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Forian Inc. Announces First Quarter 2023 Financial Results
First quarter revenue grew 38% year over year NEWTOWN, PA, May 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of data
About this update from Forian Inc.
[{"type":"text","content":" First quarter revenue grew 38% year over year NEWTOWN, PA, May 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced results for the quarter ended March 31, 2023. “As we continue our transition into a pure-play healthcare information company, Forian delivered another quarter of strong operational and financial performance,” stated Max Wygod, Chairman and Chief Executive Officer of Forian. Discontinued Operations As disclosed in its filings with the United States Securities and Exchange Commission (“SEC”), Forian completed the disposition of its cannabis software business on February 10, 2023. Through this transaction, and the previous dispositions in 2022 of Forian’s web design and security monitoring businesses, Forian no longer provides software solutions to the cannabis industry, representing a strategic shift with a significant impact on operations. Accordingly, Forian has accounted for the operations of the disposed of businesses as discontinued operations effective with the first quarter in 2023 and has reclassified previous reported operating results on a consistent basis. First Quarter 2023 Financial Results Forian delivered the following results for the first quarter of 2023: Three Months Ended March 31, Period-over- 2023 2022 Period % Unaudited Unaudited Change Total revenue $ 4,870,387 $ 3,534,861 38% Loss from continuing operations, net of tax $ (2,248,799) $ (10,317,700) 78% Income (loss) from discontinued operations, net of tax$ 8,747,278 $ (1,536,388) 669% Net income (loss) $ 6,498,479 $ (11,854,088) 155% Loss from continuing operations, net of tax per share – diluted$ (0.08) $ (0.32) 75% Income (loss) from discontinued operations, net of tax per share – diluted$ 0.27 $ (0.05) 660% Net income (loss) per share – diluted $ 0.19 $ (0.37) 151% Adjusted EBITDA1 – continuing operations $ (271,134) $ (2,695,675) 90% Revenue for the quarter was $4.9 million, an increase of $1.3 million versus the prior yearNet loss from continuing operations for the quarter was $2.2 million, or $0.08 per share, compared to $10.3 million, or $0.32 per share, in the prior yearAdjusted EBITDA1 from continuing operations for the quarter was negative $0.27 million, compared to negative $2....