Syra Health Secures Population Health Contract Extension in Shelby County, Tennessee

Rhea-AI Summary

Syra Health Corp. (NASDAQ: SYRA) has secured a $450,000 contract extension with the Shelby County Health Department in Tennessee. This one-year extension allows Syra Health's team of epidemiologists and biostatisticians to continue their work identifying disease trends and assessing economic impacts, as initially announced in February 2024.

The project involves data analytics and the development of a public-facing dashboard providing real-time insights. With an additional one-year renewal option in 2026, the total potential contract value reaches $1.3 million over three years.

This extension represents growth in Syra Health's Population Health business unit, which the company identifies as a key driver of revenue growth. The contract aligns with Syra's strategy to diversify revenue streams across higher-margin business units. According to Dr. Deepika Vuppalanchi, Chair and CEO, the positive demand for their population health solutions demonstrates their ability to improve health outcomes while focusing on long-term revenue growth and value creation.

Positive

• Secured $450,000 contract extension with Shelby County Health Department
• Total potential contract value of $1.3 million over three years
• Extension demonstrates growth in Population Health business unit
• Aligns with strategy to diversify revenue across higher-margin business units
• Positive demand trends for population health solutions

Negative

• None.

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CARMEL, Ind., Feb. 25, 2025 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company dedicated to powering better health through innovative technology products and services, announced today a $450,000 contract extension with the Shelby County Health Department in Tennessee.

The one-year contract extension enables Syra Health's team of epidemiologists and biostatisticians to continue uncovering disease trends and factors influencing disease while assessing their economic impact, as announced in February 2024. The project includes data analytics and the development of a public-facing dashboard to provide real-time insights and transparency. With an additional one-year renewal option in 2026, the total combined contract value over three years is up to $1.3 million.

This contract extension highlights the growth of Syra Health's Population Health business unit, a key driver of the company's revenue growth trajectory. The extension of this Population Health contract is in line with Syra Health's strategy of diversifying revenue streams across higher-margin business units.

"The positive demand trends for our population health solutions showcase our ability to improve health outcomes," said Dr. Deepika Vuppalanchi, chair and CEO of Syra Health. "As we expand our reach, we remain focused on ensuring long-term revenue growth and value creation."

About Syra Health
Syra Health is a healthcare technology company powering better health in critical areas such as behavioral and mental health, population health, and the healthcare workforce. The company's leading-edge technology 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, 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 Inquiries:
Christine Drury
Corporate Communications Director
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

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SOURCE Syra Health

FAQ

What is the value of Syra Health's (SYRA) contract extension with Shelby County?

Syra Health (SYRA) secured a $450,000 one-year contract extension with the Shelby County Health Department in Tennessee, with potential for an additional one-year renewal in 2026, bringing the total possible contract value to $1.3 million over three years.

What services will SYRA provide under the Shelby County Health Department contract?

Under the contract, Syra Health's epidemiologists and biostatisticians will analyze disease trends and influencing factors, assess economic impacts, perform data analytics, and develop a public-facing dashboard providing real-time insights.

How does the Shelby County contract extension align with SYRA's business strategy?

The contract extension aligns with Syra Health's strategy of diversifying revenue streams across higher-margin business units, with Population Health identified as a key driver of the company's revenue growth trajectory.

When was SYRA's original contract with Shelby County Health Department announced?

The original contract with Shelby County Health Department was announced in February 2024, with this extension continuing the services for an additional year.

What is the potential total value of SYRA's three-year contract with Shelby County?

The total potential contract value over three years is up to $1.3 million, including the original contract, the current $450,000 extension, and a possible additional one-year renewal option in 2026.