Revenue Performance - 2023 revenue was $5.5 million, a slight decrease from $5.6 million in 2022[5] - Business units excluding Healthcare Workforce grew 250%, accounting for 23% of total revenues in 2023, up from 6% in 2022[5] - Population Health revenues increased by over 125% to $715,499 compared to 2022[5] - Digital Health revenues reached $515,250, marking its first year of revenues[5] - The company expects 2024 revenue to be between $9 million and $11 million, representing a growth of 64% to 100% compared to 2023[5] Profitability and Loss - Gross profit margin improved by 670 basis points to 25.6% from 18.9% in 2022[5] - Net loss for 2023 was $(2.94 million), compared to $(2.12 million) in 2022[11] - The net loss for the year ended December 31, 2023, was $2,938,343, compared to a net loss of $2,118,165 in 2022, representing an increase of approximately 38.6%[25] Cash Flow and Financial Position - Cash balance as of December 31, 2023, was $3.3 million with no long-term debt[5] - Net cash used in operating activities was $2,759,068 for 2023, up from $2,244,065 in 2022, indicating a 23% increase in cash outflow[25] - Cash at the end of the period was $3,280,075, a significant increase from $3,344 at the beginning of the period, reflecting a net change in cash of $3,276,731[25] - Proceeds received from the sale of Class A common stock amounted to $5,332,283 in 2023, compared to $2,322,500 in 2022, marking an increase of approximately 129%[25] - The company reported a total of $1,472,460 in Class A common stock issued for debt and interest conversion, indicating ongoing efforts to manage debt[25] - The company incurred interest payments of $36,226 in 2023, up from $11,651 in 2022, reflecting a 210% increase in interest expenses[25] - Net cash provided by financing activities was $6,051,050 in 2023, compared to $2,268,657 in 2022, showing a substantial increase of approximately 167%[25] Asset Management - The company recorded a depreciation expense of $48,771 in 2023, significantly higher than $14,849 in 2022, indicating increased asset utilization[25] - The company had a non-cash application of invoices to STLogics loan amounting to $200,010, reflecting ongoing financial management strategies[25] - The company reported a decrease in accounts receivable of $59,547 in 2023, compared to a decrease of $940,470 in 2022, indicating improved collection efforts[25] Product Development - Secured a five-year $4.75 million contract with the District of Columbia's Department of Behavioral Health[5] - Launched Syrenity, a mental health product, and CarePlus, an EMR system for small to mid-sized healthcare organizations[5]
Syra Health (SYRA) - 2023 Q4 - Annual Results