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Syra Health Corp. announced a strong revenue growth of 47% in the first quarter of 2024. The company reported revenue of $1.7 million, a significant increase from $1.2 million in the same period last year. Syra Health anticipates a full-year revenue of $9 to $11 million for 2024, marking a substantial growth compared to 2023. The company highlighted operational achievements, including securing multiple contracts and expanding business units. Dr. Deepika Vuppalanchi, CEO of Syra Health, expressed confidence in the company's growth trajectory and revenue guidance. However, the company reported a decrease in gross profit margin and a net loss of $(1.4 million) for the first quarter of 2024.
Syra Health Corp. (NASDAQ: SYRA) has been awarded a contract to conduct a comprehensive needs assessment for Middlesex County, NJ, and develop a Community Health Improvement Plan. This project aims to identify health, behavioral health, and community service needs of residents, outlining priorities for improving health outcomes.
Syra Health Corp. presented Overdose Lifeline with the inaugural Syra Health Mental and Behavioral Health Solutions Award. The award recognizes the advocacy group's efforts in combating the opioid crisis and promoting mental health awareness. Syra Health aims to improve healthcare through innovative technology solutions and plans to continue hosting the award annually.
Syra Health Corp. will discuss its first quarter 2024 financial results on May 9, 2024, before the market opens. The conference call will be held at 9:00 AM ET on the same day for interested parties to review the results. Access to the call and webcast is available on the company's website. Investors can submit questions via email for the call.