Business
Forian Inc. Announces First Quarter 2022 Financial Results
Revenue grows to $6.4 million Reaffirms 2022 revenue guidance of $25.5 to $27.0 million Newtown, PA, May 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire --
About this update from Forian Inc.
[{"type":"text","content":"Revenue grows to $6.4 million Reaffirms 2022 revenue guidance of $25.5 to $27.0 million Newtown, PA, May 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended March 31, 2022. “The first quarter performance was a strong start to 2022,\" said Max Wygod, Forian Executive Chairman. \"We are successfully executing on our strategic plan demonstrated by our ability to generate strong organic revenue growth.” Forian Chief Executive Officer Dan Barton said, \"We are very pleased with our progress in our first year of operations at Forian. Our revenue growth has exceeded expectations, driven by our healthcare information offerings. Our focus on product innovation in data and analytics positions us well for continued revenue growth.\" First Quarter 2022 Financial Results ● Forian delivered the following results for the first quarter of 2022: Three months ended Year-over- March 31, year % 2022 2021 change Unaudited Unaudited Total revenue $6,391,279 $1,620,609 294%Net loss $(11,854,088) $(4,515,653) -163%Basic and diluted loss per share $(0.37) $(0.19) -95% Proforma revenue $6,391,279 $3,629,521 76%Adjusted EBITDA1 $(3,411,368) $(2,854,769) -19% ● Revenue for the quarter was $6.4 million, an increase of $4.8 million versus the prior year. On a pro forma basis, revenue grew 76% year-over-year and 11% sequentially over the fourth quarter of 2021. ● Net Loss for the quarter was $11.9 million, or $0.37 per share, compared to $4.5 million, or $0.19 per share, in the prior year. Net Loss for the quarter includes $5.6 million of separation expenses. ● Adjusted EBITDA for the quarter was negative $3.4 million compared to negative $2.9 million for the prior year. ● Cash and Marketable Securities at the end of the quarter was $27.1 million. (1) This release uses non-GAAP financial measures that are adjusted for the impact of various U.S. GAAP items. See the section titled “Non-GAAP Financial Measures” and the table entitled “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures” below for details. First Quarter Operational Highlights Revenue growth continued with strong year-over-year performance Healthcare information revenue grew 5x year-over-year to $3.5 million ...