Ontrak Inc Stock Price, News & Analysis

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.

Ontrak, Inc. (NASDAQ: OTRK) will report its Q2 2021 financial results on August 5, 2021, post-market closure. A conference call will follow at 1:30 PM PT / 4:30 PM ET, accessible via +1 (833) 519-1269 for U.S. participants and (914) 800-3841 internationally, using conference ID #8325624. Ontrak is a leader in AI-powered telehealth solutions, aimed at enhancing member health outcomes through its PRE™ platform. Their recent study showed a 64% reduction in hospitalizations for individuals with untreated behavioral health needs, indicating significant cost savings for healthcare payors.

Ontrak, Inc. (NASDAQ: OTRK) announced the registration of over 200 healthcare leaders for a presentation on the landmark behavioral health study titled "Treatment Effect of the Ontrak Program." This study outlines significant findings, including a $486 monthly cost saving per member and a 64% reduction in avoidable inpatient utilization. The results highlight Ontrak's coaching model, which enhances member engagement and improves health outcomes. The study is set for peer review in August, showcasing Ontrak's commitment to delivering validated results and cost savings to healthcare payors.

Ontrak, Inc. (NASDAQ: OTRK) has announced a new Master Services Agreement with Sentara Healthcare to expand its Ontrak program for Optima Health members, enhancing access to behavioral healthcare for Medicare and Medicaid members. The program has shown positive clinical outcomes with a 43% savings rate, leading to a significant ROI. A recent treatment study indicated a 64% reduction in inpatient hospitalizations for participants, alongside notable savings of $12,000 per member over two years. The initiative aims to address the mental health needs of those with chronic conditions.