What caused SYRA's Q1 earnings to exceed expectations?

Syra Health's Q1 earnings exceeded expectations due to several key factors:

1. **Revenue Growth**: Syra Health reported a 45% increase in total revenue for the year 2024, reaching $8 million. This significant growth was driven by an increase in healthcare workforce services and population health revenues. The company's Population Health segment saw a 132% year-over-year increase, reaching $1.7 million in revenues. The Healthcare Workforce segment also performed well, generating $5.9 million in revenue, a 38% increase from the previous year.
2. **Contract Extensions and New Business**: Syra Health secured contract extensions and new agreements, such as a $660,000 Population Health contract extension and a $450,000 contract extension with the Shelby County Health Department in Tennessee. These extensions and new business opportunities have contributed to the company's revenue growth and stability.
3. **Efficiency Gains and Cost Reductions**: The company reported significant efficiency gains and a 39% reduction in operating expenses year-over-year in Q4 2024. This improvement in operational efficiency has likely contributed to the company's profitability and positive earnings surprise.

In conclusion, Syra Health's Q1 earnings exceeded expectations due to strong revenue growth, strategic contract extensions and new business, and operational efficiency gains. These factors combined to deliver robust financial results and a positive earnings surprise.