Syra Health Stock Price, News & Analysis

Syra Health Corp. (NASDAQ: SYRA) has secured a contract with the Health Care Authority (HCA) in Washington State to provide behavioral health and recovery training services. This contract marks Syra's 20th active state-level contract in the U.S. The goal is to enhance the recruitment and retention of qualified behavioral health professionals. The comprehensive training program will cover seven key categories, including Substance Use Disorder (SUD) Prevention, Mental Health Promotion, and Recovery Support Services. These initiatives aim to improve the quality of behavioral health care and reduce the burden of mental health and substance use disorders in Washington State.

Syra Health (NASDAQ: SYRA) will participate in the Lytham Partners Spring 2024 Investor Conference on May 30, 2024. The event will include a webcasted presentation at 12:30 p.m. ET, and one-on-one virtual meetings with investors. The presentation and meetings aim to showcase Syra Health's innovative healthcare technology solutions. The webcast will be available for replay following the event.

Syra Health (NASDAQ: SYRA) has secured a one-year contract, with potential annual extensions up to five years, to provide Special Education (SPED) Psychologist Services to the Greenville County School District in South Carolina. This district serves around 80,000 students and 13,000 employees. The contract involves offering ongoing SPED psychologist services to enhance students' academic, social, emotional, and behavioral needs using data-based decision-making, assessment tools, and evidence-based interventions. Syra Health will also collect stakeholder feedback and deliver monthly service reports to the District. The services will comply with the National Association of School Psychologists' standards.

Syra Health Corp. (NASDAQ: SYRA) announced that it will subcontract for LUKE on a $43 billion Defense Health Agency (DHA) contract. The 10-year IDIQ contract, running from June 2024 to May 2034, includes staffing services for DHA facilities across the U.S. and its territories. Syra Health will provide medical staffing in various categories, including physicians, nurses, and medical support personnel, to support the MQS2-NG program. Task orders will determine Syra Health's revenue share, with some expected before year-end. This is Syra Health's second federal government contract, following a subcontract with Caduceus Healthcare.

Syra Health Corp. announced a strong revenue growth of 47% in the first quarter of 2024. The company reported revenue of $1.7 million, a significant increase from $1.2 million in the same period last year. Syra Health anticipates a full-year revenue of $9 to $11 million for 2024, marking a substantial growth compared to 2023. The company highlighted operational achievements, including securing multiple contracts and expanding business units. Dr. Deepika Vuppalanchi, CEO of Syra Health, expressed confidence in the company's growth trajectory and revenue guidance. However, the company reported a decrease in gross profit margin and a net loss of $(1.4 million) for the first quarter of 2024.

Syra Health Corp. (NASDAQ: SYRA) has been awarded a contract to conduct a comprehensive needs assessment for Middlesex County, NJ, and develop a Community Health Improvement Plan. This project aims to identify health, behavioral health, and community service needs of residents, outlining priorities for improving health outcomes.

Syra Health Corp. presented Overdose Lifeline with the inaugural Syra Health Mental and Behavioral Health Solutions Award. The award recognizes the advocacy group's efforts in combating the opioid crisis and promoting mental health awareness. Syra Health aims to improve healthcare through innovative technology solutions and plans to continue hosting the award annually.

Syra Health Corp. will discuss its first quarter 2024 financial results on May 9, 2024, before the market opens. The conference call will be held at 9:00 AM ET on the same day for interested parties to review the results. Access to the call and webcast is available on the company's website. Investors can submit questions via email for the call.