Business
Forian Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth quarter revenue grew 37% year-over-year Forian exits cannabis industry with sale of BioTrack for $30 million NEWTOWN, PA, March 27, 2023 (GLOBE
About this update from Forian Inc.
[{"type":"text","content":"Fourth quarter revenue grew 37% year-over-year Forian exits cannabis industry with sale of BioTrack for $30 million NEWTOWN, PA, March 27, 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 and year ended December 31, 2022. “I am proud of the team’s fourth quarter results,” said Max Wygod, Forian’s Chairman and Chief Executive Officer. “By leveraging our vast and innovative healthcare information assets together with our expertise in data management and analytics, we have executed on our growth strategy and outperformed our 2022 revenue outlook. Additionally, the steps we are taking to operate in a financially prudent manner have sequentially improved our margin profile and the $30 million of proceeds received from the divestiture of BioTrack provides us with a strong balance sheet. We are underway in refocusing our business to reach our long-term goals and deliver strong results.” Fourth Quarter 2022 Financial Results Forian delivered the following results for the fourth quarter of 2022: Three Months Ended December 31, Period-over-Period% Change 2022 2021 Unaudited Unaudited Total revenues$7,903,992 $5,749,366 37%Net loss$(3,556,714) $(8,048,790) 56%Basic and diluted net loss per common share$(0.11) $(0.22) 51% Healthcare Information revenue$4,969,674 $3,036,357 64%Adjusted EBITDA1$(943,934) $(4,506,448) 79% Revenue for the quarter was $7.9 million, an increase of $2.2 million versus the prior year.Net loss for the quarter was $3.5 million, or $0.11 per share, compared to $8.0 million, or $0.22 per share, in the prior year. Adjusted EBITDA1 for the quarter was negative $0.9 million, compared to negative $4.5 million in the prior year.Cash, cash equivalents and marketable securities at December 31, 2022 totaled $20.7 million.In February 2023, divested BioTrack for aggregate cash proceeds of $30.0 million. Full Year 2022 Financial Results Forian delivered the following results for the full year of 2022: Twelve Months Ended December 31, Period-over-Period% Change 2022Unaudited 2021Unaudited Total revenues$28,005,857 $16,879,715 66%Net loss$(25,971,971) $(26,551,105) 2%Basic and diluted net loss per common share$(0.81) $(0.90) 10% Healthcare Information re...