Syra Health Corp.

Good day and welcome to the Q2 2024 Earnings Call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing star and zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and one on a touch-tone telephone. To withdraw your question, please press star and two. Please note, this event is recorded. I would now like to turn the conference over to Christine Drury. Please go ahead.

Good morning, everyone, and thank you for joining us for CIRA Health's second quarter 2024 financial results conference call. My name is Christine Drury, and I direct investor relations, public relations, and marketing for CIRA Health. Joining us on today's call is Dr. Deepika Vupalanchi, CEO of CIRA Health. and Priya Prasad, Cyrus Chief Financial Officer. At the conclusion of today's prepared remarks, management will answer some questions that were sent to us by investors and other questions we think are relevant to investors as well. Today's event is being recorded and will be available for replay through the webcast information provided in the press release. I'd also like to call your attention to the customary safe harbor disclosure regarding forward-looking information. The conference call today will contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations, and future potential operating results of SIRA Health. Although management believes these statements are reasonable based on estimates, assumptions, and projections as of today, these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay. Actual results may differ materially as a result of risks, uncertainties, and other factors, including but not limited to the factors set forth in the company's filings with the SEC. CIRA undertakes no obligations to update or revise any of these forward-looking statements. With that said, I would like to turn the event over to Dr. Deepika Vupalanchi, Chief Executive Officer of Cyra Health. Deepika, please proceed.

