Indiana-based healthcare technology company Syra Health reported full-year 2024 revenue of $8 million, a 45% increase from $5.5 million in 2023.

The company's revenue, excluding healthcare workforce, grew 66% YoY and increased to 26% of total revenue, compared to 23% of total revenue in 2023.       

Syra reported population health made it to $1.7 million in revenue in 2024, more than double from $715,000 in 2023, driven by continued demand for epidemiology and data analytics services.

According to the company, strong growth in the population health, behavioral and mental health, and health education business units was driven by new contracts and existing contract extensions. 

Meanwhile, the legacy healthcare workforce generated revenue of $5.9 million in 2024, an increase of 38% from 2023.

Syra Healthcare legacy healthcare workforce refers to the established, long-standing part of the company's business that focuses on providing solutions related to healthcare staffing and workforce management.

In Q4 2024, population health revenue increased 285% YoY, while operating expenses decreased 39% YoY.

The company reported Q4 2024 net loss of $504,000 from a loss of $995,000 in Q4 2023, nearly halving YoY. 

The company had cash of $2.4 million and no long-term debt as of December 2024. 

Last year's gross profit margin was 20.7%, compared to 25.6% in 2023. 

Syra said the variation in gross margins was due to a re-evaluation of lower-margin healthcare workforce contracts offset by a favorable mix shift to population health, which carries higher margins.

For 2024, total operating expenses rose by 26% to $5.4 million, a deceleration from the 36% increase in 2023. 

Operating expenses were largely affected by upfront investments in the launch of Syrenity, which, according to the company, is expected to provide benefits of scale going forward.

Syrenity is the company's mental health platform that was launched in 2024. 

The company reported a net loss of $3.8 million in 2024, compared with a loss of $2.9 million in 2023. Syra said net losses for 2024 were mostly related to expenses associated with Syrenity, which are not expected to recur in 2025.

"Since our IPO and listing on the Nasdaq nearly 18 months ago, we have accelerated the delivery of innovative healthcare solutions for our customers throughout the country," Deepika Vuppalanchi, chair and CEO of Syra Health, said in a statement.

"Our strategy of targeting more profitable revenue streams continues to generate traction, as does our cost reduction strategy, as evidenced by the 39% YoY decline in operating expenses in the fourth quarter."

Vuppalanchi added, "We continue to secure new contracts and extensions with our governmental agency partners as we seek to unlock incremental contract value growth."

THE LARGER TREND

The company's stock [NASDAQ: SYRA] is currently trading at around $0.36 per share.

Last year, Syra Health secured a contract with the Health Care Authority in Washington state, marking the 20th state the company has contracted with. 

Syra now provides behavioral health and recovery training and support services aimed at strengthening the recruitment and retention of Washington's behavioral health workforce. 

Via the partnership, the company provides training for behavioral health outpatient services, substance use disorder prevention, recovery support services, inpatient psychiatric services, residential treatment, continuum of care training and substance use disorder treatment, as well as mental health support in correctional facilities. 

The company also secured a third contract in Virginia to help staff Fairfax County's healthcare workforce. Through Syra's contract with Fairfax County, the company staffed licensed nurses to offer 24-hour nursing care and help the county fill other temporary healthcare positions. 

Syra Health signed a one-year, $480,000 contract to assess how existing risks to public health in Indiana impact public health infrastructure and behavioral health. 

Under the agreement with the Indiana Department of Health, the company helps identify risks that may exist to public health and the state's healthcare system. It also assists the state and its partners in finding where the parties should focus their resources to create a health network for Indiana residents.