Q2 2024 Syra Health Corp Earnings Call
This was fully delivered, a $660,000 contract by providing quality improvement data collection services for a major national clear organization.
and fulfilled a nearly half a million dollar one-year contract from the Indiana Department of Health where we conducted comprehensive public health and health care readiness assessment.
Speaker Change: According to the Grandview Research,
Speaker Change: The U.S. population health management market size was valued at
$20.6 billion in 2021.
and is projected to grow at a CAGR of 19.5% through 2030.
We are confident that our population health business units will continue to achieve this level of growth.
Moving on to Healthcare Workforce, we are excited to report continued organic growth in this business unit by providing on-demand healthcare professionals.
Our dedicated healthcare staff ensures that seamless continuity of care is provided and we address the critical gaps created by healthcare burnout.
As we anticipated and highlighted in our last earnings call, healthcare workforce made a robust return to growth in the second quarter, growing by 66% year over year.
be bigger: We are enthusiastic about the strong growth prospects for 2024, fueled by new customers and contract extensions in states such as Arizona, Indiana, North Carolina, Missouri, and Virginia.
be bigger: Health Care Workforce remains a cornerstone, delivering reliable and strong cash flow that supports the expansion of emerging higher margin business units.
be bigger: In the second quarter, this strength was evident as our other business units grew by 347%.
accounting for 28% of total revenues, up from just 13% in the second quarter of 2023.
be bigger: Moving on to digital health, this dynamic business unit is at the forefront of innovation, developing cutting-edge products powered by artificial intelligence that significantly enhance patient education.
Within a disciplined financial framework.
Salaries and benefits expenses increased 51% year over year due to increased operations and added office personnel to support our growth.
Speaker Change: Professional fees increased 10% year over year due to increased legal and other professional costs related to regulatory filings selling general and administrative expenses increased 110% year over year due to increased operations.
Speaker Change: Research and development expenses were 277000, reflecting a development of our technology based solutions.
Speaker Change: <unk> expenses were 13000 in the second quarter of 2024, reflecting expanded office space.
Speaker Change: The net loss was $1 4 million.
Speaker Change: For the second quarter compared to a north of 803000 in the same period last year.
Speaker Change: This increase reflects a heightened investments in business growth and the additional public company expenses that were not present in quarter two of 2023.
Speaker Change: EBITDA for the quarter was negative one $3 7 million compared to a negative 772000 in the second quarter of 2023.
Speaker Change: Full reconciliations are provided in the tables included in today's press release.
Speaker Change: Our cash balance as of June 30th 2024 was one 6 million.
be bigger: With that let me turn the call back over to be bigger.
Speaker Change: Thank you for your study.
Speaker Change: Remarkable growth, we achieved in the second quarter Energizes us and highlights the exciting opportunities ahead.
Speaker Change: We strive to become a leader in health care for millions and if you go up into one entity.
Speaker Change: We are leveraging our successful implementation of high profile projects across the nation into new geographic areas.
be bigger: Our expansion is driven by the expertise of our experienced team.
be bigger: Talent and independent health care specialists as well as our integration of AI technology into our services and products.
be bigger: All of which enhance our ability to drive further growth and in fact.
Speaker Change: We have watchman to have a strong legacy in a husband workforce business.
be bigger: So why spoke with the cash flow necessary to invest repeatedly inside us prone areas.
be bigger: This includes scaling higher margin recurring revenue products like our AI, driven said entity and services like population health and that you don't hit.
be bigger: That entity in particular holds tremendous potential in the mental health space offering innovative solution to address long standing challenges.
be bigger: We are committed to unlocking this potential in expanding its impact.
be bigger: Additionally, we are strategically positioning us to tap into federal initiative across multiple domains, including education and training public has initiated case management solutions and medical personnel staffing.
be bigger: By aligning the federal opportunity, we aim to amplify our insulin and drive significant growth.
be bigger: We are dedicated to achieving profitability by enhancing our operational efficiencies through process optimization automation and cutting edge technology adoption.
be bigger: The future is bright and we are fully committed to capitalizing on our growth momentum and driving success.
Speaker Change: I appreciate everyone's participation on the call today.
be bigger: And I will now be happy to answer any question Chris.
be bigger: Christine.
Christine: Thank you to the management team, we have some questions for you.
Christine: He becomes can you provide any updates honest serenity.
Christine: Yes definitely.