Syra Health Announces Full-Year Revenue of $8.0 Million, Up 45% YoY
Rhea-AI Summary
Syra Health (NASDAQ: SYRA) reported strong financial results for FY2024, with revenue reaching $8.0 million, up 45% from $5.5 million in 2023. The company's Population Health segment showed remarkable growth, with revenues more than doubling to $1.7 million, while Healthcare Workforce revenue increased 38% to $5.9 million.
Q4 2024 showed significant operational improvements, with net losses nearly halving to ($504,000) from ($995,000) in Q4 2023, and operating expenses decreasing 39% YoY. The company maintained a strong balance sheet with $2.4 million in cash and no long-term debt as of December 31, 2024.
For 2025, Syra Health projects low double-digit percentage revenue growth, driven by higher-margin Population Health and Behavioral Health units. Recent achievements include positive preliminary results from the Syrenity app clinical study and several new contract wins and extensions with government agencies.
Positive
- Revenue grew 45% YoY to $8.0 million in 2024
- Population Health revenue increased 132% YoY to $1.7 million
- Q4 2024 operating expenses reduced by 39% YoY
- Q4 2024 net losses decreased by nearly 50% YoY
- Strong cash position of $2.4 million with no long-term debt
- Secured multiple new contracts and extensions with government agencies
Negative
- Gross profit margin declined to 20.7% in 2024 from 25.6% in 2023
- Net loss increased to ($3.8 million) in 2024 from ($2.9 million) in 2023
- Adjusted EBITDA worsened to ($3.7 million) from ($2.8 million) in 2023
News Market Reaction – SYRA
In the trading session that priced this news, SYRA declined 6.67%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
2024 Population Health Revenue Acceleration to
Q4 2024 Net Losses Cut Nearly in Half Compared to Q4 2023, Highlighting Major Efficiency Gains
Continued Momentum with New Customer Wins and Contract Extensions Driving Sustainable Growth
A conference call will be held today, Tuesday, March 11 at 9:00 am ET
2024 Financial Highlights
- 2024 revenue of
$8.0 million 45% compared to$5.5 million - Revenues, excluding Healthcare Workforce, grew
66% YoY and expanded to26% of total revenues, compared to23% of total revenue in 2023. - Population Health reached
$1.7 million $715,000 - Legacy Healthcare Workforce generated revenues of
$5.9 million 38% from 2023.
- Revenues, excluding Healthcare Workforce, grew
- Q4 2024 Population Health revenue increased
285% YoY. - Q4 2024 Operating Expense decreased
39% YoY, improving the profitability trajectory. - Q4 2024 Net Loss reduction to (
$504,000 $995,000 - Cash of
$2.4 million
2025 Financial Outlook
- For the full year of 2025, the Company expects low double-digit percentage revenue growth, with the main catalyst being the higher margin Population Health and Behavioral and Mental Health business units.
- Based on efficiency gains exiting 2024, the Company expects to continue its trend towards profitability.
- Guidance does not include any potential revenues from two federal contracts announced in early 2024.
Recent Operational Highlights
- Announced positive preliminary results from clinical research study of Syrenity. Data collected from this six-week study showed trends toward lowering depression symptoms among Syrenity users when compared to those without access to the app, among other indicators of improvement.
