The Company expects that its common stock will be listed on the OTC market until such time it decides to reapply and receives approval to relist on a national securities exchange. The Company intends to continue providing information to its shareholders and taking actions within its control to facilitate the quoting of its common stock on the OTC market, so that a trading market may continue to exist for its common stock. However, there is no guarantee that a broker will continue to make a market in the com ...

CARMEL, Ind., March 13, 2025 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company dedicated to powering better health through innovative technology products and services, announced today a one-year, $660,000 Population Health contract extension with a national healthcare organization. This agreement, combined with the previous year's agreement, brings the total contract value up to $1.32 million."We are pleased to continue securing valuable population health contract extensions, ...

Syra Health (SYRA) Q4 2024 Earnings Call March 11, 2025 06:47 PM ET Company Participants Brett Maas - Managing PartnerDeepika Vuppalanchi - Co-Founder, CEO & DirectorPriya Prasad - CFO, COO & Director Brett Maas morning, everyone, and thank you for joining us for Cyra Health's Fourth Quarter and Full Year twenty twenty Financial Results Conference Call. My name is Brett Moss of Hayden IR, and I direct Investor Relations for Cyra Health. Joining us on today's call is Doctor. Deepika Bupalacci, Chair and CEO ...

Revenue Performance - Full-year revenue for 2024 reached $8.0 million, a 45% increase from $5.5 million in 2023[3] - Population Health revenue grew to $1.7 million in 2024, more than doubling from $715,000 in 2023, driven by demand for epidemiology and data analytics services[3] - Q4 2024 revenue was $2.0 million, a 14% increase compared to $1.8 million in Q4 2023, with Population Health revenue increasing 285% year-over-year[14] Profitability and Loss - Net income for 2024 was $(3,759,238), compared to $(2,938,343) in 2023, indicating a decline in profitability[25] - Adjusted EBITDA for 2024 was $(3,680,900), a decrease from $(2,835,886) in 2023, reflecting worsening operational performance[28] - Q4 2024 net loss reduced to $504,000 from $995,000 in Q4 2023, highlighting significant operational efficiency gains[18] Operating Expenses and Efficiency - Operating expenses in Q4 2024 decreased by 39% year-over-year to $957,000, driven by cost management efforts[17] - The gross profit margin for 2024 was 20.7%, down from 25.6% in 2023, due to a reevaluation of lower-margin contracts[9] Cash Flow and Financial Position - Cash on hand as of December 31, 2024, was $2.4 million, with no long-term debt[3] - Net cash used in operating activities for 2024 was $(2,932,033), compared to $(2,759,068) in 2023, showing increased cash outflow[25] - Cash at the end of the period for 2024 was $2,395,405, down from $3,280,075 at the end of 2023[25] - The company reported a net change in cash of $(884,670) for 2024, contrasting with an increase of $3,276,731 in 2023[25] - Proceeds received on the exercise of Class A common stock warrants in 2024 amounted to $2,469,150, a decrease from $5,332,283 in 2023[25] - Cash paid for interest in 2024 was $15,600, down from $36,226 in 2023, suggesting reduced interest obligations[25] Future Outlook and Strategy - The company expects low double-digit percentage revenue growth for 2025, primarily from higher margin Population Health and Behavioral and Mental Health units[3] - Management plans to introduce new product enhancements, including telehealth, to drive future growth[6] - The company is focused on advancing healthcare solutions in critical areas such as mental health and population health[29] - Forward-looking statements indicate potential changes in operations and financial results, subject to risks and uncertainties[30] Contracts and Agreements - The company secured a one-year Healthcare Workforce contract valued at up to $1 million and a two-year contract with the State of Minnesota[7] Asset Utilization - Total depreciation expense increased to $62,738 in 2024 from $48,771 in 2023, indicating higher asset usage[28]

