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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) is celebrating its first anniversary as a publicly traded company, highlighting significant achievements and growth. The healthcare technology company has increased quarterly revenue by 47% in Q1 2024 and 101% in Q2 2024 compared to the previous year. Syra Health has expanded its presence to 24 states and is a subcontractor on two federal contracts with a combined ceiling value of $118 Billion.
The company has secured multiple contract wins across all business units, including recent Healthcare Workforce contracts in Delaware, Florida, and Kansas. Syra Health successfully raised $2.1 Million in capital for the development of Syrenity, their mental health app, and other initiatives. The company is focusing on high-margin business units, implementing cost reduction strategies, and working towards profitability while continuing to innovate in healthcare solutions.
Syra Health Corp. (NASDAQ: SYRA) has announced the closing of its previously announced public offering, raising approximately $2.1 million before deducting fees and expenses. The offering included 3,203,125 shares of Class A common stock, along with Series A and Series B warrants to purchase up to 3,203,125 shares each, at a combined price of $0.64 per share and accompanying warrants.
The warrants have an exercise price of $0.64 per share, with Series A expiring in 18 months and Series B in 5 years. If fully exercised, the warrants could potentially bring in an additional $4.1 million. Syra Health plans to use the net proceeds for application development, sales and marketing, research and development, and general corporate purposes.
Syra Health Corp. (NASDAQ: SYRA) has announced the pricing of a $2.1 million public offering. The offering includes 3,203,125 shares of Class A common stock, along with Series A and Series B warrants to purchase additional shares. Priced at $0.64 per share and accompanying warrants, the offering is expected to close around September 13, 2024. If all warrants are exercised, it could generate an additional $4.1 million. Rodman & Renshaw is the exclusive placement agent. Syra Health plans to use the proceeds for marketing, sales, application development, research, and general corporate purposes. The offering is made pursuant to an effective SEC registration statement.
Syra Health Corp. (NASDAQ: SYRA) reported strong Q2 2024 financial results, with revenue growing 101% to $2.0 million compared to Q2 2023. Key highlights include:
- Gross margins increased 468 basis points year-over-year
- High-margin business units, including Population Health, grew 347% and comprised 28% of total revenues
- Population Health saw a 276% increase driven by demand for data analytics
- Cash balance of $1.6 million with no long-term debt
Recent operational highlights include being named a subcontractor for a $43 billion DHA contract vehicle and securing a $5.8 million Indiana health education contract. Syra Health is now active in 23 states and has successfully implemented its AI-backed mental health app, Syrenity, for two employers.
Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, has announced its plans to report financial results for the second quarter of 2024 on Thursday, August 8, 2024, before the market opens. The company will host a conference call at 9:00 AM ET on the same day to discuss the results.
Investors can access the conference call via an Internet webcast available on the company's website. Those wishing to submit questions for the call can email them to shamsian@lythampartners.com. A replay of the webcast will be available in the Investors section of Syra Health's website after the call.
Syra Health Corp. (NASDAQ: SYRA) has been awarded a population health contract by the Wyoming Department of Health, Behavioral Health Division, marking its entry into its 23rd state. The contract, under the Bipartisan Safer Communities Act Grant, tasks Syra Health with assessing emergency preparedness plans for eight Wyoming Behavioral Health Centers (BHCs).
The company will conduct a comprehensive situational assessment, including a SWOT analysis for each plan, and provide tailored recommendations to improve mental health services after traumatic events. Syra Health's Population Health Management team, comprising data analysts and public health experts, will oversee the project, aiming to enhance healthcare readiness and community well-being.
Syra Health Corp. (NASDAQ: SYRA) has been awarded a $5.8 million contract to train healthcare professionals in Indiana who provide home and community-based care. The contract, awarded by the Indiana Family and Social Services Administration (FSSA), runs for four years with two additional one-year renewal options.
Syra Health will deliver curriculum development, competency assessments, a learning management system (LMS), a training registry, and a quality improvement plan. The company's curriculum development team, with over 200 years of combined experience, will create module-specific learning objectives and activities across various curricula, integrating health equity and cultural competency principles.
This contract aligns with Syra Health's recent surge in demand for off-the-shelf training services and positions the company to expand its health training services nationwide.
Syra Health Corp. (NASDAQ: SYRA) has announced the release of its artificial intelligence (AI) solution for redacting personally identifiable information in compliance with HIPAA regulations. The company is offering this configurable solution for free to the healthcare and technology community. The AI runs privately offline and can be enhanced or expanded by users.
Travis Somerville, AI Leader at Syra Health, emphasized the complexity of combining HIPAA and AI, while CEO Dr. Deepika Vuppalanchi highlighted the company's commitment to ethical, responsible, and open-source AI use. Syra Health plans to host webinars on utilizing the AI code and share best cybersecurity practices for protecting personally identifiable information.
Syra Health Corp. (NASDAQ: SYRA) announced its participation in several upcoming conferences focused on healthcare and technology. The company will sponsor and present at the AI Governance Conference on July 11 in Carmel, Indiana, showcasing its commitment to the ethical use of AI. Additionally, Syra Health will sponsor and participate in Cric Indy's Community for Diversity, Equity, and Inclusion from August 16-17, where multinational corporations will discuss diversity and inclusion themes. Finally, Syra Health will attend the Centene Supplier Summit on August 20 in St. Louis, Missouri, to network with leaders and suppliers, fostering business growth through collaboration.
Syra Health (NASDAQ: SYRA) has secured a new contract with the Missouri Department of Mental Health to provide qualified behavioral health professionals across the state. This marks the second active contract in Missouri for Syra Health, following a previous agreement in March to supply temporary medical services personnel, including physicians and psychiatrists. The National Alliance on Mental Illness (NAMI) notes that over 871,902 residents in Missouri lack sufficient access to mental health professionals. CEO Dr. Deepika Vuppalanchi emphasized the company's commitment to improving mental health services and community health by offering affordable and timely care.
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