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OFFON

ONTRAK, INC.

(OTRK)
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Ontrak : Down 49% on Loss of Aetna Contract

03/01/2021 | 01:27pm EDT

By Josh Beckerman

Ontrak Inc. shares were recently down 49% to $30.31 as the company said its largest customer is terminating its participation status effective June 26.

Benchmark Research, which identified the customer as Aetna, said its rating and price target are under review.

The Ontrak platform helps treat health plan members with unaddressed behavioral health conditions that cause or exacerbate diseases such as diabetes, hypertension and coronary artery disease.

The company said "the relationship with our Ontrak-A customer was unique, because they evaluated Ontrak on a provider basis, not as a vendor as do all of our other health plan partners. As such, the customer evaluated our performance based on our ability to achieve the lowest possible cost per medical visit, and not on our clinical outcomes data or medical cost savings, which were meaningful and significant."

Ontrak said "unlike our other health plan partners, we interacted only with the behavioral health division, with no involvement from the medical division of the plan."

Ontrak said "we are proud of the fourth-quarter expansions we have made with our other existing health plans and recently signed contract renewals with current customers." The company said fourth-quarter revenue was $29.3 million, up 149%.

RBC Capital downgraded Ontrak to sector perform from outperform and reduced its price target to $32 from $82.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

03-01-21 1327ET

Stocks mentioned in the article
ChangeLast1st jan.
CVS HEALTH CORPORATION -0.17% 75.75 Delayed Quote.10.91%
ONTRAK, INC. -8.87% 28.96 Delayed Quote.-53.13%
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Financials (USD)
Sales 2021 97,3 M - -
Net income 2021 -31,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 -17,2x
Yield 2021 -
Capitalization 512 M 512 M -
Capi. / Sales 2021 5,27x
Capi. / Sales 2022 3,28x
Nbr of Employees 724
Free-Float 41,9%
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Technical analysis trends ONTRAK, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 46,00 $
Last Close Price 28,96 $
Spread / Highest target 152%
Spread / Average Target 58,8%
Spread / Lowest Target 10,5%
EPS Revisions
Managers and Directors
NameTitle
Jonathan E. Mayhew Chief Executive Officer
Curt Medeiros President & Chief Operating Officer
Brandon H. LaVerne Chief Financial Officer
Terren S. Peizer Executive Chairman
Julia Wright Chief Medical Officer
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