Financial Performance - The company generated approximately $8.0 million and $5.5 million in revenues for the years ended December 31, 2024 and 2023, respectively, indicating a year-over-year revenue growth of 45.5%[45] - The net losses for the company were $3,759,238 and $2,938,343 for the years ended December 31, 2024 and 2023, respectively, reflecting an increase in losses of 28.0%[45] - The accumulated deficit as of December 31, 2024 and 2023 was $8,824,193 and $5,064,955, respectively, showing a significant increase in the deficit of 74.5%[45] - As of December 31, 2024 and 2023, the company had cash reserves of $2,395,405 and $3,280,075, respectively, indicating a decrease in cash of 27.0%[46] Going Concern and Risks - The independent registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses from operations[50] - The company faces significant competition in the healthcare services markets, which may adversely affect its business and financial condition[51] - The company is exposed to risks associated with government contracting, including audits and compliance obligations that could result in penalties or contract terminations[85] - Legal and regulatory proceedings could lead to unexpected adverse outcomes, affecting the company's operations and financial condition[87] - The company faces risks from unstable market conditions, including liquidity risks and potential adverse effects from geopolitical events, which could impact financial performance and stock price[112] Customer and Market Dynamics - The ability to retain existing customers and attract new ones is critical for the company's success, with potential impacts from pricing pressures and changing business models[52] - The healthcare industry is consolidating, which could intensify competition and pressure pricing for the company's products and services[80] - The company relies on a small number of large customers, and the loss of one or more major customers could materially adversely affect its financial condition[103] Operational Challenges - The company must continually improve existing solutions and develop new ones to respond to regulatory developments and customer demands[57] - Achieving market acceptance for new or updated solutions may require substantial marketing efforts and expenditures[59] - The company may experience increased operating costs if it fails to recruit and retain sufficient quality healthcare professionals, which could negatively affect profitability[81] - Competition for healthcare professionals remains intense due to low unemployment rates, which may increase recruitment costs and impact service execution[83] - The company may face challenges in recruiting and retaining skilled personnel, which could impact its business objectives[91] Cybersecurity and Data Risks - The company relies on information systems to manage data, and failures in these systems could adversely affect business operations and results[65] - The company faces significant risks related to unauthorized access to data and potential breaches, which could lead to substantial financial costs and reputational damage[66] - There have been high-profile security breaches in the healthcare industry, resulting in lawsuits and significant fines, which could impact the company's operations and financial condition[67] - The company must continuously invest in its systems and processes to keep pace with evolving cybersecurity threats and regulatory standards[68] - Interruptions in internal and vendor systems could lead to security issues and prevent customer access to solutions, impacting overall business performance[69] Financial and Tax Considerations - The company has incurred net operating losses (NOLs) during its history, which may limit its ability to offset future taxable income[92] - Federal NOLs generated in taxable years ending after December 31, 2017 may be carried forward indefinitely but are limited to 80% of taxable income annually for tax years beginning after December 31, 2020[93] - Changes in U.S. tax laws, including the Inflation Reduction Act of 2022, may adversely affect the company's future profitability[96] Corporate Governance and Structure - The dual-class structure of the common stock concentrates voting control, with Class B common stock holders having 16.5 votes per share compared to 1 vote per share for Class A common stock, resulting in Class B holders controlling approximately 60.5% of the voting power[113] - As of December 31, 2024, there were 833,334 shares of Class B common stock outstanding, representing 79.6% of total voting securities[113] - Significant stockholders, including the CEO and CFO, beneficially own 51.0% of Class B common stock and 30.9% of outstanding voting securities, influencing corporate actions and board elections[117] - Anti-takeover provisions in the company's governance documents may impair takeover attempts, affecting stockholder opportunities for premium share prices[119] - The exclusive forum provision in the Certificate of Incorporation may limit stockholders' ability to bring claims in favorable judicial forums, potentially increasing costs[122] Market and Trading Considerations - The market price of Class A common stock may experience rapid fluctuations unrelated to actual operating performance, making it difficult for investors to assess value[111] - The company may be excluded from certain stock indices due to its dual-class structure, potentially affecting the attractiveness of Class A common stock to investors[116] - Future adverse developments in financial institutions could lead to market-wide liquidity shortages, impacting the company's ability to access working capital[112] - The trading market for the company's Class A common stock is influenced by the research and reports published by securities or industry analysts, with potential declines in market price if coverage is inadequate or unfavorable[129] - There is a risk that the attractiveness of the company's Class A common stock may decline due to reliance on exemptions from certain reporting requirements, potentially leading to a less active trading market and increased share price volatility[132] Emerging Growth Company Status - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements until it meets certain thresholds, such as total annual gross revenue of at least $1.235 billion or a market value exceeding $700 million[130] - The company may delay adopting new or revised accounting standards until they apply to private companies, which could impact its financial reporting practices[131]

Brett Maas Good morning, everyone, and thank you for joining us for Syra Health’s Fourth Quarter and Full Year 2024 Financial Results Conference Call. My name is Brett Maas of Hayden IR, and I direct Investor Relations for Syra Health. Joining us on today’s call is Dr. . Deepika Vuppalanchi, Chair and CEO of Syra Health; and Priya Prasad, Syra Health’s Chief Financial Officer. At the conclusion of today’s prepared remarks, management will answer questions that are sent to us by investors and other questions ...

