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Q1 2024 Financial Highlights
Revenue of
$1.7 million in 1Q24 compared to$1.2 million in 1Q23.Business units excluding Healthcare Workforce grew 333% and comprised 19% of total revenues in 1Q24, versus only 7% in 1Q23.
Population Health , driven by demand for epidemiology services, saw an increase of 212% compared to 1Q23.Cash balance of
$3.2 million as ofMarch 31, 2024 , and no long-term debt.
2024 Financial Outlook
The company anticipates full-year 2024 revenue of
Recent Operational Highlights
Currently, it has active contracts in 19 states across the nation.
Secured a one-year renewable contract with a national healthcare organization worth
$660,000 to provide Healthcare Effectiveness Data and Information Set (HEDIS®) outreach and support services essential for fostering positive health outcomes and reducing costs.Announced a one-year,
$480,000 contract from theIndiana Department of Health to administer public health and healthcare readiness assessments.Awarded a one-year
$450,000 contract for epidemiology services with theShelby County Health Department inTennessee , with two additional one-year renewal options, bringing the total potential value of the contract to$1.35 million .Secured a one-year contract with Washington D.C.’s
Department of Behavioral Health worth approximately$250,000 . The company will conduct an epidemiological study aimed at identifying the prevalence and types of behavioral health conditions that exist among D.C. youth.Won multiple healthcare workforce contracts in states including
Missouri ,Nebraska andVirginia .Announced that it has been selected as a subcontractor for a contract awarded to
Caduceus Healthcare, Inc. by the federalDepartment of Health and Human Services , Administration for Families and Children,Office of Refugee Resettlement, Medical Staffing and Support , valued at$75 billion . Revenues will be realized after the receipt of task orders.The company’s research study protocol for “Syrenity,” Syra Health’s prevention-focused mental and behavioral health platform, was approved by
Pearl Institutional Review Board . The research study will be conducted by renowned university researchers and practicing psychologists who will enroll approximately 300 people with moderate or worse depression severity.
Dr.
Q1 2024 Financial Results
Revenue for the quarter ended
Gross profit margin in the first quarter of 2024 was 10.2%, compared to 12.4% in the first quarter of 2023. The decrease in gross margins was due to the mix shift to Healthcare Workforce.
Total operating expenses for the first quarter of 2024 were
Net Loss for the third quarter of 2024 was
Adjusted EBITDA for the first quarter of 2024 was
Cash on hand on
Conference Call
Management held a conference call to discuss the fiscal year's financial results at
A replay is available in the Investor Relations section of the company's website at https://ir.syrahealth.com/presentations/q1-2024-earnings-call.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with accounting principles generally accepted in
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Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected use of proceeds, the Company’s operations and business strategy and the Company’s expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Investors should read the risk factors set forth in our registration statement on Form S-1 and other periodic reports filed with the
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Contact Details
+1 463-345-8950
Christined@syrahealth.com
Company Website
https://www.syrahealth.com/
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Copyright (c) 2024 TheNewswire - All rights reserved., source