Zacks Small Cap Research – SYRA: Believe Recent Contract Wins Bode Well for Growth Outlook – Technologist

By M. Marin

NASDAQ:SYRA

READ THE FULL SYRA RESEARCH REPORT

Healthcare tech company offering technology & services to address some of the largest issues facing healthcare…

Syra Health Corp. (NASDAQ:SYRA) is a healthcare technology company developing end-to-end solutions in behavioral and mental health, digital health, population health, health education services, management and healthcare workforce and government services. The company views these areas as likely to experience growth as the rising U.S. focus on a healthier population presents strong opportunities for Syra Health to contribute to improving overall population healthcare within its specific target areas.

The company’s focus areas represent a sizable and growing addressable market. The aggregate market is expected to experience robust growth, reflecting the rising focus by the public and private healthcare system on improving overall population health. In turn, SYRA believes there are strong opportunities for the company within its target areas and SYRA’s recent new business activity likely supports the company’s optimistic outlook. This month, SYRA won its 1st federal-based award as a sub-contractor; the overall contract is valued at $75 billion (see below).

With a growing portfolio, SYRA’s focus is on prevention, access and affordability.…

The company has introduced key products to support its growth strategy. Currently, SYRA’s product portfolio includes Syrenity, CarePlus, and SyraBot, among others, focused on various aspects of patient healthcare, organizational efficiency, and to address mental and behavioral health concerns. The company leverages artificial intelligence (AI) tools to provide targeted education and real-time information to customers.

Contracts span services across 15 states; new wins in existing & additional markets expected …

In the brief time since its founding in 2020, Syra Health has won multiple contract awards that are expected to advance its goal of improving preventive health measures and contribute to revenue growth.

Highlights recent segment contract wins:

➢ Partnership for a federal contract valued at $75 billion

➢ Five-year, $4.75 million – DC Department of Behavioral Health

➢ County of Camden (NJ) Psychological Screening & Evaluation Services

➢ Mississippi Dept. of Human Services (MDHS)

➢ Extension of FSSA/DMHA/SEOW contract through June 2025 

Company believes first federal-based award underscores value of its growing services, tools…

Importantly, earlier this month SYRA announced a partnership for a federal contract that overall is valued at $75 billion. Specifically, SYRA has been selected as a subcontractor for this contract, which was awarded to Georgia-based Caduceus Healthcare by the federal Department of Health and Human Services (HHS), Administration for Families and Children (ACR), Office of Refugee Resettlement (ORR) Medical Staffing and Support. Syra Health will provide multiple services to Caduceus Healthcare as a sub-contractor to support this award.

SYRA believes this represents an important milestone as the company continues to expend its operating footprint. Moreover, having introduced its federal government solutions unit only a few short months ago in December 2023, the company believes this also underscores the value of its growing portfolio of products, tools and services. This sub-contractor award represents SYRA’s first federal-based contract.

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