The following is a summary of the Ontrak, Inc. (OTRK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Ontrak reported Q4 revenue of $3.5 million, a 41% increase year-over-year due to a 50% rise in average enrolled members during Q4 as compared to the same period in 2022.
The company's Q4 gross margin was 64.6%, down from 72% in Q3 2023, but up from 61.2% in Q4 of 2022.
Ontrak raised $6.3 million via a public offering, enabling the company to lower its debt obligations and enhance its balance sheet.
Cash and cash equivalents at the end of the quarter stood at $9.7 million, a significant increase from $3.2 million at the end of the previous quarter.
Business Progress:
Ontrak's AI-integrated advanced engagement system has resulted in a 54% member outreach success rate.
20% to 30% of Ontrak members were newly diagnosed with behavioral health issues after enrollment via the new system, leading to improved risk scores.
Ontrak has obtained approval from the state of Florida to work with Community Care Plan to provide behavioral health solutions and has expanded its behavioral health product offerings in partnership with Sentara Health.
The company is finalizing contracts with two other health plans, representing over 2 million lives across various business lines.
The sales pipeline has 26 active prospects, representing 15 million members across all lines of business.
More details: Ontrak IR
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