Why Are Ontrak Shares Soaring Today?

Ontrak Inc OTRK said it is active in discussions with three national health plans in the country. It is exchanging data and creating financial models for four employer organizations and multiple providers.
The Company posted Q3 sales of $18.6 million, down 23% Y/Y, but beat the consensus of $15.89 million.
It posted a wider operating loss of $(5.5) million, compared to $(3.0) million a year ago.
Adjusted EBITDA loss widened to $(1.7) million compared to $(0.8) million in Q3 FY20.
Ontrak reported an adjusted EPS loss of $(0.35), surpassing the consensus loss of $(0.65).
Total enrolled members numbered 9,395 at the end of Q3 2021, including 861 Ontrak-A members and 3,807 Ontrak-CI members.
Guidance: Ontrak expects FY21 sales of $82 million - $86 million (consensus of $83.94 million).
Price Action: OTRK shares are up 13% at $10.93 during the premarket session on the last check Friday.

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