NASDAQ:SYRA Syra Health Q4 2023 Earnings Report $0.10 -0.01 (-4.76%) As of 03:41 PM Eastern Earnings History Syra Health EPS ResultsActual EPS-$0.16Consensus EPS -$0.09Beat/MissMissed by -$0.07One Year Ago EPSN/ASyra Health Revenue ResultsActual Revenue$1.77 millionExpected Revenue$2.23 millionBeat/MissMissed by -$460.00 thousandYoY Revenue GrowthN/ASyra Health Announcement DetailsQuarterQ4 2023Date3/25/2024TimeN/AConference Call DateMonday, March 25, 2024Conference Call Time10:00AM ETUpcoming EarningsSyra Health's Q1 2025 earnings is scheduled for Thursday, May 8, 2025, with a conference call scheduled at 9:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Annual Report (10-K)Earnings HistoryCompany ProfilePowered by Syra Health Q4 2023 Earnings Call TranscriptProvided by QuartrMarch 25, 2024 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Ladies and gentlemen, and welcome to Cyra Health 4th Quarter and Full Year 2023 Financial Results Conference Call. At this time, all lines are in a listen only mode. This call is being recorded on Monday, March 25, 2024. I would now like to turn the conference over to Ben Shumshan. Please go ahead. Speaker 100:00:26Good morning, everyone, and thank you for joining us for Cyra Health's Q4 and full year 2023 financial results conference call. Joining us on the call is Doctor. Divika Pavlovstalanjee, CEO of Cyra Health Cyra Health's Executive Chairman and President, Sandeep Alam and Priya Prasad, Syrah's 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. Today's event is being recorded and will be available for replay through the webcast information provided in the press release. Speaker 100:01:03Finally, I'd also like to call your attention to the customary Safe Harbor disclosures 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 Cyra Health. Although management believes that these statements are reasonable based on estimates, assumptions and projections as of today, these statements are not guarantee of future performance. Time sensitive information may no longer be accurate at any time in Telefonica's 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. Speaker 100:01:49Cyra undertakes no obligation to update or revise any of these forward looking statements. With that said, I would like to turn the event over to Doctor. Deepika Gopalanchi, Chief Executive Officer of Cyra Health. Deepika, please proceed. Speaker 200:02:05Thank you, Ben, and welcome, everyone. I'm pleased to discuss with you our 2023 financial results and our 2024 outlook. 2023 was a transformational year for Cyra Health as we successfully completed our initial public offering and began trading on the NASDAQ. This is an exciting time for Cyra Health as we embark on fulfilling our promise to continually push the boundaries of mental health solutions, explore new frontiers in digital health and remain dedicated to our pursuit of a healthier population. Our goal is to become a leader in health care solutions for our partners and expand our operations by leveraging our established sepsis, which we have achieved in key geographical areas to drive growth nationwide. Speaker 200:02:52The areas of mental and behavioral health are gaining a lot of attention and the public and private sectors are allocating increased resources in solving this crisis. We stand to meaningfully benefit from this trend. We had important achievements in 2023 that will positively impact our business going forward. We significantly expanded our customer geography from our home state of Indiana to 17 states currently. We also diversified our revenues beyond our legacy healthcare workforce to digital health, population health and health education. Speaker 200:03:29In 2023, our non healthcare workforce business units grew 2 50% and accounted for 23% of our total revenues versus just 6% in 2022. We made substantial progress on the technology front with the launches of Serenity, Cyrobot and K Plus. Furthermore, we strengthened our balance sheet to allow us to achieve our growth objectives. Our efforts in the past months have set the stage for accelerated growth in 2024 and beyond. We are excited about our pipeline of contracts and expect revenue growth to expand meaningfully in 2024. Speaker 200:04:10We now expect 2024 revenues to be in the range of $9,000,000 to $11,000,000 reflecting 64% to 100% growth versus 2023. Strong growth in 2024 is expected to come from our population health and healthcare workforce business units, coupled with continued growth from our behavior and mental health, digital health and health education business units. We have been successful in securing sizable contracts in these areas in recent months and expect further opportunities going forward. In late 2023, we also announced our expansion into the federal government space with the launch of our new Government Solutions business unit. We successfully secured a partnership for a significant federal government contract in