Zacks Small Cap Analysis – SYRA: New Enterprise Exercise Robust; SYRA Guides to 64%-100% ‘24E Income Progress – Cyber Tech

By M. Marin

NASDAQ:SYRA

READ THE FULL SYRA RESEARCH REPORT

Key takeaways 2023 outcomes, 2024 steering…

Syra Well being Corp. (NASDAQ:SYRA), is a healthcare expertise firm growing end-to-end options in behavioral and psychological well being, digital well being, inhabitants well being, well being schooling companies, administration and healthcare workforce and authorities companies, reported 2023 outcomes and initiated 2024 steering. Our key takeaways embody:

➢ 2023 comparisons to 2022 have been skewed by non-recurring pandemic associated components in 2022.

➢ SYRA expects income development of 64% to 100% in 2024 in comparison with 2023.

➢ There could possibly be upside to those metrics, relying on how shortly income associated to SYRA’s first federal-based award as a sub-contractor of an total $75 billion contract ramps.

➢ The corporate’s gross margin expanded in 2023, as greater margin enterprise items continued to develop, and SYRA anticipates additional margin enlargement reflecting the anticipated continued development of its increasing portfolio of companies and instruments.

SYRA operates by way of six totally different enterprise items: Behavioral and Psychological Well being, which supplies consulting companies to psychological well being hospitals and organizations, authorities businesses and different well being organizations, together with pharmaceutical producers; Digital Well being develops and markets apps and different expertise merchandise to enhance healthcare; and Inhabitants Well being focuses on epidemiology options and knowledge analytics companies in pursuit of a more healthy inhabitants. As well as, the Healthcare Workforce unit evaluates clients’ healthcare staffing and supplies options to enhance their effectiveness, whereas Well being Schooling supplies schooling and coaching companies. The corporate’s Authorities unit addresses the wants of presidency businesses.

New enterprise exercise sturdy, with a number of latest contract wins …

The corporate’s focus areas symbolize a large and rising addressable market and SYRA continues to win new contracts to develop income and develop its working footprint. For instance, earlier this week Syra Well being introduced a brand new healthcare workforce contract in Missouri to offer momentary medical companies personnel. Income shall be primarily based on the variety of positions crammed and the period of those placements. The contract encompasses the recruitment of specialised medical professionals essential to addressing healthcare wants throughout Missouri, together with of resident physicians, physicians, chief physicians, psychiatrists, and chief psychiatrists.

Earlier this month, SYRA introduced Syra introduced plans to ship substance use dysfunction and overdose prevention coaching in Kansas and in addition gained a contract valued at greater than $650,000 targeted on healthcare high quality enchancment.

SYRA additionally just lately introduced a partnership for a federal contract that total is valued at $75 billion. Particularly, SYRA has been chosen as a subcontractor for this contract, which was awarded to Georgia-based Caduceus Healthcare by the federal Division of Well being and Human Companies (HHS), Administration for Households and Kids (ACR), Workplace of Refugee Resettlement (ORR) Medical Staffing and Help. Syra Well being will present a number of companies to Caduceus Healthcare as a sub-contractor to assist this award. General, the contract is for Caduceus Healthcare to offer momentary shelter, care amenities, direct care companies, medical care, case administration, schooling, and transportation in assist of HHS’s Inflow Care Amenities.

SYRA believes this represents an vital milestone as the corporate continues to expend its working footprint. Furthermore, having launched its federal authorities options unit only some brief months in the past in December 2023, the corporate believes this additionally underscores the worth of its rising portfolio of merchandise, instruments and companies. This sub-contractor award represents SYRA’s first federal-based contract.

SYRA continues to diversify income by geographic markets and throughout its enterprise items.…

The corporate’s newest contract represents SYRA’s entrance into its 18th state, supporting the corporate’s aim to ship healthcare options nationwide. The corporate continues to diversify income streams each by geographic markets and throughout its enterprise items.

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