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]
Syra Health (SYRA) - 2024 Q1 - Earnings Call Transcript