recent months and expect further opportunities going forward as we continue to bid on federal government business. Speaker 200:05:09We have a dedicated in house RFP team to ensure appropriate opportunities across government agencies are timely tracked and quality proposals are submitted. As we continue our expansion, our talent pool and infrastructure will grow to support the breadth and depth of our services. I would like to now turn it over to Sandeep Alam to speak about our business units in more detail. Speaker 300:05:35Thank you, Deepika. I will begin with our Population Health business unit. Population Health is experiencing the fastest growth in the near term, growing more than 125% in 2023, and we expect continued strong growth in 2024. In recent months, we have won contracts with public and private organizations in multiple states, including Texas and Indiana. For instance, we recently were awarded a contract worth $660,000 with the National Healthcare Organization to provide healthcare effectiveness data and information set outreach and support services essential for fostering positive health outcomes and reducing cost. Speaker 300:06:26We have research scientists and epidemologists who are conducting research studies tailoring federal programs for use at the state and the local levels and utilizing our population health data insights, how, for mining data for information to inform public policy. Our solutions in data collection and analytics are highly sought after by state and local governments as well as private organizations, including health insurance and pharmaceutical companies. These predictive analytics help stakeholders create policies as well as make decisions on allocation of research and development dollars. Next, we expect our Healthcare Workforce business unit to resume strong growth in 2024, driven by strategic collaborations and adaptable staffing approaches. In recent months, we have been successful in securing contracts with state and local organizations in multiple states, including Ohio, Minnesota and Virginia. Speaker 300:07:34For instance, in 2023, we signed a $4,750,000 contract with Washington D. C. Department of Behavioral Health to support its mental health initiatives, including its supported employment program and comprehensive psychiatric emergency program. We recruit experienced physicians, nurses and allied health professionals for long term fixed contract positions at government and private provider networks, payer organizations and other healthcare facilities across the country. Moving on to digital health. Speaker 300:08:15This business unit is our most innovative business unit where we blend technology and innovation to develop a range of digital health solutions centered on prevention, improved access and equitable care. Digital Health began to generate revenues in the Q3 of 2023, driven by sales of our SairaBot product. And CyraBot is a human centric chatbot solution that offers 20 fourseven AI powered conversational customer support through a chat and providing personalized health information, benefit and treatment information for individuals to stay informed and involved in their care. In 2023, we also launched CarePlus, a specialized electronic medical record system tailored to small and midsized healthcare organizations to enhance operational efficiency, affordability and elevate patient care. Now on to behavior and mental health. Speaker 300:09:17We deem this business unit as the area with the highest potential for revenues in the long term. In this business unit, we focus on preventative mental health and treatment. We offer a variety of products and services to promote mental and behavioral well-being, including telehealth and our own licensed therapist. In 2023, we launched Serenity, an AI backed mental health product for employers, payers, college and universities, offering support for the mental health of their employees, health plan members and students. With its evidence based approach, Serenity is designed to identify and prevent the progression of negative factors that can influence an individual's mental health by offering an AI backed diary, targeted assignments, symptoms monitoring, education and timely interventions. Speaker 300:10:22Finally, our Health Education Business Unit continues to win new and repeat business. We were just recently awarded our 3rd training by Maricopa County, Arizona and our journey in the Maricopa County began with health equity training, followed by foundations in the public health training and soon we will deliver cultural humility training to their public health officials and community members. With that, let me turn it over to our CFO, Priya Prasath, who will provide additional details on the numbers. Speaker 400:11:02Thank you, Sandeep, and let me add my warm welcome to everyone joining us on this call. The financial results for the full year are provided in detail within our 10 ks as well