CARMEL, Ind., June 6, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, announced today that it has received awards for staffing Board Certified Behavioral Analysts from the Putnam/Northern Westchester Board of Cooperative Education Services (PNWBOCES) in New York and the Little Rock School District in Arkansas. Both awards are one year in length with the PNWBOCES agreement having ...

Vice President of Syra Health's Behavioral and Mental Health Business Unit, Dr. Srikant Devaraj, will speak as part of the Emerging Trends in Behavioral and Mental Health panel taking place at 3:15 p.m. ET on June 5. Syra Health's CEO, Dr. Deepika Vuppalanchi, will deliver the Company's presentation at 4:00 p.m. ET the same day in the event's main ballroom. Recordings of the presentations will be made available following the event, under the "Presentations" section of Syra Health's Investor website at Prese ...

Core Insights - Syra Health Corp. has been awarded a contract by the Health Care Authority in Washington State, marking the company's expansion into its 20th state with active contracts [1][3] - The contract focuses on providing behavioral health and recovery training and support services to enhance the recruitment and retention of qualified professionals in Washington State [2][3] Company Overview - Syra Health is a healthcare technology company that addresses significant challenges in behavioral and mental health, digital health, and population health through innovative services and technology solutions [4] - The company's mission includes improving healthcare access, affordability, and prevention strategies [4] Training Programs - The training programs offered by Syra Health will cover seven key categories aimed at equipping behavioral health professionals with essential skills to manage mental health and substance use disorders [2] - These initiatives are designed to enhance service delivery across various care settings, focusing on both prevention and treatment to alleviate the burden of mental health issues in Washington State [2]

