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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 (NASDAQ: SYRA) has secured a one-year contract, with potential annual extensions up to five years, to provide Special Education (SPED) Psychologist Services to the Greenville County School District in South Carolina. This district serves around 80,000 students and 13,000 employees. The contract involves offering ongoing SPED psychologist services to enhance students' academic, social, emotional, and behavioral needs using data-based decision-making, assessment tools, and evidence-based interventions. Syra Health will also collect stakeholder feedback and deliver monthly service reports to the District. The services will comply with the National Association of School Psychologists' standards.
Syra Health Corp. (NASDAQ: SYRA) announced that it will subcontract for LUKE on a $43 billion Defense Health Agency (DHA) contract. The 10-year IDIQ contract, running from June 2024 to May 2034, includes staffing services for DHA facilities across the U.S. and its territories. Syra Health will provide medical staffing in various categories, including physicians, nurses, and medical support personnel, to support the MQS2-NG program. Task orders will determine Syra Health's revenue share, with some expected before year-end. This is Syra Health's second federal government contract, following a subcontract with Caduceus Healthcare.
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.
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