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
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SOURCE Syra Health