- Secured a one-year Healthcare Workforce contract valued at up to
$1 million Washington D.C. Office of the State Superintendent of Education. The agreement provides for several contract extension options. - Awarded a two-year contract with the
State of Minnesota as part of its Master Contract Program. The agreement includes an option to extend the term by up to an additional three years with the Direct Care and Treatment Division of the Minnesota Department of Human Services. The program aims to enhance healthcare performance, patient satisfaction, and employee engagement within the state's specialized behavioral healthcare system. - Granted a three-month Population Health contract with the Jefferson County Department of Health in
Alabama to focus on identifying and addressing health disparities within the district. - Secured multiple contract extensions from existing customers:
- A five-month Healthcare Workforce contract extension valued at up to
$1.5 million - A Population Health contract extension valued at
$450,000 Tennessee's Shelby County Health Department. This includes an additional one-year renewal option for a total contract value of up to$1.3 million
- A five-month Healthcare Workforce contract extension valued at up to
Management Commentary
Dr. Deepika Vuppalanchi, Chair and CEO of Syra Health, said, "Since our IPO and listing on the Nasdaq nearly eighteen months ago, we have accelerated the delivery of innovative healthcare solutions for our customers throughout the country. In 2024, total revenue reached
As we enter 2025, we are building on the strong momentum of the fourth quarter of 2024. With successful cost and operational efficiencies in place, we are well-positioned to capture new opportunities and deliver innovative, technology and service-driven value for our customers. The adoption of our mental health product, Syrenity, continues to grow, attracting a broad base of B2B and D2C customers, and we are eager to introduce new product enhancements, including telehealth. Looking ahead, our focus remains on expanding our sales pipeline, driving higher margin revenues, advancing innovative technology, and optimizing operations. With these strategic priorities, our profitability trajectory is gaining momentum and poised to accelerate in 2025."
2024 Financial Results
For the fiscal year of 2024 ending December 31, revenue was
Gross profit margin in 2024 was
Total operating expenses in 2024 increased by
Adjusted EBITDA for 2024 was (
Net loss for 2024 was (
Cash on hand as of December 31, 2024 was
Q4 2024 Financial Results
Revenue for the quarter ended December 31, 2024 was
Gross profit margin was
Total operating expenses for the fourth quarter of 2024 were
Adjusted EBITDA for the fourth quarter of 2024 was (
Net loss for the fourth quarter of 2024 was (
Conference Call
Management will hold a conference call to discuss the full year financial results at 9:00 am ET on March 11, 2025.
Interested parties can listen via a live webcast, from the link available in the Investor Relations section of the Company's website at https://ir.syrahealth.com/presentations/q4-and-full-year-2024-earnings-call
A replay will be available after the call, in the Investor Relations section of the Company's website at https://ir.syrahealth.com/presentations/q4-and-full-year-2024-earnings-call
SYRA HEALTH CORP. | |||
December 31, | December 31, | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | |||
Accounts receivable, net | 680,827 | 1,060,634 | |
Accounts receivable related party | - | 50,614 | |
Other Current assets | 276,563 | 389,787 | |
Total current assets | 3,352,795 | 4,781,110 | |
Property and equipment, net | 27,347 | 78,974 | |
Right-of-use asset | 299,190 | 63,199 | |
Total assets | |||
LIABILITIES AND STOCKHOLDER'S EQUITY | |||
Current liabilities | |||
Accounts payable | |||
Accrued expenses | 230,383 | 198,978 | |
Deferred revenue | 16,611 | - | |
Current portion of operating lease liability, related party | 111,978 | 63,199 | |
Notes payable | 152,887 | 184,904 | |
Total current liabilities | 613,549 | 910,072 | |
Non-current portion of operating lease liability, related party | 187,212 | - | |
Total liabilities | 800,761 | 910,072 | |
Commitments and contingencies | |||
Stockholder's equity | |||
Preferred stock, | - | - | |
Class A common stock | 8,979 | 5,588 | |
Convertible class B Common stock, | 833 | 833 | |
Additional paid-in capital | 11,692,952 | 9,071,745 | |
Accumulated deficit | (8,824,193) | (5,064,955) | |
Total stockholder's equity | 2,878,571 | 4,013,211 | |
Total liabilities and stockholders' equity | |||
SYRA HEALTH CORP. | |||||
For the Year Ended December 31 | |||||
2024 | 2023 | ||||
Net revenues | |||||
Cost of services | 6,329,119 | 4,103,244 | |||
Gross profit | 1,652,963 | 1,411,900 | |||
Operating expenses | |||||
