Ontrak, Inc. ( (OTRK) ) has released its Q3 earnings. Here is a breakdown of the information Ontrak, Inc. presented to its investors.
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Ontrak, Inc. is an AI-powered, technology-enabled behavioral healthcare company that focuses on helping individuals with mental health and chronic disease issues through personalized care coaching and customized care pathways.
In its third-quarter 2024 earnings report, Ontrak announced a revenue decline of 31% year-over-year, resulting in $2.6 million in revenue. The company also reported an increase in operating losses by 26%, reaching $(5.1) million, and a 24% decline in adjusted EBITDA to $(3.3) million.
Despite these financial setbacks, Ontrak has made strategic expansions, notably partnering with Sentara Health and a large northeast regional health plan to extend its behavioral health solutions. The company has also launched new services, including its Ontrak Quality solution aimed at improving healthcare quality measures. Additionally, Ontrak has undergone a 1-for-15 reverse stock split to consolidate its share structure.
Looking ahead, Ontrak remains optimistic about its growth prospects, with CEO Brandon LaVerne highlighting new health plan customers and expansions as key growth drivers. The company anticipates a revenue increase in the next quarter, estimating revenue between $2.9 million and $3.2 million.