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 reported Q3 revenue of $18.6 million, a 23% decline year-over-year. The company raised its annual revenue guidance to $82-$86 million. Active discussions are underway with three major health plans and expansion contracts with existing customers. Despite a net loss of $(7.9) million, Ontrak remains optimistic about growth due to recent management appointments, including a new Chief Customer Officer and Chief Medical Officer. The total enrolled members reached 9,395 as of Q3 2021.
Ontrak, Inc. (NASDAQ: OTRK, OTRKP) has announced the fifth quarterly cash dividend for its 9.50% Series A Cumulative Perpetual Preferred Stock, equaling $0.593750 per share. The annual dividend rate is set at 9.50%, based on a liquidation preference of $25.00 per share. This dividend will be payable on November 30, 2021 to holders of record as of November 15, 2021. The Series A Preferred Stock trades under the symbol “OTRKP” on NASDAQ.
Ontrak, Inc. (NASDAQ: OTRK), a leader in AI-powered healthcare, will participate in the 30th Annual Credit Suisse Virtual Healthcare Conference. Management is set to present on November 9, 2021, at 1:00 p.m. Eastern Time. Interested parties can access the live and archived webcast on the company’s website. Ontrak focuses on enhancing care for vulnerable behavioral health populations through personalized coaching and AI-driven solutions, aiming to break down barriers to treatment.
Ontrak, Inc. (NASDAQ: OTRK) announced it will report its financial results for the third quarter of 2021 on November 4, 2021, after market close. A conference call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET, allowing participants to join via phone or a live webcast. Ontrak, previously known as Catasys, is an AI-powered telehealth company focusing on behavioral health, aiming to improve outcomes for vulnerable populations suffering from anxiety, depression, and substance use disorders through personalized care pathways and predictive analytics.
Ontrak, Inc. (NASDAQ: OTRK) announced the appointment of Dr. Robert Accordino as Chief Medical Officer, effective September 27, 2021. Dr. Accordino, previously with Quartet Health, has extensive experience in mental healthcare and is a faculty member at Harvard Medical School. He will oversee clinical operations and guide the development of new care pathways, aiming to improve treatment outcomes for vulnerable behavioral health populations. This appointment is part of a broader effort to strengthen Ontrak's leadership team.
Ontrak, Inc. (NASDAQ: OTRK) announced the appointment of Arik Hill as its first Chief Information Officer, effective August 30, 2021. Hill brings extensive experience from The New York Foundling and HealthEdge Software, where he improved technology infrastructure and customer experiences. CEO Jonathan Mayhew emphasized Hill's role in supporting Ontrak's technological investments to enhance care pathways and integrate interventions. Ontrak focuses on improving behavioral health care through AI and telehealth, addressing chronic diseases and mental health challenges.
Ontrak, Inc. (NASDAQ: OTRK) has appointed Mary Louise Osborne as its first Chief Customer Officer, effective August 30, 2021. Osborne brings extensive experience from CVS Health and Coventry Health Care, where she significantly increased Medicaid revenue and membership. CEO Jonathan Mayhew stated that her role will be vital as Medicaid and Medicare grow in importance to the company’s revenues. Ontrak is focused on improving health outcomes for vulnerable populations through AI-driven telehealth services.
Ontrak, Inc. (NASDAQ: OTRK) reported strong financial results for Q2 2021, with revenues of $26.5 million, a 54% increase year-over-year. The operating loss improved to $(1.7) million from $(4.1) million in Q2 2020, reducing the operating loss margin from (24)% to (6)%. Adjusted EBITDA reached $2.8 million, up from $(2.1) million a year earlier. Net loss decreased to $(3.7) million or $(0.33) per share, compared to a net loss of $(6.2) million in the previous year. The company anticipates total revenue between $80-85 million for 2021.
Ontrak, Inc. (NASDAQ: OTRK) announced the declaration of its fourth quarterly cash dividend for the Series A Cumulative Perpetual Preferred Stock, set at $0.593750 per share, representing a 9.50% annual yield based on a $25.00 liquidation preference. This dividend will be paid on August 31, 2021, to shareholders on record as of August 15, 2021. The stock trades under the symbol OTRKP on the NASDAQ Global Market.
Ontrak (NASDAQ: OTRK), a prominent AI and telehealth-enabled healthcare company, will participate in the 41st Annual Canaccord Genuity Growth Conference. Management is scheduled to present on August 11, 2021, at 4:00 p.m. ET. A live and archived webcast of the presentation will be accessible via the ‘Investors’ section of Ontrak’s website.
The company focuses on improving health outcomes for vulnerable populations facing behavioral health issues, utilizing AI and customized care pathways to enhance engagement and treatment access.
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