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]
Syra Health Announces Full-Year Revenue of $8.0 Million, Up 45% YoY