Q2 2024 Ontrak Inc Earnings Call Transcript
Key Points
- Ontrak Inc (OTRK) signed a contract with a prestigious regional health plan in the Northeast, expected to double their current outreach pool.
- The company demonstrated significant cost savings with an existing Medicaid customer, showing $721 per member per month in medical cost savings.
- Ontrak Inc (OTRK) has a strong pipeline with approximately 26 active prospects representing about 15 million members.
- The company successfully launched its Engage program with a new customer, enrolling 58 members.
- Ontrak Inc (OTRK) has improved operational efficiency with AI integration and other advanced systems, preparing them to operate at scale.
- Revenue for the second quarter decreased by 17% year-over-year, primarily due to a decrease in total average enrolled members.
- The company recorded a negative cash flow from operations of $4.5 million in the second quarter.
- Per member per month revenue decreased from $528 in Q2 2023 to $463 in Q2 2024.
- The enrollment rate dropped to 61% in Q2 2024 from 108% in Q1 2024.
- Ontrak Inc (OTRK) anticipates lower per member per month revenue for the remainder of the year due to new pricing strategies and an increase in Engage members.
Good day, and thank you for standing by. Welcome to the Ontrak Health second-quarter '24 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Ryan Halsted.
Thank you, operator, and thank you all for participating in today's call. Joining the call are Brandon LaVerne, Chief Executive Officer and Chief Operating Officer; Mary Lou Osborne, President and Chief Commercial Officer; and James Park, Chief Financial Officer.
Earlier today, Ontrak released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website. Before we begin, I would like to make the following remarks concerning forward-looking statements. All statements in this conference call other than historical facts are forward-looking statements. The words anticipate, believes, estimates, expects, intend, guidance, confidence, targets, projects, and some other
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