Salaries and benefits | 2,718,743 | 2,292,295 | |||
Professional services | 606,051 | 586,463 | |||
Research and development expenses | 585,146 | 240,048 | |||
Selling, general and administrative expenses | 1,445,170 | 1,131,922 | |||
Depreciation | 62,738 | 48,771 | |||
Total operating expenses | 5,417,848 | 4,299,499 | |||
Operating loss | (3,764,885) | (2,887,599) | |||
Other income (expense) | |||||
Interest income | 21,247 | 2,942 | |||
Interest expense | (15,600) | (53,686) | |||
Total other income (expense) | 5,647 | (50,744) | |||
Net loss | |||||
Weighted average common shares outstanding – basic and diluted | 7,551,576 | 4,877,861 | |||
Net loss per common share – basic and diluted | |||||
SYRA HEALTH CORP. | |||||||
For the Year Ended December 31, | |||||||
2024 | 2023 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | |||||||
Adjustments to reconcile net loss to net cash used in operating | |||||||
Depreciation | 62,738 | 48,771 | |||||
Common stock issued for services | 71,378 | - | |||||
Non-cash lease expense | 89,500 | ||||||
Stock-based compensation | 59,803 | 32,831 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 379,807 | (59,547) | |||||
Accounts receivable, related party | 50,614 | (50,614) | |||||
Other current assets | 491,883 | 203,110 | |||||
Right-of-use asset | 121,089 | ||||||
Accounts payable | (361,301) | 30,603 | |||||
Accounts payable, related parties | - | (3,200) | |||||
Deferred revenue | 16,611 | - | |||||
Accrued expenses | 55,672 | (22,679) | |||||
Operating lease liability | (89,500) | (121,089) | |||||
Net cash used in operating activities | (2,932,033) | (2,759,068) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of property and equipment | (11,111) | (15,251) | |||||
Net cash used in investing activities | (11,111) | (15,251) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from sale of common stock and exercise of warrants | 2,469,150 | 5,332,283 | |||||
Proceeds received from line of credit | - | 300,000 | |||||
Repayments on line of credit | - | (1,050,551) | |||||
Proceeds received from advances, related party | - | 1,295,010 | |||||
Repayments on advances, related party | (1,095,000) | ||||||
Repayments on notes payable | (410,676) | (185,692) | |||||
Proceeds received from convertible notes payable | - | 1,455,000 | |||||
Net cash provided by financing activities | 2,058,474 | 6,051,050 | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (884,670) | 3,276,731 | |||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,280,075 | 3,344 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,395,405 | 3,280,075 | |||||
SUPPLEMENTAL INFORMATION: | |||||||
Interest paid | |||||||
Income taxes paid | $ - | $ - | |||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Initial recognition of right-of-use as set and lease liability | - | ||||||
Cancellation of Class A common stock | $ - | ||||||
Non-cash application of invoices to ST Logics loan | $ - | ||||||
Class a common stock issued for debt and interest conversion | $ - | ||||||
Options issued for accrued director fees | $ - | ||||||
Prepaid asset financed with note payable | |||||||
Non-GAAP Financial Measures
In addition to financial results reported in accordance with accounting principles generally accepted in
SYRA HEALTH CORP. | |||||
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS | |||||
(UNAUDITED) | |||||
Year Ended | Quarter Ended | ||||
December 31, | December 31, | December 31, | December 31, | ||
Net Income | ( | ( | ( | ( | |
Interest expense | 53,686 | 15,600 | 9,237 | 5,528 | |
Depreciation expense | 48,771 | 62,738 | 12,358 | 7,278 | |
Taxes | - | - | - | - | |
Adjusted EBITDA | ( | ( | ( | ( | |
About Syra Health
Syra Health is a healthcare technology company that powers better health in critical areas such as mental health, population health, and the healthcare workforce. The company's leading-edge technology products and innovative services focus on prevention, access, and affordability. With a commitment to improving health, Syra Health is advancing healthcare solutions nationwide and around the world. For more information, please visit www.syrahealth.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include but are not limited to, statements relating to the expected use of proceeds, the Company's operations and business strategy, and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty, and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts
For Media Inquiries:
Christine Drury
Director of Corporate Communications
Syra Health
463-345-5180
christined@syrahealth.com
For Investor Inquiries:
Corbin Woodhull
Managing Director, Global Advisory
Hayden IR
602-476-1821
corbin@haydenir.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/syra-health-announces-full-year-revenue-of-8-0-million-up-45-yoy-302398291.html
SOURCE Syra Health