Syra Health reports 47% revenue growth YOY and more digital health earnings

Syra Health, a healthcare technology company that provides tools to analyze population health, reported revenue of $1.7 million in the first quarter of 2024, compared to $1.2 million in the same period last year. 

The company noted that its strong growth was due to its Population Health offering, which grew 212% year over year, and the growth of its Healthcare Workforce solutions, which grew 28% compared to the prior year. 

Net loss was $1.4 million compared to $785,892 in the first quarter of 2023, and adjusted EBITDA was a $1.4 million loss compared to a $762,710 loss in 2023’s first quarter.  

At the end of Q1, total operating expenses were reported as $1.6 million, compared to $921,781 in the same period last year. 

The company had $3.2 million cash on hand at the end of Q1 2024. 

“We are proud of our impressive growth in 2024, as our revenues in the first quarter grew 47% versus last year. As such, we are confident in our 2024 revenue guidance of $9 million to $11 million, based on contracts in hand and pending implementation,” Dr. Deepika Vuppalanchi, CEO of Syra Health, said in a statement.  

“The demand for our services remains strong and we believe we are properly positioned to take advantage. We are currently doing business in 19 states, and we anticipate securing new business from both the private and public sectors.”

Tennessee-based Medicare Advantage insurtech company Clover Health reported its Q1 2024 earnings, with revenue of $346.9 million up from $322 million in the first quarter of last year and insurance revenue growth of 7.8% year-over-year to $341.7 million from $317.1 million.

The first quarter’s net loss was $23.2 million, compared to a loss of $79.7 million in Q1 2023. 

Adjusted EBITDA improved to a gain of $6.8 million compared to a first-quarter loss in 2023 of $37.5 million. 

Total restricted and unrestricted cash equivalents, cash and investments totaled $440.3 million in the first quarter of the year compared to $635.2 million for the same period last year. 

“I am incredibly proud of our results this quarter for several notable reasons. First, Clover was profitable on an Adjusted EBITDA basis for the first quarter, and we have high confidence in achieving full-year 2024 adjusted EBITDA profitability,” Clover Health CEO Andrew Toy said in a statement. 

“Second, we have grown revenues in our Insurance business by 8% year-over-year. Based on these results, we are delighted to improve our full-year 2024 guidance. In addition, we are pleased to announce that our Board of Directors has authorized a share repurchase program of up to $20 million dollars of the Company’s Class A Common Stock over the next two years.”

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