as within our press release, which was we issued earlier this morning. For the full year 2023, revenues were $5,500,000 compared to $5,600,000 in 2022, representing a 2% decline. Strong growth in the digital health, population health, behavioral and mental health and health education business units were driven by new contracts as well as sales of CyberBot. I will now go through each business unit in detail. Speaker 400:11:46Within our Digital Health business unit, revenues for full year 2023 were $515,000 driven by sales of CyraBot. The Digital Health Business Unit had 0 revenues in 2022. Digital Health revenues in the Q4 were $384,000 Within our Population Health business unit, 2023 revenues were $716,000 versus $318,000 in 2022, growth of more than 125%, driven by demand for our epidemiology services. Within our Healthcare Workforce Business Unit, revenues were $4,300,000 in 2023 versus $5,300,000 in 2022. 4th quarter 2023 revenues were $1,200,000 compared to $1,900,000 in Q4 of 2022. Speaker 400:12:48The decline was due to the subsiding of the COVID-nineteen pandemic. Based on contracts on hand, we expect healthcare workforce to resume strong growth in 2024. Behavioral and Mental Health and Health Education Business Units combined had revenues of $25,000 in 2023 versus $39,000 in 2022. Gross margins for the full year of 2023 were 25.6%, a 6 70 basis point increase versus 2022. The increase in gross margins was due to the mixed shift from healthcare staffing services to population health and digital health services that carry better margins. Speaker 400:13:36Total operating expenses in 2023 increased 36% to $4,300,000 compared to $3,100,000 in 2022. Salaries and benefits increased 50% compared to 2022 due to increased operations and added office personnel to support the company's IPO process and growth of the company. Professional fees declined 43% compared to 2022 due to decreased reliance on outsourced professional services in connection with the prior period audit in preparation for the company's IPO. Selling, general and administrative expenses increased 97% compared to 2022 due to increased operations. Research and development expenses were $240,048 reflecting the development of our technology based solutions. Speaker 400:14:38Depreciation expense was $48,771 compared to $14,849 in 2022, reflecting expanded office space. The net loss was $2,940,000 in 2023 compared to a loss of $2,120,000 in 2022. Adjusted EBITDA in 2023 was negative $2,800,000 compared to a negative $2,100,000 in 2022. Again, full reconciliations are provided in the tables included in today's press release. Our cash balance as of December 31, 2023 was $3,300,000 As mentioned earlier, we expect revenues in 2024 to be in the range of $9,000,000 to $11,000,000 representing a 64% to 100% growth. Speaker 400:15:36As a reminder, this guidance does not include any potential revenues from Caduceus Healthcare with regards to the recently announced federal influx care facilities contract. With that, let me turn the call back over to Deepika. Speaker 200:15:51Thank you, Priya. Our technologically advanced and innovative solutions are primed to meet the unmet needs of the healthcare industry, especially in our focus areas of behavior and mental health, digital health and population health. As we chart our course for 2024, our priority remains to drive growth across our business units, while prudently managing our cost structure and balance sheet. The evolving needs of our partners, coupled with the transformative potential of the solutions, positions us favorably to capitalize on emerging opportunities and deliver sustained value towards shareholders. Our pipeline of future contracts has expanded in recent months and we expect to announce contract wins as they are solidified. Speaker 200:16:34Utilizing a strong balance sheet, we are expanding our RFP and business development teams as we intend to replicate our current projects with similar customers across the country. I appreciate everyone's participation on the today and will now be happy to answer any questions. Ben? Speaker 100:16:52Thank you to the entire management team. We have some questions for you. First, with regards to your outlook of $9,000,000 to $11,000,000 in 2024, What is your visibility into those numbers? And is there upside to these estimates? Speaker 200:17:09Yes. We see upside in these estimates as a press release that we issued earlier this morning mentions as well. These numbers do not include any revenue from the Calusius Healthcare contract, which we are anticipating and it doesn't hamster any revenue from any other federal government contracts we may win yet this year. Speaker 100:17:29Okay, great. You recently announced that you're a subcontractor of Caduceus Healthcare with regards to the federal influx program, it's worth about $75,000,000,000 Can you provide some details on this contract in terms of the timing and your expectations? Speaker 