CARMEL, Ind. - Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, has been awarded a five-year contract to provide training for first responders and faith-based community organizations in Sedgwick County, Kansas. The company will offer Overdose Data to Action (OD2A) training as part of the county's efforts to address substance use disorder (SUD) and related health challenges.
The training program will focus on a range of topics, including SUD education, harm reduction, overdose trends, and the use of naloxone—a medication designed to rapidly reverse opioid overdose. It will also provide guidance on treatment options and care linkage strategies, equipping first responders with the necessary tools to refer individuals to the appropriate resources.
Additionally, the initiative will tackle the issue of stigma associated with SUD, aiming to educate participants on the negative impact of stigmatizing behavior and language, and how to counteract these effects.
This contract comes in response to a pressing need for SUD training and resources, as indicated by 2023 statistics from Mental Health America, which reported that 15.35% of American adults experienced a substance use disorder in the past year, with 93.5% of those affected not receiving treatment.
Dr. Deepika Vuppalanchi, CEO of Syra Health, expressed the company's commitment to the collaboration with Sedgwick County, emphasizing the importance of the training in supporting individuals with SUD and improving community health outcomes.
Syra Health specializes in addressing significant healthcare challenges through innovative services and technology solutions, focusing on areas such as behavioral and mental health, digital health, and population health. The company's offerings aim to promote prevention, improved access to care, and affordability.
The information for this article is based on a press release statement from Syra Health.
InvestingPro Insights
As Syra Health Corp. (NASDAQ: SYRA) embarks on a new venture to combat substance use disorders in Sedgwick County, Kansas, it is important for investors to consider the company's financial health and market performance. According to InvestingPro data, Syra Health currently holds a market capitalization of $14.49 million and has experienced a 1-week price total return of -16.26%. The company's stock has also seen a significant decline over the past month, with a 1-month price total return of -40.12%.
In the context of financial stability, one of the InvestingPro Tips highlights that Syra Health holds more cash than debt on its balance sheet, which could provide a cushion in these volatile times. However, it's worth noting that the company is not profitable over the last twelve months, and analysts do not anticipate the company will be profitable this year. This is reflected in the company's negative P/E Ratio, which currently stands at -2.11 for the last twelve months as of Q4 2023.
Despite recent market challenges, analysts anticipate sales growth in the current year, which may be a positive signal for potential investors. This optimism is tempered by the fact that Syra Health is quickly burning through cash, and the stock generally trades with high price volatility, as per additional InvestingPro Tips. For those interested in a deeper analysis, there are 11 more tips available on InvestingPro, which can be accessed with the special coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors looking to understand the future prospects of Syra Health may also consider the company's next earnings date, which is set for May 29, 2024. Keeping an eye on these earnings could provide further insight into the company's trajectory and the potential impact of the new contract on its financial performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.