Business
Forian Inc. Announces Second Quarter 2023 Financial Results
Second quarter revenue grew 36% year-over-year NEWTOWN, PA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of
About this update from Forian Inc.
[{"type":"text","content":"Second quarter revenue grew 36% year-over-year NEWTOWN, PA, Aug. 10, 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 June 30, 2023. “Forian’s commitment to delivering value to our customers and shareholders in a more challenging fiscal environment is evident from another quarter of operational and financial achievements. We continued to realize the benefits of our business streamlining, cost rationalization and operating leverage to reduce our cash burn while showing positive Adjusted EBITDA and keeping pace to meet our year-end revenue guidance,” stated Max Wygod, Chairman and Chief Executive Officer of Forian. Second Quarter 2023 Financial Results Forian delivered the following results for the second quarter of 2023: Three Months EndedJune 30, Period-over-Period % Change 2023Unaudited 2022Unaudited Total revenue $ 4,893,542 $ 3,602,913 36% Loss from continuing operations, net of tax $ (1,090,400) $ (4,008,132) 73%Loss from discontinued operations, net of tax $ (32,426) $ (1,425,413) 98%Net Loss $(1,122,826) $ (5,433,545) 79% Loss from continuing operations, net of tax per share – diluted$ (0.03) $ (0.13) 77%Loss from discontinued operations, net of tax per share – diluted$ (0.00) $ (0.04) 100%Loss per share – diluted $ (0.03) $ (0.17) 82% Adjusted EBITDA1 – continuing operations $ 67,059 $ (2,537,648) 103% 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 $1.1 million, or $0.03 per share, compared to $4.0 million, or $0.13 per share, in the prior yearAdjusted EBITDA1 for the quarter was $0.1 million, compared to negative $2.5 million in the prior yearCash, cash equivalents and marketable securities at June 30, 2023 totaled $41.2 million Second Quarter 2023 Operational Highlights Executed on our business plan, increasing our revenue while reducing costsStrengthened our balance sheet in July 2023 with $5.9 million of cash proceeds from the sale of our minority equity interest in a healthcare software and analytics customer that was acquired 1 This release uses non-GAAP financial measures that are adjusted for the impact of various U.S. GAAP items. S...