Ontrak, Inc. (NASDAQ: OTRK), a leader in AI-powered and technology-driven behavioral healthcare, today released its expected financial results for the second quarter ending June 30, 2024. These results are pending final analysis of debt classification by management.
Management Commentary
Brandon LaVerne, CEO and COO of Ontrak Health, expressed enthusiasm about securing a new contract with a prestigious regional health plan in the Northeast. This deal is expected to nearly double the outreach pool for the company’s WholeHealth+ solution upon its launch. LaVerne highlighted this partnership as a significant step toward sustainable growth and praised the company’s commitment to high-quality, personalized behavioral healthcare. He also acknowledged the support from employees, partners, and shareholders as vital to the company’s mission.
Expected Financial Results for Q2 2024
- Revenue: $2.5 million, a 17% decrease from Q2 2023.
- Operating Loss: $(4.0) million, improved from $(4.6) million in Q2 2023.
- Adjusted EBITDA: $(3.3) million, compared to $(3.1) million in Q2 2023.
- Net Loss: $(10.3) million, or $(0.19) diluted net loss per share, compared to $(6.8) million or $(1.84) per share in Q2 2023.
- Non-GAAP Net Loss: $(3.9) million, or $(0.09) per share, improved from $(5.9) million or $(1.66) per share in Q2 2023.
Operating Highlights for Q2 2024 and Recent Developments
- WholeHealth+ Enrollment: 1,752 members, up from 1,521 in Q1 2024 but down from 1,889 in Q2 2023.
- Callable Outreach Pool: 7,511 as of June 30, 2024, compared to 5,057 at March 31, 2024 and 10,879 a year earlier. The newly introduced Ontrak Engage solution had a callable outreach pool of 589 as of June 30, 2024.
- New Partnership: In August 2024, Ontrak signed a 2-year strategic partnership with a large regional health plan in the Northeast to offer WholeHealth+ and Engage solutions to members with chronic comorbidities and unaddressed behavioral health needs.
- Cost Savings Study: In July 2024, Ontrak revealed a formal evaluation showing significant cost savings of $721 per member per month for those who graduated from the WholeHealth+ program, and $508 for members enrolled for at least five months, compared to matched controls.
- Comprehensive Healthcare Integration (CHI): In July 2024, Ontrak adopted the CHI framework to integrate physical health, behavioral health, and social determinants of health, enhancing care delivery.
- New Medicaid Health Plan: In May 2024, Ontrak was approved as a subcontractor for a regional Medicaid health plan in Florida, starting outreach in June 2024.
- Mental Health Digital Twin (MHDT): Launched in May 2024, this technology creates virtual representations of individuals using advanced AI and machine learning to provide predictive insights and personalized recommendations.
Ontrak continues to focus on strategic growth and innovation, positioning itself for future success in the behavioral healthcare sector.