200:17:47Cyra Health announced a partnership with Caduceus Healthcare, where Cyra Health will serve as a subcontractor to Caduceus, who is a prime contractor for this award from the Federal Department of Health and Human Services. Saira Health anticipates involvement in the contract from our healthcare workforce, mental and behavioral health and health education business units in support of the federal influx care facilities, which provides care for unaccompanied migrant children. Cyra Health expects to win task orders from the contract and announce them as they are received. Speaker 100:18:23Okay. Thank you. The growth in population health has been really strong. What is driving that business unit? Speaker 200:18:31There has been increasing demand for our population health services driven by our epidemiology and health equity services. We have a talented team of expert epidemiologists and research scientists who are performing data collection and analysis and program evaluations in order to help improve the health of specific communities or entire populations. Speaker 100:18:52Okay. It looks like we are out of time. My thanks to everyone for participating in today's call. We look forward to speaking with everyone soon again. Thank you. Speaker 100:19:03Thank you, Lynn. Operator00:19:04Thank you. And ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallSyra Health Q4 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Annual report(10-K) Syra Health Earnings HeadlinesIsraeli Strike Targets Syria's Hama Countryside, Syrian State News Agency SaysMay 2 at 10:01 PM | usnews.comSyra Health To Discuss First Quarter 2025 Financial ResultsMay 1, 2025 | prnewswire.comURGENT: Someone's Moving Gold Out of London...People who don’t understand the gold market are about to lose a lot of money. Unfortunately, most so-called “gold analysts” have it all wrong… They tell you to invest in gold ETFs - because the popular mining ETFs will someday catch fire and close the price gap with spot gold. May 5, 2025 | Golden Portfolio (Ad)Inside Syria’s Fight to Keep Patients AliveApril 29, 2025 | msn.comSyria’s New President Talked to The New York Times. Here Are 3 Takeaways.April 23, 2025 | nytimes.comSyra Health to delist from Nasdaq Capital MarketApril 3, 2025 | investing.comSee More Syra Health Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Syra Health? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Syra Health and other key companies, straight to your email. Email Address About Syra HealthSyra Health (NASDAQ:SYRA), a healthcare services company, provides health education, population health management, behavioral and mental health, healthcare workforce, and digital health services in the United States. It offers health education services, including medical communications, patient education, and healthcare training; and population health management services, such as analytics as a service, epidemiology, and health equity analytics solutions. The company also engages in developing Syrenity, an on-demand telehealth platform for mental health services. In addition, the company provides healthcare staffing solutions; and digital health solutions comprising digital transformation, cloud and security, artificial intelligence, patient engagement, and health apps. It serves mental health hospitals and organizations, including government agencies, integrated health networks, managed care entities, and pharmaceutical manufacturers. Syra Health Corp. was incorporated in 2020 and is headquartered in Carmel, Indiana.View Syra Health ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Is Reddit Stock a Buy, Sell, or Hold After Earnings Release?Warning or Opportunity After Super Micro Computer's EarningsAmazon Earnings: 2 Reasons to Love It, 1 Reason to Be CautiousRocket Lab Braces for Q1 Earnings Amid Soaring ExpectationsMeta Takes A Bow With Q1 Earnings - Watch For Tariff Impact in Q2Palantir Earnings: 1 Bullish Signal and 1 Area of ConcernVisa Q2 Earnings Top Forecasts, Adds $30B Buyback Plan Upcoming Earnings American Electric Power (5/6/2025)Advanced Micro Devices (5/6/2025)Marriott International (5/6/2025)Constellation Energy (5/6/2025)Arista Networks (5/6/2025)Brookfield Asset Management (5/6/2025)Duke Energy (5/6/2025)Energy Transfer (5/6/2025)Mplx (5/6/2025)Ferrari (5/6/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
