages those who are not receiving the necessary care.
The company’s hallmark program, Ontrak, is designed to address unaddressed behavioral health conditions that exacerbate chronic medical diseases, such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure. By integrating evidence-based psychosocial and medical interventions, delivered either in-person or via telehealth, along with care coaching and community care coordination, Ontrak aims to improve health outcomes and reduce healthcare costs.
Ontrak’s mission is to improve health and save lives by providing personalized care programs that utilize claim-based analytics and predictive modeling. This results in analytic insights that enhance the delivery of their programs. The company’s OntrakTM solutions, part of the PRE platform, are specifically designed to treat members with behavioral conditions that lead to chronic medical conditions.
Recently, Ontrak has expanded its reach through strategic partnerships and collaborations aimed at broadening the scope of its services and enhancing its technological capabilities. The company is continually involved in various projects that focus on improving their AI algorithms and expanding their intervention programs.
As of the latest updates, Ontrak has reported significant milestones, such as new health plan integrations and advancements in their AI technology, which promise to further the impact of their healthcare solutions. Investors and stakeholders can stay updated on Ontrak’s financial performance, recent achievements, and ongoing projects through regular news releases and corporate communications.
On December 6, 2022, Ontrak, Inc. (OTRK, OTRKP) received a notice from Nasdaq indicating non-compliance with the minimum bid price requirement, having traded below $1.00 for 30 consecutive business days. The company has a 180-day grace period until June 5, 2023, to restore compliance by achieving a minimum closing bid price of $1.00 for at least 10 consecutive days. There is no immediate impact on the stock's listing, but the company is exploring options to regain compliance, with no assurance of success.
Ontrak, Inc. (NASDAQ: OTRK) reported Q3 2022 revenue of $2.8 million, an 85% decline compared to the previous year. The company experienced a net loss of $(12.8) million, or $(0.62) per share. To enhance its financial position, Ontrak fully repaid a $7.5 million loan and secured $3.3 million in a direct share offering. The company confirmed its 2022 revenue outlook of $14 to $16 million and noted progress in its sales pipeline, aiming for growth in 2023. Adjusted EBITDA was $(7.7) million, up from $(1.7) million in Q3 2021.
Ontrak, Inc. (NASDAQ: OTRK) will report its third-quarter 2022 financial results on November 9, 2022, after market close. A conference call will be held at 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the call via registration or through a live audio webcast. Ontrak leverages AI and telehealth to support behavioral health, emphasizing personalized care for vulnerable populations dealing with anxiety, depression, and substance use disorders.
Ontrak, Inc. (NASDAQ: OTRK) announced the appointment of James Messina as a non-Executive Director to its board. With extensive experience in healthcare, Messina previously served as Executive VP and COO for Premera Blue Cross and held leadership roles at CIGNA and UnitedHealth Group. His expertise is expected to enhance Ontrak’s mission of improving behavioral health services. Terren Peizer, CEO, expressed enthusiasm for Messina's contributions, emphasizing the importance of tailored support for individuals with behavioral health needs.
Ontrak, Inc. (NASDAQ: OTRK) has announced its participation in the Inaugural Gilmartin Group Emerging Growth Company Showcase, set for August 31, 2022, at 1:00 p.m. ET. The virtual event will feature a presentation by company management. Interested parties can access the live webcast here, and an archived version will be available on the company’s website, highlighting Ontrak's mission to improve healthcare for vulnerable populations using AI and telehealth solutions.
Ontrak, Inc. (NASDAQ: OTRK) reported Q2 2022 revenue of $3.9 million, an 85% decrease from the previous year, with a net loss of $15.1 million ($0.83 per share).
To manage its finances, the company fully repaid a $19.2 million loan, with a $5 million draw from its Keep Well Agreement.
Ontrak raised $3.5 million via a registered direct offering and partnered with Eleos for AI integration, reflecting progress in their sales pipeline with 19 health plan prospects.
The company forecasts 2022 revenue between $14 million and $16 million.
Ontrak, Inc. (NASDAQ: OTRK) has completed a registered direct offering, raising approximately
Ontrak, Inc. (NASDAQ: OTRK) announced a securities purchase agreement for a registered direct offering of its common stock at $0.80 per share, raising approximately $4.0 million before fees. The offering, expected to close by August 4, 2022, aims to fund working capital and reduce debt. Roth Capital Partners serves as the exclusive placement agent. The shares are being offered under a previously filed shelf registration statement with the SEC.
Ontrak, Inc. (NASDAQ: OTRK) announced it will release its financial results for Q2 2022 on August 9, 2022, after market close. The company will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results. As a leading AI and telehealth-enabled healthcare provider, Ontrak focuses on improving behavioral health outcomes for vulnerable populations through personalized care pathways and predictive analytics.
Ontrak, Inc. (NASDAQ: OTRK) has appointed Dr. Judith Feld as the new Chief Medical Officer, succeeding Dr. Robert Accordino, who leaves to focus on his private practice. Dr. Feld, who joined the company in 2019, has played a key role in developing Ontrak's clinical model aimed at engaging hard-to-reach health plan members. With over 30 years of experience and multiple accolades, she aims to enhance the health outcomes of members and improve services for health plan customers. The transition is seen as a positive step for Ontrak as it emphasizes internal talent and continuity in leadership.
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