Catasys, a provider of proprietary data, predictive analytics modeling based behavioral health management services for health plans, reported financial results for the first quarter ended March 31, 2016.
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Enrollment increased by more than 175% compared to the three months ended March 31, 2015, and by 40% compared to the three months ended December 31, 2015.
Revenues was $728,000 for the first quarter of 2016, an increase of 68% compared to $433,000 during the same period in 2015. This increase was primarily driven by our expanded customer base and health plan populations covered under the company’s programs.
Catasys experienced a significant increase in the number of patients enrolled in our programs compared with the same period in 2015.
Deferred revenue was $2.3 million at March 31, 2016, an increase of $593,000, or 35%, compared to $1.7 million at December 31, 2015. When fees are received in advance, deferred revenue is recognized over the period the member is enrolled.
Any fees subject to performance guarantees are deferred until such time as those performance standards are met; generally calculated annually.
Catasys has historically been able to record its deferred revenue as actual revenue during the course of the business cycle, except for limited cases where members terminated from the program early.
Net loss was $(4.3) million, or $(0.08) per basic and diluted share, for the first quarter of 2016, compared to a net loss of $(0.3) million, or $(0.01) per basic and diluted share, for the first quarter of 2015.
General and administrative expenses were $2.2 million for the first quarter of 2016, a decrease of 20% compared to $2.7 million for the first quarter of 2015.
This decrease was primarily due to a decrease in share-based compensation expense related to stock options issued to the board of directors during the first quarter of 2015.
Total operating expenses were $3.2 million for the first quarter of 2016, compared to $3.2 million for the first quarter of 2015.
The higher cost of healthcare services based on increasing enrollment and launching new programs were off-set in the first quarter of 2016 by a decrease in general and administrative expenses. ■