Ontrac Inc. (OTRK) stock jumped over 10% in extended hours on Tuesday after the company announced its financial results. The positive trend continuedas the stock had surged 12.5% to close the regular session at $28.49.
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Financial Highlights of Fourth Quarter 2020
The company earned $29.3 million for the fourth quarter of 2020 which is a 149% increase compared to the same period in 2019. The company suffered an operating loss of $1.8 million, compared to an operating loss of $(7.0) million for the same period in 2019. The company saw an improvement of 39% compared to the third quarter of 2020.
The OTRK Adjusted EBITDA was $2.2 million for the fourth quarter of 2020 compared to adjusted EBITDA of $(4.6) million for the same period in 2019
The company suffered a net loss of $3.2 million or $0.27 diluted net loss per common share in the reported fourth quarter. The company had a net loss of $(8.7) million, or a $(0.52) diluted net loss per share for the same period in 2019
For the fourth quarter, the company’s Non-GAAP net income was $0.3 million or $0.07 non-GAAP diluted net loss per common share after all deductions.
Financial Highlights of Fiscal Year 2020
The company earned $82.8 million for the full year of 2020, a 136% increase from last year. For the full year 2020, the company operating loss was $14.9 million, compared to an operating loss of $20.0 million for the previous financial year. the company suffered a net loss of $22.7 million for the full year or $1.44 diluted net loss per share. The company’s Adjusted EBITDA was $4.3 million for 2020, compared to EBITDA of $12.9 million for 2019.
For the full year of 2020, Non-GAAP net loss was $(12.0) million.
Recent Operating Highlights:
The company has a total of 15,702 enrolled numbers as of the date of this release. The company has a gross enrollment of 2683 customers, excluding Ontrak-A customers for the period ended February 28 2021. The company renewed its health insurance contract with the same service provider. Ontrak-CI Program was launched in 13 states.to transform suicide prevention care, the company launched a new 3-year partnership with the Veterans Health Administration. Robert I. Newton was appointed as General Counsel and Secretary.
The financial outlook for the year 2021.
The company revised its revenue estimated and now expecting revenue of $100 million for the year 2021. There were no other financial expected targets were given for the year 2021.