In This Article:
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Revenue Growth: 42% increase compared to the same period last year, totaling $2.3 million for Q3 2024.
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Gross Profit Margin: 30% in Q3 2024, compared to 35% in the previous year.
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Quarter-over-Quarter Revenue Increase: 14.4% growth compared to the previous quarter.
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Gross Profit: $668,298 in Q3 2024, a 21% increase from Q3 2023.
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Net Loss: Reduced by 69% from the second quarter of 2024, totaling a negative $417,535 in Q3 2024.
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Operating Expenses: $1.1 million in Q3 2024, down from $1.7 million in Q2 2024.
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Cash on Hand: $2.7 million as of September 30, 2024.
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Population Health Revenue: $560,000 in Q3 2024, a 36% increase from the same period last year.
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Healthcare Workforce Revenue: $1.6 million in Q3 2024, a 54% increase from the same period last year.
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Behavioral and Mental Health Revenue: $13,250 in Q3 2024, up from $3,668 in the same period last year.
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Digital Health Revenue: $92,000 in Q3 2024.
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Adjusted EBITDA: Negative $389,000 in Q3 2024, compared to negative $327,839 in Q3 2023.
Release Date: October 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Syra Health Corp (NASDAQ:SYRA) reported a 42% increase in revenues for the third quarter of 2024 compared to the same period last year, driven by strong performance in its Population Health and Healthcare Workforce business units.
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The company achieved a significant improvement in gross profit margin, rising by 1,190 basis points compared to the second quarter of 2024, reflecting enhanced operational efficiency.
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Syra Health Corp (NASDAQ:SYRA) successfully reduced its net loss by 69% from the second quarter of 2024, demonstrating effective cost management and operational improvements.
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The launch of the Syrenity app in the mental and behavioral health space shows potential for exponential growth, tapping into expanding national and global markets.
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The company secured a $6 million contract with Indiana Family and Social Services Administration to train healthcare professionals, highlighting its commitment to healthcare workforce development.
Negative Points
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Despite revenue growth, the gross profit margin decreased to 30% in the third quarter of 2024 from 35% in the previous year, due to timing issues related to milestone-driven projects.
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Total operating expenses increased to $1.1 million in the third quarter of 2024 compared to $897,557 in the same period last year, indicating rising costs.
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Net loss for the third quarter of 2024 was $417,535, which is higher than the net loss of $354,376 in the third quarter of 2023, despite improvements from the previous quarter.
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Professional fees increased by 161% due to the costs associated with running a public company, contributing to higher operating expenses.
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Adjusted EBITDA remained negative at $389,000 for the third quarter of 2024, reflecting ongoing challenges in achieving profitability.