Here is why Ontrak Inc. (OTRK) stock skyrocketed in the after-hours on Thursday?

Ontrak Inc. (OTRK) shares soared 41.47% in after-hours on Thursday, November 04, 2021, and closed the daily trading at $13.68. However, in the regular trading session, OTRK’s stock lost 2.13%. OTRK shares have fallen 85.01% over the last 12 months, and they have moved up 10.51% in the past week. Over the past three months, the stock has lost 64.64%, while over the past six months, it has declined 69.56%.

Let’s have a brief look at its recent news and developments.

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OTRK recent financial results announcement

On November 04, 2021, Ontrak, Inc. (OTRK) reported its financial results for the third quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • OTRK reported total revenue of $18.6 million for the third quarter of 2021 compared to $24.02 million in Q3 2020.
  • The total operating expenses were $18.20 million in Q3 2021 compared to $13.96 million in Q3 2020.
  • In Q3 2021, the operating loss was $5.5 million compared to an operating loss of $3.0 million in Q3 2020.
  • It suffered a net loss of $7.9 million or a $0.54 diluted net loss per common share in Q3 2021 compared to a net loss of $5.7 million or a $0.36 diluted net loss per common share for the same period in 2020.
  • Adjusted EBITDA was $1.7 million in Q3 2021 compared to adjusted EBITDA of $0.8 million for the same period in 2020.

FY 2021 financial outlook

For FY 2021, the company is expecting total revenue in the range of $82million to $86 million.

OTRK participation in upcoming event

Ontrak, Inc. (OTRK) will be participating in the upcoming 30th Annual Credit Suisse Virtual Healthcare Conference, which is to be held on Tuesday, November 9, 2021, at 1:00 p.m. Eastern Time.

OTRK dividend declaration

On November 03, 2021, the board of directors of Ontrak, Inc. (OTRK) declared the fifth quarterly cash dividend for the Company’s 9.50% Series A Cumulative Perpetual Preferred Stock.

The fifth quarterly cash dividend equals $0.593750 per share, at 9.50% per annum of liquidation preference of $25.00 per share. The Series A Preferred Stock dividend will be payable on November 30, 2021.

OTRK new appointment

On September 09, 2021, Ontrak, Inc (OTRK) appointed Dr. Robert Accordino as Ontrak’s Chief Medical Officer. Dr. Accordino joins Ontrak from Quartet Health where he served as the company’s most senior clinician and Chief Mental Health Officer.

Also, on August 10, 2021, Ontrak, Inc (OTRK) appointed former CVS Health (CVS) Regional Vice President and former President of Government business at Coventry Health Care Mary Louise Osborne as Ontrak’s first Chief Customer Officer.

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Conclusion

The OTRK stock went up significantly after its top-notch financial results announcement. We can expect it to continue its momentum on Friday as well.

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