Q3 2024 Syra Health Corp Earnings Call

While our financial results Conference call. My name is Robert Blum and I will be your moderator for today's event.

Joining us on today's call is Dr. <unk> <unk> CEO of <unk> health and pre Prasad Cyrus Chief Financial Officer.

At the conclusion of today's prepared remarks management will answer some questions that were sent to us by investors and other questions. We think are relevant to investors as well too.

Today's event is being recorded and will be available for replay through the webcast information provided in the press release.

I'd also like to call to your attention the customary safe Harbor disclosure regarding forward looking information the conference call today will contain certain forward looking statements, including statements regarding the goals strategies beliefs expectations and future potential operating results of <unk> health.

Although management believes these statements are reasonable based on estimates assumptions and projections as of today. These statements are not guarantees of future performance.

<unk> sensitive information may no longer be accurate at the time of any telephonic or webcast replay.

Actual results may differ materially as a result of risks uncertainties and other factors, including but not limited to the factors set forth in the company's filings with the SEC.

<unk> undertakes no obligation to update or revise any of these forward looking statements.

Speaker Change: With that said I would like to turn the event over to Dr. Topeka Ruble Angi, Chief Executive Officer of Syrah Health Topeka. Please go ahead.

Speaker Change: Thank you Robert listen everyone. Thank.

Thank you for joining our third quarter earnings call today.

Speaker Change: They told me I. Appreciate your continued interest insider has an exciting update on our recent performance and future goals.

Speaker Change: I don't begin by highlighting our strong third quarter financial performance.

Speaker Change: And by an update on the strategic offsetting initiative, we have consistently implemented.

Speaker Change: After that I will outline the significant strides we are making on the journey towards profitability.

Speaker Change: Then I will hand over the call to our Chief Financial Officer, Sam Bristow.

Sam Bristow: Thank you to a more detailed breakdown of our financial results.

Sam Bristow: In terms of financial metrics, we have experienced significant positive shifts across the board.

Sam Bristow: Third quarter in London outstanding immediate societal health with revenues growing by a north of a 42% compared to the same period last year.

Sam Bristow: This robust performance was driven primarily by our high margin population health business unit, which has seen sustained demand for data analytics epidemiology and have equity services.

Sam Bristow: Strong contributions from our legacy healthcare workforce business.

Sam Bristow: Continues to perform above expectations.

Sam Bristow: This growth underscores the strength of our diversified business model and our ability to capitalize on opportunities in both established and emerging sectors.

Sam Bristow: The gross profit margin was 30% in third quarter of 2024 compared to 25% in the previous year.

Speaker Change: I'm going to need due to the timing of the implementation cycle listen when you had condition for certain milestone driven projects.

Speaker Change: Total revenue experienced an increase of 14, 4% compared to the previous quarter showcasing our strong growth trajectory.

of any telephonic or webcast reply. Acts result made different materialy as a result of risks, uncertainties, and other factors, including but not limited to the factors set forth in the company's filings with the SEC.

Speaker Change: Additionally, our gross profit margin improved notably rise.

Speaker Change: Rising by 1190 basis points compared to the second quarter of 2024.

I run or take no obligation to update or revise any of these forward-looking statements.

Speaker Change: Selecting our commitment to operational efficiency and profitability.

Speaker Change: With that said, I would like to turn the event over to Dr. Depeca Vupalanty, Chief Executive Officer of Sire Health. Depeca, please go ahead.

Speaker Change: Additionally, the strategic focus on high margin all things has allowed us to drive operational efficiencies.

Speaker Change: Further solidifying our financial Foundation.

Depeca Vupalanty: Thank you, Robert. Welcome everyone. Thank you for joining a third quarter's earnings call today. We truly appreciate your continued interest in Sire has and are excited to share updates on the recent performance and future goals.

These games not only reflect our ability to Denver value, but also support our long term growth strategy as we scale, our operations and enter new markets, including Central and global mental Health initiative.

