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.
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.
Ontrak, Inc. (NASDAQ: OTRK) announced the resignation of CEO Jonathan Mayhew effective August 12, 2022, due to family health reasons. Founder Terren Peizer will assume the CEO role, focusing on strategic direction and capital initiatives. The company promoted several executives, including Brandon LaVerne to Co-President and COO, and Mary Lou Osborne to Co-President and Chief Commercial Officer. Historical revenue growth includes $2.7 million in 2015 to $84.1 million in 2021. Peizer's investment arm remains the largest shareholder.
Ontrak, Inc. (NASDAQ: OTRK), a leader in AI-powered telehealth, will participate in the Lytham Partners Summer 2022 Investor Conference. The presentation will be accessible from June 21, 2022, at 9:00 a.m. Eastern Time, via the company's website. Ontrak's mission focuses on enhancing healthcare for vulnerable populations facing mental health issues, including anxiety and substance use disorders. Their robust platform combines AI and personalized care pathways to improve member health and optimize healthcare utilization.
Ontrak Health (NASDAQ: OTRK) and Eleos Health announce a partnership to integrate their AI platforms, aiming to enhance member care in behavioral health. This collaboration will reduce administrative tasks and improve insights into treatment sessions. Eleos' voice-to-insights technology will streamline documentation, cutting completion time by up to 40%. This integration is expected to provide Ontrak's care teams with better visibility into patient needs and treatment effectiveness, ultimately supporting its mission to improve clinical outcomes for vulnerable populations.
Ontrak, Inc. (OTRK) reported Q1 2022 revenue of $5.3 million, an 82% decline year-over-year. The operating loss widened to $(13.1 million), compared to $(2.9 million) in Q1 2021. Adjusted EBITDA also fell to $(9.2 million) from $1.9 million year-over-year. The company highlighted a sales pipeline and plans to borrow up to $25 million from Acuitas Capital. Total enrolled members reached 2,867. Ontrak anticipates revenue for the full year 2022 between $25 million and $30 million.
Ontrak, Inc. (NASDAQ: OTRK) will announce its first-quarter 2022 financial results on May 11, 2022, after market close. Management will host a conference call at 1:30 PM PT / 4:30 PM ET to discuss these results. Investors can access the call at +1 (833) 519-1269 for U.S. participants or (914) 800-3841 for international participants, referencing conference ID #5078624. A live and archived webcast will also be available on their website.
Ontrak, Inc. (NASDAQ: OTRK) reported Q4 2021 revenue of $10.3 million, a 65% decrease year-over-year, with a net loss of $(20.1 million). For the full year, revenue rose 2% to $84.1 million, but the operating loss widened to $(28.0 million). Key achievements include a three-year contract renewal with a major employer covering 39 countries, and a successful ATM offering raising $10.8 million. The company anticipates 2022 revenue between $25 - $30 million.
Ontrak, Inc. (NASDAQ: OTRK) announced its participation in the Cowen 42nd Annual Health Care Conference scheduled for March 9, 2022, at 1:30 p.m. Eastern Time. The company's management will host a fireside chat, and interested parties can access a live and archived webcast on their website's Investors section.
Ontrak focuses on utilizing AI and telehealth to improve healthcare for vulnerable behavioral health populations, offering personalized care and treatment pathways to those facing significant barriers in accessing care.
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