Shira HealthThe healthcare technology company, which provides tools to analyze population health, reported revenue of $1.7 million in the first quarter of 2024, compared with $1.2 million in the year-ago period.
The company noted that its strong growth was due to growth in its Population Health services, which grew 212% year-over-year, and its Healthcare Workforce solutions, which grew 28% year-over-year.
Net loss was $1.4 million compared to a loss of $785,892 in the first quarter of 2023, and adjusted EBITDA was a loss of $1.4 million compared to a loss of $762,710 in the first quarter of 2023.
Total operating expenses were reported to be $1.6 million at the end of the first quarter, compared to $921,781 in the prior year period.
The company had $3.2 million in cash on hand at the end of the first quarter of 2024.
“We are proud of our impressive growth in 2024 as our first quarter revenue increased 47% year-over-year.As such, our 2024 revenue outlook is $9 million based on on-hand and pending contracts. We are confident that the total will be between $11 million and $11 million,” Dr. Deepika Bhuparanch, CEO of Syra Health, said in a statement.
“Demand for our services remains strong and we believe we are well-positioned to take advantage of that. We expect to gain new business from this.”
Tennessee-based Medicare Advantage insurtech company clover health reported first quarter 2024 earnings, with revenue increasing to $346.9 million from $322 million in the first quarter of last year, and insurance revenue increasing from $317.1 million to $341.7 million year over year. increased by 7.8% to the dollar.
First quarter net loss was $23.2 million and first quarter 2023 net loss was $79.7 million.
Adjusted EBITDA improved to a profit of $6.8 million compared to a loss of $37.5 million in the first quarter of 2023.
Total restricted and unrestricted cash equivalents, cash and investments were $440.3 million in the first quarter of this year, compared to $635.2 million in the prior year period.
“I am very proud of our results this quarter for several notable reasons. First, Clover was profitable on an adjusted EBITDA basis in the first quarter, We have high confidence in achieving EBITDA profitability,” said Andrew, CEO of Clover Health. Toy said in a statement.
“Second, we increased our insurance revenue by 8% year over year. Based on these results, we are pleased to be able to improve our full-year 2024 outlook. Approved a stock repurchase program worth up to $20 million of the company's Class A common stock over a two-year period.