Monday, 20 May 2024


Ontrak Health reports growth and new partnerships in Q1 2024 By

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Ontrak Health (OTRK) has announced its financial results for the first quarter of 2024, highlighting a year-over-year revenue increase of 6% to $2.7 million and a new partnership with Community Care Plan.

The company’s WholeHealth+ program is set to expand as part of the Statewide Medicaid Managed Care re-procurement, with Ontrak commencing outreach to new eligible members in the next 30 to 60 days.

Despite a slight decrease in gross margin to 63.6%, Ontrak remains focused on its growth strategy, including finalizing deals with two major healthcare plans and launching services for Sentara Medicaid members.

Key Takeaways

  • Ontrak Health’s revenue grew to $2.7 million, a 6% increase from the previous year.
  • The company has a new partnership with Community Care Plan in South Florida, enhancing its targeted outreach pool.
  • Ontrak’s WholeHealth+ program is praised for its effectiveness in patient experience and member retention.
  • A new Medicaid amendment will offer WholeHealth+ to Sentara Medicaid members, with details pending.
  • Q1 saw an increase in average enrolled members by 15%, despite a net enrollment decrease of 237 members.
  • The company anticipates Q2 2024 revenue to be between $2.4 million and $2.8 million.
  • Cash flow from operations was negative $3.3 million, ending the quarter with $6.4 million in cash.
  • Ontrak is in advanced talks with two prominent healthcare plans, expecting to finalize deals soon.
  • The exercise of remaining warrants could inject an additional $15.9 million in cash.

Company Outlook

  • Expected Q2 2024 revenue between $2.4 million and $2.8 million.
  • Launching the Community Care Plan in one county, with potential for significant growth.
  • Finalizing deals with two major healthcare plans, expecting customer feedback within 30 to 60 days.
  • Majority of disenrollment fallout from Medicaid losses is believed to be resolved, despite some states extending timelines.
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Bearish Highlights

  • Slight decrease in gross margin to 63.6% in Q1.
  • Net enrollment decrease of 237 members in Q1.
  • Negative cash flow from operations standing at $3.3 million.

Bullish Highlights

  • New subcontractor approval with Community Care Plan as part of Medicaid Managed Care re-procurement.
  • WholeHealth+ program’s success in delivering superior patient experiences and improving health outcomes.
  • Ongoing expansion opportunities with other health plans.


  • Gross margin decreased slightly compared to previous…

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