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Syra Health Corp. (NASDAQ: SYRA) is at the forefront of transforming healthcare delivery in the United States. The company specializes in healthcare services that emphasize preventative health, holistic wellness, and equitable healthcare. With a mission to address significant challenges in areas such as behavioral and mental health, digital health, and population health, Syra Health integrates deep scientific and healthcare expertise to develop patient-centric solutions aimed at improving health outcomes and fostering a healthier population.
Syra Health's comprehensive end-to-end solutions span across various domains including health education services, population health management, behavioral and mental health, healthcare workforce, and digital health. These services are meticulously designed to enhance access to care, strengthen community support, and promote preventative health measures.
Recently, Syra Health achieved a significant milestone by expanding its presence to 19 states with a new project in Portland, Maine, aimed at addressing social determinants of health. This initiative seeks to improve chronic disease outcomes by implementing evidence-based interventions that enhance community-clinical linkages and social connectedness.
Financially, Syra Health reported substantial growth, with revenues in the first quarter of 2024 increasing by 47% compared to the previous year. The company projects an impressive revenue growth of 64%-100% for the full year 2024, driven by strong demand for its services. The company’s innovative solutions and strategic partnerships have garnered contracts across various sectors, including federal and state governments, life sciences, and academic institutions.
Among its notable projects, Syra Health has won a 10-year subcontract with LUKE for the Defense Health Agency, which is part of a $43 billion contract to provide medical staffing services. Additionally, the company is recognized for its ongoing efforts in mental health, highlighted by the creation of the Syra Health Mental and Behavioral Health Solutions Award, which honors organizations addressing substance abuse and mental health issues.
Syra Health's commitment to health education and mental wellness is further evidenced by their contract with the Greenville County School District to provide Special Education Psychologist Services, ensuring support for students' academic, social, and emotional learning needs.
As of May 2024, Syra Health has expanded its operations to 22 states, with new awards in New York and Arkansas to provide Board Certified Behavioral Analysts, underscoring its rapid growth and dedication to improving mental and behavioral health outcomes across diverse populations.
Syra Health Corp. (NASDAQ: SYRA) has secured a $450,000 contract extension with the Shelby County Health Department in Tennessee. This one-year extension allows Syra Health's team of epidemiologists and biostatisticians to continue their work identifying disease trends and assessing economic impacts, as initially announced in February 2024.
The project involves data analytics and the development of a public-facing dashboard providing real-time insights. With an additional one-year renewal option in 2026, the total potential contract value reaches $1.3 million over three years.
This extension represents growth in Syra Health's Population Health business unit, which the company identifies as a key driver of revenue growth. The contract aligns with Syra's strategy to diversify revenue streams across higher-margin business units. According to Dr. Deepika Vuppalanchi, Chair and CEO, the positive demand for their population health solutions demonstrates their ability to improve health outcomes while focusing on long-term revenue growth and value creation.
Syra Health (NASDAQ: SYRA) announced positive preliminary results from a clinical research study of its mental health app, Syrenity, conducted by Indiana University. The randomized study involved 135 participants with moderate or severe depression symptoms, with 63 given access to Syrenity and 72 without.
The six-week study showed promising trends in reducing depression symptoms among Syrenity users compared to non-users. Improvements were noted in cognitive reappraisal and emotion expression. The study population consisted of approximately two-thirds women, 30% racial-ethnic minorities, and 50% with bachelor's degrees or higher.
According to Dr. Lorenzo-Luaces, principal investigator, Syrenity is among less than 5% of mental health apps based on science and uniquely addresses multiple mental health conditions. A second clinical study is planned to test statistical significance, with results intended for publication in a scientific journal.
Syra Health (NASDAQ: SYRA) has secured a new $135,000, six-month contract with a Midwest university to develop behavioral health virtual training modules. The company will create up to 60-minute interactive modules focused on prevention, working alongside university committees and subject matter experts.
Additionally, Syra Health has begun implementing training for healthcare professionals in home and community-based settings through its contract with Indiana's Division of Disability and Rehabilitative Services. The combined value of these training agreements reaches $4.9 million over four years, with both contracts including two optional one-year renewals.
Syra Health (NASDAQ: SYRA) has secured two significant contracts: a new healthcare workforce contract with the Washington D.C. government valued at up to $1 million, and a $1.2 million extension to an existing contract with Indiana's NeuroDiagnostic Institute, bringing its total value to $18.7 million.
