Business
Forian Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
Full Year 2023 Revenue Grew 25% Full Year 2023 Adjusted EBITDA of $2.3MM NEWTOWN, PA - (NewMediaWire) - March 28, 2024 - Forian Inc. (Nasdaq: FORA), a
About this update from Forian Inc.
[{"type":"text","content":"Full Year 2023 Revenue Grew 25%\n \nFull Year 2023 Adjusted EBITDA of $2.3MM\n\nNEWTOWN, PA - (NewMediaWire) - March 28, 2024 - 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, 2023. \n\"Forian finished the year by executing against our quarterly plan and closed what was a transformational year,\" stated Max Wygod, Chairman and Chief Executive Officer of Forian. \"In 2023, we successfully completed a major divestiture and refocused our business on healthcare and life sciences, continued revenue growth and achieved Adjusted EBITDA ahead of schedule.\" \n \nFourth Quarter 2023 Financial Results\n \nForian delivered the following results for the fourth quarter of 2023:\n\nThree Months Ended December 31, Period-over- 2023 2022 Period % Unaudited Unaudited Change Revenue $5,368,932 $4,969,673 8% Loss from continuing operations, net of tax $(381,014) $(1,900,105) 80% Income (loss) from discontinued operations, net of tax $1,769,957 $(1,656,609) 207% Net Income (loss) $1,388,943 $(3,556,714) 139% Loss from continuing operations, net of tax per share - diluted$(0.01) $(0.06) 83% Income (loss) from discontinued operations, net of tax per share - diluted$0.05 $(0.05) 200% Income (loss) per share - diluted $0.04 $(0.11) 136% Adjusted EBITDA (a non-GAAP financial measure defined below)$1,033,648 $(425,434) 343%\n Revenue for the quarter was $5.4 million, an increase of $0.4 million versus the prior year\n Net loss from continuing operations for the quarter was $0.4 million, or $0.01 per share, compared to a net loss of $1.9 million, or $0.06 per share, in the prior year\n Adjusted EBITDA1 for the quarter was $1.0 million, compared to negative $0.4 million in the prior year\n Cash, cash equivalents and marketable securities at December 31, 2023 totaled $48.3 million\n \nFull Year 2023 Financial Results\n \nForian delivered the following results for the full year 2023:\n\nTwelve Months Ended December 31, Period-over- 2023 2022 Period % Unaudited Unaudited Change Revenue $20,481,330 $16,418,141 25% Income (loss) from continuing operations, net of tax $1,733,430 $(19,191,990) 109% Income (loss) from discontinued operations, net of tax $9,373,257 $(6,779,981) 238% Net Income (loss) $...