CARMEL, Ind., May 20, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company with a mission to improve healthcare by providing innovative services and technology solutions, announced today that it has been awarded a one-year contract with annual extensions for up to five years to provide Special Education (SPED) Psychologist Services for the Greenville County School District in South Carolina. The SPED Psychologist services provided by Syra He ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $1.7 million, a 47% increase compared to $1.2 million in Q1 2023, driven by growth in healthcare workforce, population health, and digital health [33][34] - The net loss for Q1 2024 was $1.4 million, compared to a loss of $786,000 in the same period last year [19] - Adjusted EBITDA for the quarter was negative $1.4 million, compared to negative $763,000 in Q1 2023 [19] Business Line Data and Key Metrics Changes - Population health business unit revenues grew to $232,000 in Q1 2024 from $74,000 in the same period last year, representing a growth of over 213% [9] - Digital health generated revenues of $92,000 in Q1 2024, driven by sales of the SyraBot product [6][9] - Healthcare workforce business unit posted revenue growth of 28% to $1.4 million in Q4 2023, returning to growth [9][14] Market Data and Key Metrics Changes - The company is currently operating in 19 states, a significant achievement since its inception three years ago [12] - The health education business unit combined revenues were $11,000 in Q1 2024, up from $3,000 in the same period last year [18] Company Strategy and Development Direction - The company aims to drive growth across all business units while managing cost structure and balance sheet [21] - There is a focus on expanding technology products such as Syrenity, SyraBot, and Care Plus to enhance operational efficiency and patient care [13] - The company is expanding its federal government business opportunities and nurturing partnerships for federal projects [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2024 revenue guidance of $9 million to $11 million, which represents a 64% to 100% increase over 2023 revenues [22][35] - The company anticipates that the majority of revenues will be recognized in the latter half of 2024 due to customer implementation cycles [22] - Management highlighted strong demand for epidemiology services as a key driver for growth in the population health business unit [25] Other Important Information - Research and development expenses were $277,000, reflecting the development of technology-based solutions [19] - The company was awarded a $660,000 annual contract with a national healthcare organization for healthcare effectiveness data and a $480,000 contract from the Indiana Department of Health [30] Q&A Session Summary Question: Can you speak about the timing of the $9 million to $11 million revenue outlook for 2024? - Management reiterated that the majority of revenues are expected to be reflected in the latter half of the year due to customer implementation cycles [22] Question: What do you attribute your success in winning contracts to? - The success is attributed to an experienced team and a comprehensive suite of innovative services and technology solutions [24] Question: What is driving the strong growth in population health? - Strong demand for epidemiology services and the ability to conduct gap analysis to meet customer needs are driving growth [25]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) This section summarizes Syra Health's strong Q1 2024 financial results, positive 2024 outlook, and recent operational achievements [Q1 2024 Financial Highlights](index=1&type=section&id=Q1%202024%20Financial%20Highlights) Syra Health reported strong revenue growth of **47%** in Q1 2024, reaching **$1.7 million**, with significant growth in Population Health and a healthy cash balance Q1 2024 Financial Highlights Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $1.7 million | $1.2 million | +47% | | **Business Units (excl. Healthcare Workforce) Growth** | - | - | +333% | | **Population Health Unit Growth** | - | - | +212% | | **Cash Balance (as of March 31, 2024)** | $3.2 million | - | - | | **Long-term Debt** | None | - | - | [2024 Financial Outlook](index=1&type=section&id=2024%20Financial%20Outlook) The company projects full-year 2024 revenue between **$9 million** and **$11 million**, representing **64% to 100%** growth, with most revenue expected in the second half - Full-year 2024 revenue is projected to be **$9 to $11 million**, a **64%-100%** increase over 2023[3](index=3&type=chunk) - Due to customer implementation cycles, most contract revenues are expected to be realized in the second half of 2024[3](index=3&type=chunk) [Recent Operational Highlights](index=1&type=section&id=Recent%20Operational%20Highlights) Syra Health expanded to **19 states**, secured key contracts including a potential **$1.35 million** epidemiology contract, and was selected for a **$75 billion** federal contract - The company now has active contracts in **19 states** across the nation[6](index=6&type=chunk) - Key contract wins include: - A **$660,000** HEDIS outreach contract - A **$480,000** contract with the Indiana Department of Health - A **$450,000** epidemiology contract with Shelby County, TN, with a potential value of **$1.35 million** - A **$250,000** behavioral health study contract with Washington D.C.[6](index=6&type=chunk) - Selected as a subcontractor for a federal Department of Health and Human Services contract valued at **$75 billion**; revenues will be realized upon receipt of task orders[11](index=11&type=chunk) - The research protocol for the "Syrenity" mental health platform was approved by the Pearl Institutional Review Board, enabling a study with approximately **300 participants**[11](index=11&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management expresses confidence in achieving 2024 revenue targets, driven by strong Q1 growth and the performance of key business units [Management Commentary](index=2&type=section&id=Management%20Commentary) Management is confident in achieving **$9 million to $11 million** 2024 revenue guidance, driven by strong Q1 growth and the performance of key business units like Population Health - Management is confident in the 2024 revenue guidance of **$9 million to $11 million**, based on contracts in hand and