The following is a summary of the Ontrak, Inc. (OTRK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ontrak's Q1 2024 revenue was reported at $2.7 million, a 6% year over year increase, primarily fueled by a 15% increase in average enrolled members.

• The average monthly disenrollment rate was 22%, marking an increase from 12% in Q1 2023, attributed to the non-renewal of a customer contract beyond Q1 2024.

• The Q1 gross margin stood at 63.6%, slightly lower compared to Q1 2023's 66.5%. The company expects these levels to persist due to anticipated operational efficiency gains.

Business Progress:

• There has been approval for Ontrak to serve as a subcontractor for Community Care Plan, implying a 10% increase in the eligible members pool for the WholeHealth+ program.

• The company is at the tail end of finalizing contracts with two major health plans, with planned pilot partnerships to follow post finalization.

• The company reported enrolling 925 members and graduating 194 in Q1 2024.

• Revenue for the following quarter is projected to lie between $2.4 million and $2.8 million.

• Noteworthy feats include approval by Florida's Agency for Healthcare Administration for the commencement of implementation for the Community Care Plan, and the execution of several expansion contracts with Sentara Health.

More details: Ontrak IR

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