TDOC - Ontrak cuts 2021 guidance after the loss of largest customer

After the preannouncement of its Q4 2020 earnings, Ontrak ([[OTRK]] -45.6%) has lost more than 40% in the morning hours with the announcement of the loss of its largest customer with effect from June 26, 2021.“After a long process with our largest customer where we believed we were working towards an extended and expanded contract, we were notified after market close on February 26, 2021 that our participation status with this customer will be terminated” commented CEO Terren Peizer.With revenue and earnings beat, the company has more than doubled its revenue for Q4 2020 and full year 2020 to ~$29.3M and ~$82.8M at a growth of ~148.8% and ~136.0% YoY, respectively.The operating loss has narrowed by ~73.9% and ~25.4% YoY to ~$1.8M and ~$14.9M, for the final quarter and full year 2020, respectively. The cash and equivalents have peaked at ~$86.9M after more than a sixfold rise from the previous

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Ontrak cuts 2021 guidance after the loss of largest customer