There are 5 speakers on the call. Operator00:00:00Ladies and gentlemen, and welcome to Cyra Health 4th Quarter and Full Year 2023 Financial Results Conference Call. At this time, all lines are in a listen only mode. This call is being recorded on Monday, March 25, 2024. I would now like to turn the conference over to Ben Shumshan. Please go ahead. Speaker 100:00:26Good morning, everyone, and thank you for joining us for Cyra Health's Q4 and full year 2023 financial results conference call. Joining us on the call is Doctor. Divika Pavlovstalanjee, CEO of Cyra Health Cyra Health's Executive Chairman and President, Sandeep Alam and Priya Prasad, Syrah's 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. Today's event is being recorded and will be available for replay through the webcast information provided in the press release. Speaker 100:01:03Finally, I'd also like to call your attention to the customary Safe Harbor disclosures 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 Cyra Health. Although management believes that these statements are reasonable based on estimates, assumptions and projections as of today, these statements are not guarantee of future performance. Time sensitive information may no longer be accurate at any time in Telefonica's 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. Speaker 100:01:49Cyra undertakes no obligation to update or revise any of these forward looking statements. With that said, I would like to turn the event over to Doctor. Deepika Gopalanchi, Chief Executive Officer of Cyra Health. Deepika, please proceed. Speaker 200:02:05Thank you, Ben, and welcome, everyone. I'm pleased to discuss with you our 2023 financial results and our 2024 outlook. 2023 was a transformational year for Cyra Health as we successfully completed our initial public offering and began trading on the NASDAQ. This is an exciting time for Cyra Health as we embark on fulfilling our promise to continually push the boundaries of mental health solutions, explore new frontiers in digital health and remain dedicated to our pursuit of a healthier population. Our goal is to become a leader in health care solutions for our partners and expand our operations by leveraging our established sepsis, which we have achieved in key geographical areas to drive growth nationwide. Speaker 200:02:52The areas of mental and behavioral health are gaining a lot of attention and the public and private sectors are allocating increased resources in solving this crisis. We stand to meaningfully benefit from this trend. We had important achievements in 2023 that will positively impact our business going forward. We significantly expanded our customer geography from our home state of Indiana to 17 states currently. We also diversified our revenues beyond our legacy healthcare workforce to digital health, population health and health education. Speaker 200:03:29In 2023, our non healthcare workforce business units grew 2 50% and accounted for 23% of our total revenues versus just 6% in 2022. We made substantial progress on the technology front with the launches of Serenity, Cyrobot and K Plus. Furthermore, we strengthened our balance sheet to allow us to achieve our growth objectives. Our efforts in the past months have set the stage for accelerated growth in 2024 and beyond. We are excited about our pipeline of contracts and expect revenue growth to expand meaningfully in 2024. Speaker 200:04:10We now expect 2024 revenues to be in the range of $9,000,000 to $11,000,000 reflecting 64% to 100% growth versus 2023. Strong growth in 2024 is expected to come from our population health and healthcare workforce business units, coupled with continued growth from our behavior and mental health, digital health and health education business units. We have been successful in securing sizable contracts in these areas in recent months and expect further opportunities going forward. In late 2023, we also announced our expansion into the federal government space with the launch of our new Government Solutions business unit. We successfully secured a partnership for a significant federal government contract in recent months and expect further opportunities going forward as we continue to bid on federal government business. Speaker 200:05:09We have a dedicated in house RFP team to ensure appropriate opportunities across government agencies are timely tracked and quality proposals are submitted. As we continue our expansion, our talent pool and infrastructure will grow to support the breadth and depth of our services. I would like to now turn it over to Sandeep Alam to speak about our business units in more detail. Speaker 300:05:35Thank you, Deepika. I will begin with our Population Health business unit. Population Health is experiencing the fastest growth in the near term, growing more than 125% in 2023, and we expect continued strong growth in 2024. In recent months, we have won contracts with public and private organizations in multiple states, including Texas and Indiana. For instance, we recently were awarded a contract worth $660,000 with the National Healthcare Organization to provide healthcare effectiveness data and information set outreach and support services essential for fostering positive health outcomes and reducing cost. Speaker 300:06:26We have research scientists and epidemologists who are conducting research studies tailoring federal programs for use at the state and the local levels and utilizing our population health data insights, how, for mining data for