Business
Forian Inc. Announces Second Quarter Fiscal 2021 Financial Results
Second Quarter Revenue of $4.5 Million, Up $4.4M Year-Over-Year, Pro Forma Year-Over-Year Growth of 54% NEWTOWN, Pa., Aug. 12, 2021 /PRNewswire/ -- Forian
About this update from Forian Inc.
[{"type":"text","content":"Second Quarter Revenue of $4.5 Million, Up $4.4M Year-Over-Year, Pro Forma Year-Over-Year Growth of 54%\n\n\nNEWTOWN, Pa., Aug. 12, 2021 /PRNewswire/ -- 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 fiscal quarter ended June 30, 2021.\n\n \n \n \n \n \n \n\n \n\"As an early stage growth company, we were proud to be added to the Russell 3000 Index,\" said Max Wygod, Executive Chairman of Forian. \"We believe the momentum we established in the quarter positions Forian to capitalize on our dynamic and evolving marketplaces.\"\n\"The second quarter of 2021 was our first full quarter as Forian, and we are very pleased with the results we've achieved. This quarter, we not only achieved the beginning of strong revenue growth, but we made great strides in refining our internal processes, developing our human resources, and advancing our development approach. We expect to continue revenue growth for the balance of the year with revenue expectations of $10.4 million to $10.7 million for the second half of 2021, an increase of 69% to 74% over the first six months of this year,\" said Dan Barton, Chief Executive Officer.\nSecond Quarter 2021 Financial Results\nForian's financial results include the operations of the Helix businesses for the full quarter. Forian delivered the following results for the second fiscal quarter: \nYear-over-\nThree Months Ended June 30,\nYear % \n2021\n2020\nChange\nUnaudited\nUnaudited\nTotal revenue\n$\n4,547,985\n$\n108,750\n4082%\nNet Loss\n(7,134,196)\n(791,639)\n-801%\nBasic and diluted net loss per common share\n$\n(0.23)\n$\n(0.06)\n-283%\nPro Forma Revenue\n$\n4,547,985\n$\n2,948,881\n54%\nPro Forma Adjusted EBITDA1\n(3,637,915)\n(1,640,862)\n-122%\n \nRevenue for the quarter was approximately $4.5 million, an increase of over $4.4 million versus the prior year. On a pro forma basis, revenue was $4.5 million, growing 54% year-over-year and 25% sequentially over the first quarter of 2021. Net Loss for the quarter was approximately $7.1 million, or $0.23 per share, compared to approximately $0.8 million, or $0.06 per share, in the prior year and approximately $4.5 million, or $0.19 per share, in the first quarter of 2021. Pro Forma Adjusted EBITDA1 for the quarter was negative $3....