By M. Marin
NASDAQ:SYRA
READ THE FULL SYRA RESEARCH REPORT
Key takeaways 2023 results, 2024 guidance…
Syra Health Corp. (NASDAQ:SYRA), is a healthcare technology company developing end-to-end solutions in behavioral and mental health, digital health, population health, health education services, management and healthcare workforce and government services, reported 2023 results and initiated 2024 guidance. Our key takeaways include:
➢ 2023 comparisons to 2022 were skewed by non-recurring pandemic related factors in 2022.
➢ SYRA expects revenue growth of 64% to 100% in 2024 compared to 2023.
➢ There could be upside to these metrics, depending on how quickly revenue related to SYRA’s first federal-based award as a sub-contractor of an overall $75 billion contract ramps.
➢ The company’s gross margin expanded in 2023, as higher margin business units continued to grow, and SYRA anticipates further margin expansion reflecting the anticipated continued growth of its expanding portfolio of services and tools.
SYRA operates through six different business units: Behavioral and Mental Health, which provides consulting services to mental health hospitals and organizations, government agencies and other health organizations, including pharmaceutical manufacturers; Digital Health develops and markets apps and other technology products to improve healthcare; and Population Health focuses on epidemiology solutions and data analytics services in pursuit of a healthier population. In addition, the Healthcare Workforce unit evaluates customers’ healthcare staffing and provides solutions to improve their effectiveness, while Health Education provides education and training services. The company’s Government unit addresses the needs of government agencies.
New business activity strong, with multiple recent contract wins …
The company’s focus areas represent a sizable and growing addressable market and SYRA continues to win new contracts to grow revenue and expand its operating footprint. For example, earlier this week Syra Health announced a new healthcare workforce contract in Missouri to provide temporary medical services personnel. Revenue will be based on the number of positions filled and the duration of these placements. The contract encompasses the recruitment of specialized medical professionals crucial to addressing healthcare needs across Missouri, including of resident physicians, physicians, chief physicians, psychiatrists, and chief psychiatrists.
Earlier this month, SYRA announced Syra announced plans to deliver substance use disorder and overdose prevention training in Kansas and also won a contract valued at more than $650,000 focused on healthcare quality improvement.
SYRA also recently announced a partnership for a federal contract that overall is valued at $75 billion. Specifically, SYRA has been selected as a subcontractor for this contract, which was awarded to Georgia-based Caduceus Healthcare by the federal Department of Health and Human Services (HHS), Administration for Families and Children (ACR), Office of Refugee Resettlement (ORR) Medical Staffing and Support. Syra Health will provide multiple services to Caduceus Healthcare as a sub-contractor to support this award. Overall, the contract is for Caduceus Healthcare to provide temporary shelter, care facilities, direct care services, medical care, case management, education, and transportation in support of HHS’s Influx Care Facilities.
SYRA believes this represents an important milestone as the company continues to expend its operating footprint. Moreover, having introduced its federal government solutions unit only a few short months ago in December 2023, the company believes this also underscores the value of its growing portfolio of products, tools and services. This sub-contractor award represents SYRA’s first federal-based contract.
SYRA continues to diversify revenue by geographic markets and across its business units.…
The company’s latest contract represents SYRA’s entrance into its 18th state, supporting the company’s goal to deliver healthcare solutions nationwide. The company continues to diversify revenue streams both by geographic markets and across its business units.
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