information to inform public policy. Our solutions in data collection and analytics are highly sought after by state and local governments as well as private organizations, including health insurance and pharmaceutical companies. These predictive analytics help stakeholders create policies as well as make decisions on allocation of research and development dollars. Next, we expect our Healthcare Workforce business unit to resume strong growth in 2024, driven by strategic collaborations and adaptable staffing approaches. In recent months, we have been successful in securing contracts with state and local organizations in multiple states, including Ohio, Minnesota and Virginia. Speaker 300:07:34For instance, in 2023, we signed a $4,750,000 contract with Washington D. C. Department of Behavioral Health to support its mental health initiatives, including its supported employment program and comprehensive psychiatric emergency program. We recruit experienced physicians, nurses and allied health professionals for long term fixed contract positions at government and private provider networks, payer organizations and other healthcare facilities across the country. Moving on to digital health. Speaker 300:08:15This business unit is our most innovative business unit where we blend technology and innovation to develop a range of digital health solutions centered on prevention, improved access and equitable care. Digital Health began to generate revenues in the Q3 of 2023, driven by sales of our SairaBot product. And CyraBot is a human centric chatbot solution that offers 20 fourseven AI powered conversational customer support through a chat and providing personalized health information, benefit and treatment information for individuals to stay informed and involved in their care. In 2023, we also launched CarePlus, a specialized electronic medical record system tailored to small and midsized healthcare organizations to enhance operational efficiency, affordability and elevate patient care. Now on to behavior and mental health. Speaker 300:09:17We deem this business unit as the area with the highest potential for revenues in the long term. In this business unit, we focus on preventative mental health and treatment. We offer a variety of products and services to promote mental and behavioral well-being, including telehealth and our own licensed therapist. In 2023, we launched Serenity, an AI backed mental health product for employers, payers, college and universities, offering support for the mental health of their employees, health plan members and students. With its evidence based approach, Serenity is designed to identify and prevent the progression of negative factors that can influence an individual's mental health by offering an AI backed diary, targeted assignments, symptoms monitoring, education and timely interventions. Speaker 300:10:22Finally, our Health Education Business Unit continues to win new and repeat business. We were just recently awarded our 3rd training by Maricopa County, Arizona and our journey in the Maricopa County began with health equity training, followed by foundations in the public health training and soon we will deliver cultural humility training to their public health officials and community members. With that, let me turn it over to our CFO, Priya Prasath, who will provide additional details on the numbers. Speaker 400:11:02Thank you, Sandeep, and let me add my warm welcome to everyone joining us on this call. The financial results for the full year are provided in detail within our 10 ks as well as within our press release, which was we issued earlier this morning. For the full year 2023, revenues were $5,500,000 compared to $5,600,000 in 2022, representing a 2% decline. Strong growth in the digital health, population health, behavioral and mental health and health education business units were driven by new contracts as well as sales of CyberBot. I will now go through each business unit in detail. Speaker 400:11:46Within our Digital Health business unit, revenues for full year 2023 were $515,000 driven by sales of CyraBot. The Digital Health Business Unit had 0 revenues in 2022. Digital Health revenues in the Q4 were $384,000 Within our Population Health business unit, 2023 revenues were $716,000 versus $318,000 in 2022, growth of more than 125%, driven by demand for our epidemiology services. Within our Healthcare Workforce Business Unit, revenues were $4,300,000 in 2023 versus $5,300,000 in 2022. 