Syra Health Marks First Anniversary as a Publicly Traded Company with Strong Successes and Growth

Rhea-AI Summary

Syra Health Corp. (NASDAQ: SYRA) is celebrating its first anniversary as a publicly traded company, highlighting significant achievements and growth. The healthcare technology company has increased quarterly revenue by 47% in Q1 2024 and 101% in Q2 2024 compared to the previous year. Syra Health has expanded its presence to 24 states and is a subcontractor on two federal contracts with a combined ceiling value of $118 Billion.

The company has secured multiple contract wins across all business units, including recent Healthcare Workforce contracts in Delaware, Florida, and Kansas. Syra Health successfully raised $2.1 Million in capital for the development of Syrenity, their mental health app, and other initiatives. The company is focusing on high-margin business units, implementing cost reduction strategies, and working towards profitability while continuing to innovate in healthcare solutions.

CARMEL, Ind., Oct. 1, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, is celebrating its first anniversary as a publicly traded company and highlighting its many successes. This milestone not only marks the Company's growth but also reflects its unwavering commitment to transforming healthcare service. As the Company highlights significant achievements over the past year, it remains focused on its mission to become a leader in healthcare solutions, empowering communities and improving health outcomes across the nation.

"It's exciting to look back on what the Syra Health team has achieved over the past year since our Nasdaq listing," said Dr. Deepika Vuppalanchi, CEO, Syra Health. "We have increased our revenues and are strategically taking actions to reduce operating expenses. We are expanding our impact across various geographies and business units, always with a focus on making a real difference in the communities we serve. By focusing on our high-margin areas, we have not only boosted our profit margins but also continued to invest in innovative solutions that will shape the future of healthcare. Our legacy business unit, Healthcare Workforce, remains the cornerstone that fuels these advancements, allowing us to push boundaries and improve health outcomes every step of the way."

Syra Health's achievements since the Company's 2023 IPO:

• Achieved record quarterly revenue growth of 47% in Q1 2024 and 101% in Q2 2024 compared to the respective quarters in the previous year
• Enhanced profit margins by concentrating on high-margin business units
• Active contracts in 24 states across the nation
• Subcontractor to prime vendors on two federal contracts with the Defense Health Agency and Health and Human Services, totaling $118 Billion in ceiling value. Monetization will occur upon receipt of task orders
• Continues to secure multiple contract wins across all of the company's business units including recent Healthcare Workforce wins in Delaware, Florida, and Kansas and a contract extension in Washington D.C. with ceiling value up to $4 Million
• Successfully raised $2.1 Million in capital to fund the additional development of Syrenity, our innovative mental health app, along with robust sales and marketing initiatives, and ongoing research and development efforts
• Implementations of several high-profile state government projects are underway
• Strategic restructuring of operations designed to drive cost reductions and enhance operational efficiencies
• Introduced the "Roadmap to Greatness" initiative internally outlining commercial, operational, innovation, and people goals for the company

"From a financial standpoint, we have significantly increased our revenues over the past year while actively working to reduce our operating expenses and increase operational efficiencies," said Priya Prasad, CFO, Syra Health. "Our team is dedicated to delivering innovative healthcare solutions, whether through services or technology products. We are committed to improving health and progressing on our journey to profitability."

ABOUT SYRA HEALTH

Syra Health is a healthcare technology company powering better health in challenging areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology products. Syra Health's offerings are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and the government. 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, 2023, 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 or Investor Inquiries:
Christine Drury
PR/IR and Marketing Director
Syra Health
463-345-5180
christined@syrahealth.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/syra-health-marks-first-anniversary-as-a-publicly-traded-company-with-strong-successes-and-growth-302263437.html

SOURCE Syra Health

FAQ

What was Syra Health's revenue growth in Q2 2024 compared to the previous year?

Syra Health (SYRA) reported a 101% revenue growth in Q2 2024 compared to the same quarter in the previous year.

How many states does Syra Health have active contracts in as of October 2024?

As of October 2024, Syra Health (SYRA) has active contracts in 24 states across the nation.

What is the total ceiling value of the federal contracts Syra Health is involved in?

Syra Health (SYRA) is a subcontractor to prime vendors on two federal contracts with a total ceiling value of $118 Billion.

How much capital did Syra Health raise for its mental health app and other initiatives?

Syra Health (SYRA) successfully raised $2.1 Million in capital for the development of Syrenity, their mental health app, along with sales, marketing, and R&D efforts.

What is the name of Syra Health's mental health app mentioned in the press release?

The mental health app developed by Syra Health (SYRA) is called Syrenity.