Brief: Ontrak Inc Says Notified By A Health Plan Customer Of Its Intent Not To Continue Using The Company's Services After February 2024

Ontrak

16/10/2023 15:02

Oct 16 (Reuters) - Ontrak Inc  OTRK.O :
    * ONTRAK INC - ON OCT 10, WAS NOTIFIED BY A HEALTH PLAN
CUSTOMER
OF ITS INTENT NOT TO CONTINUE USING THE COMPANY’S SERVICES AFTER
FEBRUARY 2024
    * ONTRAK- CUSTOMER INFORMED CO THAT NOTIFICATION WAS RELATED
TO
CUSTOMER’S CHANGE IN STRATEGY & NOT REFLECTIVE OF PERFORMANCE OR
VALUE OF CO'S SERVICES
    * ONTRAK-FOR SIX MONTHS ENDED JUNE 30, 2023, BILLED HEALTH
PLAN
CUSTOMER ABOUT $1.9 MILLION, REPRESENTING 32% OF CO'S REVENUE
FOR SIX MONTHS ENDED JUNE 30, 2023
    * ONTRAK-DO NOT EXPECT CUSTOMER'S DECISION TO HAVE MATERIAL
NEGATIVE IMPACT ON PREVIOUSLY STATED REVENUE EXPECTATIONS FOR
FISCAL YEAR 2023

Further company coverage:  OTRK.O 

 ((Reuters.Briefs@thomsonreuters.com;))