The following is a summary of the Syra Health Corp. (SYRA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Syra Health reported Q1 revenue of $1.7 million, up 47% from Q1 of the previous year, driven by healthcare workforce, population health, and digital health business units.
The company experienced a decrease in their gross margin from the prior year due to changes in the business mix and reported a net loss for the quarter.
Despite the loss, Syra Health is maintaining its projected 2024 revenue target.
Business Progress:
Majority of Syra Health's business units, including population health, healthcare workforce, mental health and health education, are forecasted for growth.
Technology products like Syrenity, SyraBot, and Care Plus are expected to boost this growth.
The company is entering into the federal government space, expanding across multiple states, and securing significant contracts.
Investments in R&D and business development are being increased to seize more market opportunities.
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