CARMEL, Ind. – Syra Well being Corp. (NASDAQ: SYRA), a healthcare expertise firm with a market capitalization of $8.5 million and exhibiting robust latest momentum with a 19% acquire over the previous week, has been awarded a contract by the Washington D.C. authorities for as much as $1 million to supply healthcare workforce options to the Workplace of the State Superintendent of Schooling. Moreover, the corporate introduced a rise in its contract with the Indiana Household and Social Providers Administration’s NeuroDiagnostic Institute by $1.2 million, now totaling $18.7 million. In response to InvestingPro information, the corporate maintains a wholesome stability sheet with more money than debt, although analysts notice speedy money utilization.
The brand new contract with Washington D.C. entails Syra Well being deploying registered nurses, licensed sensible nurses, and licensed nursing assistants to ship healthcare providers to college students, making certain their security and well-being. The corporate will work inside D.C. laws and develop individualized service plans, with the one-year settlement permitting for potential extensions.
In Indiana, Syra Well being’s expanded contract helps the NeuroDiagnostic Institute’s efforts to judge and deal with sufferers with complicated neuropsychiatric diseases. Dr. Deepika Vuppalanchi, CEO of Syra Well being, expressed the corporate’s dedication to driving higher well being outcomes by way of these partnerships, noting that that is the fourth contract with the Washington, D.C. authorities and a continuation of their collaboration with the NeuroDiagnostic Institute since 2021.
Syra Well being focuses on behavioral and psychological well being, inhabitants well being, and healthcare workforce options, leveraging superior expertise to enhance prevention, entry, and affordability in healthcare.
The press launch additionally contained forward-looking statements in regards to the firm’s future plans and prospects, cautioning that these statements are topic to dangers and uncertainties. Traders are reminded to contemplate the danger elements detailed within the firm’s annual and periodic SEC filings. The knowledge offered is predicated on the press launch assertion from Syra Well being.
In different latest information, Syra Well being Corp has been navigating potential delisting from the Nasdaq Inventory Market as a result of non-compliance with the minimal bid value requirement. The corporate has been given a grace interval till April 16, 2025, to make sure its widespread inventory’s closing bid value reaches or exceeds $1.00 for at the least ten consecutive enterprise days. Moreover, Syra Well being faces a possible delisting as a result of an fairness shortfall and has a 45-day window to current a compliance plan to Nasdaq.
Regardless of these challenges, Syra Well being continues to develop its footprint within the healthcare sector, securing contracts in Florida, Kansas, and Delaware, thereby marking its presence in 23 states. The corporate has additionally been awarded a $5.8 million contract by the Indiana Household and Social Providers Administration and secured a contract with the Wyoming Division of Well being.
By way of monetary developments, Syra Well being has raised roughly $2.1 million in a public providing, with potential extra gross proceeds of $4.1 million from the train of Collection Warrants, as per Rodman & Renshaw LLC. Moreover, the corporate has up to date its monetary outlook for 2024, projecting revenues between $7.5 million and $9.5 million. These latest developments underline Syra Well being’s ongoing efforts to navigate monetary challenges whereas persevering with to develop its enterprise operations.
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