CARMEL, Ind. - Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, announced Monday its role as a subcontractor for LUKE on a $43 billion contract with the Defense Health Agency (DHA) to provide medical staffing services. The Medical Q-Coded Support and Services Next Generation Program (MQS2-NG) contract spans a decade, from June 2024 through May 31, 2034, and encompasses staffing for DHA facilities nationwide.
LUKE, the prime contractor, has secured responsibilities across five labor markets for the DHA, including physicians, nurses, dentists, ancillary services, and medical support personnel. Syra Health will contribute to this effort by supplying contract workers in various healthcare roles to support DHA hospitals, clinics, dental facilities, and other health activities. The services will extend across the 50 United States, the District of Columbia, Puerto Rico, Guam, and other U.S. territories.
Task orders, some expected before the end of the year, will determine Syra Health's share of the contract revenue. This partnership marks Syra Health's second federal government contract, as the company is also a subcontractor for Caduceus Healthcare.
Dr. Deepika Vuppalanchi, CEO of Syra Health, expressed pride in supporting the DHA's mission, emphasizing the importance of staffing medical roles for the preparedness of those serving the country.
Syra Health's involvement in the MQS2-NG contract aligns with its mission to improve healthcare through innovative services and technology solutions. The company focuses on behavioral and mental health, digital health, and population health, offering products and services aimed at prevention, improved access, and affordable care.
This report is based on a press release statement from Syra Health.
InvestingPro Insights
As Syra Health Corp. (NASDAQ: SYRA) embarks on its significant role as a subcontractor for a multi-billion-dollar government contract with the Defense Health Agency, the company's financial health and stock performance are of particular interest to investors. Here are some InvestingPro data metrics and tips that could provide a deeper understanding of Syra Health's current market position and future outlook:
InvestingPro Data:
- Market Cap (Adjusted): $18.76M USD
- Revenue Growth (Quarterly) for Q1 2023: 47.46%
- Price, Previous Close: $1.33 USD
InvestingPro Tips:
1. Analysts anticipate sales growth in the current year for Syra Health, which could be a promising sign for the company's performance as it executes on the MQS2-NG contract.
2. Despite recent challenges, with the stock having taken a significant hit over the last three months, Syra Health holds more cash than debt on its balance sheet, suggesting a degree of financial stability.
These data points and tips might indicate both the opportunities and the risks associated with investing in Syra Health at this juncture. The company's ability to grow sales in line with analyst expectations could be pivotal in its efforts to secure a stronger market position. Meanwhile, the cash reserves against debt could provide some buffer against short-term financial pressures.
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