Depeca Vupalanty: I will begin by highlighting a strong third quarter financial performance followed by an update on the strategic of cutting initiatives we have successfully implemented.

Speaker Change: We're also seeing strong demand for us at any of the App in the men.

Depeca Vupalanty: After that, I will outline the significant strengths we are making on a journey towards profitability.

Depeca Vupalanty: Then I will hand over the call to our free financial officer, Priya Prasad. We will take you through a more detailed breakdown of our financial results.

Depeca Vupalanty: In terms of financial metrics, we have experienced significant positive shifts across the board. The third quarter of a month outstanding period of fire health with revenues growing by a

Priya Prasad: This robust performance was driven primarily by our high margin population health business unit, which has seen sustained demand for its data analytics, epidemiology and health equity services.

Priya Prasad: Alongside strong contributions from our Legacy Helps gave workforce business which continues to perform about expectations.

Priya Prasad: This growth undergoes the strength of a diversified business model and the ability to capitalize on opportunities in both established and emerging sectors.

Priya Prasad: The growth profit margin was 30% in third quarter of 2024 compared to 35% in the previous year. Primarily due to the timing of the implementation cycle was a revenue recognition for certain milestone-driven projects.

Priya Prasad: 2.7 year experience and increase of 14.4% compared to the previous quarter showcasing a strong growth trajectory.

Even though we have evolved into a healthcare technology company with Alonso suddenly be a comprehensive meta has ads and other has gift products.

Young mental health are they still have business unit office side of Bot and innovative AI back chat board designed to enhance user engagement and streamline health getting back to chip.

Its present rate of design ensure compliance with regulatory standards, making it an effective solution for radius have skip white goods.

Speaker Change: In our population health business unit, we were awarded a contract under the bipartisan safer communities Act focusing on enhancing mental health services for children and families.

Depeca Vupalanty: This initiative involves conducting a comprehensive assessment of emergency preparedness plan.

Depeca Vupalanty: <unk> be a good heart center in Wyoming.

Depeca Vupalanty: All of my theaters recommendations to send them their surfaces.

Our health education business unit dedicated to improving health education for both patients and providers.

Depeca Vupalanty: So you can see with a 6 million contract with Indiana family until his services administration.

Depeca Vupalanty: Health care professionals and community based setting over the next four years.

Speaker Change: This is Jacob include quoting them development and cost improvement plan to ensure consistent confidences amongst support professionals.

Speaker Change: Finally, our health care workforce business and it continues to generate steady revenue recently, winning contracts in Delaware, Florida and Kansas.

Priya Prasad: Together these business units on the school side I'll have commitment to enhancing penske in Denver, and improving outcomes through innovative solutions and strategic partnerships.

I would like to take a moment to highlight that in September we successfully completed a capital raise generating gross proceeds of $2 1 million.

Priya Prasad: Although this capital they supposed to not have a mandatory requirement for the company. It was executed strategically we supposed to use this opportunity to bolster our financial flexibility and further support our growth initiatives.

Speaker Change: With that let me draw towards vehicle pretty episodic will walk through the financial details.

Priya Prasad: Yep.

Speaker Change: It could be BRCA, and let me add my warm welcome to everyone joining on this call.

Speaker Change: The financial results for the third quarter are provided in detail, but didn't or press release, which we issued earlier this morning and in our 10-Q.

Speaker Change: Total revenues for the third quarter of 2024 was two 3 million compared to $1.6 million in the third quarter of last year, representing 42% growth.

Speaker Change: Growth was driven by our population health health care workforce, and behavioral and mental health business unit.

Speaker Change: Now I'll go through each business unit in detail.

Speaker Change: Then on population health business unit revenues were 560000 in the third quarter.

Speaker Change: 413000 in the same period last year growth of more than 36% driven by continued demand for public health services by government health agencies.

Has gave US four business units also experienced strong growth in the third quarter with revenues of $1 6 million compared to 1 million.