CARMEL, Ind. - Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, announced today its new contract to provide Special Education (SPED) Psychologist Services to the Greenville County School District in South Carolina.
The contract, which is set for one year with the possibility of annual extensions up to five years, aims to enhance the support for students' academic, social, and emotional needs.
The services Syra Health will provide include data-based decision-making, utilization of assessment tools, and delivery of evidence-based interventions to aid in the students' educational progress. The company will also be responsible for collecting feedback from stakeholders and preparing monthly service delivery reports for the district.
Dr. Srikant Devaraj, Vice President of Syra Health's Behavioral and Mental Health Business Unit, emphasized the company's commitment to mental wellness and its suite of digital products designed to address mental and behavioral health concerns among students. The services will align with the standards of the National Association of School Psychologists.
The Greenville County School District, one of the largest in South Carolina, serves approximately 80,000 students and employs around 13,000 staff members. This partnership with Syra Health is an effort to strengthen the district's resources for managing the mental and behavioral health of its student population.
Syra Health specializes in addressing key healthcare challenges through innovative services and technology solutions, focusing on behavioral and mental health, digital health, and population health. The company offers its services to a variety of clients, including payers, providers, life sciences organizations, academic institutions, and government entities.
This news is based on a press release statement from Syra Health. The company also provided forward-looking statements concerning its operations and financial outlook, which are subject to risks and uncertainties. Investors are advised to consider these factors carefully.
InvestingPro Insights
As Syra Health Corp. (NASDAQ: SYRA) embarks on a new contract to support the Greenville County School District, it's essential to consider the company's financial health and market performance. The latest data from InvestingPro shows a mixed financial landscape for Syra Health. With a market capitalization of $22.42 million, the company holds a negative P/E ratio of -3.22, reflecting investor concerns about current profitability. Adjusted for the last twelve months as of Q1 2024, this figure becomes even more pronounced at -6.23.
However, Syra Health has demonstrated a significant return over the last month, with a 54.37% increase in its stock price. This uptick could signal growing investor confidence in the company's market position and its initiatives like the recent contract. The 1-month price total return is an important metric, considering the company's current financial performance.
An InvestingPro Tip that stands out is the company's quick cash burn, which investors should monitor closely, especially in the context of the company's expected net income drop this year. Despite this, Syra Health holds more cash than debt, which is a positive sign of financial stability. This tip is particularly relevant as the company expands its services and may face increased operational costs.
For those interested in a deeper dive into Syra Health's financials and strategic outlook, InvestingPro offers additional tips on their platform. Currently, there are 10 more InvestingPro Tips available for SYRA, providing a comprehensive analysis for potential investors. To access these insights and make more informed decisions, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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