Syra Health Corp. Class A Common Stock (NASDAQ:SYRA) Q1 2024 Earnings Report Transcript May 12, 2024
Cyra Health Corporation Class A Common Stock wasn't among the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, everyone. Thank you for joining us on the Syra Health Q1 2024 Earnings Conference Call. Joining today's conference call will be Dr. Deepika Vuppalanchi, CEO of Syra Health, and Priya Prasad, Syra's Chief Financial Officer. At the end of today's prepared remarks, management will answer several questions submitted by investors and other questions that may be of interest to investors as well. Today's event was recorded and will be available for replay via the webcast information provided in the press release. We would also like to draw your attention to customary safe harbor disclosures regarding forward-looking information. Today's conference call will include certain forward-looking statements, including statements regarding Syra Health's goals, strategies, beliefs, expectations and potential future performance.
Although management believes that these statements are reasonable based on current estimates, assumptions and projections, these statements are not guarantees of future performance. Time-sensitive information may not be accurate at the time of telephone or webcast replay. Actual results may differ materially as a result of risks, uncertainties and other factors, including, but not limited to, those described in the Company's filings with the SEC. Syra undertakes no obligation to update or revise these forward-looking statements. Having said that, I would like to hand over the event to my girlfriend, Dr. Deepika Vuppalanchi, CEO of Syra Health. Deepika, please continue.
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Deepika Bhuparanch: Thank you, Christine, and welcome, everyone. I am pleased to discuss our first quarter 2024 financial results and his 2024 outlook. 2024 is off to a great start with a return to strong sales growth. First-quarter revenue increased 47%, with growth across most business lines. Multiple contract wins announced by the company in recent months are reflected in 2024 earnings. As such, we are confident in his 2024 revenue guidance of $9 million to $11 million, which is primarily based on contracts in hand and outstanding performance. We expect significant growth in 2024 to be driven by our Population Health and Healthcare Workforce business unit, coupled with continued growth in our Behavioral and Mental Health, Digital Health and Health Education business units.
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We have been successful in securing significant contracts in these areas in recent months and look forward to further opportunities. This is an exciting time for Shira Health as we continue to push the boundaries of mental health solutions, explore new frontiers in digital health, and begin to deliver on our promise to remain dedicated to the pursuit of healthier people. is. Our goal is to be a leader in healthcare solutions and leverage our established success in key geographic regions to expand our operations and drive national growth. The field of mental and behavioral health is receiving significant attention, and the public and private sectors are allocating more resources to solving this crisis. We are pleased to be able to provide meaningful solutions to this crisis.
We remain on track to significantly grow our business units and diversify our customer geographies. The company now operates in 19 states, a significant accomplishment since he founded the company just three years ago. We have also diversified our revenue beyond traditional healthcare workflows to include digital health, population health, and health education, which are expected to grow by more than 330% and grow by just 7% in the first quarter of 2024. In the first quarter of 2024, it accounted for 19% of total revenue. 2023. In late 2023, we announced our expansion into the federal government space with the launch of our Government Solutions business unit. We will continue to be actively engaged with Fiduciary Health Care, providing case management services, medical staffing, behavioral health services and education to support influx federal health care facilities.
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