4th quarter 2023 revenues were $1,200,000 compared to $1,900,000 in Q4 of 2022. Speaker 400:12:48The decline was due to the subsiding of the COVID-nineteen pandemic. Based on contracts on hand, we expect healthcare workforce to resume strong growth in 2024. Behavioral and Mental Health and Health Education Business Units combined had revenues of $25,000 in 2023 versus $39,000 in 2022. Gross margins for the full year of 2023 were 25.6%, a 6 70 basis point increase versus 2022. The increase in gross margins was due to the mixed shift from healthcare staffing services to population health and digital health services that carry better margins. Speaker 400:13:36Total operating expenses in 2023 increased 36% to $4,300,000 compared to $3,100,000 in 2022. Salaries and benefits increased 50% compared to 2022 due to increased operations and added office personnel to support the company's IPO process and growth of the company. Professional fees declined 43% compared to 2022 due to decreased reliance on outsourced professional services in connection with the prior period audit in preparation for the company's IPO. Selling, general and administrative expenses increased 97% compared to 2022 due to increased operations. Research and development expenses were $240,048 reflecting the development of our technology based solutions. Speaker 400:14:38Depreciation expense was $48,771 compared to $14,849 in 2022, reflecting expanded office space. The net loss was $2,940,000 in 2023 compared to a loss of $2,120,000 in 2022. Adjusted EBITDA in 2023 was negative $2,800,000 compared to a negative $2,100,000 in 2022. Again, full reconciliations are provided in the tables included in today's press release. Our cash balance as of December 31, 2023 was $3,300,000 As mentioned earlier, we expect revenues in 2024 to be in the range of $9,000,000 to $11,000,000 representing a 64% to 100% growth. Speaker 400:15:36As a reminder, this guidance does not include any potential revenues from Caduceus Healthcare with regards to the recently announced federal influx care facilities contract. With that, let me turn the call back over to Deepika. Speaker 200:15:51Thank you, Priya. Our technologically advanced and innovative solutions are primed to meet the unmet needs of the healthcare industry, especially in our focus areas of behavior and mental health, digital health and population health. As we chart our course for 2024, our priority remains to drive growth across our business units, while prudently managing our cost structure and balance sheet. The evolving needs of our partners, coupled with the transformative potential of the solutions, positions us favorably to capitalize on emerging opportunities and deliver sustained value towards shareholders. Our pipeline of future contracts has expanded in recent months and we expect to announce contract wins as they are solidified. Speaker 200:16:34Utilizing a strong balance sheet, we are expanding our RFP and business development teams as we intend to replicate our current projects with similar customers across the country. I appreciate everyone's participation on the today and will now be happy to answer any questions. Ben? Speaker 100:16:52Thank you to the entire management team. We have some questions for you. First, with regards to your outlook of $9,000,000 to $11,000,000 in 2024, What is your visibility into those numbers? And is there upside to these estimates? Speaker 200:17:09Yes. We see upside in these estimates as a press release that we issued earlier this morning mentions as well. These numbers do not include any revenue from the Calusius Healthcare contract, which we are anticipating and it doesn't hamster any revenue from any other federal government contracts we may win yet this year. Speaker 100:17:29Okay, great. You recently announced that you're a subcontractor of Caduceus Healthcare with regards to the federal influx program, it's worth about $75,000,000,000 Can you provide some details on this contract in terms of the timing and your expectations? Speaker 200:17:47Cyra Health announced a partnership with Caduceus Healthcare, where Cyra Health will serve as a subcontractor to Caduceus, who is a prime contractor for this award from the Federal Department of Health and Human Services. Saira Health anticipates involvement in the contract from our healthcare workforce, mental and behavioral health and health education business units in support of the federal influx care facilities, which provides care for unaccompanied migrant children. Cyra Health expects to win task orders from the contract and announce them as they are received. Speaker 100:18:23Okay. Thank you. The growth in population health has been really strong. What is driving that business unit? Speaker 200:18:31There has been increasing demand for our population health services driven by our epidemiology and health equity services. We have a talented team of expert epidemiologists and research scientists who are performing data collection and analysis and program evaluations in order to help improve the health of specific communities or entire populations. Speaker 100:18:52Okay. It looks like we are out of time. My thanks to everyone for participating in today's call. We look forward to speaking with everyone soon again. Thank you. Speaker 100:19:03Thank you, Lynn. Operator00:19:04Thank you. And ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.Read morePowered by