pending implementation[7](index=7&type=chunk) - The Population Health business unit grew over **200%** in Q1, driven by strong demand for epidemiology services[7](index=7&type=chunk) - The Healthcare Workforce business unit has returned to growth in 2024, and the Syrenity mental health platform holds great promise for future revenue[7](index=7&type=chunk) [Q1 2024 Financial Results](index=2&type=section&id=Q1%202024%20Financial%20Results) This section details the company's Q1 2024 financial performance, including revenue growth, gross profit margin, operating expenses, and net loss [Q1 2024 Financial Performance](index=2&type=section&id=Q1%202024%20Financial%20Performance) Q1 2024 revenue grew **47%** to **$1.7 million**, driven by Population Health, though gross profit margin decreased and net loss widened to **$(1.4) million** due to increased operating expenses Q1 2024 Revenue by Segment | Revenue Segment | Q1 2024 Revenue | YoY Growth | | :--- | :--- | :--- | | **Total Revenue** | $1.7 million | 47% | | **Population Health** | - | 212% | | **Healthcare Workforce** | - | 28% | | **Digital Health** | $92,250 | N/A (was zero) | - Gross profit margin was **10.2%** in Q1 2024, down from **12.4%** in Q1 2023, due to a mix shift towards the Healthcare Workforce business[9](index=9&type=chunk) - Total operating expenses increased to **$1.6 million**, driven by a **61%** rise in salaries and benefits and an **87%** increase in SG&A expenses to support business growth[10](index=10&type=chunk) Q1 2024 Net Loss and Adjusted EBITDA | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Loss** | $(1.4 million) | $(785,892) | | **Adjusted EBITDA** | $(1.4 million) | $(762,710) | [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the company's condensed balance sheets, statements of operations, and cash flows for the first quarter of 2024 [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2024, Syra Health reported total assets of **$4.55 million**, total liabilities of **$1.10 million**, and a cash balance of **$3.24 million** Condensed Balance Sheets | Balance Sheet Item | March 31, 2024 ($) | December 31, 2023 ($) | | :--- | :--- | :--- | | **Cash** | 3,237,957 | 3,280,075 | | **Total Current Assets** | 4,447,651 | 4,781,110 | | **Total Assets** | 4,551,525 | 4,923,283 | | **Total Current Liabilities** | 1,102,220 | 910,072 | | **Total Liabilities** | 1,102,220 | 910,072 | | **Total Stockholders' Equity** | 3,449,305 | 4,013,211 | [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) Q1 2024 net revenues reached **$1.75 million**, but increased operating expenses led to a widened net loss of **$(1.45) million**, or **$(0.22)** per share Condensed Statements of Operations | Income Statement Item | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | **Net Revenues** | 1,752,340 | 1,188,351 | | **Gross Profit** | 179,287 | 147,156 | | **Total Operating Expenses** | 1,623,241 | 921,631 | | **Operating Loss** | (1,443,954) | (774,475) | | **Net Loss** | (1,447,050) | (785,892) | | **Net Loss Per Share** | (0.22) | (0.18) | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Q1 2024 saw **$(800,745)** net cash used in operating activities, offset by **$764,246** from financing, resulting in a net cash decrease of **$(42,118)** and an ending cash balance of **$3.24 million** Condensed Statements of Cash Flows | Cash Flow Item | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | **Net Cash Used in Operating Activities** | (800,745) | (45,062) | | **Net Cash Used in Investing Activities** | (5,619) | (9,659) | | **Net Cash Provided by Financing Activities** | 764,246 | 647,788 | | **Net Change in Cash** | (42,118) | 593,067 | | **Cash at End of Period** | 3,237,957 | 596,411 | [Other Information](index=3&type=section&id=Other%20Information) This section provides details on non-GAAP financial measures and information regarding the upcoming Q1 2024 conference call [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) The company presents Adjusted EBITDA as a non-GAAP measure, which for Q1 2024 was a loss of **$(1.43) million**, reconciled from GAAP net loss - The company uses Adjusted EBITDA, a non-GAAP measure, for internal period-to-period comparisons and believes it is useful for investors to analyze operating performance[14](index=14&type=chunk) Adjusted EBITDA Reconciliation | Reconciliation | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | **Net Loss** | (1,447,050) | (785,892) | | Interest | 4,077 | 11,419 | | Depreciation | 12,545 | 11,763 | | Taxes | 0 | 0 | | **EBITDA** | (1,430,428) | (762,710) | [Conference Call](index=3&type=section&id=Conference%20Call) Syra Health will host a conference call on May 9, 2024, at 9:00 am ET to discuss Q1 2024 financial results, with webcast access available - A conference call to discuss financial results is scheduled for **9:00 am ET on May 9, 2024**[13](index=13&type=chunk) - A live webcast and replay will be available on the Investor Relations section of the Syra Health website[13](index=13&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to ___________ Commission File Number: 001-41822 SYRA HEALTH CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 85-4027995 (State or ...

Exhibit 99.1 Syra Health Announces Fourth-Quarter and Full-Year 2023 Financial Results. Projects 2024 Revenue Growth of 64% to 100%. Conference call will be held today, Monday, March 25 at 9:00am ET Carmel, IN, March 25, 2024 /PRNewswire/ —Syra Health Corp. (NASDAQ: SYRA), ("Syra Health" or the "Company") a healthcare consulting company with a mission to improve healthcare by providing innovative services and technology solutions, today announced its financial results for the fourth quarter and fiscal year ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______ to______. Commission File Number 001-41822 SYRA HEALTH CORP. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organizati ...

Syra Health Corp. (NASDAQ:SYRA) Q4 2023 Earnings Call Transcript March 25, 2024 9:00 AM ET Company Participants Ben Shamsian - IR Deepika Vuppalanchi - CEO Sandeep Allam - Executive Chairman and President Priya Prasad - CFO Operator Good morning, ladies and gentlemen, and welcome to Syra Health Fourth Quarter and Full Year 2023 Financial Results Conference Call. At this time, all lines are in a listen-only mode. [Operator Instructions] This call is being recorded on Monday, March 25, 2024. I would now like ...