Q4 2024 Syra Health Corp Earnings Call

Putting us on today's call is Dr. <unk>, <unk> chair and CEO of Sabra Health and preempt Prasad Sara <unk> Chief Financial Officer at the conclusion of today's prepared remarks manager will answer questions that are sent to us by investors and other questions. We think are relevant to investors as well today's event is being recorded and will be available for replay the webcast information provided in the press release.

Good morning, everyone and thank you for joining us for <unk> Health's fourth quarter and full year 2020 financial results Conference call. My name is Brett Maas of Hayden IR and I direct Investor Relations for <unk>, joining us on today's call is Dr. <unk> Chair and CEO of Sabra Health and preempt Prasad Syrah House Chief financial.

I'd like to also call your attention to 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 cyber health. Although management believes these statements are reasonable based on estimates assumptions and projections as of.

Sir.

At the conclusion of today's prepared remarks manager will answer questions that are sent to us by investors and other questions. We think are relevant to investors as well today's event is being recorded and will be available for replay the webcast information provided in the press release.

Today. These statements are not guarantees of future performance time 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 financials.

Like to also call your attention to 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 Sarah Health. Although management believes these statements are reasonable based on estimates assumptions and projections as of today. These.

Sara: Fillings with the SEC undertakes no obligations to update or revise any of these forward looking statements are that satellite to turn the event over to Dr. <unk> Chair and Chief Executive Officer, Sara <unk>. Please go ahead.

Statements are not guarantees of future performance time 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 financials.

Sara: Thank you Bret and welcome everyone. Thank you for joining.

Filings with the SEC.

Sarah: <unk> undertakes no obligations to update or revise any of these forward looking statements are that satellite to turn the event over to Dr. <unk> Chair and Chief Executive Officer, Sarah how difficult. Please go ahead.

Speaker Change: Thank you Bret and welcome everyone.

Speaker Change: Thank you for joining our fourth quarter and full year 2024 earnings call today.

Continued interest inside of him and are excited to update on our recent performance and future dogs I will begin by highlighting our strong financial performance followed by an update on the growth initiatives and strategic priorities into 2025, following that I've outlined the momentum behind our path to profitability.

PFS: Then I'll hand over to our Chief Financial Officer, PFS that will take you through a more detailed breakdown of our financials.

And innovation strategy.

Beginning with our prioritization of commercial excellence, we have been committed to expanding our revenue by growing our portfolio of high end of our NUPLAZID.

In tandem with MS. We are successfully progressing on revenue diversification with non henske with workforce generating 26% of 'twenty 'twenty four Google revenue.

And expansion from the 28% penetration in 2023.

This strategy not only improves our margins, but also underscores our dedication to delivering value to our shareholders.

Larger client contracts by the needs of our offerings and enable us to expand our pipeline across a broader base of governmental agencies.

Going forward, we're seeing larger contracts and remains a key strategic priority for our business.

Moving on to our focus on operational excellence, sometimes to walk was communicated in the third quarter call I want to eat today.

Recent cost cutting measures have not been detrimental to revenue.

As you may recall in the second quarter, we announced a restructuring initiative aimed at reducing operating expenses.

Going forward, we will continue to diligently manage the allocation of capital to enable investment in growth initiatives and drive profitability.

Our operational efficiencies drove a medium 39% reduction in our operating expenses in the fourth quarter of 2024.

For the fourth quarter of 2023.

As a result net.

For the fourth quarter of 'twenty 'twenty four nearly half do 500 to $4000 an improvement of $491000 compared to the net loss of $995000 in the fourth quarter offload into 'twenty two.

We expect these improving trends to continue into 2025.

In our pursuit of innovation excellence, we are focused on expanding our innovative innovation pipeline to enhance the variety of products and services we provide.

This includes the launch of a sudden they demand has act as both a b to b and direct to consumer product.

Thank you available in the United States, and India, We plan to expand the availability of the product and lower to middle income countries mental health is a significant concern.

I could score seven it is designed to offer effective solutions for mental and behavioral health challenges.

Notably telehealth wouldn't be implemented into Sydney D, which was seamlessly expand access and improve outcomes in the behavioral and mental health space.

Science based App and everything just ex the diesel psychologist clinicians suicide prevention specialists data scientist and AI technologies to deliver customized prevention and intervention protocols.

We're already receiving positive indications buffet entity.

In partnership with Indiana University, we announced positive preliminary results from a six weeks.

Sarah: You can't even visa study.

Sarah: Data collected from this study shows trends towards lowering depression symptoms amongst any of your users when compared to those without access to the app.

Speaker Change: And overall welding were also observed among those using the app along with improvements and other measures.

Speaker Change: Furthermore, we have continued with the development of side of God Greens with E on agents, ensuring safe ethical and compliant interaction and health care.

Speaker Change: We also offer inside a box and innovative AI back Chad born designed to enhance user engagement and streamline has good interactions.

PFS: Freedom.

Walk them through innovative products and services.

With that let me turn the call over to our CFO pre Empresa, who will walk through the financial details.

Yep.

Thank you <unk> and let me add my warm welcome to everyone. Joining us on this call the financial results for the fourth quarter and full year of 2024 are provided in detail, but didn't press release, which we issued earlier this morning and in our 10-Q.

Total revenues for 2024 8 million compared to $5 5 million in 2023, Jim presenting a year over year growth of 45%.

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

For the fourth quarter of 2024 total revenues reached 2 million a year over year increase of 14%.

<unk> performance in the quarter was driven by a nearly four times expansion and population health. In addition to 17% year over year growth from healthcare workforce.

I will now go through each business unit in detail.

Within our population health business unit revenues were $1 7 million for 2024 more than doubled compared to 715000 in 2023, reflecting an annual growth of 132%, which was driven by continued demand for public health services from government health.

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For the fourth quarter of 2020 for population health revenue reached 418285% increase compared to the year ago period.

Our expert team of <unk> health economist and data analysts coupled with a robust offering within the population health unit continued to be instrumental in driving new contracts and contract extensions.

Our health care workforce business unit also experienced strong growth in 2020 full with revenues of $5 9 million compared to $4 3 million in 2023, an increase of 38% for the fourth quarter of 2020 for health camera for its revenue reached one 5 million.

Our year over year expansion of 17% the increase and helped gamba and <unk> revenue was driven by both new contracts as well as contract renewals and extensions with existing customers of particular note is our new contract with the Washington D. C office of the state Superintendent of education there.

Contract includes several renewal options.

Which could further expand its lifetime value.

Our health education business delivered significant growth in 2024 with revenue of 40000 compared to 12 <unk> in 2023 based on the growing momentum and has the training and the signing of new contracts. We expect this unit to deliver continued revenue expansion going forward.

Sarah: Our behavioral and mental health business unit posted revenues of 17000 in 2020 compared to 13000 in 2023, we anticipate further growth in this business driven by increased demand from larger business to business employers as well as launch of product features within said entity.

Speaker Change: In addition to its international expansion.

Speaker Change: Within our digital health business unit side about generates revenue from both maintenance fees and implementation fees. This business continues to evolve and the sources of revenue are gradually shifting from predominantly milestone based implementation revenue in 2023 to more recurring maintenance based revenue.

PFS: In 2024 with this trend expected to continue.