CATASYS INC (OTCMKTS:CATS), a leading provider of proprietary health management services to employers and health insurers, has announced financial results for the previous quarter ended March 31. As per the reports, it managed to grow at a flat rate of 118% YOY in terms of revenues.
Financial Highlights For March Quarter:
When it comes to new enrollments, CATSYS increased at a growth rate of 67% in the previous quarter compared to 1Q2014. The recognized revenue climbed to $433,000 in 1Q2015 from $199,000 in 1Q2014. The 118% increment in the revenue over a period of 12 months was a new record. The growth in deferred revenue was no different from the recognized revenues. CATSYS’ deferred revenue in the March quarter was $515,000, reasonably more than previous year’s $354,000.
Due to continued growth and above expected revenues, CATSYS ended the first quarter of 2015 with $84,000 worth the cash and cash equivalents. April 2015 was no different from the previous quarter as CATASYS executed a bridge note financing of over $2 million in gross proceeds. The amount was used for working capital purposes and repayment of outstanding indebtedness.
In order to cover wider Medicare Advantage members,CATASYS INC (OTCMKTS:CATS) expanded its Wisconsin program with the help of a national health plan. There are quite a few projects in the pipeline, which are supposed to come out in the next couple of months.
The senior management of the company is delighted to announce these results. According to Rick Anderson, COO & President, the first quarter of 2015 brought a lot of moments to cherish. The company didn’t only register an exponential growth in its OnTrak program, but also posted good financial figures. From now onwards, the primary objective of the firm is to maintain this growth and ensure that it can add value to shareholders in the coming months.