OTRK - Ontrak stock rises 15% on course to snap three days of losses despite mixed Q1 results

Shares of Ontrak (NASDAQ:OTRK) have added 15% to $1.27 in Thursday morning trade, despite posting a mixed set of Q1 earnings. If the gains hold, OTRK stock will snap a three day losing streak. Up to Wednesday's close, the stock had lost 82.5% YTD. OTRK after hours on May 11 reported Q1 non-GAAP EPS of -$0.67 which missed estimates by $0.12, and revenue of $5.26M which beat by $0.5M. The AI-assisted behavioral health company said it expected 2022 revenue in the range of $25M-$30M, above the consensus revenue estimates of $25.3M. OTRK's Q1 rev fell 82% Y/Y, primarily due to the loss of two large customers. "We expect near-term quarterly revenues from our existing customer contracts to remain at approximately $4 million to $5 million over the next few quarters," said OTRK CFO Brandon LaVerne on the earnings conference call.  "We continue to have a path to profitability that anticipates positive monthly EBITDA in the first quarter of 2023

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Ontrak stock rises 15%, on course to snap three days of losses despite mixed Q1 results