Business
Forian Inc. Announces Third Quarter 2022 Financial Results
Revenue grows to $7.2 millionOn track to exceed 2022 revenue guidance Newtown, PA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq:
About this update from Forian Inc.
[{"type":"text","content":" Revenue grows to $7.2 millionOn track to exceed 2022 revenue guidance Newtown, PA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the quarter ended September 30, 2022. “Forian’s third quarter results demonstrate our business model’s ability to generate significant organic growth,” said Max Wygod, Forian Executive Chairman. “The strong results enable us to report that we are on track to exceed the high-end of our revenue range for full year 2022.” Forian Chief Executive Officer Dan Barton continued, “Third quarter 2022 financial results continue to demonstrate significant revenue growth, especially in our healthcare information offerings. This strong revenue growth coupled with the consistency in our cannabis business and the success of our cost management efforts provide the blueprint to reduce Net Loss and become Adjusted EBITDA positive in the second half of 2023.” Third Quarter 2022 Financial Results Forian delivered the following results for the third quarter of 2022: Three Months Ended September 30, Year-over-Year % Change 2022 2021 Unaudited Unaudited Total revenue$ 7,176,328 $4,961,755 45% Net Loss$ (5,127,624) $ (7,021,722) 27%Basic and diluted net loss per common share$ (0.16) $ (0.22) 29% Adjusted EBITDA1$(2,145,180) $(4,122,830) 48% Revenue for the quarter was $7.2 million, an increase of $2.2 million versus the prior year and 10% sequentially over the second quarter of 2022.Net Loss for the quarter was $5.1 million, or $0.16 per share, compared to $7.0 million, or $0.22 per share, in the prior year. Adjusted EBITDA1 for the quarter was negative $2.2 million, compared to negative $4.1 million in the prior year.Cash, cash equivalents and marketable securities at the end of the quarter was $20.6 million. 1This release uses non-GAAP financial measures that are adjusted for the impact of various U.S. GAAP items. See the section titled “Non-GAAP Financial Measures” and the table entitled “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures” below for details. Third Quarter 2022 Operational Highlights Year-to-date healthcare information new customer wins on par with total new wins in 2021 Cross selling and upselling initiatives increased reve...