Thank you, Christine, and welcome, everyone. I'm pleased to discuss with you our second quarter 2024 financial results. I will begin by providing some highlights on a strong second quarter financial results followed by a strategy for growth while providing more information on our products and services as we move towards profitability. I will then hand over the call to our Chief Financial Officer, Priya Prasad, who will review our financial results in detail. Second quarter was a strong quarter for CIDA, with revenues up by 101% year-over-year, significantly outpacing the impressive 47% growth in the first quarter. This performance was driven by our population health, healthcare workforce, and digital health business units. As expected, our numerous contract wins in recent months have begun to convert into revenue for 2024. Additionally, we expanded our growth margins in the second quarter by 468 basis points, fueled by the increased contribution of our higher margin business units. BioHealth's mission is to power better health by offering innovative services and technology products that bridge critical gaps in healthcare with a steadfast focus on prevention, access, and affordability. Our goal is to become a leader in healthcare solutions, steering towards profitability by building on our established and proven success with state health organizations and the private sector nationwide. The growing urgency to address mental and behavioral health issues is attracting significant attention with both public and private sectors dedicating increased resources to tackling this crisis. We are proud to offer a meaningful solution with Serenity, a comprehensive, proprietary, evidence-based mental health app. Developed in-house and powered by advanced AI-driven technology, CellNiddy is designed to provide impactful and accessible mental health support. I would like to now speak about our business units in more detail. I will start with our population health business unit. Here, a team of experts, epidemiologists, data scientists, Public health professionals and health policy analysts collaborate with public health departments to identify and address healthcare disparities. Utilizing population health management strategies and evidence-based interventions, we develop strategic frameworks for implementation and scalability to improve health outcomes and promote health equity. Population Health is experiencing strong growth in the near term, with revenues growing 276% in the second quarter alone. In recent months, we have secured contracts across multiple states, including Maine, New Jersey, and Wyoming. Among our notable achievements, we successfully delivered a $660,000 contract by providing quality improvement data collection services for a major national peer organization, and fulfilled a nearly half a million dollar one-year contract from the Indiana Department of Health, where we conducted comprehensive public health and healthcare readiness assessments. According to the Grand View research, the U.S. population health management market size was valued at $20.6 billion in 2021 and is projected to grow at a CAGR of 19.5% through 2030. We are confident that our population health business units will continue to achieve this level of growth. Moving on to healthcare workforce, we are excited to report continued organic growth in this business unit by providing on-demand healthcare professionals. Our dedicated healthcare staff ensures that seamless continuity of care is provided and we address the critical gaps created by healthcare burnout. As we anticipated and highlighted in our last earnings call, healthcare workforce made a robust return to growth in the second quarter, growing by 66% year over year. We are enthusiastic about the strong growth prospects for 2024 fueled by new customers and contract extensions in states such as Arizona, Indiana, North Carolina, Missouri, and Virginia. LK Workforce remains our cornerstone, delivering reliable and strong cash flow that supports the expansion of our emerging higher margin business units. In the second quarter, this trend was evident as other business units grew by 347%, accounting for 28% of total revenues, up from just 13% in the second quarter of 2023. Moving on to digital health, this dynamic business unit is at the forefront of innovation developing cutting-edge products powered by artificial intelligence that significantly enhance patient education, engagement, and satisfaction. The US digital health market, valued at approximately $211 billion, is projected to grow at an impressive CAGR of 19%. In the second quarter, digital health achieved notable success with revenue generated from a four-year, $2.5 million contract with the national payer organization for CIDABOT. CIDABOT is our advanced, secure, and compliant conversational AI-driven chatbot designed to be multilingual, empathetic, and culturally competent with an extensive healthcare knowledge base. We are optimistic about securing similar contracts with other payer organizations in the near future. Now let's turn to behavior and mental health. This business unit is dedicated to advancing preventative mental health care and targeted interventions. According to precedence research, the U.S. behavior health market is projected to approximately reach 132 $4 billion by 2027. Serenity is uniquely positioned to tap into this substantial market, leveraging its comprehensive AI-driven approach to address the growing need for effective mental health solutions. Serenity is a proprietary healthcare product designed to securely and privately address mental and behavioral health issues while reducing stigma. Engineered to bridge gaps left by existing solutions, Serenity is evidence-based and features a unique conversational AI diary that delivers human-like empathy and support. Tailored for use by universities, large employers, peer organizations, and provider networks, Serenity is already being utilized by two customers, with additional contracts and negotiations with private organizations eager to enhance their workforce mental well-being. We are excited to report that the increasing interest in Serenity highlights its effectiveness in creating healthier, more resilient workplaces. Additionally, Serenity is currently involved in a research study focused on measuring user engagement. On the services side of behavior and mental health, we are witnessing robust demand for our psychological assessments and evaluations across a range of agencies, including police departments, school systems, and correctional facilities. In May, we proudly announced a contract with the Greenville County School District in South Carolina to provide psychological services to students. Additionally, we secured contracts with the Putnam Northern Westchester Board of Cooperative Education Services in New York and the Little Rock School District in Arkansas. In these partnerships, our board-certified behavior analysts will analyze behavior patterns and develop individualized treatment plans to address specific behavioral health issues. Moving on to health education, Our business unit specializes in developing insightful, accurate, and compliant medical education and training tailored for both public and private organizations. According to Global Market Insights, the market for health education is valued at approximately $83 billion and is projected to grow at a 10% CAGR. We are excited to highlight a recent $5.8 million contract win with the Indiana Family and Social Services Administration. Over the next four years, we will provide comprehensive health training and certifications to home and community support professionals statewide. This initiative not only meets Indiana's specific training requirements, but also instills confidence in the citizens receiving care in their home or community settings. Our program, which includes the development of a customized curriculum, a state-of-the-art learning platform, and a specialized training registry, represents a groundbreaking effort by the state, one of the few in the country to implement such a comprehensive program. Additionally, in Sedgwick County, Kansas, we are delivering overdose data to action, training for first responders and faith-based community organizations, equipping them with critical skills to address opioid-related emergencies. Recent months have seen a surge in demand for our training services, and we anticipate expanding these offerings significantly in the near future. And finally, I want to highlight our federal government solutions. Starting with a strong foundation in state government contracts, CIRA is now well-positioned to extend these services to federal agencies. Earlier this year, we were selected as a subcontractor for a significant contract awarded to Caduceus Healthcare by the Federal Department of Health and Human Services. In May, we announced our role as a subcontractor for a 10-year contract vehicle awarded to Luke by the Defense Health Agency with a ceiling value of $43 billion for staffing Defense Health Agency facilities nationwide. This high-impact project positions SIDA for substantial growth and visibility within the federal space. We are actively engaging with these prime contractors and are poised to provide not only healthcare staffing, but also case management services, behavioral health services, and education support. With our dedicated federal team in place, we anticipate securing additional federal contracts and furthering our impact in this crucial sector. With that, let me turn it over to our CFO, Priya Prasad, who will walk through the financial details. Priya?