The D.C. contract, awarded on behalf of the Office of the State Superintendent of Education, involves deploying registered nurses, licensed practical nurses, and certified nursing assistants to provide healthcare services to students. This one-year agreement includes extension options and requires developing individualized service plans for students.
The expanded Indiana contract continues Syra Health's support in providing healthcare professionals to evaluate and treat patients with complex neuropsychiatric illnesses at the NeuroDiagnostic Institute. This marks Syra Health's fourth contract with the D.C. government, building on their partnership with the NeuroDiagnostic Institute that began in 2021.
Syra Health (NASDAQ: SYRA) has launched Syrenity, an AI-powered mental health app now available for adults 18+ on App Store and Google Play. The app combines cognitive behavioral therapy, mindfulness-based stress reduction, and neuroscience research to address stress, anxiety, and depression. Features include a 24/7 AI companion named Echo, personalized assessments, and real-time progress tracking.
Developed by clinical psychologists, neuroscientists, and data scientists, Syrenity offers HIPAA-compliant mental health support with advanced encryption. The app enters a global mental health app market projected to grow from $6 billion in 2023 to over $30 billion by 2033. Beyond consumer use, Syrenity is available as a B2B solution for healthcare providers, payers, and academic institutions.
Syra Health (NASDAQ: SYRA) announced its participation in the Noble Financial Capital Markets 20th Annual Equity Conference (NobleCon20) scheduled for December 3-4 in Boca Raton, Florida. CEO Dr. Deepika Vuppalanchi will present on December 3 at 2:00 p.m. ET, showcasing the company's healthcare solutions focused on mental health crisis, chronic conditions, and child welfare challenges.
The presentation will be followed by a fireside chat and one-on-one investor meetings. CFO Priya Prasad will also attend the event. The company reports strong revenue growth and expanding market presence, positioning itself to meet increasing demand for innovative healthcare solutions.
Syra Health (NASDAQ: SYRA) reported Q3 2024 financial results with net revenue of $2.3 million, representing 42% growth year-over-year. The company's gross profit margin was 30%, and net loss narrowed to $417,535 ($0.06 per share), showing a 69% reduction compared to Q2 2024. Population Health revenues grew 36% while Healthcare Workforce services increased 54%. The company implemented significant cost-saving measures, reducing operating expenses by 37% quarter-over-quarter. With $2.7 million cash balance and no long-term debt, Syra Health aims to achieve profitability in 2025.
Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, has announced it will report its financial results for the third quarter of 2024 on Tuesday, October 29, 2024, before the market opens. The company has scheduled a conference call for the same day at 9:00 a.m. ET to review the results.
Interested parties can access the conference call via Internet webcast, available in the Investors section of the company's website. Investors who wish to submit questions for the call can email them to christined@syrahealth.com. A webcast replay will also be available in the Investors section of Syra Health's website after the call.
Syra Health Corp. (NASDAQ: SYRA) has announced it will report its financial results for the third quarter of 2024 on Tuesday, October 29, 2024, before the market opens. The company has scheduled a conference call at 9:00 a.m. ET on the same day to review the results.
Interested parties can access the conference call via an Internet webcast available in the Investors section of the company's website. The correct URL for the webcast is https://syrahealth.com/ir/presentations/q3-2024-earnings-call.
Investors who wish to submit questions to be addressed during the call should email them to christined@syrahealth.com. A webcast replay will also be available in the Investors section of the company's website after the call.
Syra Health Corp. (NASDAQ: SYRA) has been awarded three new healthcare workforce contracts across multiple states. In Florida, Syra Health will supply psychologists and school counselors to the St. John's County School District. In Kansas, the company will provide temporary nursing personnel, including registered nurses, licensed practical nurses, certified nurse aides, certified medication aides, and nurse practitioners. In Delaware, Syra Health will provide licensed dieticians for the Delaware Veterans Home.
These contracts showcase Syra Health's expertise in delivering tailored healthcare solutions and addressing workforce shortages. The value of these contracts is currently under negotiation and will depend on the number of positions filled and the duration of services. Syra Health's Healthcare Workforce business unit aims to improve patient care and health outcomes by filling gaps left by workforce shortages.
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