Core Insights - Syra Health Corp. reported a 45% increase in total revenue for 2024, reaching $8.0 million compared to $5.5 million in 2023, driven by growth in Population Health and Behavioral and Mental Health business units [5][8][6] - The company achieved significant operational efficiency, with Q4 2024 net losses nearly halved to $504,000 from $995,000 in Q4 2023, alongside a 39% reduction in operating expenses [15][5][6] - Continued momentum in securing new contracts and extensions is expected to drive sustainable growth, with a focus on higher-margin business units [5][7][6] Financial Performance - Population Health revenue more than doubled to $1.7 million in 2024 from $715,000 in 2023, with Q4 2024 Population Health revenue increasing 285% year-over-year [5][13] - Adjusted EBITDA for 2024 was ($3.7 million), compared to ($2.8 million) in 2023, impacted by investments in the Syrenity clinical research study [11][12] - Gross profit margin decreased to 20.7% in 2024 from 25.6% in 2023, attributed to a reevaluation of lower-margin contracts [9][10] Operational Highlights - The company secured a one-year Healthcare Workforce contract valued at up to $1 million and a two-year contract with the State of Minnesota, enhancing healthcare performance and patient satisfaction [5][6] - Syra Health's mental health product, Syrenity, is gaining traction among B2B and D2C customers, with plans for new product enhancements including telehealth [7][6] - The company expects low double-digit percentage revenue growth for 2025, driven by higher-margin Population Health and Behavioral and Mental Health units [5][6] Cash Position - As of December 31, 2024, Syra Health had cash of $2.4 million and no long-term debt, indicating a stable liquidity position [5][12] - Total current assets decreased to $3.35 million in 2024 from $4.78 million in 2023, while total liabilities reduced to $800,761 from $910,072 [17][18]

Core Viewpoint - Syra Health Corp. will report its financial results for Q4 and full year 2024 on March 11, 2025, before market opens, followed by a conference call to discuss the results [1] Group 1: Financial Reporting - The financial results for the fourth quarter and full year 2024 will be announced on March 11, 2025 [1] - A conference call will be held on the same day at 9:00 a.m. ET to discuss the financial results [1] Group 2: Accessing Information - Interested parties can access the conference call via webcast on the company's investor section of the website [2] - A replay of the webcast will also be available in the investor section of the company's website [2] Group 3: Company Overview - Syra Health is a healthcare technology company focused on improving health in areas such as behavioral and mental health, population health, and the healthcare workforce [3] - The company emphasizes prevention, access, and affordability through its innovative technology products and services [3]

Core Insights - Syra Health Corp. announced a $450,000 contract extension with the Shelby County Health Department in Tennessee, emphasizing its commitment to improving health through technology [1][2] - The contract extension allows Syra Health's team to continue analyzing disease trends and their economic impacts, with a total potential contract value of up to $1.3 million over three years [2][3] - This extension reflects the growth of Syra Health's Population Health business unit, which is a significant contributor to the company's revenue growth strategy [3][4] Financial Overview - The one-year contract extension is part of a larger project that includes data analytics and the development of a public-facing dashboard for real-time insights [2] - The total combined contract value over three years, including the extension, is projected to reach $1.3 million [2] Strategic Focus - The contract extension aligns with Syra Health's strategy to diversify revenue streams across higher-margin business units, showcasing positive demand trends for its population health solutions [3][4] - The company aims to ensure long-term revenue growth and value creation as it expands its reach in the healthcare technology sector [4]

Core Insights - Syra Health Corp. announced positive preliminary results from a clinical study of its mental health app, Syrenity, conducted by Indiana University [1][5] - The study involved 135 participants with moderate to severe depression, showing trends of reduced symptoms among users of the Syrenity app compared to non-users [2][4] Group 1: Clinical Study Details - The randomized study was led by Dr. Lorenzo-Luaces and included 63 users of Syrenity and 72 non-users [2] - Preliminary results indicated improvements in depression symptoms, overall well-being, cognitive reappraisal, and healthier emotional expression among Syrenity users [2][3] - A follow-up study will be conducted to assess the statistical significance of these findings and to analyze user engagement [3] Group 2: Participant Demographics - Approximately two-thirds of the study participants were women, with about 30% being racial-ethnic minorities [4] - Around 36% of participants had household incomes between $50,000 to $100,000, and 30% were unemployed at the time of the study [4] Group 3: Company Overview and Future Plans - Syra Health focuses on healthcare technology, particularly in behavioral and mental health, aiming to improve access and affordability [6] - The company plans to publish the study results in a scientific journal and offers Syrenity as a business-to-business product and for direct download on app stores [5][6] - Syrenity is designed to address multiple mental health challenges through evidence-based interventions and features an AI-driven companion for user engagement [7]