Business
Forian Inc. Announces Fourth Quarter and Full Year 2021 Financial Results
FY21 revenue of $16.9 million met high end of revenue outlookCompany provides outlook for continued growth in FY22 Newtown, PA, March 24, 2022 (GLOBE
About this update from Forian Inc.
[{"type":"text","content":" FY21 revenue of $16.9 million met high end of revenue outlookCompany provides outlook for continued growth in FY22 Newtown, PA, March 24, 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 and year ended December 31, 2021. “We have achieved many milestones in the last year,” said Max Wygod, Forian Executive Chairman. “We have grown revenue tremendously, won key accounts, built out the Forian team and completed the acquisition of Helix Technologies, not to mention successfully listing on Nasdaq.” Forian Chief Executive Officer Dan Barton said, “We had our highest revenue quarter as a result of strong focus on sales execution and continued investment in innovative products. We are expecting continued revenue growth as we expand our customer base and product portfolio. I want to thank all of our hard-working employees that drove these outstanding results.” Fourth Quarter 2021 Financial Results Forian delivered the following results for the fourth quarter of 2021: Three Months Ended December 31, Year-over-Year % Change 2021 2020 Unaudited Unaudited Total revenue$5,749,366 $209,950 N/M Net Loss$(8,048,790) $(2,351,493) (242.3)%Basic and diluted net loss per common share$(0.25) $(0.14) (78.6)% Pro Forma Revenue$5,749,366 $3,187,981 80.3%Adjusted EBITDA1$(4,509,769) $(1,669,875) (169.9)% Revenue for the quarter was $5.7 million, an increase of $5.5 million versus the prior year. On a pro forma basis, revenue grew 80% year-over-year and 16% sequentially over the third quarter of 2021.Net Loss for the quarter was $8.0 million, or $0.25 per share, compared to $2.4 million, or $0.14 per share, in the prior year and $6.9 million, or $0.22 per share, in the third quarter of 2021.Adjusted EBITDA1for the quarter was negative $4.5 million compared to negative $1.7 million for the prior year and negative $4.1 million for the third quarter of 2021.Cash and Marketable Securities at the end of the quarter was $31.1 million. Full Year 2021 Financial Results Forian delivered the following results for the full year of 2021: Year Ended December 31, Year-over-Year % Change 2021 2020 Total revenue$16,879,715 $544,871 N/MNet Loss$ (26,551,105) $(4,980,183) (433.1)%Basic and diluted...