Syra Health reports a 101% increase in revenue in Q2 2024 and more digital health earnings

Syra Well being, a healthcare know-how firm that gives instruments to investigate inhabitants well being, reported a complete income of $2 million within the second quarter of 2024 in comparison with $1 million in the identical interval final yr. 

Its Inhabitants Well being unit comprised 28% of the corporate’s whole income in Q2 2024, rising 347% on the finish of Q2 this yr in comparison with 13% in Q2 2023. 

The corporate has signed quite a few contracts with states this yr alone, together with with the Well being Care Authority in Washington state, its residence state of Indiana and the state of Virginia. 

Money stability on the second quarter’s finish was $1.6 million, with no long-term debt famous. 

“Our momentum has accelerated into the second quarter, the place we achieved a 101% enhance in our revenues. Our concentrate on higher-margin enterprise items is proving profitable, increasing our consumer base and diversifying our income streams. We’re at present working in 23 states in distinction to a handful of states a yr in the past,” Deepika Vuppalanchi, CEO of Syra Well being, mentioned in an announcement. 

Digital therapeutics firm DarioHealth reported whole income for the second quarter of $6.26 million, a 1.7% enhance in comparison with Q2 2023, pushed primarily by B2B2C revenues. 

The corporate’s industrial and client revenues totaled $7.34 million “earlier than a non-recurring worth concession in collaboration with a pharma associate,” the corporate mentioned in an announcement. This represented a 105% enhance in comparison with the $3.57 million seen within the second quarter of final yr.

DarioHealth skilled a 315% enhance in B2B2C income, recurring revenues from well being plans and employers, totaling $5.5 million in Q2 of this yr. 

The corporate reported that it ended the second quarter with money equivalents of $22.9 million and expects to succeed in cashflow breakeven by the top of 2025.

“Wanting forward, we anticipate a major discount in working losses over the subsequent three quarters pushed by continued income development and aggressive cost-cutting measures carried out post-Twill merger. These price discount initiatives, which commenced in early Might 2024 and had been accomplished in early August 2024, are anticipated to yield a 24% lower in GAAP working bills and a 40% lower in non-GAAP working bills from the primary quarter of 2024 to the primary quarter of 2025,” Erez Raphael, CEO of Dario, mentioned in an announcement.

“Moreover, we anticipate gross margins to climb to 80% by the primary quarter of 2025, as our core B2B2C revenues have already reached 82% gross margins within the second quarter. These mixed efforts are anticipated to lead to a 58% discount in GAAP working loss and 75% discount in non-GAAP working losses between the primary quarter of 2024 and the primary quarter of 2025, offering a transparent path to money circulate breakeven by the top of 2025.”