OTRK - Livongo Health Peer Ontrak Is Up Over 100% This Year as Virtual Healthcare Picks Up Steam
If I said, name a technology-driven virtual healthcare platform growing revenue at a triple-digit rate, you'd say Livongo Health (NASDAQ: LVGO), right? The health start-up that focuses on diabetes and hypertension treatment and coaching grew revenue 115% in Q1 2020 and provided a preliminary Q2 report that showed another 110% rise in revenue from a year ago. Shares of the status quo disruptor have gained a massive 350% so far this year.
But there's another virtual healthcare platform making waves this year: Ontrak (NASDAQ: OTRK), formerly known as Catasys (the name was recently changed to match the company's care platform). This data-driven behavioral healthcare technologist's stock has doubled this year and is forecasting even faster revenue growth than Livongo. As with all small up-and-coming companies, though, some homework will reveal whether owning shares is worthwhile.
The artificial intelligence (AI)-driven platform targets and engages with those coping with chronic conditions whose lives can improve with behavioral change. The company then delivers its insights to patients either in-person or via telehealth connection with a healthcare professional.