Business
Forian Inc. Announces Second Quarter 2024 Financial Results
NEWTOWN, PA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the
About this update from Forian Inc.
[{"type":"text","content":"NEWTOWN, PA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- 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, 2024. “We continued to invest in our information assets in the second quarter to further differentiate our offerings and the insights they power for our customers. We remain confident that our combination of thoughtful productization, diversification of data sources and prudent cost containment put us in solid position to manage through recent industry challenges and to continue our contribution to our customers’ success,” stated Max Wygod, Chairman and Chief Executive Officer of Forian. Second Quarter 2024 Financial Results Forian delivered the following results for the second quarter of 2024: Three Months EndedJune 30, Period-over-Period % Change 2024Unaudited 2023Unaudited Revenue $ 4,777,101 $ 4,893,542 -2% Loss from continuing operations, net of tax $ (2,553,259) $ (1,090,400) -134%(Loss) income from discontinued operations, net of tax $ - $ (32,426) -100%Net (loss) income $ (2,553,259) $ (1,122,826) -127% Loss from continuing operations, net of tax per share – basic and diluted$ (0.08) $ (0.03) -167%Income from discontinued operations, net of tax per share – basic and diluted$ - $ - 0%(Loss) Income per share – basic and diluted $ (0.08) $ (0.03) -167% Adjusted EBITDA (a non-GAAP financial measure defined below) $ 78,202 $ 417,368 -81% Revenue for the quarter was $4.8 million, a $0.1 million decrease from $4.9 million in the prior yearNet loss from continuing operations for the quarter was $2.6 million, or $0.08 per share, compared to a net loss of $1.1 million, or $0.03 per share, in the prior yearAdjusted EBITDA for the quarter was $0.08 million, compared to $0.4 million in the prior yearCash, cash equivalents and marketable securities at June 30, 2024 totaled $48.0 million Highlights Continued expansion of Chronos™ data lake through license of additional data to offset the reduction and expected 2025 loss of certain data from one data supplierMaintained positive Adjusted EBITDA despite revenue impact resulting from financing challenges of two early-stage customers Full Year 2024 Outlook Based on information as of August 14, 2024, the Company is updating its outlook for the year...