OTRK - Ontrak climbs after Q3 beat and guidance raise

Ontrak (NASDAQ:OTRK) has added ~21.9% in the pre-market in reaction to the company’s better-than-expected financials for Q3 2021 and its updated revenue outlook. Revenue for the quarter slumped ~23% YoY to reach $18.6M while operating loss expanded ~83% YoY to ~$5.5M indicating a loss margin of ~29%. The total enrolled members reached 9,395 at the end of the quarter, implying a ~13% decline from the end of Q2 2021. Net loss widened by ~39% YoY as to $7.9M as general and administrative expenses climbed ~25% YoY to $11.3M. For 2021, the company has revised up the revenue outlook to $82M – 86M from the estimate of $80M – 85M issued there months ago. The update includes the expectation over the current group of healthcare plan customers in connection with “outreach pool, budget considerations, and timing of expansions,” the company said. Management commentary: “We are now in active discussions with three of the larger national health

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Ontrak climbs after Q3 beat and guidance raise