Ontrak(US:OTRK)2024-11-13 21:04Financial Performance - Q3 2024 revenue was $2.6 million, a 31% decrease year over year[1] - Q3 2024 operating loss was $(5.1) million, a 26% increase year over year[1] - Q3 2024 adjusted EBITDA was $(3.3) million, a 24% decline year over year[1] - The company reported a net loss of $(5.6) million for Q3 2024, compared to a net loss of $(6.4) million for the same period in 2023[5] - Revenue for the three months ended September 30, 2024, was $2,569,000, a decrease of 30.8% compared to $3,715,000 for the same period in 2023[23] - Operating loss for the three months ended September 30, 2024, was $(5,107,000), compared to $(4,064,000) for the same period in 2023, reflecting a 25.7% increase in losses[23] - Net loss attributable to common stockholders for the nine months ended September 30, 2024, was $(27,043,000), a decrease of 4.2% from $(28,240,000) in the same period of 2023[23] - For the three months ended September 2024, the net loss was $5,580, compared to a net loss of $6,418 for the same period in 2023, representing a decrease of 13%[28] - The adjusted EBITDA for the nine months ended September 2024 was $(9,989), an improvement from $(11,172) for the same period in 2023, indicating a reduction in losses of approximately 10.6%[27] - The operating loss for the three months ended September 2024 was $(5,107), compared to $(4,064) for the same period in 2023, indicating a decline of 25.7%[27] - The EBITDA for the three months ended September 2024 was $(4,997), compared to $(3,446) for the same period in 2023, reflecting an increase in losses of 45%[27] Membership and Partnerships - Total enrolled members in the WholeHealth+ program were 2,007 at the end of Q3 2024, compared to 2,297 at the end of Q3 2023[8] - The company signed a 2-year strategic partnership with a large regional health plan in August 2024 to deliver behavioral health solutions[8] Cash and Assets - Cash and restricted cash at the end of the period was $7,966,000, down from $9,701,000 at the beginning of the period[26] - Total current liabilities increased to $8,657,000 as of September 30, 2024, compared to $3,942,000 at December 31, 2023[25] - Long-term debt increased to $2,169,000 from $1,467,000, indicating a rise in financial leverage[25] - Total assets as of September 30, 2024, were $22,398,000, an increase from $19,846,000 at December 31, 2023[25] Expenses and Costs - Research and development expenses for the three months ended September 30, 2024, were $1,224,000, a decrease of 21.2% from $1,552,000 in the prior year[23] - Stock-based compensation expense for the three months ended September 2024 was $1,712, up from $797 in the same period last year, reflecting a 114% increase[28] - The company incurred restructuring, severance, and related costs of $290 for the nine months ended September 2024, down from $457 in the same period last year[27] Certifications and Initiatives - The company achieved HITRUST Risk-based, 2-year (r2) certification for its Advanced Engagement System, ensuring high standards of data security[9] - The company announced the launch of Ontrak Quality, aimed at improving healthcare quality measures and closing care gaps[8] Stock and Dividends - The company executed a reverse stock split at a ratio of 1-for-15 effective September 23, 2024[1] - Dividends on preferred stock - undeclared for the three months ended September 2024 were $(2,239), consistent with the same amount in the prior year[28] - The weighted-average common shares outstanding for the three months ended September 2024 was 4,420, significantly higher than 327 for the same period in 2023[28] - The company reported a gain on the change in fair value of warrant liability of $(1) for the three months ended September 2024, compared to $(38) for the same period in 2023[28]