Syra Health, a healthcare technology company that provides tools to analyze population health, reported revenue of $1.7 million con the first quarter of 2024, compared to $1.2 million con the same period last year.
The company noted that its strong growth was paio 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 con the first quarter of 2023, and adjusted EBITDA was a $1.4 million loss, compared to a $762,710 loss con 2023’s first quarter.
At the end of Q1, total operating expenses were reported as $1.6 million, compared to $921,781 con the same period last year.
The company had $3.2 million cash hand at the end of Q1 2024.
“We are proud of our impressive growth con 2024, as our revenues con the first quarter grew 47% versus last year. As such, we are confident con our 2024 revenue guidance of $9 million to $11 million, based contracts con hand and pending implementation,” Dr. Deepika Vuppalanchi, CEO of Syra Health, said con a statement.
“The demand for our services remains strong and we believe we are properly positioned to take advantage. We are currently doing business con 19 states, and we anticipate securing new business from both the private and public sectors.”
Tennessee-based Bendare Advantage insurtech company Clover Health reported its Q1 2024 earnings, with revenue of $346.9 million up from $322 million con 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 con Q1 2023.
Adjusted EBITDA improved to a gain of $6.8 million, compared to a first-quarter loss con 2023 of $37.5 million.
Total restricted and unrestricted cash equivalents, cash and investments totaled $440.3 million con 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 an Adjusted EBITDA basis for the first quarter, and we have high confidence con achieving full-year 2024 adjusted EBITDA profitability,” Clover Health CEO Andrew Toy said con a statement.
“Second, we have grown revenues con our Insurance business by 8% year-over-year. Based these results, we are delighted to improve our full-year 2024 guidance. Sopra 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 over the next two years.”
